i3 Energy PLC (LON:I3E) Borgland Dolphin Move Operations

Majid Shafiq, CEO of i3 Energy commented: We are delighted to announce today the successful deployment of the Borgland Dolphin to the Liberator area.

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that the Borgland Dolphin semi-submersible drilling rig has completed its acceptance testing. The Borgland, which i3 has contracted for a 94-day drilling programme, is commencing move preparations today and is expected to begin transit shortly thereafter towards the Liberator field where it will initiate drilling operations.

i3’s 2019 drilling campaign is expected to include:

· The Block 13/23d LPt-02 pilot well which will optimise the placement of the first Liberator Phase I production well, LP-02, planned to be drilled in 2020

· The Block 13/23c (“Liberator West”) LA-03 appraisal well (70% commercial chance of success (“CoS”))1, expected to partially convert Liberator West resources into reserves

· The SA-01 well (72% geological CoS)2 into the Serenity prospect that i3 expects will prove a material extension of the neighbouring Tain discovery

As previously announced, following the 2019 drilling campaign referred to above, in 2020 the Company expects to undertake further development drilling and to secure delivery of first oil from Liberator at approximately 20,000 bopd. With the successful appraisal and development of Liberator and Serenity, i3 could potentially produce more than 200 MMbbls3 from its current licences.

1. AGR Tracs estimate

2. i3 Energy estimate

3. i3 Energy estimate based on P50 STOIIPs and expected recovery factors

Majid Shafiq, CEO of i3 Energy commented:

“We are delighted to announce today the successful deployment of the Borgland Dolphin to the Liberator area. If successful, each of the wells in the drilling campaign are of significant value to i3 and our shareholders and could add significant production volumes to the North Sea.

“I would like to thank both Dolphin Drilling and Petrofac for their efforts in readying the Borgland Dolphin rig for safe deployment to the Liberator area and, with drilling now set to take place soon, we look forward to updating the market on the results of each well shortly.”

 


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