I3 Energy looks forward to busy period as Liberator nears production

I3 Energy plans to submit an enlarged field development plan on the Liberator field in the North Sea blocks to the UK Oil and Gas Authority.

The AIM-listed firm's previous mapping and analysis of Liberator indicated a mid-case stock tank oil-initially-in-place estimate of 237m barrels at its wholly-owned UK North Sea blocks 13/23d and 13/23c. However, a second look at the data led I3 to revise its estimates to 314m barrels.

I3, which modified its field development plan for Liberator in order to take into account the award of block 13/23c, told investors it plans to drill an appraisal well to validate the current mapping of the field extension, convert contingent resources to reserves, and help determine the location of the second of two initial development wells.

The second development well will either be positioned in the east of the field in block 13/23d or in the centre of the field in block 13/23c.

I3 plans to drill the first production well and appraisal well in summer 2019, initially producing from two wells targeting rates up to 20,000 barrels of oil per day.

Chief executive Majid Shafiq, said: "We are very pleased with the progress we are making to maximise the on-block resources in Blocks 13/23c and 13/23d. We look forward to a very busy period as we move Liberator towards production and exploit the significant upside potential of our acreage."

As of 0940 BST, I3 shares had sunk 11.86% to 52p.