25 Nov 2019 16:20
25th November 2019
i3 Energy plc
("i3" or the "Company")
Liberator Well 13/23c-11 Preliminary Result
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, announces its initial data regarding Liberator Well 13/23c-11. The 13/23c-11 well being drilled by the Borgland Dolphin rig on i3 Energy's 100% owned Liberator Field has reached total depth (TD) in the Valhall shale as planned. The well has drilled approximately 220 feet measured depth (MD) of sand in the Captain reservoir. Initial evaluation of the Measurement While Drilling logs indicate that, at this location, circa 20 ft MD of the Captain sand with oil indications has been found above the expected oil water contact (OWC) of 5270 ft total vertical depth subsea (TVDSS).Wireline logging will now be carried out as per the planned data evaluation programme.
The Company will provide further updates once it has acquired and analysed wireline logging data.
Majid Shafiq commented "We are pleased to have encountered a thick Captain sand at this location including oil indications in the upper Captain sand above the oil water contact. Initial interpretation is that the sand thickness above the OWC is lower than anticipated. Definitive results will be determined and the market updated in due course."
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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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.
I3 Energy (I3E)