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LONDON (Alliance News) - i3 Energy PLC on Tuesday said it has contracted a rig for its summer drilling campaign at its Liberator oil field located offshore of Aberdeen, Scotland, and its nearby Serenity prospect.
Dolphin Drilling Ltd and i3 have signed a contract to use the Borgland Dolphin semi-submersible drilling rig for summer drilling, which will be moved from its present moorings in Norway.
i3 said the campaign is intended to unlock its asset base and includes three wells: the A3 appraisal well into Liberator's western extension, the Liberator one L2 pilot well, and the S1 appraisal well at Serenity. A3 will be the first appraisal well drilled and will fulfil i3's licence obligation.
One goal of the campaign is to de-risk and partially convert the volumes that have been mapped in the western extension of Liberator into reserves. i3 Energy is also looking to determine the placement of its second phase one production well and to confirm that he Serenity structure does contain hydrocarbons.
Drilling is due to begin between July 15 and August 15 and, if successful, is expected to unlock a planned USD100 million senior secured credit facility which can be used to deliver the first phase of development on Liberator in 2020.
Site survey operations have been underway at the proposed drill locations and are largely complete with enough data acquired to let i3 continue with permitting of the drill programme.
"The i3 team is excited to be working with Dolphin Drilling and to be using the Borgland Dolphin rig to conduct what we expect to be a transformational drilling campaign this summer. We continue to progress all key deliverables to bring Liberator to first oil and expect to provide updates on funding and finalization of offtake terms in due course," said i3 Chief Executive Majid Shafiq.
Shares in i3 Energy were down 0.8% at 42.67 pence on Tuesday.