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LONDON (Alliance News) - UK-focused oil & gas firm i3 Energy PLC as successfully secured GBP22 million of financing first announced in February, meaning it is now fully funded for future work.
Shares were 11% higher in London at a price of 43.39 pence a share.
i3 raised the fresh credit to, amongst other things, partially fund its planned 2019 appraisal and development drilling programme at the Liberator oil field in the UK North Sea.
The facility has a four-year term with an interest rate of 8% a year.
The loan has been provided by funds managed by Bybrook Capital LLP, BP Oil International Ltd, funds managed by Lombard Odier Asset Managers, and James Caird Asset Management.
i3 also announced at the end of May a GBP2 million share placing with funds managed by Lombard Odier at 37 pence a share, and this has also now completed.
"We are very pleased to announce the closing of this GBP24 million funding package. The company is now funded for its upcoming 94-day, three-well drilling campaign this summer on its 100% owned Liberator field and Serenity prospect, which is targeting a combined stock tank oil-initially-in-place of over 500 million barrels.
"The company is now fully focused on delivering a successful 2019 drilling programme and execution of the Liberator development to deliver first oil in 2020."
i3 also said Monday the contractor at Liberator is currently getting ready to move a drilling rig ahead of work which could start as early as mid-July 2019. i3 has signed a crude oil offtake agreement with BP Oil for production from Liberator.