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13 Feb 2020 07:00
13 February 2020
i3 Energy plc
("i3" or the "Company")
Corporate Update
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce the following update.
Serenity / Liberator Farm-out Process
The Company is making good progress in its farm-out process to fund a 2020 appraisal drilling program on its assets in Blocks 13/23c in the UK North Sea. The data room is now open and companies are actively evaluating the opportunity. i3 will update the market as discussions progress.
Secondary Listing
As announced in the RNS dated 7th February 2020, the Company is planning to list its shares on a secondary exchange. This is being done for administrative reasons related to the Company's Loan Notes issued 31st May 2019 and i3 wishes to make clear that this is not being done in preparation for an imminent equity placing as is indicated by market rumour.
ENDS
CONTACT DETAILS:
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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, to which i3's independent reserves auditor attributes 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension. The Greater Liberator Area, along with the Company's Serenity Discovery located in the northern half of Block 13/23c and for which it carries a STOIIP of 197 MMbbls, are owned and operated on a 100% working interest basis.
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.
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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