TIDMI3E
RNS Number : 9933L
i3 Energy PLC
25 July 2017
The following amendment has been made to the 'First Day of
Dealings' announcement released on 24 July 2017 at 15.30 under RNS
No 9083L. The Admission Price is 55 pence per share. All other
details remain unchanged.
The full amended text is shown below.
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, BY ANY
MEANS OR MEDIA TO U.S. PERSONS OR IN OR INTO, THE UNITED STATES,
AUSTRALIA, SOUTH AFRICA, CANADA OR JAPAN OR ANY OTHER JURISDICTION
WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION
25(th) July 2017
i3 Energy plc
("i3" or the "Company")
First Day of Dealings
i3 Energy plc, an independent oil and gas company with assets
and operations in the UK, is pleased to announce that Admission and
dealings in its Ordinary Shares on the AIM market of the London
Stock Exchange will commence at 08:00am 25(th) July 2017 under the
TIDM "i3E".
At the Admission Price of 55 pence per share the Company has an
initial market capitalisation of GBP14.1 million, with the total
number of Ordinary Shares in the Company in issue immediately
following Admission being 25,690,892 each equal with voting rights.
The total voting rights figure can be used by shareholders as the
denominator for the calculations by which they will determine
whether they are required to notify their interest in, or a change
of their interest in, the Company under the Disclosure, Guidance
and Transparency Rules of the Financial Conduct Authority. Copies
of the Admission Document will be available at the registered
office of the Company, subject to applicable securities laws or
regulations.
As detailed in the Company's Admission Document found at
https://i3.energy/, i3's core asset is the Liberator oil discovery
located in the Outer Moray Firth within the UK North Sea. The
Company's independent reserve auditor, Gaffney, Cline &
Associates ("GCA"), attribute 9.4 MMboe of 2C Contingent Resources
to i3's 100% operated interest in Licence P.1987 in Block 13/23d
(the "Liberator Licence Area" or "LLA"), with the wider Liberator
Field Cluster ("LFC") containing 16.1 MMboe. Under the assumptions
outlined in GCA's Competent Persons Report, the LLA and LFC have
before-tax NPV10 values of US$ 249 million and US$ 311 million
respectively, with the LLA's 1C Low Case having an NPV10 break-even
using a constant US$ 23 per barrel Brent oil assumption.
Following Admission the Company will continue to advance
negotiations for suitable offtake terms and submit its Field
Development Plan ("FDP") for the LFC while seeking to secure all
contracts, equipment and funds necessary to deliver first oil. In
addition to preparations for its Liberator development, i3 will
evaluate potential strategic acquisitions and is looking forward to
participating in the UK's upcoming 30(th) Offshore Licensing
Round.
Neill Carson, Chief Executive Officer of i3 Energy, said
"We are pleased to announce our admission to the London Stock
Exchange. The Liberator field is a high quality, low cost, oil
development capable of generating significant value for our
shareholders and we remain on track to submit the Liberator FDP in
the near future. We are operationally focused on bringing this
highly attractive asset into development and are exploring numerous
funding options which include supply chain financing and
farm-outs".
"i3 has a highly experienced team and Board and we are delighted
to welcome David Knox as Non-Executive Chairman and Majid Shafiq
and Richard Ames as Non-Executive Directors. Their strong
understanding of the sector and experience will be of considerable
value to the Company as we enter our next stage of growth and focus
on executing our strategy."
"We look forward to updating the market on our progress."
Ends
CONTACT DETAILS:
i3 Energy Limited
Neill Carson (CEO) / Graham c/o Camarco
Heath (CFO) Tel: +44 (0) 203
757 4980
WH Ireland Limited (Nomad
and Joint Broker)
James Joyce, James Bavister 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 Tel: +44 (0) 207
Erp 448 0200
Camarco
Georgia Edmonds, 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.
Board and Management
i3 has assembled a highly experienced and qualified team of
technical, operational and administrative oil & gas
professionals. The Aberdeen-based team has collectively accumulated
approximately 200 years of direct operating experience through
employment in a wide range of super major, large independent and
start-up enterprises. Various members of the management team have
extensive track records of building effective development and
production operation organisations. Whilst approved in December
2016 as an operator in the UKCS, the organisation will be
strengthened during the course of 2017 through the addition of
personnel with extensive North Sea development and operational
experience. i3's core staff is supplemented by the insourcing of
experienced consultants and through strategic alliances with key
service providers. Current operations are run from i3's UK office
located in Aberdeen, Scotland.
Neill A. Carson, Chief Executive Officer
Mr Carson has 31 years of management and international project
experience in the oil & gas industry. On completion of his
Bachelors (with First Class Honours) and Master degrees in the
geosciences from Ulster University and Birmingham University
respectively, he joined Amoco in 1981. During his 14 years with
Amoco he was responsible for numerous exploration and production
projects within the UKCS. His international career widened through
exploration management positions for BP Amoco in the Netherlands,
Bolivia, and Pakistan. As Performance Unit Leader for BP Pakistan,
Mr Carson was responsible for the delivery and growth of
approximately 12,000 boe/day and capital budgets in excess of
US$50m. Through his career with BP Amoco, Mr Carson executed growth
plans through successful oil and gas discoveries, and the
development and management of commercial portfolios. He contributed
as a select member of a targeted team to BP's world-wide new
venture screening initiative in 2003. In early 2004, Mr Carson
co-founded Ithaca Energy Inc. ("Ithaca") where he served as its
President and a Director from April 2004 and acted as Chief
Operating Officer until late 2007. While at Ithaca, Mr Carson was
responsible for asset acquisitions, all aspects of operations and
safety, general corporate strategy, and the drilling of four
successful oil wells. Across his 4 years with Ithaca, the portfolio
grew to 39 MMboe of 2P reserves and was on plan to deliver 8,000
boe/day of production. Mr Carson founded Iona Energy Inc. ("Iona")
in late 2007 where he served as Chief Executive Officer until his
departure in mid 2014 to form i3. Responsible for all aspects of
corporate strategy and portfolio development, he grew Iona to 40
MMboe of 2P reserves and saw peak production of 6,700 boe/day.
