LONDON – i3 Energy has agreed in principle “indicative terms” for a farm-in to its Serenity field appraisal drilling program in the UK central North Sea.
The company is waiting on confirmation of funding commitments from counterparties before finalizing documentation.
Serenity, in the northern part of block 13/23c, is between the producing Captain field to the west and Repsol Sinopec Resources’ Tain field development to the east.
The Serenity discovery well in late 2019 encountered a 20-ft (6-m) thick oil-bearing sand unit at the top of the Lower Cretaceous Captain sequence. i3, which estimates 197 MMbbl in place, has been looking to drill at least two appraisal wells, each with side tracks.