logo-loader
viewi3 Energy PLC

Liberator A2 Spud and Funding Update

/**/ p{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";}ol{margin-bottom:0cm;}ul{margin-bottom:0cm;}link{ color: #0563C1 }visited{ color: purple } .cl{size:595.3pt 841.9pt;margin:72.0pt 72.0pt 72.0pt 72.0pt;}div.cl{}p.ee{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: 120%}span.ec{font-size:10.0pt; line-height:120%;font-family:"Arial","sans-serif";color:black}p.ef{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: 120%; text-align: center}span.ea{font-size:10.0pt;line-height:120%;font-family:"Arial","sans-serif"; color:black}p.eg{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; text-align: center}span.dy{font-size:10.0pt;font-family:"Arial","sans-serif";color:black}p.eh{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";line-height: 120%; text-align: center}p.ei{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify;line-height:120%} p.ej{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify}span.ek{font-size:10.0pt;font-family:"Arial","sans-serif";color:black}p.el{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify;line-height:14.0pt}span.em{color: black; font-family: "Arial","sans-serif"; font-size: 10.0pt; font-weight: bold}p.en{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify;text-indent:-18.0pt; line-height:14.0pt}span.eo{font-size:10.0pt;font-family: Symbol;color:black}span.ep{font-size: 10.0pt;font-family:"Arial","sans-serif";color:black}p.eq{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify;text-indent:-18.0pt; line-height:14.0pt}p.er{margin-top:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:36.0pt;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify;text-indent:-18.0pt; line-height:14.0pt}span.es{font-size:10.0pt;font-family:"Arial","sans-serif"; color:black} p.et{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";font-div: italic; font-weight: bold; margin-top: 10.0pt; text-align: justify}p.eu{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";font-div: italic; margin-top: 10.0pt; text-align: justify}span.dl{font-size:10.0pt; font-family:"Arial","sans-serif";color:#161719}span.ev{font-size:10.0pt; font-family:"Arial","sans-serif";color:black}span.di{font-size:10.0pt;font-family:"Arial","sans-serif"}span.dj{color:black}p.ew{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";font-div: italic; line-height: 120%; margin-left: 18.0pt; text-indent: -18.0pt}table.ex{width:456.65pt;margin-left:-5.35pt;border-collapse:collapse}td.de{padding:0cm 0cm 0cm 0cm}table.ey{width:450.95pt;border-collapse:collapse} p.ez{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify;line-height:115%}span.dg{font-size:10.0pt;line-height:115%;font-family:"Arial","sans-serif"; color:black}td.dc{width:248.7pt;padding:0cm 5.4pt 0cm 5.4pt}p.fa{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";font-weight: bold; line-height: 115%; text-align: justify}td.da{width:167.15pt;padding:0cm 5.4pt 0cm 5.4pt}p.fb{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";text-align:justify;line-height:115%;background: white}span.cz{font-size:10.0pt; line-height:115%;font-family:"Arial","sans-serif"}tr.cv{height:35.85pt}td.cy{padding:0cm 0cm 0cm 0cm;height:35.85pt}td.cx{width:248.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:35.85pt} td.cw{width:167.15pt;padding:0cm 5.4pt 0cm 5.4pt; height:35.85pt}tr.cr{height:45.0pt}td.cu{padding:0cm 0cm 0cm 0cm;height:45.0pt}td.ct{width:248.7pt;padding:0cm 5.4pt 0cm 5.4pt; height:45.0pt}td.cs{width:167.15pt;padding:0cm 5.4pt 0cm 5.4pt; height:45.0pt}p.fc{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";line-height:120%}td.co{width:.3pt;padding:0cm 5.4pt 0cm 5.4pt}p.fd{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Calibri","sans-serif";line-height:120%;background:white} /**/
RNS Number : 7684S
i3 Energy PLC
08 November 2019
 

8 November 2019

 

i3 Energy plc

("i3" or the "Company")

 

Liberator A2 Spud and Funding Update

 

 

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

 

Highlights:

 

·      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 £5 million of equity to funders of i3's May 2019 Junior Loan Notes at a price of 35 pence per share via private placement to provide i3 additional flexibility to extend its drilling programme

·      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 6 December 2019 to 30 April 2020

 

Majid Shafiq, CEO of i3 Energy commented:

"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.

 

Funding update

 

The Company has agreed to place 14,285,715 new ordinary shares in the Company (the "Placing Shares") at an issue price of 35 pence per share, raising gross proceeds of £5 million. This private placement has been organized by i3 and Bybrook Capital LLP ("Bybrook"), which, alongside certain other investors who participated in i3's May 2019 Junior Loan Notes, should they take up their right to participate, will subscribe for the Placing Shares. Such proceeds will bolster the Company's cash resources as it enters the drilling of the A2 well at Liberator which, in conjunction with Dolphin Drilling's partial payment deferral as announced by i3 on 29 October 2019, gives the Company flexibility to extend its drilling programme.

 

i3 announced on 29 October 2019 that it was obligated to enter a reserve-based lending facility by no later than December 2019 in order to remain in compliance with the terms of its Junior Loan Notes. The Majority Noteholders have now agreed to extend the date by which the Company must enter an RBL or find an alternative means of funding to achieve first oil from its assets to 30 April 2020.

 

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 40 pence per Ordinary Share.

 

i3 will provide an update once the above Placing Shares have been issued. Once issued, application will be made to the London Stock Exchange for the admission of the Placing Shares to trading on AIM, with Admission expected to become effective no later than 8.00 a.m. on or around 6 December 2019 and that dealings in the Placing Shares will also commence at that time.

 

 

ENDS

 

 

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

 

GMP FirstEnergy (Joint Broker)

 

 

Jonathan Wright

Tel: +44 (0) 207 448 0200

 

 

Canaccord Genuity Limited (Joint Broker)

Henry Fitzgerald- O'Connor, James Asensio

 

Tel: +44 (0) 207 523 8000

 

 

Camarco

Jennifer Renwick, James Crothers

 

Tel: +44 (0) 203 781 8331

 

 

 

 

 

 

 


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.
 
END
 
 
UPDEAXFPEFANFEF

Quick facts: i3 Energy PLC

Price: 12.5

Market: AIM
Market Cap: £13.46 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

i3 Energy still confident of 'very large resource volumes' at Serenity and...

I3 Energy Plc's (LON:i3E) Majid Shafiq and Graham Heath speak to Proactive London's Andrew Scott after confirming the completion of its three-well 2019 drill programme. Looking ahead, it is now planning a summertime appraisal of the Serenity discovery and the Liberator West area. They say...

2 weeks, 3 days ago

RNS

Holding(s) in Company

4 days, 9 hours ago

Second Price Monitoring Extn

5 days, 10 hours ago

Price Monitoring Extension

5 days, 11 hours ago

Second Price Monitoring Extn

1 week, 2 days ago

Price Monitoring Extension

1 week, 2 days ago

Update on Issue of Equity

1 week, 2 days ago

Second Price Monitoring Extn

2 weeks, 2 days ago