Graham A. Heath, Chief Financial Officer
Prior to co-founding i3 in late 2014, Mr Heath served as VP
Corporate Development and later as Interim CFO at Iona Energy from
December 2010 alongside Mr Carson. During his time at Iona, Mr
Heath worked with the senior management team to build the company
from infancy to 40 MMboe of 2P reserves and production above 6,000
boe/day, listing the company on the Toronto Venture Exchange, and
structuring equity, debt, and derivative financings in excess of
US$670 million. As VP Corporate Development he was a proactive
engager of all external stakeholders and as Interim CFO led a
finance and administration team that expanded internal financial
controls while improving quarter-on-quarter quality and delivery of
financial reporting. Before joining Iona, Mr Heath's 14 year career
focused on energy-related tech start-ups and consulting within
Alberta's Oil and Gas Industry. Between 1998 and 2010, Mr Heath
consulted to Colt Engineering, PanCanadian Petroleum, EnCana
Corporation and Cenovus Energy. From 2002 to 2006, Mr Heath was
Cofounder and VP of Strategic Development for The CO2 Hub - a
marketplace created to facilitate the sale and purchase of carbon
dioxide and its related purification, compression, storage, and
transportation services - designed to foster the aggregation of CO2
supply and demand for its use in enhanced oil recovery. Mr Heath
holds a Bachelor of Commerce from the University of Calgary.
David Knox, Non-Executive Chairman
Mr David Knox, BSc (Hons) Mech Eng, MBA, FIEAust, FTSE, GAICD,
served as the Chief Executive Officer and Managing Director of
Santos Limited from 2008 to 2015, after joining the company in 2007
as the Executive Vice President of Growth Businesses. Mr Knox has
global experience in the Petroleum Industry. Joining Santos in
2007, he was responsible for growth of new businesses including
Geoscience and New Ventures, Indonesia and other strategic
projects. Prior to Santos, Mr Knox served as the Managing Director
of BP Exploration and Production in Australasia, having previously
held management and engineering roles at BP, ARCO and Shell across
Australia, United Kingdom, Pakistan, United States, the Netherlands
and Norway. He served as a Director of Santos (JPDA 91-12) Pty
Ltd., Santos (N.T.) Pty. Ltd. and Santos Finance Ltd, in addition
to serving as Director of Santos Limited and Santos (bbf) Pty Ltd
until November 2015. He was also an Executive Member of the
Australian Petroleum Industry Peak Body, and the Australian
Petroleum Production and Exploration Association (APPEA).
Originally from Edinburgh, Scotland, Mr Knox holds a first class
honours degree in Mechanical Engineering from Edinburgh University
and a Masters of Business Administration from the University of
Strathclyde. Mr Knox has also been a director on the board of the
Botanic Gardens and State Herbarium in South Australia, a director
of the Adelaide Festival, a Fellow of the Australian Institute of
Mechanical Engineering and also a Fellow of the Australian Academy
of Sciences ATSE. He is currently a Director of the Commonwealth
Science and Industry Research Organisation, deputy chair of the
Economic Development Board of South Australia and chair of The
Australasian Centre for Social Innovation.
Majid Shafiq, Non-Executive Director
Mr Majid Shafiq has 29 years of technical and investment banking
experience focused on the global E&P sector. Prior to founding
Àrgentil Capital Partners (UK) Limited as CEO in 2015, Majid spent
twelve years in energy investment banking advising on asset level
acquisitions and divestments, corporate M&A and equity
financing for the private and public, small to mid-cap oil and gas
sector. During that time he worked for Waterous and Co, Tristone
Capital Ltd and latterly with FirstEnergy Capital LLP as Managing
Director, Corporate Finance. Prior to his investment banking
career, he worked for Mobil Oil Corporation for 13 years in various
petroleum engineering and commercial roles in the UK and the
Netherlands. Majid holds a Bachelors degree in Nuclear Engineering
from Manchester University, a Masters degree in Petroleum
Engineering from Heriot-Watt University and an MBA from London
Business School.
Richard Ames, Non-Executive Director
Mr Richard Ames brings to the Board 34 years of broad range
experience in the oil and gas industry with senior executive roles
in full-cycle oil and gas exploration and production, information
technology and oil and gas services. He has held several Vice
President positions in TNK-BP, Sidanco, and Amoco in Russia &
Kazakhstan, where he was responsible for government liaison, the
implementation of business strategies and the management of
exploration and new venture projects. He has recently held Board
and Advisory Board of Director positions in Iona, Accenture Russia,
the Kiawah Conservancy, and DataSpace. Mr Ames graduated from Duke
University with a Bachelor of Science degree in Geology, and from
the University of Georgia with a Master of Science in Geology. He
joined Amoco in 1981 and worked as a geologist responsible for
reserve definition in several international petroleum basins
including the North Sea.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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