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(Alliance News) - UK oil & gas firm i3 Energy PLC said Tuesday that the 13/23c-9 pilot well drilled in the Liberator field in the UK North Sea has reached total depth at 5,818 feet in the Valhall formation.
Shares in i3 Energy plunged 44% at 31.00 pence on Tuesday afternoon.
The objective of the pilot well is to allow a future development will to be positioned at an optimal spot in the upper Captain sands channel in the south-eastern area of the Liberator Field.
Petrophysical information has revealed the targeted upper Captain sand has not been penetrated, while the lower captain sand is present in the well, and is below the estimated oil water contract.
Going forward, i3 Energy is preparing to obtain a vertical seismic profile in the well and run a shear wave sonic log, after which the 13/23c-9 will be plugged and abandoned.
Data from the well will be used to update the existing seismic model to aid further operations at the location.