Proactive Investors - i3 Energy PLC and Europa Oil & Gas (Holdings) PLC (TSX:ITE), partners in the Serenity discovery, told investors that they are exploring the possibility of picking up acreage in the vicinity of the project that has recently become available.
Specifically, they are looking at the Tain discovery that lies adjacent to the Serenity project in the Outer Moray Firth area of the North Sea.
Tain was recently relinquished by RSRUK and Rockrose Energy as the project’s licence was allowed to lapse. It means the acreage could be available to be re-licensed in the future.
The partners, in separate stock market statements, said “[we] have been working … for some time as the partners looked to advance a solution for the Blake/Tain/Serenity area but this has made little progress whilst the previous Tain licensees were unable to approve additional investment.
“With the acreage now unlicensed, additional options for the area may now come available and i3 and Europa are commencing discussions with the NSTA [North Sea Transition Authority] and other interested parties to explore the remaining potential of the wider area.”
The Serenity discovery was confirmed with an appraisal well last year, though the project’s overall hydrocarbon volumes disappointed compared to pre-drilled expectations.
It was determined by the partners, at the time, that Serenity could still be viable as a smaller project.
Evidently, the opportunity to boost project economics via a ‘hub’ approach to connect multiple nearby resources is seen as an attractive opportunity.
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