i3 Energy (LON: I3E) has said it will drill its “company-maker” Serenity appraisal well this month.
The firm, headquartered in Westhill just outside of Aberdeen, said it is on track to spud the well in the Central North Sea.
i3 Energy had previously hoped to do so as early as Q1 of this year.
However things have progressed in the form of a recent 25% farm-out to Europa Oil and Gas, in exchange for Europa funding 46.25% of the cost to a gross cap of £15 million.
Anything above that 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.
The development has numerous “evacuation options”, CEO Majid Shafiq said last year, 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 will go for a standalone FPSO for it.
Releasing its half-year report today, Mr Shafiq said: “We are very pleased to announce a solid set of results for the first half of the year. These reflect the hard work of our staff in Canada and the UK in successfully progressing our business plan on all fronts.
“We have made great strides in executing efficiently on our operated drilling program in Canada, with all wells drilled being on prognosis geologically and production contributions now commencing following tie-ins to infrastructure.
“We are also very happy to bring in a partner to the Serenity oil field in the UK and plans to drill the appraisal well are on track to spud this month. Our operations team continue to perform diligently to maintain our base production volumes, whilst operating safely with no lost time incidents being recorded. We also published our inaugural annual ESG report which set out our commitment to high ESG standards and operating practises.
“Our move to a monthly dividend program reflects our confidence in the stability and resilience of our production assets and we look forward to updating the market over the next quarter as our busy drilling program continues.”
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