I3 Energy plans multi-well drilling campaign for summer

The AIM-listed outfit has entered into a rig letter of intent with Dolphin Drilling for a three-well appraisal and development drilling programme during June and July - first drilling the A3 appraisal well in Block 13/23c, then Block 13/23d and finally the S1 well into the Serenity prospect.

I3 believes that upon the successful appraisal and development of Liberator and Serenity, the group could potentially produce more than 200 million barrels of oil from its current licences.

The South Hampshire-based company also revealed that it was working with senior and junior lenders in the UK and North America to acquire $100m to $13m in funding for the appraisal and development drilling.

Elsewhere, I3 has continued to progress its joint venture farmout process, with several companies conducting due diligence and additional parties set to enter the process in January.

I3 chief executive Majid Shafiq said: "We are very pleased with the progress we are making to move the Liberator field towards development and with the ongoing technical maturation of the upside in our acreage to drill ready status."

"We look forward to the completion of our FDP and funding initiatives and the commencement of a very exciting drilling programme this summer."

As of 0900 GMT, I3 shares had rocketed 17.31% to 61p.