i3 Energy Plc has provided details of its planned Phase One, US$47mln, capital programme for 2022.
The company, in a statement, said that seven wells (five net) will be drilled across its portfolio - including the Central Alberta, Marten Hills & Marten Creek, and Simonette areas – targeting 2,450 barrels oil equivalent of addition production (expected to be 55% oil and natural gas liquids).
At the same time, a programme of recompletions and reactivations is planned to take advantage of low-cost, high-return opportunities. It is expected to yield 600 boepd and the investments are forecast to achieve payback within a year.
“This is the initial phase of drilling operations, and following evaluation of log and production data from these wells we will embark upon phase two which will target an additional 10 to 13 locations," said chief executive Majid Shafiq.
I3, meanwhile, revealed the results of the campaign’s first well which is its first as operator.
The well was drilled on the Open Creek field of Central Alberta. The well (numbered as the 14-24 well) was drilled over seventeen days, down to a vertical depth of 5,334 metres with a 2,900 metre lateral section and it encountered clean sand and strong gas shows throughout the entirety of the horizontal length. It is the first of two to be drilled off the same drill pad.
The drill rig has now skidded over to drill the second well from the pad, and, it is planned that both wells will be completed and tested.
I3 said it expects the wells will yield around 600 boepd per well.
"We are very pleased to have successfully completed drilling operations on our first new operated well in the company's 2022 Canadian capital programme and look forward to bringing this well and subsequent wells onto production over the first half of this year,” Shafiq said.