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i3 Energy PLC - Development Funding Long-Stop Date

RNS Number : 7247K
i3 Energy PLC
24 April 2020
 

24 April 2020

 

i3 Energy plc

("i3" or the "Company")

 

Development Funding Long-Stop Date

 

 

 

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce the following update.

 

Liberator Development Funding Long-Stop Date

 

On 8 November 2019, the Majority Noteholders agreed to extend the date by which the Company must enter into a reserves based lending facility or find an alternative means of funding to achieve first oil from the Liberator field, to 30 April 2020. As the Company will not be in a position to enter into such a facility by 30 April, the Company is in discussions with all noteholders to waive this condition and expects to provide an update to the market prior to 30 April.

 

 

CONTACT DETAILS:

i3 Energy plc


Majid Shafiq (CEO) / Graham Heath (CFO)

c/o Camarco

Tel: +44 (0) 203 781 8331

 

WH Ireland Limited (Nomad and Joint Broker)


James Joyce, James Sinclair-Ford

Tel: +44 (0) 207 220 1666



Canaccord Genuity Limited (Joint Broker)

Henry Fitzgerald- O'Connor, James Asensio

 

Tel: +44 (0) 207 523 8000

 

Mirabaud Securities Limited (Joint Broker)

Peter Krens

 

Tel: +44 (0) 203 167 7221

 

Camarco

Jennifer Renwick, James Crothers

 

Tel: +44 (0) 203 781 8331

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 Discovery 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.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: i3 Energy PLC

Price: 6.1

Market: AIM
Market Cap: £6.57 m
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