i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) said it has spudded the Serenity appraisal well, the first North Sea well under new UK prime minister Liz Truss’s watch and one of only a handful to be drilled since before the coronavirus pandemic.
The UK and Canada-focused oiler owns 75% of the licence that contains Serenity, P.2358, Block 13/23c, with Europa Oil & Gas owning the remaining 25%.
Drilling is expected to last approximately 30 days with the well to be plugged and abandoned after completion of all drilling operations.
Europa is funding 46.25% of the cost of Serenity up to a gross capped well cost of £15mln.