UK-based oil and gas exploration firm i3 Energy PLC said its Serenity prospect in the North Sea "provides significant organic growth" for its Liberator development.
The company estimates that Serenity contains P50 stock tank oil-initially-in-place of 197mln stock tank barrels.
The North Sea-focused oil and gas company said Serenity is an amplitude supported feature that has an areal extent of circa 10 km2 and is interpreted to be the westerly extension into Block 13/23c of the Tain discovery.
The Tain discovery well, drilled in September 2005, encountered 32° API oil in Captain and Coracle sands and was subsequently appraised by three wells, it said in a press release.
i3 estimates Serenity to have a P50 STOIIP of 197 MMstb, bringing the total potential un-risked Mid case STOIIP within i3 Energy's licenced areas containing the Greater Liberator development and the Serenity prospect to greater than 500 MMstb.
Serenity provides i3 with exposure to low cost and potentially high return upside that could be tied in to either its Liberator Phase I or incremental Phase II infrastructure.
Majid Shafiq, i3's CEO, said: "The Serenity prospect provides significant organic growth potential to i3 beyond our plans for the Liberator development and demonstrates the quality of the licence we acquired in the 30th Round."