i3 Energy 2019 Drilling Summary
Friday 29 November 2019
Liberator
Wireline logging operations on Liberator well 13/23c-11 have been completed and the well is currently being plugged and abandonedafter which the Borgland Dolphin drilling rig will be demobilised.
The 13/23c-11 well has i3's mapping of the Liberator field, which was changed after the 13/23c-9 well result and acquisition and analysis of new seismic data. Which confirmed an extensive sand body (200+ feet), an oil water contact (OWC) matching the regional expectation at 5270 ft true vertical depth subsea (TVDSS), as well as an important residual oil column below the OWC. This is used mitigate the risk of oil migration westward to fill the A3 and A4 culminations and the Minos High structure in Liberator West, which the I3 estimates to contain up to 400 million barrels (MMbbls) of stock tank oil initially in place (STOIIP).
Initial analysis of wireline logs from the 13/23c-11 well confirms the presence of oil in a 15 ft true vertical thickness (TVT) Captain sand with an oil down to (ODT) at the predicted regional OWC of 5270 ft TVDSS and pressure data confirms hydrostatic pressure communication throughout the basin from Liberator through to Serenity, as predicted by i3's geological model.
The observed oil column in 13/23c-11 is thinner than the level i3 would target for a development well location and so the Company will, in the near term, focus on a simplified Liberator Phase I development initially consisting of a low-cost, single-well development tied in to existing infrastructure.
Serenity
The Company continues to evaluate and integrate into its regional model the results from the 13/23c-10 Serenity discovery well, which together with data from the 13/23c-9 and 13/23c-11 Liberator wells, has substantively de-risked i3's pre-drill, regional subsurface interpretation and helped to refine and improve its understanding of the hydrocarbon distribution in the sub-basin. Confirmation of an OWC at 5270 ft TVDSS supports i3's expectation of a substantial oil volume in Serenity (estimated at 197 MMbbls STOIIP). i3's modelling indicates a potential connection of Serenity to the Tain oil field, for which a field development plan is being prepared by the Tain operator
Forward Plan
I3 will now prepare for a multi-well appraisal of Serenity and the Liberator West area in Summer 2020, which will aim to de-risk a considerable portion of the aggregate 600 MMbbl potential STOIIP identified in these structures. Development options for Liberator and Serenity will be progressed focusing initially on utilisation of existing infrastructure.