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Update on i3 Energy Investment

10 Jan 2017 11:54

RNS Number : 8041T
Glenwick PLC
10 January 2017
 

 

Glenwick Plc

("Glenwick")

 

Update on i3 Energy Investment

 

The Board of Glenwick note the following announcement made today by i3 Energy Limited, RNS Number: 7183T:

 

 

***

i3 acquires 100% Operated oil interest

i3 Energy Limited, a UK-based oil and gas exploration and production company, is pleased to announce effective 28th December 2016 the acquisition of a 100% Operated interest in the Liberator field, an oil discovery situated within Block 13/23d of the UK North Sea, immediately adjacent to the Blake field and situated 2 kilometers from Blake's producing drill centre.

The Liberator oil field was discovered in 2013 through the drilling of an exploration well into Lower Cretaceous Captain Sands of similar quality to the Blake field. The discovery well proved a 1.5 to 2.5 Darcy reservoir with 28% porosity containing 30.3° API oil with 1.9 centipoise viscosity and an established oil water contact that maps a potential column of oil ranging from 24 to 80 feet within an elongate four way structure at a depth of approximately 5250 feet TVDSS. A Field Development Plan based on the analogous Blake field's highly productive reservoir, oil fluid properties, and extensive production history is being finalized for final regulatory approval and is undergoing evaluation by independent engineering evaluators as part of i3's plan to publicly list the Company through an Initial Public Offering (IPO) onto the Alternative Investment Market (AIM) of the London Stock Exchange. Further information with respect to the asset, development plan, organizational additions and the IPO will be provided as soon as available for disclosure within Q1 2017.

i3's Chief Executive Officer, Neill Carson, commented, "We are delighted with our acquisition of a 100% Operated interest in this high quality oil discovery and will work with each of our stakeholders on driving towards first oil safely and as quickly as possible. i3 has engaged Gaffney, Cline & Associates, an independent reserve auditor, to evaluate Liberator as part of our go-public efforts. In parallel, i3's development team is engaged with the supply chain on staging potential operations within the 2017 timeframe. Liberator is an excellent foundational asset and we look forward to its commercialization as we broaden our portfolio."

***

Further to the announcement of 4 January 2017, the Board of Glenwick is pleased to announce that i3 Energy (www.i3.energy.com)  has received approvals from the UK Oil and Gas Authority and has therefore completed its acquisition of the Liberator Prospect. As announced by Glenwick in November 2016, at the time of it entering into the £1.1m pre-IPO convertible investment into i3, following this approval, it is the understanding of the Glenwick Board that i3 will now seek admission of its shares onto the Alternative Investment Market (AIM) of the London Stock Exchange concurrent with an initial public offering ("IPO") to raise funds for the Liberator Prospect.

 

Amanda Van Dyke, Director of Glenwick commented; "The Liberator Prospect had undeniably excellent economics when Glenwick invested, and with a 20% rise in the oil price since the time of our investment, those fundamentals have only increased. We are confident that the i3 team is working diligently on maximising the potential of the Prospect and has an excellent team in place to move towards commercial production. We look forward to the early part-realisation of this potential through the listing of i3's shares on the London market".

 

***Announcement made by i3 Energy Limited

 

 For further information, please contact:

FIM Capital Limited

Graham Smith

 

+44 1624 681 250

Allenby Capital Limited (Nominated Adviser and Joint-Broker)

John Depasquale/Nick Harriss

 

+44 203 328 5656

 

Peterhouse Corporate Finance Limited (Joint-Broker)

Lucy Williams/Heena Karani

 

+44 207 469 0933

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCOKKDPDBKDBDD
Date   Source Headline
3rd Mar 20174:30 pmRNSUpdate
6th Feb 20177:02 amRNSAcquisition, Fundraising, and Directorate Change
10th Jan 201711:54 amRNSUpdate on i3 Energy Investment
4th Jan 20174:52 pmRNSUpdate on i3 Energy Investment
24th Nov 20162:49 pmRNSUpdate on i3 Energy Investment
15th Sep 20166:29 pmRNSInvestment
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4th Aug 20164:40 pmRNSSecond Price Monitoring Extn
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10th Dec 201510:31 amRNSHolding(s) in Company
3rd Dec 20153:50 pmRNSIssue of Equity
2nd Dec 20154:40 pmRNSSecond Price Monitoring Extn

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