i3 RNS10 May 2017 09:28
i3 Energy, an independent oil and gas company with assets and operations in the UK, is pleased to announce its intention to seek admission of its shares to the AIM Market of the London Stock Exchange ("AIM"). Application will be made for admission of the Company's Ordinary Shares to trading on AIM ("Admission") and Admission is expected to commence in May 2017 under the TIDM 'i3E'.
In conjunction with Admission, the Company intends to raise up to US$50 million by way of a placing of new Ordinary Shares (the "Placing").
Highlights:
· i3 Energy's first asset is the Liberator Licence Area(1), a high quality, low cost, oil development opportunity, targeting first oil in Q1 2018 at 7,300 barrels of oil equivalent per day ("BOEPD")
o The Company acquired a 100% operated interest in Licence P.1987, Block 13/23d, which contains the Liberator oil field and is adjacent to offtake infrastructure, from Dana Petroleum in December 2016
o 51 million barrels of oil equivalent ("MMBOE") initially in place (2)
o 16 MMBOE recoverable of total 2C contingent resources(2)
o Supply chain engaged for 2017/18 drilling programme of up to two back-to-back development wells
§ Heads of Terms agreed with Diamond Offshore (two rig slots) and Baker Hughes (well services)
§ Well management being provided by Petrofac SPD
§ Parties have agreed in principle partial deferral of capex beyond first oil
o Material upside potential from Liberator field extensions and adjacent acreage capture
o Proceeds of the Placing expected to fully fund the Company to first oil from the Liberator field
· i3 Energy has a growth strategy to focus on the development of discoveries located close to existing infrastructure and the exploitation of producing fields, whilst maintaining limited exploration exposure
o Leverage Directors' networks to identify and focus on high impact discoveries
o Adhere to quality reserves discipline, secure production, low-risk development, apply buy-low commercial practice
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