Funding Update

RNS Number : 9642Z
i3 Energy PLC
20 December 2017
 

i3 Energy plc

("i3" or the "Company")

 

Funding Update

 

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to update the market in relation to its funding progress.

 

The Company continues advancing multiple initiatives to seek full funding for its Liberator development through prospective equity capital markets, joint venture partnerships and private funding sources, one of which is the proposed $25 million senior secured credit facility. The Company now expects to finalise loan documentation in early 2018 alongside pursuing other financing initiatives which i3 believes would fully fund the Liberator development to first oil. The Company is planning for the full financing of the development to occur in Q1 2018 although there is no certainty definitive agreements will be entered into. i3 will further update the market at such point as sufficient information becomes available.

 

Neill Carson, i3's CEO, commented

"We appreciate the ongoing support from our current investors, suppliers, senior lenders, and potential partners as the Company continues to arrange development finance for Liberator. The team is looking forward to an exciting 2018 work program upon completion of our funding initiatives."

 

Ends

 

CONTACT DETAILS:

i3 Energy plc


Neill Carson (CEO) / Graham Heath (CFO)

c/o Camarco

Tel: +44 (0) 203 757 4980

WH Ireland Limited (Nomad and Joint Broker)


James Joyce, James Sinclair-Ford

Tel: +44 (0) 207 220 1666

 

Cantor Fitzgerald Europe (Joint Broker)


Sarah Wharry

Tel: +44 (0) 207 894 8896

 

GMP FirstEnergy (Joint Broker)


Jonathan Wright, David van Erp

Tel: +44 (0) 207 448 0200

 

Camarco

Georgia Edmonds, Jane Glover, James Crothers

 

Tel: +44 (0) 203 757 4980

Notes to Editors:

i3 Energy is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Liberator oil field discovered by well 13/23d-8 located in License P.1987, Block 13/23d in which it has a 100% operated interest.

 

The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production.

 

i3 Energy has a strong management team with a track record of delivery and was founded by Neill Carson, previously founder and CEO of Ithaca Energy, where he built an asset portfolio including multiple developments.

 

The RR was prepared in accordance with standard geological and engineering methods generally accepted by the oil and gas industry, in particular the 2007 SPE Petroleum Resources Management System.

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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