One of the conditions is that I3 provides £16mln through either a joint venture partner farm-in or a share issue.
A European investment manager has agreed to subscribe for £12mln of the junior loan notes.
In addition to the junior facility, I3 intends to raise a further £100mln in senior loans.
I3 added it has extended the joint venture bid date beyond February to accommodate additional parties that have requested data room access.
This year’s appraisal and development drilling programme are expected to cost £32mln and will also include the nearby Serenity prospect.
Liberator and Serenity have estimated oil-in-place of 314 and 197mln barrels respectively.
I3 wants to start drilling in June and to begin production from Liberator in mid-2020.
Majid Shafiq, chief executive, said: "Organising the £24mln junior loan note facility is a key deliverable for the company and entering into the term sheet is a sign of the strong progress we are making.”