i3 Energy has been granted a license extension by the North Sea Transition Authority that will allow the operator more time to evaluate development options for Serenity field, the company said in early October.
The second term of the P2358 license in the UK Central North Sea has been extended for a period of 18 months, ending on Mar. 31, 2026. The company said the third term of the license has been reduced by the same time-period. The area of the license has been reduced to encompass Serenity field only.
Serenity field was discovered by well 13/23c-10, drilled by i3 (100% interest) in late 2019. The well encountered a 20-ft thick oil-bearing sand (11 ft true vertical thickness) unit at the top of the Lower Cretaceous Captain sequence. The reservoir quality was high, with porosities averaging 24.5% and oil samples, recovered by wireline, having an API of 31.5°.
The Serenity reservoir is a pinch-out of the Captain sands against the southern margin of the Halibut Horst, analogous to the Tain and Blake Flank. The sand is 11 ft thick (TVT) at the 13/23c-10 well. Appraisal well 13/23c-12 was drilled in November 2021.
A one well development in the eastern area of the field around the discovery well is considered economically viable and development options are being evaluated, the company said in a May 2024 investor presentation.