Britain’s North Sea Transition Authority has extended the second term of i3 Energy’s P2358 license in the central North Sea to end on March 31, 2026.
The license area has been reduced to cover solely the Serenity field, which was discovered in 2019.
Discovery well 13/23c-10 encountered 31.5°API oil in sands at the top of the Lower Cretaceous Captain sequence. However, an appraisal well drilled by i3 and EOG in September 2022, targeting thicker oil bearing sands downdip from the first well, was water-wet.
Subsequently, i3 re-mapped Serenity to reflect the oil-bearing reservoir sand pinching out to the west of the discovery well.
CEO Majid Shafiq said the license extension would give the company more time to assess development options.
