i3 Energy Plc. T.ITE

Up to 2 sidetracks consented......

[Proselenes]

#I3E have applied and given consent for 2 Geological Sidetracks on Serenity.......potential 3 in 1 in the success case and could prove up a lot of oil

@i3energy

$ITE $ITEEF #oil #oilandgas #OOTT

[Buyreallow]

While this is good news for proving up reserves, it will delay commencement of production.  You cannot produce while the drill bit is in the hole.

[BlingChaChinG]

becasue it's drilling not because it's stuck right?   Drilling>stuck

[Buyreallow]

It is not stuck.  They decided to use the current hole to drill two side wells from the same hole.   This will allow them to further appraise the feasibility of the field.   Final appraisal is after the drilling is complete, so the longer they drill, the later the appraisal results will take.

[Proselenes]

Exactly.......... they have applied for 2 sidetracks so they can : Drill the vertical.  If results good then Drill sidetrack in one direction to measure reservoir thickening.  If results good then Drill another sidetrack in another directot measure reservoir thickening. Using all this data with seismic they can determine just how massive Serenity is........ :)

[Buyreallow]

Plugged and abandoned.  Well was water wet.  No oil.   Kiss the money goodbye