i3 Energy farms out stake in North Sea Serenity project

i3 Energy farms out stake in North Sea Serenity project

I3 Energy (LON:I3E) (TSX:ITE) has struck a deal in principle to farm-out a 25% non-operated working interest in its Serenity project.

The Westhill-based firm has “essentially agreed” a joint operating agreement and trust deed that will allow Europa Oil and Gas to acquire a stake in the UK North Sea scheme.

Europa will fund a 46.25% paying interest for one appraisal well on Serenity, after which i3 will retain a 75% working interest in the block.