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(Alliance News) - i3 Energy PLC said Friday it began drilling at its Serenity field in the North Sea after the drilling rig arrived.
Following the arrival of the Borgland Dolphin semi-submersible drilling rig, i3 reported the SA-01 appraisal well had been spud. The firm will provide results from the well once it has been evaluated.
Previously, i3 has reported that the field is estimated to have 197 million barrels in resource.
"We are excited to be drilling this potentially high-impact well at Serenity which could add materially to i3's reserves and resources and may become a fast-tracked development alongside the neighboring Tain oil field," i3 Chief Executive Officer Majod Shafiq said.
"The Borgland Dolphin continues to perform very well with operations running smoothly to date and we look forward to updating the market as our well objectives are achieved," Shafiq added.
Shares in i3 closed 5.5% higher at 22.95 pence in London on Friday.
By Ahren Lester; ahrenlester@alliancenews.com
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