Offshore staff
WESTHILL, UK — i3 Energy Plc has completed a farmout of a 25% interest in Block 13/23c North (License P2358) to Dublin-based Europa Oil and Gas.
Under the terms of the agreement, Europa will fund 46.25% of the cost of the upcoming Serenity appraisal well up to a cap of £15 million ($18.37 million). The two parties will fund any further expenditure in proportion to their respective interests.
In late 2019, i3 discovered the Serenity Field via well 13/23c-10, which encountered a 20-ft thick oil-bearing sand (11ft TVT) at the top of the Lower Cretaceous Captain sequence.
Reservoir quality was high, with porosities averaging 24.5%, and wireline-recovered samples showing oil with a 31.5°API, similar to the nearby Tain and Blake fields.
The Serenity reservoir is a pinch-out of the Captain sands against the southern margin of the Halibut Horst, analogous to the Tain and Blake Flank.
Following this farm-out, i3 retains 75% of P2358 and 100% of Block 13/23c South (P2358), containing the Minos High prospect and Liberator discovery.
i3 Energy CEO Majid Shafiq said the Liberty appraisal well should spud next month.
“The well will help us delineate the size of the field and provide the critical information required to formulate an effective development plan for a potentially very large oil field,” Shafiq said.
Europa CEO Simon Oddie added, “The Serenity appraisal well…has the potential to prove sufficient recoverable volumes to justify a standalone development…”
08.01.2022
