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i3 Energy making “good progress” with North Sea farm-out process

Potential partners are are actively evaluating the opportunity, the North Sea junior said in a statement

i3 Energy PLC - i3 Energy making “good progress” with North Sea farm-out process

i3 Energy Plc (LON:i3E) shares pushed higher on Thursday after the explorer issued a corporate update confirming “good progress” with its North Sea farm-out efforts and also its intention to establish a secondary stock market listing.

“The company is making good progress in its farm-out process to fund a 2020 appraisal drilling program on its assets in Blocks 13/23c in the UK North Sea,” i3E said in the statement.

READ:i3 Energy confirms 2020 drill plans

“The data room is now open and companies are actively evaluating the opportunity. i3 will update the market as discussions progress,” it added.

The group also said it is "planning to list its shares on a secondary exchange".

“This is being done for administrative reasons related to the company's Loan Notes issued 31st May 2019 and i3 wishes to make clear that this is not being done in preparation for an imminent equity placing as is indicated by market rumour,” it added.

In afternoon trade, shares in i3 Energy were up 13.6% at 8.75p.

 -- Adds share price --

Quick facts: i3 Energy PLC

Price: 6.75 GBX

AIM:I3E
Market: AIM
Market Cap: £7.27 m
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