I3 Energy is offering the opportunity for interested parties to farm-in to licences P1987 and P2358 which contain the Liberator and Serenity discoveries. The company is planning to undertake a multi-well appraisal programme that is likely to commence in early-2021 on its Liberator and Serenity assets and it is looking for partners to fund the appraisal programme. On 23 June 2020, I3 Energy announced it is looking to secure additional financing before 30 September 2020 and in August 2020 the company stated the farm-out process was ongoing with interested parties in I3's data room.    On 19 March 2020 it was understood that I3 had signed a contract with Dolphin Drilling Limited for the drilling of two appraisal wells on Serenity and a sidetrack on each well plus a two-well option to drill the Liberator West and/or Minos High structures. The contract is conditional on I3 Energy confirming availability of funds to satisfy obligations under the contract, 90 days prior to drilling commencement.  Liberator is an oil discovery located immediately west of the Blake field. The Liberator field area is considered as having four structural areas: Liberator East, Liberator West, Minos High and Liberator South. The field was discovered in 2013 and has a Lower Cretaceous Captain Sand reservoir, similar to Blake. The discovery was appraised during 2019 with appraisal wells 13/23c-9 and 13/23c-11. Even though the wells did not meet the pre-drill expectations, I3 Energy believes that the 13/23c-11 well confirmed the migration pathway for hydrocarbons to move west towards the Liberator West and Minos High areas where is it thought that the Upper Captain sand package could have a thickness of approximately 200 ft above the OWC. I3 Energy believes that the post-drill analysis shows that Liberator has potential STOIIP above 400 MMbbls.   Serenity was an amplitude supported prospect with an aerial extent of 10 sq km located on the hanging wall of the Halibut Horst and is interpreted as a westerly extension of the Tain (Blake Terrace) discovery. Well 13/23c-10 also drilled in 2019 encountered 11 ft of Upper Captain oil bearing sands with an oil of 31.5Â° API. The measured oil column on the structure is thought to be 604 ft, observed via pressure data. I3 Energy believes that Serenity and the Tain oil discovery are potentially in communication which could infer a column height of 1,124 ft. The company believes Serenity to have P50 STOIIP resources of 197 MMbbls. I3 Energy estimates that the sand package thickens towards the west of the structure. The operator believes that the well confirmed strong commercial potential of the area and reservoir model simulations demonstrate potential recovery factors of >50% due to the high relief of the structure above the OWC.   Interest in the licences is held by solely by I3 Energy North Sea Limited.
I3 Energy is offering the opportunity for interested parties to farm-in to licences P1987 and P2358 which contain the Liberator and Serenity discoveries. 