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LONDON (Alliance News) - i3 Energy PLC on Monday said it will submit an enlarged field development plan to the Oil & Gas Authority before the year end for its operating interests in UK North Sea blocks 13/23d and 13/23c.
Shares in the oil and gas company were down 13% at 51.45 pence on Monday.
In November 2017, the competent person report from AGR Tracs International Ltd attributed a mid-case stock tank oil-initially-in-place of 237 million barrels for i3's assets. However, based on the company's own mapping and analysis, STOIIP is expected to be 314 million barrels.
An appraisal well therefore will be drilled to validate the current mapping of the field extension, convert contingent resources to reserves and help determine the location of the second of two initial development wells.
The first wells are expected to be drilled in the summer of 2019, followed by an evaluation of the appraisal drilling results to optimise the location of the second development well, which will be drilled in he summer of 2020.
Depending on reservoir performance, i3 will drill a third phase 1 development well in advance of further seismic processing and appraisal of Block 13/23c to prepare for a phase two Liberator development.
"We are very pleased with the progress we are making to maximise the on-block resources in Blocks 13/23c and 13/23d and look forward to a very busy period as we move Liberator towards production and exploit the significant upside potential of our acreage," said Chief Executive Officer Majid Shafiq.