Last checked at 20 Nov 2017 13:37
20th November 2017
i3 Energy plc
("i3" or the "Company")
Funding Update - $25 million credit facility progresses
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that it has received an indicative proposal and confirmed support from two UK-based lenders for a $25 million senior secured credit facility.
As previously announced on 3 November 2017, the Company has been progressing multiple funding options to finance its 2018 development programme. As part of this undertaking, i3 has been engaged in a formal process seeking to secure a $25 million credit facility to be used for the Phase I development of its 100% owned and operated Liberator development. The Company has received non-binding terms for a credit facility from UK-based lenders for the full $25 million facility, subject to final due diligence and the completion and approval of acceptable loan documentation. The Company expects this to be completed during the course of December 2017 and further details on the transaction will be announced then.
As i3 moves to finalize loan documentation with its lenders before year end, the Company will continue advancing other initiatives to fully fund its Liberator development, including the consideration of equity capital markets, joint venture partnerships, and private sources of funding.
There can be no certainty that the abovementioned commitments will result in legally binding loan documentation.
Graham Heath, i3's CFO, commented
"The receipt of an indicative proposal and support for this $25 million credit facility from two experienced lenders who are very familiar with the North Sea is a strong endorsement. Their support for the Liberator project validates the asset's technical and economic potential, and would provide critical funding towards the target to deliver first oil from the field in 2018."
Ends
CONTACT DETAILS:
i3 Energy Limited | |
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 Bavister | Tel: +44 (0) 207 220 1666
|
Cantor Fitzgerald Europe (Joint Broker) | |
Sarah Wharry | Tel: +44 (0) 207 894 8896
|
GMP FirstEnergy (Joint Broker) | |
Jonathan Wright, David van Erp | Tel: +44 (0) 207 448 0200
|
Camarco Georgia Edmonds, Jane Glover, James Crothers |
Tel: +44 (0) 203 757 4980 |
Notes to Editors:
i3 Energy is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Liberator oil field discovered by well 13/23d-8 located in License P.1987, Block 13/23d in which it has a 100% operated interest.
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 Energy 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.