Last checked at 30 Aug 2018 07:00
30 August 2018
i3 Energy plc
("i3" or the "Company")
Site Survey Operations for the Liberator Development and Liberator West Appraisal
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that it has contracted Gardline Limited to conduct a site survey at its Liberator field.
The survey will cover the two production well locations to be drilled during the Phase I development of the Liberator oil field, a survey of the planned export pipeline route, and the appraisal well location for the recently awarded Block 13/23c ("Liberator West").
The work is expected to commence in September, enabling the Company to complete its Environmental Statement and providing the necessary engineering and environmental data for inclusion in the Liberator Field Development Plan ("FDP") for which the Company is seeking approval in Q1 2019.
In preparation of the updated FDP, expected to be submitted to the UK's Oil & Gas Authority in Q4 2018, i3 continues to advance critical studies and engineering work. Additionally, and as previously announced on 27th July 2018, the Company continues to progress the legally binding documentation regarding its proposed Liberator joint venture, with the Joint Venture project team continuing its planning for the 2019 Liberator Development and appraisal of Liberator West.
John Woods, Chief Development Officer, commented
"While Joint Venture discussions are ongoing, i3 remains focused on completing key operational targets to ensure readiness for further stages of the Liberator project. Submission of our updated FDP in Q4 2018 is key and will allow i3 and our potential JV partner to ensure smooth and timely progress as we work towards achieving first oil from Liberator."
ENDS
CONTACT DETAILS:
i3 Energy plc | ||
Neill Carson (CEO) / Graham Heath (CFO) | c/o Camarco Tel: +44 (0) 203 757 4980 | |
WH Ireland Limited (Nomad and Joint Broker) | ||
James Joyce, James Sinclair-Ford | Tel: +44 (0) 207 220 1666 | |
GMP FirstEnergy (Joint Broker) | ||
Jonathan Wright, David van Erp | Tel: +44 (0) 207 448 0200
| |
Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald- O'Connor, James Asensio
| Tel: +44 (0) 207 523 8000
| |
Camarco Georgia Edmonds, Jane Glover, James Crothers |
Tel: +44 (0) 203 757 4980 |
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, containing recoverable resources of 80 MMBO. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension, both of which i3 hold a 100% working interest in. Liberator West will be the subject of a single well appraisal campaign in Q4 2018.
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.
i3 has a strong management team with a track record of delivery and was founded by Neill Carson, previously founder and CEO of Ithaca Energy, where he built an asset portfolio including multiple developments.
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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