LONDON (ShareCast) - (Sharecast News) - UK and Canada-focussed oil and gas company i3 Energy updated the market on its operations on Monday, reporting that following the completion of construction and tie-in operations at the A-52-G horizontal well on its Noel acreage in northeast British Columbia had been brought on-stream on 17 June.
The AIM-traded firm said production from the well had averaged 650 barrels of oil equivalent per day since start-up on a quarter-inch downhole choke, exceeding initial expectations by 30%.

Reserves additions associated with the location would be booked in i3's 2021 year-end reserves update, and the company said it was currently evaluating potential offsetting development locations.

Additionally, the company said the Marten Hills 01-12-075-26W4 well targeting the Clearwater play was spud on 15 June.

As of 26 June, five of eight horizontal lateral sections, averaging 1661 metres in length, had been drilled in the Clearwater formation from the wellbore, and operations had progressed on time and on budget.

All laterals drilled encountered clean upper-shoreface sandstone ranging from 24% to 27% porosity, and all had encountered oil as evidenced by oil shows on cuttings.

The well was currently being drilled, and on finishing the eighth lateral, the rig would be demobilised and relocated to spud the second well in the Marten Hills Clearwater drilling programme at 02-12-075-26W4.

Production was expected to start during July.

"We are very pleased with the initial production performance of the Noel well, which has exceeded expectations, will contribute to year-end reserves additions and has de-risked similar offsetting drilling locations," said chief executive officer Majid Shafiq.

"Operations in Marten Hills have proceeded exceptionally well and we look forward to bringing these wells onto production in late July."

At 1129 BST, shares in i3 Energy were up 6.88% at 10.1p.

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