UK-based Independent oil and gas company, I3 Energy (I3E)
, reported on Tuesday that the Serenity 13/23c-10 well had been successfully drilled, revealing the site to be a proven oil discovery.
Chief Executive of I3 Energy, Majid Shafiq, has described the unearthing, potentially a huge oil resource, as “a transformational event” for the group.
The group revealed that results at the site were consistent with the previous pre-drill estimate of 197 mln barrels of oil in place.
I3 are in the process of taking pressure measurements and samples, with the data recovered to be analysed over the coming weeks to develop further appraisal and development options at the Serenity discovery.
“We now have proven oil in a second structure on our licenses. It is the culmination of three years of detailed geological and reservoir analysis and validates our regional model for the Liberator and Serenity oilfields and neighboring structures,” Mr Shafiq explained.
He added, “We will now integrate data from the 13/23c-10 well into our geological modelling as we develop an appraisal and development plan for Serenity, which we believe is connected to the undeveloped Tain oilfield.”
Shares in I3 Energy soared over 53% following the news.
Once Serenity is plugged and abandoned, Borgland Dolphin semi-submersible rig will mobilise back to the Liberator field to drill a pilot hole at a future development well.
I3 also explained further plans for developing Liberator after well findings at the site were integrated with recently acquired seismic data.
This remapping will initiate its first phase by targeting 63 mln barrels of oil in place at the site via drilling of up to four wells with expected recoverable reserves of 23 mln barrels.
A phase II development will follow by targeting an additional 396 mln barrels.
The company is preparing to fund Phase I development on a 100% working interest base -- currently, they are advancing negotiations for a reserve-based lending facility of up to $100 million.
“This result also adds confidence to our revised mapping of the Liberator field, which utilises the same reprocessed seismic dataset now used to map the Serenity field, and integrates data from the recently drilled 13/23c-9 Liberator well,” added Mr Shafiq.
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