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Phone: +44(0)1224 945 980Email: info@i3.energy

Prospect ‘Serenity’Adjacent ‘Tain’ Discovery

Closure and Reservoir Facies

• The Tain discovery found 32API oil in thin Coracle and Captain sands. No OWC was encountered

• Tain was appraised by three further wells

• Coracle sands in the Tain structure are interpreted as being charged through direct contact with the Captain sand across the southern terrace margin fault

• The well test performed in 13/23b-5Z indicates a significant increase in the kh away from the well and sees no clear boundaries besides sand pinch-out

• No boundary, despite the well being drilled 260 m away from the southern terrace margin fault within the test radius of approx. 1500 ft.

• Blake does not close structurally

• The operator suggest a “lithological closure”

• Interpretation suggests that the 13/24-9 Blake injection well, and the 13/22-20 and 13/23a-7Z northern wells encountered a different Captain facies to the Blake - Liberator Channel

• In these Northern wells, the Captain sand is a series of different stacked sands separated by several shale intervals.

• These sands start just below the Rodby (at around 30ft)

West East

K50Rodby

K50.2

K50.1

Valhall

13/22b-206127 m

13/23a-7A 13/24b-9 13/24a-4 13/23d-8 13/23d-815513 m 3428 m 2642 m

Hidra

Rodby

K50.1

K50.2Valhall

SouthTwt (Sec)

North

South East13/23b-5

Carrack

K50 Channel

Coracle

Punt

13/23b-5zDevonian -

Halibut Horst

Paleogene

Chalk

TOP CAPTAIN SAND DEPTH STRUCTURE

Tain

Serenity

TOP CAPTAIN SAND DEPTH STRUCTURE

Serenity

0.001 0.01 0.1Delta-t

Delta

-p &

Der

ivat

ive

1 10 1001

0.1

0.01

0.001

13/23b-5Z Derivative Plot - DST1 (first buidup)

Increase Kh

Channel (pinch-out 1/2 slope)

Posters produced by DUCO Solutions - www.ducosolutions.co.uk

www.i3.energyi3 ENERGY11 Abercrombie Court, Prospect RoadArnhall Business Park, Westhill, AB32 6FE

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Amplitude Anomaly

Prospect ‘Serenity’Pressure Data• MDT data from Tain suggest an

OWC at 4880 ft TVDSS using the regional pre-production aquifer

• In 2005 the voidage in the Captain aquifer was -357 million barrels of liquid (see below)

• 30 psi depletion of the aquifer at Tain would put the OWC at 5270 ft TVDSS

• A strong amplitude anomaly is observed at top Rodby

• It is not due to tuning

• It appears to have a good match with the 5270 ft TVDSS Blake closure but diverges in the western area

• Is this the suspected Blake lithological closure?

• C. 10 Km2 area of the anomaly lies within block 13/23c

• The anomaly is present in the area of the 13/23b-5Y Tain well but no sonic log was recorded

1900

4200

4100

4300

4400

4500

4600

4700

4800

4900

5000

5100

5200

5300

5400

5500

13/23b-5 Tain 13/23b-5Y Blake Aquifer

Blake Oil 13/24-5 Valhall 13/24-5 Captain

Blake Gas 13/24-3 Blake Flank Oil Liberator K50.1 water

Liberator K50.2 water Linear (13/23b-5 Tain) Linear (Blake Aquifer)

Linear (13/24-3 Blake Flank Oil) Linear (Liberator K50.1 water)

2000 2100 2200 2300 2400 2500

Pressure Points Blake - Tain area

Tain oil trend

Blake - Liberator OWC 5270’ TVDSS

Regional Aquifer

Blake oil trend

Liberator Aquifer 2013

Dept

h TV

DSS

ft

Rodby TWT thickness between Rodby peak and subsequent trough vs Amplitude

00

0.005

0.01

0.015

0.02

0.025

0.03

0.035

0.04

0.045

0.05

2 4 6 8 10 12 14

Amplitude

TWT

Thic

knes

s (s

econ

ds)

CaptainBlakeHannayGoldeneyeTotal

-387.1

Voidage Nov 2005 (MMbl)

52.5-16.1-6.6-357.2

REGIONAL RODBY AMPLITUDE

K50.1 & K50.2 BASINAL SHALE DEPTH

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Conclusion

Prospect ‘Serenity’Volumetrics• Derived using maps of the K50.3 and K50.2 sequences,

restricted by the anomaly outline in block 13/23c, and -5270’ TVDSS OWC.

• Area - 9.8 Km2

• Assumed P50 = 40% log normal net to gross from P99 = 10% to P01 = 90%

• Porosity - normal distribution 20 - 23 - 26%

• P50 STOIIP = 197 MMstb

The proposed model succeeds in integrating all of the data and observations in the Greater Blake area including, but not restricted to:

• The closure mechanism of the Blake field

• The Blake Residual column

• The gas cap distribution

• Sand facies and distribution

• ODT oil wells in Blake Flank and Tain

• The Tain 13/23a-5z well test increase in kh and lack of fault signature

• Where the possible 400 to 500 MMbo re-migrated from the original paleo-Blake structure could be found

• The ‘Serenity’ amplitude anomaly at Top Rodby, partially coincident with the 5270’ Blake OWC and conveniently closed to the West

Serenity could be part, with Tain, of a larger Blake closure, with OWC at -5270 and lithological closure to the West, at the uppermost sand equivalent to the Captain field Upper reservoir on the

down thrown side of the Halibut fault.

Serenity may be an extension of the Tain discovery or even a westerly extension of Blake.

Un-risked mid case STOIIP within the i3 Energy licenced area is potentially in excess of 500 MMbo in Greater Liberator and Serenity

2372

3558

4744

5930

7116

8302

9488

10674

11860

0 0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

1

0.9

1186

Freq

uenc

y

Exce

edan

ce P

roba

bilit

y

Oil: Hydrocarbon In-Place MM(STB)

P1: 495.655P10: 342.085P50: 196.616P90: 111.294P99: 71.895Mean: 214.231

Mode: 164.662Median: 196.616

σ: 92.216

Swanson’sMean: 214.660

P90

P50

P10

Serenity top structure, cut by Amplitude anomaly (ft TVDSS)

13/23a-7A

13/23a-4

13/23b-5Y

13/23b-613/23b-5Z

13/23b-5

SouthTwt (Sec)

North

Hidra

Rodby

K50.1

K50.2K50.3Valhall