UK-based oil and gas exploration minnow i3 Energy says drilling is expected to start on its North Sea Liberator development in 1H 2018.
The firm says 2P reserves on the field have been increased from an estimate of 11.7 MMboe, re-classified from 2C resources of 9.7 MMboe, following a reserve report by AGR TRACS International.
i3 submitted its Liberator Phase I field development plan earlier this year. Phase I will see 2 horizontal producers drilled, targeting the Main and Northwest culminations of the Phase I area.
Two subsea trees and wellheads have since been ordered for May and August 2018 delivery for Phase I.
i3 plans to tie the field into the Blake field host infrastructure, then through the Bleo Holm floating production storage and offloading (FPSO) vessel, operated by Repsol. The firm is targeting 7300 b/d production.
A separate potential future Phase II plan is contemplated and may include further development wells. Phase II potential reserves are not reported within the reserve report.
Meanwhile, the firm is eying bids in the UK's 30th Offshore Licensing Round and is targeting an asset with mid case recoverable contingent resources (2C Development Unclarified) of 22 MMbo and potential best estimate recoverable prospective resources of 47 MMbo.
These contingent resources have been ascribed a 63% chance of commercial success due to the low risk nature of the discovery, reservoir properties, oil quality, and the proximity to infrastructure, says i3. The 30th Offshore Licensing Round closes on 21 November 2017.
i3 says it continues to seek ways to fully fund the Liberator development.