|
Europa Oil & Gas Holdings PLC and i3 Energy PLC on Tuesday said that its Stena Don drilling rig is now on location.
Europa shares were down 2.9% to 2.72 pence each in London on Tuesday afternoon, whilst i3 Energy shares were up 5.6% to 24.70p each.
The companies said that the rig is now on location at production licence P2358, Block 13/23c. This contains the Serenity discovery located in the North Sea.
i3, an oil and gas producer in the UK and Canada, owns a 75% working interest in the field, whilst Europa holds the remaining 25%. Europa is an oil and gas exploration, development, and production company in the UK, Ireland and Morocco.
It is expected that the Stena Don will begin drilling operations on the appraisal well this week. The drilling is expected to last for around 30 days.
i3 Chief Executive Majid Shafiq said: ‘The well is designed to prove the extension of the reservoir to the west of the discovery well 13/23c-10 and so prove up additional hydrocarbon volumes in place. This will enable optimisation of any necessary further appraisal and a development plan for the field.’
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
