Last checked at 20 Dec 2017 13:51
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, is pleased to update the market in relation to its funding progress.
The Company continues advancing multiple initiatives to seek full funding for its Liberator development through prospective equity capital markets, joint venture partnerships and private funding sources, one of which is the proposed $25 million senior secured credit facility. The Company now expects to finalise loan documentation in early 2018 alongside pursuing other financing initiatives which i3 believes would fully fund the Liberator development to first oil. The Company is planning for the full financing of the development to occur in Q1 2018 although there is no certainty definitive agreements will be entered into. i3 will further update the market at such point as sufficient information becomes available.
Neill Carson, i3's CEO, commented
"We appreciate the ongoing support from our current investors, suppliers, senior lenders, and potential partners as the Company continues to arrange development finance for Liberator. The team is looking forward to an exciting 2018 work program upon completion of our funding initiatives."
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
|
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 RR was prepared in accordance with standard geological and engineering methods generally accepted by the oil and gas industry, in particular the 2007 SPE Petroleum Resources Management System.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.