i3 Energy PLC - oil and gas producer in the UK and Canada - Completes farm-out agreement for 25% working interest in Block 13/23c North licence, which contains the Serenity discovery located in the North Sea. Europa Oil & Gas Holdings PLC acquires 25% working interest. Europa will fund about 46% of the cost of the upcoming Serenity appraisal well to a gross capped well cost of GBP15 million. i3 says after the farm-out, the company will retain a 75% working interest in Block 13/23c North and a 100% working interest in Block 13/23c South, which contains the Minos High prospect and Liberator discovery.
Chief Executive Officer Majid Shafiq says: "We are delighted to have successfully completed the farm-out agreement for Serenity and to welcome Europa as our joint venture partner in the discovery. The next significant step is to drill the appraisal well, which is on track for spud in September. The well will help us delineate the size of the field and provide the critical information required to formulate an effective development plan for a potentially very large oil field."
In May, i3 Energy and Europa Oil & Gas signed a three-year contract for a subsidiary of Petrofac Ltd to provide well engineering, operations management and operator services for drilling of Serenity appraisal well.
i3 Energy current stock price: 30.11 pence, up 2.2% on Monday
12-month change: up from 13.35 pence
Europa Oil current stock price: 2.40 pence, up 2.3% on Monday
12-month change: up 85%
By Xindi Wei; xindiwei@alliancenews.com
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Europa Oil & Gas (EOG)
Petrofac (PFC)