Low Risk Drill14 Nov 2019 16:30
i3Energy Update on Liberator A2 Spud and Funding
Gasoil News - Published on Thu, 14 Nov 2019
Company with assets and operations in the UK i3 Energy plc has announced the following corporate update. Mr Majid Shafiq, CEO of i3 Energy, said "We are excited to be drilling again at Liberator on the back of our success at Serenity. The A2 location has been selected as a low-risk target in close proximity to Liberator's two well penetrations, giving us a high-level of confidence when tied into the recently reprocessed seismic that was used to select the Serenity discovery well location. The Company is also very pleased with the additional funding we've received from our Loan Noteholders. Their continued material support shows a great level of confidence in i3's assets and management team."
Highlights
The successful Serenity 13/23c-10 well was plugged and abandoned as planned after the Company retrieved all expected samples and data
The Liberator A2 well has been spud
The Company has agreed to issue GBP 5 million of equity to funders of i3's May 2019 Junior Loan Notes at a price of 35 pence per share via private placement to provide i3 additional flexibility to extend its drilling programme
The Funding Long Stop Date by which the Company was required to enter a reserve-based lending facility or to source alternative development financing has been extended from 6 December 2019 to 30 April 2020
After plugging and abandoning the Serenity 13/23c-10 well as planned, the Borgland Dolphin semi-submersible rig was mobilised to Liberator's A2 location, and the A2 well has now been spud. The Company will provide A2 drilling results to the market when the well has reached total depth and acquired data has been evaluated. The results of the A2 well will allow the location and trajectory of the future LP-02 production well to be optimized and will be plugged and abandoned as planned.
Source : STRATEGIC RESEARCH INSTITUTE.
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