Financial and Operational Update

RNS Number : 8457F

i3 Energy PLC

31 October 2018

 

31 October 2018

i3 Energy plc

("i3" or the "Company")

i3 Energy Provides Financial and Operational Update

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that holders of its Unsecured Convertible Loan Notes ("CLNs") totalling £409,955 have today agreed to amend the maturity date of the CLNs from 31 October 2018 to 31 March 2019 (the "Extension").

All other terms of the CLNs remain unchanged as originally described in the Company's Admission Document, being principally that the CLNs will be redeemed by the Company at 135% of par at maturity. Alternatively, noteholders have the option to convert their CLNs at any time prior to maturity at USD 0.54 per ordinary share of 0.01 pence each in the Company. The Extension constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies by virtue of Mr. Richard Ames and Mr. Neill Carson, directors of the Company, who hold £156,170 and £112,782 CLNs respectively. Accordingly, the Company's directors, other than Mr. Ames and Mr. Carson, having consulted with the Company's nominated adviser, WH Ireland Limited, consider that the terms of the Extension are fair and reasonable insofar as the interests of shareholders are concerned.

The previously announced site survey will be rescheduled for the earliest good weather window in 2019 as the vessel was not made available to i3 prior to October 15^th as agreed under contractual arrangement, with the Company unwilling to face the potential for unnecessary cost overruns due to weather-related downtime. This rescheduling will not affect the timing of the FDP approval, the Liberator development or the expected first oil date.

i3's cash resources remain sufficient whilst the Company conducts a Joint Venture farmout process of its 100% interest in UK North Sea Blocks 13/23c and 13/23d and undertakes to upsize a development credit facility with UK-based lenders, each expected to conclude alongside field development plan (FDP) approval in early 2019.

In addition to the above the Company confirms that, contrary to rumours in the market, it is not planning an equity financing.

ENDS

CONTACT DETAILS:

	i3 Energy plc
	Majid Shafiq (CEO) / Graham Heath (CFO)	c/o Camarco Tel: [phone]
	WH Ireland Limited (Nomad and Joint Broker)
	James Joyce, James Sinclair-Ford	Tel: [phone]
	GMP FirstEnergy (Joint Broker)
	Jonathan Wright, David van Erp	Tel: [phone]
	Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald- O'Connor, James Asensio	Tel: [phone]
	Camarco Georgia Edmonds, Jane Glover, James Crothers	Tel: [phone]

Notes to Editors: i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, containing 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension, both of which i3 hold a 100% working interest in. 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. The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

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