i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that the Borgland Dolphin semi-submersible drilling rig has completed its acceptance testing. The Borgland, which i3 has contracted for a 94-day drilling programme...
i3's 2019 drilling campaign is expected to include:
-- The Block 13/23d LPt-02 pilot well which will optimise the placement of the first Liberator Phase I production well, LP-02, planned to be drilled in 2020
-- The Block 13/23c ("Liberator West") LA-03 appraisal well (70% commercial chance of success ("CoS"))(1) , expected to partially convert Liberator West resources into reserves
-- The SA-01 well (72% geological CoS)(2) into the Serenity prospect that i3 expects will prove a material extension of the neighbouring Tain discovery
As previously announced, following the 2019 drilling campaign referred to above, in 2020 the Company expects to undertake further development drilling and to secure delivery of first oil from Liberator at approximately 20,000 bopd. With the successful appraisal and development of Liberator and Serenity, i3 could potentially produce more than 200 MMbbls(3) from its current licences.
1. AGR Tracs estimate
2. i3 Energy estimate
3. i3 Energy estimate based on P50 STOIIPs and expected recovery factors