Drilling operations start on i3's Serenity appraisal well

UK and Canada-focussed oil and gas company i3 Energy announced the start of drilling operations on the Serenity appraisal well on UK licence P.2358, block 13/23c.

The AIM-traded firm owns a 75% working interest in the field.

It said the Stena Don semi-submersible drilling unit was now on contract, and was on location preparing for the spudding of the well, which was expected to occur later in the week.

The drilling programme was expected to last around 30 days.

“i3 is very pleased to have commenced the appraisal of the Serenity discovery,” said chief executive officer Majid Shafiq.

“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.”

At 0942 BST, shares in i3 Energy were up 5.09% at 24.59p.

Reporting by Josh White at Sharecast.com.