Last checked at 24 Aug 2018 07:00
24 August 2018
i3 Energy plc
("i3" or the "Company")
Amended Loan Note Terms
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that holders of its Unsecured Convertible Loan Notes ("CLNs") of £521,456 have today agreed to extend the term of the CLNs to 31 October 2018, thereby amending the maturity date of the CLNs from 25 August 2018 to 31 October 2018 (the "Extension") in order to allow the Company to deploy existing resources towards time-critical elements of its Liberator development.
All other terms of the CLNs remain unchanged as originally disclosed in the Company's Admission Document, being principally that the CLNs will be redeemed by the Company at 135% of par at maturity. Alternatively, noteholders have the option to convert their CLNs at any time prior to maturity at USD 0.54 per ordinary share of 0.01 pence each in the Company.
Related Party Transaction
The Extension constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies by virtue of Mr. Richard Ames and Mr. Neill Carson, directors of the Company, who each hold £155,032 and £112,782 CLNs respectively.
Accordingly, the Company's directors, other than Mr. Ames and Mr. Carson, having consulted with the Company's nominated adviser, WH Ireland Limited, consider that the terms of the Extension are fair and reasonable insofar as the interests of shareholders are concerned.
ENDS
CONTACT DETAILS:
i3 Energy plc | ||
Neill Carson (CEO) / Graham Heath (CFO) | c/o Camarco Tel: +44 (0) 203 757 4980 | |
WH Ireland Limited (Nomad and Joint Broker) | ||
James Joyce, James Sinclair-Ford | Tel: +44 (0) 207 220 1666 | |
GMP FirstEnergy (Joint Broker) | ||
Jonathan Wright, David van Erp | Tel: +44 (0) 207 448 0200
| |
Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald- O'Connor, James Asensio
| Tel: +44 (0) 207 523 8000
| |
Camarco Georgia Edmonds, Jane Glover, James Crothers |
Tel: +44 (0) 203 757 4980 |
Notes to Editors: i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, containing recoverable resources of 80 MMBO. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension, both of which i3 hold a 100% working interest in. Liberator West will be the subject of a single well appraisal campaign in Q4 2018.
The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production.
i3 has a strong management team with a track record of delivery and was founded by Neill Carson, previously founder and CEO of Ithaca Energy, where he built an asset portfolio including multiple developments.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
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