6 Dec 2019 07:00
6 December 2019
i3 Energy plc
("i3" or the "Company")
Update on Issue of Equity
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, announces that further to its announcement of 8th November 2019 ('Liberator A2 and Funding Update'), it is expecting to complete the subscriptions for 14,285,715 new ordinary shares in the Company at 35 pence per share from funds managed by Bybrook Capital LLP shortly and expects the admission of the new shares to be on or around 9th December 2019.
ENDS
CONTACT DETAILS:
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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 Greater Liberator Area, located in Blocks 13/23d and 13/23c, to which i3's independent reserves auditor attributes 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. The Greater Liberator Area, along with the Company's Serenity Prospect located in the northern half of Block 13/23c and for which it carries a STOIIP of 197 MMbbls, are owned and operated on a 100% working interest basis.
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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I3 Energy (I3E)