Page 12 - EurOil Week 17 2022

EurOil NEWS IN BRIEF EurOil

storage project is led by Equinor, Shell, and Spearfish with DeepOcean. which contains the Minos High prospect and
TotalEnergies through their Northern Lights The contract for the 2014-built vessel will Liberator discovery.
JV. start in direct continuation of its current Majid Shafiq, CEO of i3 Energy plc,
The project will initially include the commitment, securing a firm utilization until commented: “i3 is delighted to announce
capture of CO2 from Norwegian industrial the end of 2023. the execution of the farm-in agreement with
capture sources. The Northern Lights project “The contract shows an increased appetite Europa and we will now commence the
comprises transportation, receipt, and in the market to secure OSCV’s for longer detailed planning and permitting process for
permanent storage of CO2 in a reservoir in periods,” Siem Offshore said. the Serenity appraisal well, which we now
the northern North Sea, and will be open to DeepOcean plans to deploy the vessel to expect to spud in late Q3 this year.”
third parties. support its clients predominately in West According to Europa Oil & Gas, Serenity
Ronny Haufe, Managing Director of Africa and Europe both in the offshore is strategically located near existing
CCB Energy, said: “This is significant from renewables and oil and gas sector undertaking infrastructure in the North Sea, however,
both a regional and national perspective. projects within offshore construction and the appraisal well could provide sufficient
Through the collaboration with Northern inspection, maintenance, and repair (IMR). recoverable volumes for a standalone
Lights, we will facilitate for handling and Siem Offshore did not share information development.
delivery of captured CO2 where shipping is on the value of the contract. Simon Oddie, Europa Oil & Gas CEO said:
not considered an option. This agreement is “I’m delighted to announce the signature of
an important starting point for corporations this farm-in which fulfills our promised goal
with the ambition to establish zero-emission i3 Energy, Europa Oil & Gas of adding an appraisal asset to the Europa
industrial production with CO2 capture portfolio. Serenity is a late-stage appraisal
locally at the Energy Park, and for regional signfarm-in deal for Serenity and development asset that provides our
industrial emitters which will need access to a shareholders with exposure to a very exciting
tailored solution for CO2 disposal.” discovery asset that could deliver significant near-term
Børre Jacobsen, Managing Director of value to our shareholders with the drilling of
Northern Lights said: “Northern Lights will Oil and gas company i3 Energy has executed the Serenity appraisal well expected in late Q3
store CO2 from industrial emitters in Norway the farm-in agreement with Europa Oil & Gas of 2022.
and Europe. We also hope to receive volumes following Europa’s completion of its equity “The objective of the well is to prove up
from regional emitters, industrial facilities fundraising to fund its share of the upcoming additional volumes of hydrocarbons beyond
established close to our terminal in Øygarden, Serenity appraisal well in the UK North Sea. those encountered in the original discovery
including possibly direct air capture facilities. Under the agreement, Europa will acquire well, which alone are considered commercially
This is a cost-effective and good solution for a 25% non-operated working interest in a sub- viable. It is a welcome addition to our existing
all involved. CCB Energy has an important area of UKCS Licence P.2358 Block 13/23c producing and high impact exploration assets
role as facilitator, and we are excited about this containing the Serenity discovery by funding and part of our long-term strategy to create a
collaboration.” a 46.25% paying interest for one appraisal well balanced portfolio of high-quality assets with
Mayor of Øygarden municipality, Tom on the field, and i3 will retain a 75% operated the view of creating long-term value for our
Georg Indrevik said: “I am pleased that the WI in the New Serenity Block. shareholders.”
focus is on facilitating local development. This The well cost is estimated to be around £14
work will be important for the future industry million and Europa’s 46.25% paying interest
in Øygarden municipality and is aligned with will be applied up to a capped gross well
regional ambitions.” cost of £15 million. Any well costs exceeding
£15 million will be paid by the companies
in proportion to their respective working
Siem Offshore Nets New Deal interests. Completion of the deal and transfer
of the licence interest to Europa will be subject
for Siem Spearfish OSCV to relevant approvals and Europa funding
an escrow account with its paying interest
Norwegian offshore vessel owner Siem obligation.
Offshore has secured a new contract for the Following this farm-out i3 will retain a
offshore subsea construction vessel Siem 100% WI in the remainder of Block 13/23c

P12 www. NEWSBASE .com Week 17 27•April•2022