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24 Apr 2020 07:00
24 April 2020
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i3 Energy plc
("i3" or the "Company")
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Development Funding Long-Stop Date
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i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce the following update.
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Liberator Development Funding Long-Stop Date
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On 8 November 2019, the Majority Noteholders agreed to extend the date by which the Company must enter into a reserves based lending facility or find an alternative means of funding to achieve first oil from the Liberator field, to 30 April 2020. As the Company will not be in a position to enter into such a facility by 30 April, the Company is in discussions with all noteholders to waive this condition and expects to provide an update to the market prior to 30 April.
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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. Â 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. Â 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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