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(Alliance News) - i3 Energy PLC on Thursday said it is preparing for multi-well appraisal of its UK Serenity and Liberator West assets in Summer 2020 provided it can obtain the funds, though it has enough funding for its general & administrative requirements through 2020.
Shares in i3 closed down 41% at 10.38 pence in London.
The Serenity and Liberator West area appraisal is intended to de-risk much of the 600 million barrel stock tank oil initially in place identified in the two structures. Development will focus at first on using existing infrastructure.
This plan is subject to obtaining additional funding, and i3 is working with senior lenders to obtain a phase 1 Liberator development loan while looking at partnerships to finance the wider 2020 appraisal of both Liberator and Serenity.
Following 2019 drilling, i3 is likely to have enough resources for its general & administrative needs through 2020.
Chief Executive Majid Shafiq said: "We have come to the end of our 2019 drilling programme...We will now progress appraisal of Serenity and Liberator West to seek to add reserves and resources, whilst continuing to progress development options for Serenity and Liberator and look forward to another very active year in 2020.
"This year's drilling campaign has been a major undertaking for a company of our size, and we'd like to thank those noteholders and equity investors who have funded our operations. i3 will continue to progress its ongoing funding initiatives while exploring all options in order to maximise value for shareholders."
By Anna Farley; annafarley@alliancenews.com
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