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LONDON (Alliance News) - i3 Energy PLC on Friday said it raised USD2.1 million via a share placing to cover the costs of a site survey prior to the enlarged phase I Liberator oil field development plan submission to the Oil & Gas Authority.
Back in May, the oil & gas company has been awarded Block 13/23c, on a 100% interest basis, as a part of 30th Offshore Licensing Round application.
The company said it issued 1.5 million shares at a price of 105 pence each. The stock was trading 5.4% lower on the day Friday at 105.46p per share.
i3 Energy said it plans to use the funds to cover the costs of the site survey which is required to enable field development plan submission and approval. The company said it intends to begin survey operations in September when more benign weather conditions can be expected than in the fourth quarter of 2018.
At the end of June, i3 Energy granted a 90-day exclusivity period to a possible farm-in partner ahead of a proposed joint venture. i3 Energy and the unnamed farm-in partner intended to enter into a legally binding sales & purchase agreement during the exclusivity period.
The company said it continues to work closely with a potential farminee to progress the legal documentation required to formalize the joint venture arrangements. However, i3 Energy said here can be no certainty that these negotiations and discussions will lead to definitive agreements.
In case of success, i3 Energy said, its development in UK offshore oil target Block 13/23c will be fully funded.
"We continue to make excellent progress with our proposed joint venture partner and remain optimistic that the legal documentation will be signed before the end of the exclusivity period," said Chief Executive Neill Carson.