i3 Energy Plc (LON:I3E) looked forward to advancing the Liberator field as it reported on a year that saw the offshore oiler lay foundations for future growth.
The company listed its shares on London’s AIM market during the twelve month period, ended December 31, and various pre-development programmes were worked on to progress Liberator.
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The most significant result arguably came more recently, in the current financial year, with the company earlier this month securing key adjoining acreage which is expected to enable a larger development of the Liberator field.
Among the year’s other notable achievements and milestones the company submitted a field development plan for Liberator to the to the UK Oil & Gas Authority, it upgraded the field’s resources and confirmed reserves with an estimated value of US$328mln.
The company continued to assess new opportunities in the North Sea, and continued to explore funding options.
"2017 has been a year in which solid foundations were laid for the future success of i3 Energy,” said Neill Carson, i3 Energy chief executive.
“Our team has deepened its understanding of the high-quality nature of our 100% owned and operated Liberator oil discovery and we remain focused on the advancement of this asset.
“The strong technical underpinning of Liberator combined with the deliverability of the project has attracted investment from private and institutional investors, in addition to drawing meaningful interest from senior lenders and potential joint venture partners.
“We look forward to the remainder of 2018 with excitement as we aim to unlock Liberator's full potential while seeking out target acquisitions from which we can extract shareholder value.”