Last checked at 17 Oct 2018 07:00
17 October 2018
i3 Energy plc
("i3" or the "Company")
i3 Energy Appoints A&D Advisor
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that it has engaged an acquisitions and divestitures ("A&D") advisor, FirstEnergy Capital LLP ("GMP FirstEnergy"), to assist with a farmout of the Company's greater Liberator development and appraisal programme.
GMP FirstEnergy has been active in recent UK North Sea transactions and, upon the Company's assessment of numerous potential advisors, was determined to be the most capable party to assist with its JV initiative. It is intended that the process will conclude in advance of i3 receiving Liberator field development plan ("FDP") approval. i3 had previously granted a 90-day period of exclusivity to a potential joint venture partner during which time the farminee was expected to deliver on key assurances. While some of these remain outstanding, i3 stands ready to consider the potential farminee's proposal at such time as their structural issues have been resolved.
Concurrent with its farmout process, the Company will engage UK-based lenders to upsize the level of credit that may be available for its Liberator development. Indicative proposals had been received in November 2017 when Brent was circa $60/bbl and prior to i3's award of Block 13/23c in the UK's 30th Offshore Licensing Round, containing the western extension of the Liberator field, which added 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources to i3's portfolio.
The Company continues to progress all requirements to achieve FDP approval in early 2019. An enlarged FDP will be presented to the OGA for consideration before the end of the year.
Majid Shafiq, CEO, commented
"We are confident that GMP FirstEnergy is best placed to help us during our first concerted effort to market i3's development and appraisal programme of the greater Liberator area to potential joint venture partners and we are very pleased to be working with their team. Liberator has received strong interest to date and both i3 and our A&D advisor believe this farmout process to be well-timed within the current environment. We look forward to updating the market as we move forward."
ENDS
CONTACT DETAILS:
i3 Energy plc | ||
Majid Shafiq (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 | |
GMP FirstEnergy (Joint Broker) | ||
Jonathan Wright, David van Erp | Tel: +44 (0) 207 448 0200
| |
Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald- O'Connor, James Asensio
| Tel: +44 (0) 207 523 8000
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Camarco Georgia Edmonds, Jane Glover, James Crothers |
Tel: +44 (0) 203 757 4980 |
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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