23 Mar 2018 07:00
23 March 2018
i3 Energy plc
("i3" or the "Company")
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Funding update
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i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to update the market on its funding progress.
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On 31 January 2018, i3 Energy announced that Joint Venture ("JV") discussions were at an advanced stage with multiple industrial partners relating to both i3's 100% owned Liberator Oil Field and its 30th Offshore Licensing Round ("30th Round") application. These discussions remain ongoing and the Company expects to reach a conclusion in due course.
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There can be no certainty that these negotiations and discussions will lead to definitive agreements.
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Neill Carson, i3's CEO, commented:
"We are pleased to report that we are making continued progress on our JV discussions with multiple industrial partners relating to both i3's 100% owned Liberator Oil Field and its 30th Round application. We look forward to updating our shareholders as agreements materialize."
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ENDS
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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 Β |
GMP FirstEnergy (Joint Broker) | |
Jonathan Wright, David van Erp | Tel: +44 (0) 207 448 0200 Β |
Camarco Georgia Edmonds, Jane Glover, James Crothers | Β Tel: +44 (0) 203 757 4980 |
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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 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.
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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.
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i3 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.
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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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