i3 Energy PLC - Liberator A2 Spud and Funding Update
("i3" or the "Company")
Liberator A2 Spud and Funding Update
· The successful Serenity 13/23c-10 well was plugged and abandoned as planned after the Company retrieved all expected samples and data
· The Liberator A2 well has been spud
· The Company has agreed to issue
· The Funding Long Stop Date by which the Company was required to enter a reserve-based lending ("RBL") facility or to source alternative development financing has been extended from
"We are excited to be drilling again at Liberator on the back of our success at Serenity. The A2 location has been selected as a low-risk target in close proximity to Liberator's two well penetrations, giving us a high-level of confidence when tied into the recently reprocessed seismic that was used to select the Serenity discovery well location.
The Company is also very pleased with the additional funding we've received from our Loan Noteholders. Their continued material support shows a great level of confidence in i3's assets and management team."
Liberator A2 spud
After plugging and abandoning the Serenity 13/23c-10 well as planned, the Borgland Dolphin semi-submersible rig was mobilised to Liberator's A2 location, and the A2 well has now been spud. The Company will provide A2 drilling results to the market when the well has reached total depth and acquired data has been evaluated. The results of the A2 well will allow the location and trajectory of the future LP-02 production well to be optimized and will be plugged and abandoned as planned.
The Company has agreed to place 14,285,715 new ordinary shares in the Company (the "Placing Shares") at an issue price of
i3 announced on
For their previous and ongoing work and allocation of resources to structure and support the Company's funding requirements as it undertakes a large-scale drilling programme, Bybrook will be issued warrants to subscribe for up to 8 million new ordinary shares in the Company at an exercise price of
i3 will provide an update once the above Placing Shares have been issued. Once issued, application will be made to the
This information is provided by RNS, the news service of the
Quick facts: i3 Energy PLC
Market Cap: £27.2 m
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