i3 ENERGY CONTRACTS BORGLAND DOLPHIN FOR LIBERATOR AND SERENITY PROSPECTS

On 9 April 2019, i3 and Dolphin Drilling Limited executed a contract to utilize the Borgland Dolphin semi-submersible drilling rig for a 94-day programme which is due to commence between 15 July and 15 August 2019.
i3 plans to drill the A3 appraisal well first, thereby fulfilling its licence obligation in Block 13/23c (Liberator West), followed by drilling the Liberator Phase I L2 pilot well and finally the S1 appraisal well into the Serenity prospect.
The Company expects that a successful Summer 2019 drilling campaign will unlock a proposed US$100 million senior credit facility to be used to deliver the Liberator Phase I development in 2020 and will also provide data to allow i3 to size and assess a standalone FPSO facility for a potentially enlarged Phase II development to evacuate both the Liberator and Serenity fields. With the successful appraisal and development of both Liberator and Serenity, management believe i3 could potentially produce more than 200 MMbbls from its current licences.
In addition to contracting the Borgland Dolphin, i3 has secured the necessary wellheads and conductor pipe for mid-July delivery to align with the start of its field operations and spud of the A3 appraisal well.
Over the course of March and early April, i3 has been conducting site survey operations using the Gardline vessel ‘Ocean Observer’ at the above drilling locations and along the potential pipeline route from Liberator to the intended host facility. Despite delays due to weather conditions, those operations are now substantially complete and have been conducted without incident. Sufficient data has been acquired to allow the company to proceed with permitting of the 2019 drilling programme and with engineering design for the Liberator Phase I development works.
Majid Shafiq, CEO of i3 Energy commented: “The i3 team is excited to be working with Dolphin Drilling and to be using the Borgland Dolphin rig to conduct what we expect to be a transformational drilling campaign this summer. We continue to progress all key deliverables to bring Liberator to first oil and expect to provide updates on funding and finalization of offtake terms in due course.”
The Liberator field, 100% owned and operated by i3 Energy, is located in the Moray Firth area of the UK Continental Shelf, roughly 120km off the shore of Aberdeen in the UK North Sea. Liberator was discovered in 2013 by Dana Petroleum.
(Source: i3 Energy – Image: Possest)