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i3 Energy considering many viable funding options

The company has noted the recent share price movement and speculation regarding an equity placing and has issued a statement in response

Offshore rig
Located in blocks 13/23d and 13/23c, Liberator was discovered by Dana Petroleum in November 2013 with well 13/23d-8

Oil and gas company i3 Energy PLC (LON:I3E) has responded to speculation about a possible fund-raising by saying it is considering many viable funding options.

The company said it has been and remains focused on securing the best funding package for its shareholders to bring its wholly-owned Liberator field into production and to unlock what it believes to be material upside within its asset base.

READ: I3 Energy agrees terms of £24mln junior loan package for Liberator programme

The independent energy company noted that one of the conditions of its recently announced junior loan package is a commitment to stump up at least £16mln of capital, which the company could either effect through the issue of new shares to investors or by raising cash through a farm-out; talks on a farm-out are currently in progress.

“In order to assess each viable funding configuration, the company has for some time been and continues to be in ongoing discussions that span its entire asset base and capital structure, including the potential farm-out of its licences, the placement of junior debt, senior debt and equity,” it stated.

Quick facts: i3 Energy PLC

Price: 6.27 GBX

Market: AIM
Market Cap: £6.75 m

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