North Sea Liberator farm-in progressing

i3 Energy remains in negotiations with a potential farm-in partner to the Liberator field development in the UK central North Sea.

Offshore staff

LONDONi3 Energy remains in negotiations with a potential farm-in partner to the Liberator field development in the UK central North Sea.

The company has made progress in preparing a legally binding farm-out agreement (FOA), joint operating agreement, and associated legal documentation.

All should be signed before the end of the exclusivity period on Sept. 24.

The two parties have established a joint venture project team and anticipate submitting an enlarged phase development plan to the UK’s Oil & Gas Authority shortly after entering into the FOA.

i3, which is targeting first oil from the Liberator field during 2019, has raised $2.1 million through a shares placement.

It plans to use the proceeds to fund a site survey and near-term engineering to help secure approval for two planned development wells, the block 13/23c (Liberator West) appraisal well, and the intended pipeline route and tie-in locations.

The company hopes to initiate survey operations next month, assuming it can contract a suitable vessel and associated engineering resources.

08/02/2018

More in Regional Reports