UK independent 3 Energy has contracted marine survey company Gardline Limited to conduct a site survey at its Liberator field located in the North Sea as it prepares for submission of its updated development plan later this year.
The survey will cover the two production well locations to be drilled during the Phase I development of the Liberator oil field, a survey of the planned export pipeline route, and the appraisal well location for the recently awarded Block 13/23c (Liberator West), i3 explained in a statement on Thursday.
In order to fund this crucial survey and near-term engineering, i3 in July raised $2.1 million through the placing of 1,542,336 new ordinary shares at 105 pence per share with existing institutional investors.
The work is expected to start in September, enabling the company to complete its Environmental Statement and providing the necessary engineering and environmental data for inclusion in the Liberator Field Development Plan (FDP) for which the company is seeking approval in 1Q 2019.
In preparation of the updated FDP, expected to be submitted to the UK’s Oil & Gas Authority in 4Q 2018, i3 continues to advance critical studies and engineering work.
Additionally, and as previously reported in July, the company continues to progress the legally binding documentation regarding its proposed Liberator joint venture, with the joint venture project team continuing its planning for the 2019 Liberator Development and appraisal of Liberator West.
John Woods, Chief Development Officer, commented: “While Joint Venture discussions are ongoing, i3 remains focused on completing key operational targets to ensure readiness for further stages of the Liberator project. Submission of our updated FDP in Q4 2018 is key and will allow i3 and our potential JV partner to ensure smooth and timely progress as we work towards achieving first oil from Liberator.”
Located in License P.1987, 64 kilometers north-east of Aberdeen, the Liberator field was discovered by Dana Petroleum in November 2013. i3 Energy has a 100% operated interest in the license. The field is immediately adjacent to the Repsol Sinopec-operated Blake field and only two kilometers from Blake’s producing drill center.