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i3 Energy lands significant expansion for Liberator field

An acreage award in the UK 30th Offshore Licensing Round expands the group's flagship Liberator field
oil and gas operations
The project's resource increases to 80mln barrels.

i3 Energy Plc (LON:I3E) shares soared higher on news it has landed an important acreage package in the vicinity of the group’s flagship Liberator field in the North Sea.

The acreage was awarded by the UK authorities via the 30th Offshore Licensing Round. It represents a material extension of the Liberator field, to be referred to in the future as Liberator West.

READ: i3 Energy continues to advance partnering efforts for Liberator

"The award of our sole targeted application Block 13/23c ensures i3 has 100% ownership of the full, highly attractive Liberator project,” said Neill Carson, I3 chief executive.

“This provides significant additional growth potential and increases our existing full development potential resource base significantly to 80 MMBO.

“We're excited that this additional potential, within our core area, is proximal to existing infrastructure whilst also being of a scale that supports stand-alone solutions.

Carson added: “It will provide relatively low-risk, low-cost drilling opportunities to develop additional barrels in this highly productive and well-established trend."

I3 now intends to enlarge its existing field development plan (FDP) to include a drilling location capable of accessing Liberator West in the first phase.

The company has also now revised its estimate of the project’s overall resources to 80mln barrels – with Liberator West adding 22mln barrels in the mid-case.

An appraisal well is planned for Liberator West in late 2018, and the well is estimated to have a 70% chance of finding commercial hydrocarbon volumes.

In mid-morning trading, I3 Energy shares were up 24% at 111p..

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