i3 Energy Plc (ITEEF)

[pro_s2009]

Lets have a Serenity recap.

As we stand now.........Serenity is commercial with expected recoverable oil of between 8.5 to 20 million barrels. HOWEVER appraisal drilling might push this up to 100 million recoverable barrels or more. Serenity appraisal well next month is the start of this process of firming up much more recoverable oil..........

EOG have farmed into only Serenity........not into the Minos High or Liberator. After the farm out to EOG, i3 retains a 75% WI in Block 13/23c North (Licence P2358) which has Serenity and a 100% WI in Block 13/23c South (Licence P2358), which contains the Minos High Prospect and Liberator discovery.



......."i3 is delighted to announce this potential farm-out which on completion will facilitate the drilling of an appraisal well on the Serenity oil field later this year,” said Majid Shafiq, i3 chief executive.

“This well will provide critical information which will help us to delineate the size of this potentially very large discovery and move it towards development.”........


Serenity migration video :

https://wp-i3energy-2021.s3.eu-west-2.amazonaws.com/media/2021/12/i3-Serenity-Migration.mp4



Serenity

The Serenity field was discovered by well 13/23c-10, drilled by i3 (100% WI) in late 2019. The well encountered a 20ft thick oil-bearing sand (11ft true vertical thickeness, TVT) unit at the top of the Lower Cretaceous Captain sequence. The reservoir quality was high, with porosities averaging 24.5% and oil samples, recovered by wireline, having an API of 31.5°, suggesting that they are very similar to the oil in the neighbouring Tain and Blake fields. The Serenity reservoir is a pinch-out of the Captain sands against the southern margin of the Halibut Horst, analogous to the Tain and Blake Flank. The sand has 11ft TVT at the 13/23c-10 well and thickens toward the west reaching 115ft TVT in the 13/23a-7z well immediately adjacent to Serenity’s western closure.



The maximum expected oil column in the Serenity field is 1124ft true vertical depth (TVD), from the highest known oil in Tain to the Blake-Liberator-Serenity common oil water contact (OWC). This matches i3’s pre-drill predictions and is supported by well 13/23c-10 pressure measurements.



The Blake, Tain and Serenity fields share a common reservoir and OWC. Their depositional history and reservoir charge have been modelled by i3. The model has been confirmed by the pressure and fluid composition data from the Serenity well.

Hence the re-development of the Blake field, development of the Tain field and appraisal / development of Serenity share common attributes and may be linked, depending on optimal use of infrastructure and commercial agreement between the parties.

The reserves already discovered at Serenity represent the opportunity for a commercially attractive tie-back to the planned development at Tain (operated by RSRUK and subject to development approval) with recoveries of approximately 8.5 to 20 MMbbls. If further appraisal confirms the sand deposition and connectivity model, then oil in place would be circa 197MMbbls and a stand alone full field development would generate recoveries of 100 MMbbls or more. With successful additional appraisal, alternate development options for Serenity could include re-deployment of an existing North Sea FPSO or tie-back to alternate existing infrastructure. Planning and permitting for the well is ongoing with the well Operator appointed.