i3 Energy starts drilling in a new offshore well in the United Kingdom

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i3 Energy, an independent company in the United Kingdom, has begun drilling a new pilot well in its Liberator field outside Moray Firth, offshore in the United Kingdom.

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i3 said Friday that this was the third and final well in a three-well campaign that the company was carrying out with the Borgland Dolphin platform.

According to the company, the Liberator A2 pilot well will help i3 choose where to drill the future LP-02 production well.

The drilling of the final well follows the successful drilling, plugging and abandonment of the Serenity well. Well discovered Petroleum at the end of October, confirming the strong commercial potential of the Serenity area.

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The preliminary results of the well were consistent with the pre-drilling estimate of i3 Energy of 197 MMbbls STOIIP for the entire closure of Serenity within the company's license area.

At that time, i3 also agreed to an extension of the platform contract and the deferment of payment with Dolphin Drilling. That is, due to an unexpected in the Liberator field, and the waiting time incurred before drilling operations in Serenity, the company obtained a right of first rejection in the semi-submersible Borgland Dolphin platform until January 31, 2020, so that the company can continue drilling operations in Serenity and Liberator.

Associated with this extension of the contract, Dolphin agreed to defer certain payments for drilling costs beyond September 30, 2019, which will be settled between January and August 2020.

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i3 and Dolphin also entered into a strategic operational alliance for the use of Dolphin drilling rigs for operations from i3 until August 2023, which would cover possible future evaluation and development drilling in Liberator and Serenity.

The company added in its statement on Friday that it agreed to issue £ 5 million of capital to the funders of its junior loan notes of May 2019 at a price of 35p per share through a private placement to provide flexibility to extend the program of drilling.

The deadline for i3 to enter a credit line based on reserves or find financing for alternative development was extended from December 6 to April 30, 2020.

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Majid Shafiq, CEO of i3 Energy, said: “We are excited to re-drill in Liberator because of our success in Serenity.

"Location A2 has been selected as a low-risk target in the vicinity of the two Liberator holes, which gives us a high level of confidence when linked to the recently reprocessed seismic that was used to select the location of the well Serenity discovery. "

“The company is also very satisfied with the additional financing we have received from our loan note holders. His continuous material support shows a high level of trust in the assets and the management team of i3 ".

News from: Offshore Energy Today / Free English translation by WorldEnergyTrade

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