i3 Energy pushes back Liberator site survey

Oil and gas company i3 Energy has pushed back the site survey on the Liberator field offshore UK.

The company hired marine survey company Gardline to conduct a site survey on the field located in the North Sea as it prepares to submit a revised and enlarged field development plan (FDP) to the OGA by the year-end.

i3 said on Wednesday that the site survey would be rescheduled for the earliest good weather window in 2019 as the vessel was not made available before October 15 as agreed.

The company added that the rescheduling was done since the company was unwilling to face the potential for unnecessary cost overruns due to weather-related downtime.

According to i3, rescheduling will not affect the timing of the FDP approval, the Liberator development, or the expected first oil date.

“i3’s cash resources remain sufficient while the company conducts a Joint Venture farmout process of its 100% interest in UK North Sea Blocks 13/23c and 13/23d and undertakes to upsize a development credit facility with UK-based lenders, each expected to conclude alongside FDP approval in early 2019,” the company said.

i3 also added that, contrary to rumors in the market, it was not planning an equity financing.

As for the survey, it will cover the two production well locations to be drilled during the Phase I development of the Liberator oil field, a survey of the planned export pipeline route, and the appraisal well location for the recently awarded Block 13/23c (Liberator West).

In order to fund this crucial survey and near-term engineering, i3 raised $2.1 million in July through the placing of 1,542,336 new ordinary shares at 105 pence per share with existing institutional investors.

Offshore Energy Today Staff