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29 Apr 2019 07:00
29 April 2019
i3 Energy plc
("i3" or the "Company")
Funding Update
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, provides the following update in relation to its announcement of 1st March 2019 regarding its intended entry into a Junior Facility with warrants.
The Company and the Junior Facility lenders continue to progress legally binding loan documentation. Subject to completion and upon drawdown, funds made available from the Junior Facility will be used to partially finance i3's 2019 drilling programme which remains on track to commence mid-summer.
Concurrently, i3 and its senior lenders are working towards agreement of a senior loan which would, upon a successful 2019 drilling campaign, provide adequate funding for i3's expected 2020 delivery of first oil from Liberator.
i3 will provide updates to the market at such time as the final junior and senior loan agreements are executed.
ENDS
CONTACT DETAILS:
i3 Energy plc | ||
Majid Shafiq (CEO) / Graham Heath (CFO) | c/o Camarco Tel: +44 (0) 203 781 8331 | |
WH Ireland Limited (Nomad and Joint Broker) | ||
James Joyce, James Sinclair-Ford | Tel: +44 (0) 207 220 1666 | |
GMP FirstEnergy (Joint Broker) | ||
Jonathan Wright | Tel: +44 (0) 207 448 0200
| |
Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald- O'Connor, James Asensio
| Tel: +44 (0) 207 523 8000
| |
Camarco Jennifer Renwick, James Crothers |
Tel: +44 (0) 203 781 8331 |
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 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, both of which i3 hold a 100% working interest in.
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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