Menu
Close

I3 Energy - North Sea Oil

lse:i3e

#1

Web site : https://i3.energy/

i3 Energy’s core asset is the Liberator oil field discovered by well 13/23d-8 located in License P.1987, Block 13/23d in which it has a 100% operated interest.

i3 Energy’s strategy is to focus on the development of discoveries located close to existing infrastructure and the exploitation of producing fields, whilst maintaining limited exploration exposure.

i3 Energy has a strong management team with a track record of delivery.

Jan 2019 Presentation : https://i3.energy/wp-content/uploads/2019/01/20190115-i3-ENERGY-Q1-UPDATE-v1.3.pdf

June 2019 Proactive Presentation Video : https://www.youtube.com/watch?v=LxszZF-apmE


#2

Video link gives a great introduction.

The rig should be moving soon to commence the first well.

CoS of around 90% for the first one. Very interesting play this one with good potential upside !!


#3

3 wells.

CoS 90% then 70% then 70%.

Potential to prove up 500MMBO of which 200MMBO recoverable.

If those 3 wells come in then 500p a share is possible.

94 day drilling campaign - going to be exciting.

Spud for the 1st due anytime soon once the rig moves.


#4

North Sea exploration firm i3 Energy has confirmed it is set to start drilling work on an appraisal well in the Liberator field in the Outer Moray Firth.

The company’s chief financial officer said i3 Energy were only waiting on Dolphin Drilling getting sign off on a drill rig to begin work.

Liberator will be drilled using the Dolphin Drilling owned Borgland Dolphin, an anchored semi-submersible mobile drilling rig.

Work is due to begin before August 15 and is scheduled to last 35 days.

The appraisal well will be drilled by oilfield services firm Petrofac.

John Woods, i3Energy’s chief financial officer, said the firm were only waiting on “clearing the final rig acceptance process” before drilling could begin.

On the Liberator field he ad…


#5

Off we go

https://www.investegate.co.uk/i3-energy-plc--i3e-/rns/borgland-dolphin-move-operations/201908140700079499

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.

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.”


#6

Borgland Dolphin status now underway off to spud the first well for I3E.

.


#7

The plan is :

Drill the pilot hole. This will be used in future to drill 2 or 3 horizontal production wells. This pilot hole is referred to as the “drill center”.

Drill the Liberator West appraisal well. This will be logged and sampled and then plugged and abandoned. NOTE NOW - IT WILL BE P&A regardless.

The data from this appraisal well will allow the selection of the directions of the horizontal production wells to be drilled in 2020 from the pilot hole (drill center) being drilled now.

Drill Serenity appraisal, log and sample and then P&A.


#8

I believe their target price was 190p back in April for I3E ahead of drilling ?

Canaccord Genuity : North Sea exploration firm is rated top pick 07/10/2019

OIL and gas analysts have rated North Sea-focused i3 Energy as one of their top sector picks ahead of a drilling campaign thatwill be followed with interest in the area.

Canaccord Genuity included Aberdeen-based i3 Energy in a list of smaller exploration and production firms whose share prices could be impacted by potentially game changing developments over the next six months.

Experts at the investment bank noted i3 is expected to complete a three-well campaign on acreage in the Moray Firth the oil and gas firm reckons could contain around 200 million barrels oil equivalent.

Success in the campaign could pave the way tothe development ofthe Liberator find andhelp encourage a badly-needed increase in exploration activity in the UK North Sea…


#9

Spudded the 1st well. Will be a short drill and P&A at the end.

https://www.investegate.co.uk/i3-energy-plc--i3e-/rns/amended-i3-commences-liberator-drilling-operations/201908220735138980J/

.


#10

https://www.offshoreenergytoday.com/i3-spuds-liberator-pilot-well/

i3 spuds Liberator pilot well

i3 Energy has started drilling a pilot well at its Liberator field in the UK North Sea using the Borgland Dolphin semi-submersible drilling rig.

The LPt-02 pilot well will optimize the placement of the first Liberator Phase I production well, LP-02, planned to be drilled in 2020.

The company will provide LPt-02 drilling results to the market when the well has reached total depth and acquired data has been evaluated, i3 said.

The results of the LPt-02 well will allow the location and trajectory of the future LP-02 production well to be optimized and will be plugged and abandoned as planned before the rig moves to the LA-03 location, the next well in i3’s 2019 drilling program. The LA-03 appraisal well is expected to partially convert Liberator West resources into reserves.

Majid Shafiq, CEO of i3 Energy said: “We are excited to now be on location and drilling the first of three high impact wells into our 100% owned Liberator and Serenity structures and look forward to updating the market as each well objective is achieved.”

Following the 2019 drilling campaign, 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 licenses, according to i3.

Offshore Energy Today Staff


#11

Balanced write up on I3E out today:

.


#12

Today’s RNS confirms they missed their target. More work needed to locate the sweet spot. Sell off overdone, this will bounce back into the 40s in short order followed by a further rise when they’ve completed the new work programme and selected the new drill location
TP


#13

Video interview after todays news :

.


#14

Malcys everywhere these days .