WESTHILL, UK — i3 Energy has issued an update on development planning for Serenity oil discovery in the central UK North Sea.
The license for the Tain discovery, formerly held by RSRUK and Rockrose Energy, has lapsed, meaning that the Tain acreage is available to be re-licensed in the future.
i3 Energy has been trying to advance a solution for the Blake/Tain/Serenity area, but progress stalled because the former Tain licensees could not approve additional investment.
But with the acreage now unlicensed, new options may open up. i3 and its Serenity partner Europa Oil and Gas are entering talks with the North Sea Transition Authority and other interested parties on exploring the remaining potential of the wider area.
In the same region, United Oil & Gas has agreed to extend the long-stop date for the conditional sale of the central North Sea license P2519 containing the Maria discovery to Quattro Energy until Oct. 27.
They also concurred that a further extension might be needed for all conditions precedent to be met to allow completion of the sale, notably regulatory approvals, to enable the transfer of funds to United and transfer of the license to Quattro.
United CEO Brian Larkin said, "We remain confident that our license is highly prospective, particularly following the recent support given to drilling in the North Sea by the UK government and regulators. It is clear that the North Sea remains a strategic asset for both the UK and Europe to bolster energy security, and that investment into the area continues to be strong.”