The partners in the “company-maker” Serenity well have reported the arrival of the Stena Don rig at the site the central North Sea, ahead of drilling start-up later this week.
The Stena Don drilling rig is now at the location on Production Licence P2358 in block 13/23c, according to updates issued by partners i3 Energy and Europa Oil and Gas on Tuesday.
The rig is expected to begin drilling operations on Serenity appraisal well SA-02 “later this week”, the two said, as part of an operation likely to last around 30 days.
i3 owns a 75% operated interest in the field following a recent 25% farm-out to Europa, in exchange for Europa funding 46.25% of the cost to a gross cap of £15 million.
Costs incurred above the £15m threshold will be funded in proportion to the respective working interest of each company.
London and Toronto-listed i3 is hoping for 100 million recoverable barrels from the Serenity oil project.
Last year CEO Majid Shafiq suggested there were multiple potential export routes in the event of success, including the Bleo Holm floating production, storage and offloading vessel (FPSO), or the Captain field.
However, if resources are as strong as hoped, then i3 may opt for a standalone FPSO.
Licence P2358 also contains the Minos High Prospect and Liberator discovery.
Speaking this week Mr Shafiq added: “i3 is very pleased to have commenced the appraisal of the Serenity discovery. The well is designed to prove the extension of the reservoir to the west of the discovery well 13/23c-10 and so prove up additional hydrocarbon volumes in place.
“This will enable optimisation of any necessary further appraisal and a development plan for the field.”
Europa CEO Simon Oddie added: “Serenity is a late-stage appraisal and development asset that provides our shareholders with exposure to a very exciting asset that could deliver significant value to our shareholders. This is an exciting time for Europa and I look forward to providing further updates in due course.”
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