i3 Energy PLC Funding Update (9642Z)
21 December 2017 - 12:51AM
UK Regulatory
TIDMI3E
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 c/o Camarco
Heath (CFO) 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 Tel: +44 (0) 207
Erp 448 0200
Camarco
Georgia Edmonds, Jane Glover, Tel: +44 (0) 203
James Crothers 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
END
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