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7 Mar 2019 07:00
7 March 2019
i3 Energy plc
("i3" or the "Company")
Statement re Share Price Movement
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, notes its recent share price movement and speculation regarding an equity placing. As per its 2018 and 2019 funding-related announcements, the Company has been and remains focused on securing the best funding package for its shareholders to bring its 100% owned Liberator field into production and to unlock what it believes to be material upside within its asset base.
On February 25th, the Company announced its entry into a term sheet which set out the terms and conditions of a £24 million junior secured loan note facility with warrants. As one of the conditions precedent to drawing on the Junior Facility, i3 would be required to commit a minimum of £16 million of capital which the Company could contribute through either the issue of new ordinary shares to investors or through the proceeds of its previously announced joint venture farmout process that it is concurrently running.
In order to assess each viable funding configuration, the Company has for some time been and continues to be in ongoing discussions that span its entire asset base and capital structure, including the potential farmout of its licences, the placement of junior debt, senior debt and equity. Further announcements will be made as appropriate.
Unless otherwise defined, terms used in this announcement shall have the same meanings as those defined in the announcement of 1 March 2019.
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
| |
Camarco Georgia Edmonds, Jane Glover, James Crothers |
Tel: +44 (0) 203 757 4980 |
Notes to Editors:
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.
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