i3 Energy says North Sea licence holds 500m barrels

An oil rig at sunset
An oil rig at sunset

North Sea firm i3 Energy said today that its flagship licence in the outer Moray Firth could contain 500 million of stock tank barrels of oil.

The company, based in Westhill, near Aberdeen, made the announcement following an assessment of the Serenity prospect, located in the northern part of its 100%-owned P.2358 licence.

London-listed i3 believes Serenity holds around 197m barrels.

The licence also contains the Liberator and Liberator West developments.

Majid Shafiq, chief executive of i3, said today: “The Serenity prospect provides significant organic growth potential to i3 beyond our plans for the Liberator development and demonstrates the quality of the licence we acquired in the 30th Round.”

In October, i3 said it planned 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.

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.

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