i3 Energy oil and gas company has signed a contract with Dolphin Drilling for the use of the Borgland Dolphin semi-submersible drilling rig in the UK North Sea.
The contract, which follows a recent letter of intent, is for 94 days and is expected to begin between July 15 and August 15, 2019. I3 will use the rig at its undeveloped Liberator oil field and Serenity prospects in the North Sea.
i3 plans to drill the A3 appraisal well first testing the Liberator West, and thereby fulfill its license obligation in Block 13/23c (“Liberator West”).
After this the rig will be used to for drilling of the Liberator Phase I L2 pilot well and finally the S1 appraisal well into the Serenity prospect.
This drilling campaign is intended to de-risk and partially convert hydrocarbon volumes mapped in the western extension of the Liberator structure to reserves, which i3 estimates to contain 314 MMbbls of STOIIP.
It is also planned for the drilling operations to help determine the placement of the second Phase I production well (either L4 or L1) planned to be concurrently brought on stream with the L2 production well in 2020 at potential combined rates of approximately 20,000 barrels of oil per day.
i3 is also hoping drilling will confirm that the Serenity structure, which the company estimates could contain 197 MMbbls of STOIIP, is hydrocarbon bearing and that it is a material extension of the Tain discovery.
Drilling campaign to unlock $100M loan
“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 believes i3 could potentially produce more than 200 MMbbls from its current licenses,” i3 said.
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, the company added.
Majid Shafiq, CEO of i3 Energy said: “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.”
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