i3 Energy plc has completed the farm-out to Europa Oil and Gas of a 25% working interest in Block 13/23c North (licence P2358) containing the Serenity oil discovery in the UK North Sea.
TERMS
Europa will fund 46.25% of the cost of the upcoming Serenity appraisal well up to a gross capped well cost of £15 million.
Any well costs exceeding £15 million will be funded by the companies in proportion to their respective working interests.
Following the farm-out, i3 retains a 75% working interest in Block 13/23c North and a 100% working interest in Block 13/23c South (licence P2358), which contains the Minos High prospect and Liberator discovery.
DEVELOPMENT PLAN
i3 energy chief executive Majid Shafiq said the drilling of the appraisal well was on schedule for September.
“The well will help us delineate the size of the field and provide the critical information required to formulate an effective development plan for a potentially very large oil field.”
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