i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to announce the following update.
Drilling operations on the second well in the Marten Hills Clearwater drilling programme (located at 02-12-075-26W4), targeting the 25m thick Clearwater C sandstone, have been completed. Eight horizontal lateral sections, for a total of approx. 12,644m in length, penetrating the reservoir to a maximum true vertical depth of 630m, were successfully drilled from this wellbore with operations having progressed on time and on budget. All laterals drilled have encountered a clean upper shoreface sandstone, with porosities ranging from 24% to 27%, and oil has been evidenced throughout via oil shows on cuttings.
The rig is now being de-mobilised and tie-in and equipping of the wells is expected to take five days following rig release, with production from both wells anticipated to commence in late July.
Majid Shafiq, CEO of i3 Energy plc, commented:
“We are very pleased to have successfully completed drilling operations on the first two wells in the Company’s Marten Hills Clearwater acreage and look forward to bringing these wells onto production later in July. This is the first phase of drilling operations on this acreage and following evaluation of log and production data from these wells, we will program the second phase of drilling which will target an additional seven possible locations.”
Qualified Person’s Statement
In accordance with the AIM Note for Mining and Oil and Gas Companies, i3 discloses that Majid Shafiq is the qualified person who has reviewed the technical information contained in this document. He graduated with a Master’s Degree in Petroleum Engineering from Heriot-Watt University in 1988 and is a member of the Society of Petroleum Engineers. Majid Shafiq consents to the inclusion of the information in the form and context in which it appears.
i3 Energy plc
Majid Shafiq (CEO) / Graham Heath (CFO)
Tel: +44 (0) 203 781 8331
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