i3 Energy PLC (LON:I3E) Liberator Well 13/23c-9 Preliminary Result

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, announces that the 13/23c-9 pilot well drilled by the Borgland Dolphin on i3 Energy’s 100% owned Liberator Field has reached total depth at 5818 ft True Vertical Depth Sub-sea (TVDSS) in the Valhall formation.

The objectives of this pilot well are to enable a future development well to be positioned at an optimal location in the upper Captain sands channel in the south-eastern area of the Liberator field. Preliminary petrophysical information obtained from the Measurement While Drilling (MWD) tools indicate that the targeted upper Captain sand has not been penetrated and is pinched out at the 13/23c-9 location.

The lower Captain sand is present in the well and is below the estimated oil water contact as expected. On initial tie to the seismic data, the well appears to be located proximal to the main upper Captain channel fairway and further well data is required in order to interpret and locate the key reservoir upper Captain channel edge.

As such, preparations are being made to obtain a vertical seismic profile (VSP) in the well and to also run a shear wave sonic log, after which 13/23c-9 will be plugged and abandoned as planned. These data will be used to recalibrate and update the existing seismic model such that options and plans for further operations at this location to meet the objective of locating a future development well in the south-east area of the field can be made.

The Company will provide further updates once it has analysed the data currently being acquired.


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