i3 Energy PLC (LON:I3E) Liberator Well 13/23c-11 Preliminary Result

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, announces its initial data regarding Liberator Well 13/23c-11.

The 13/23c-11 well being drilled by the Borgland Dolphin rig on i3 Energy’s 100% owned Liberator Field has reached total depth (TD) in the Valhall shale as planned.

The well has drilled approximately 220 feet measured depth (MD) of sand in the Captain reservoir. Initial evaluation of the Measurement While Drilling logs indicate that, at this location, circa 20 ft MD of the Captain sand with oil indications has been found above the expected oil-water contact (OWC) of 5270 ft total vertical depth subsea (TVDSS).

Wireline logging will now be carried out as per the planned data evaluation programme.

The Company will provide further updates once it has acquired and analysed wireline logging data.

Majid Shafiq commented “We are pleased to have encountered a thick Captain sand at this location including oil indications in the upper Captain sand above the oil water contact. Initial interpretation is that the sand thickness above the OWC is lower than anticipated. Definitive results will be determined and the market updated in due course.”

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