RE: Rns10 Jan 2017 07:57
i3 acquires 100% Operated oil interest
i3 Energy Limited, a UK-based oil and gas exploration and production company, is pleased to announce effective 28th December 2016 the acquisition of a 100% Operated interest in the Liberator field, an oil discovery situated within Block 13/23d of the UK North Sea, immediately adjacent to the Blake field and situated 2 kilometers from Blake's producing drill centre.
The Liberator oil field was discovered in 2013 through the drilling of an exploration well into Lower Cretaceous Captain Sands of similar quality to the Blake field. The discovery well proved a 1.5 to 2.5 Darcy reservoir with 28% porosity containing 30.3° API oil with 1.9 centipoise viscosity and an established oil water contact that maps a potential column of oil ranging from 24 to 80 feet within an elongate four way structure at a depth of approximately 5250 feet TVDSS. A Field Development Plan based on the analogous Blake field's highly productive reservoir, oil fluid properties, and extensive production history is being finalized for final regulatory approval and is undergoing evaluation by independent engineering evaluators as part of i3's plan to publicly list the Company through an Initial Public Offering (IPO) onto the Alternative Investment Market (AIM) of the London Stock Exchange. Further information with respect to the asset, development plan, organizational additions and the IPO will be provided as soon as available for disclosure within Q1 2017.
i3's Chief Executive Officer, Neill Carson, commented, "We are delighted with our acquisition of a 100% Operated interest in this high quality oil discovery and will work with each of our stakeholders on driving towards first oil safely and as quickly as possible. i3 has engaged Gaffney, Cline & Associates, an independent reserve auditor, to evaluate Liberator as part of our go-public efforts. In parallel, i3's development team is engaged with the supply chain on staging potential operations within the 2017 timeframe. Liberator is an excellent foundational asset and we look forward to its commercialization as we broaden our portfolio."
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