The new boss at i3 Energy said today that he is “very pleased” with the North Sea oil firm’s efforts to make the most of blocks containing its Liberator discovery.
The company, based in Westhill, near Aberdeen, today reiterated plans to submit a revised and enlarged field development plan for Liberator and Liberator West to the Oil and Gas Authority before the end of 2018.
The Greater Liberator Area is now thought to have 314 million barrels of oil in place, up from 237m.
The initial figure was based on a competent person’s report published in November 2017, but subsequent mapping and analysis have led to the upgrade.
The previously submitted FDP envisaged a staged, two-well development focused solely on the Liberator field, within Block 13/23d.
Liberator West, block 13/23c, was obtained in the 30th offshore licensing round.
An appraisal well will be drilled to firm up the current mapping of the field extension.
I3 plans to drill the first production well and appraisal well in summer 2019, followed by an evaluation of the appraisal drilling results to optimise the location of the second development well.
This second well would be drilled the following spring with start-up expected in summer 2020 following the installation of subsea infrastructure, initially producing from two wells targeting rates up to 20,000 barrels of oil per day.
Subject to reservoir performance, the Company would drill a third Phase I development well, in advance of undertaking further seismic processing and appraisal of Block 13/23c to prepare for a subsequent Phase II Liberator development.
The company is also assessing of a northern structure in Block 13/23c that it is calling the Serenity prospect.
Serenity is interpreted to be the westerly extension of the Tain discovery into Block 13/23c.
Chief executive Majid Shafiq, who recently took over from co-founder Neill Carson, said: “We are very pleased with the progress we are making to maximise the on-block resources in Blocks 13/23c and 13/23d and look forward to a very busy period as we move Liberator towards production and exploit the significant upside potential of our acreage.”