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(Alliance News) - i3 Energy PLC said on Friday it has spud a new well at its Liberator field in the North Sea and raised GBP5 million to ensure the flexibility of the drilling programme.
The UK-focused oil and gas firm said Liberator A2 well has been spud and its results will allow the location and trajectory of the future LP-02 production well to be optimized. The well will be plugged and abandoned as planned, i3 Energy noted.
The company also said the Serenity 13/23c-10 well was plugged and abandoned as planned after all expected samples and data were retrieved.
i3 Energy also issued 14.3 million new ordinary shares at a price of 35 pence each, raising gross proceeds of GBP5 million. The company said proceeds will be used to provide additional flexibility to extend its drilling programme.
Majid Shafiq, chief executive officer, said: "The A2 location has been selected as a low-risk target in close proximity to Liberator's two well penetrations, giving us a high-level of confidence when tied into the recently reprocessed seismic that was used to select the Serenity discovery well location."
i3 Energy shares were up 0.6% in London at 35.00 pence each.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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