North Sea operator i3 Energy (LON: I3E) has said an appraisal on its “company-making” Serenity field will now take place in the second half of the year.
The firm struck a farm-out deal last month, with Europa Oil and Gas taking a 25% stake in return for funding 46.25% of the well costs, which are estimated to be £14m in total.
i3 Energy previously said it was aiming for Q1 of this year for Serenity but has now said the well is being planned for the second half of this year.
The London and Toronto-listed i3 firm is hoping for 100 million recoverable barrels from Serenity oil project in the Central North Sea.
i3 revealed the new timeline in its annual accounts for 2021, and said it is also considering bringing on more farm-in partners into Serenity.
It said: “The team remains confident in its belief that the Serenity field holds a company-making resource, and we expect this next appraisal well to prove that premise.
“Discussions continue with other potential farminees, and i3 will consider bringing in additional parties up to the point of drilling commencement.”
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