Last checked at 4 Oct 2019 16:20
4 October 2019
i3 Energy plc
("i3" or the "Company")
i3 Commences Serenity 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 Serenity field and that the SA-01 appraisal well has now been spud. The Company will provide SA-01 drilling results to the market when the well has reached total depth and acquired data has been evaluated. The SA-01 well is intended to confirm that the Serenity structure, which the Company has previously announced is estimated to have a P50 resource of 197 MMbbls of STOIIP, is hydrocarbon bearing and that it is a material extension of the Tain discovery which is situated in the adjoining Block 13/23b. Upon completion, the Serenity well will be plugged and abandoned as planned.
Majid Shafiq, CEO of i3 Energy commented:
"We are excited to be drilling this potentially high-impact well at Serenity which could add materially to i3's reserves and resources and may become a fast-tracked development alongside the neighboring Tain oil field. The Borgland Dolphin continues to perform very well with operations running smoothly to date and we look forward to updating the market as our well objectives are achieved."
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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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Qualified Person's Statement:
In accordance with the AIM Note for Mining and Oil and Gas Companies, i3 discloses that Mihai Butuc, i3's Manager, New Ventures is the qualified person who has reviewed the technical information contained in this document. He graduated as a Diplomat Engineer, Geology and Geophysics from the University of Bucharest in 1985 and is a member of the Society of Petroleum Engineers. Mihai Butuc consents to the inclusion of the information in the form and context in which it appears.
Glossary
Stock Tank Oil Initially In Place or "STOIIP" | a method of estimating how much oil in a reservoir can be economically brought to the surface; |
"P50 resource" | reflects a volume estimate that, assuming the accumulation is developed, there is a 50% probability |