Last checked at 22 Aug 2019 07:00
22 August 2019
i3 Energy plc
("i3" or the "Company")
i3 Commences Liberator Drilling Operations
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 arrived on location at the Liberator field and that the LPt-02 pilot well has now been spud. The Company will provide LPt-02 drilling results to the market when the well has reached total depth and acquired data has been evaluated.
Majid Shafiq, CEO of i3 Energy commented:
"We are excited to now be on location and drilling the first of three high impact wells into our 100% owned Liberator and Serenity structures and look forward to updating the market as each well objective is achieved."
ENDS
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| Notes to Editors: i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, to which i3's independent reserves auditor attributes 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension. The Greater Liberator Area, along with the Company's Serenity Prospect located in the northern half of Block 13/23c and for which it carries a STOIIP of 197 MMbbls, are owned and operated on a 100% working interest basis.
The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
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