TIDMI3E
RNS Number : 0211W
i3 Energy PLC
27 July 2018
27 July 2018
i3 Energy plc
("i3" or the "Company")
Update on Joint Venture Negotiations
Placing to raise approximately US$2.1 million
i3 Energy plc, an independent oil and gas company with assets
and operations in the UK, is pleased to update the market on the
status of its discussions regarding the proposed joint venture
announced on 27 June 2018 and to announce it has raised $2.1
million through a placing of shares.
Highlights:
-- Negotiations continue regarding the proposed terms of a
commercial arrangement between i3 and the potential farminee.
-- Significant progress has been made in preparing a legally
binding Farmout Agreement ("FOA"), Joint Operating Agreement
("JOA") and associated binding legal documentation which are
expected to be signed before the end of the exclusivity period
which runs to 24 September 2018.
-- A Joint Venture project team has been formed between i3 and
the potential farminee with expectation that the enlarged Phase I
Liberator Field Development Plan ("FDP") will be submitted to the
Oil & Gas Authority ("OGA") for consultation shortly after the
parties enter into the FOA.
-- i3 continues to target first oil from the Liberator Oil Field during 2019.
-- Approximately US$2.1 million raised through the placing of
1,542,336 new ordinary shares at 105 pence per Share with existing
institutional investors.
-- Proceeds of the placing to be used in funding a time-critical
site survey and near-term engineering to enable the FDP approval
for two Liberator development wells, the Block 13/23c ("Liberator
West") appraisal well, and the intended pipeline route and tie-in
locations.
Neill Carson, i3's CEO, commented:
"We continue to make excellent progress with our proposed joint
venture partner and remain optimistic that the legal documentation
will be signed before the end of the exclusivity period with
submission of the enlarged Liberator Phase I FDP to follow shortly
thereafter.
"The small capital raise announced today allows i3 to secure
critical resources and conduct operations that keep the Liberator
development on track for first oil in 2019. We look forward to
updating our shareholders in due course."
Update on Joint Venture Negotiations
As announced on 27 June 2018, the Company has granted a period
of exclusivity to a potential farminee in order to conclude
contractual negotiations which, upon success, would result in i3
being fully funded for both the Liberator field development and the
appraisal of Liberator West.
i3 and the potential farminee continue to work closely to
progress the FOA, JOA and other legal documentation required to
formalize the joint venture arrangements. The formation of the
Joint Venture project team has enabled both parties to work
together to prepare the updated Liberator Phase I FDP for
presentation to the OGA once the FOA has been signed.
There can be no certainty that these negotiations and
discussions will lead to definitive agreements.
Placing to raise approximately US$2.1 million
In order to seek FDP approval and maintain i3's target of first
oil from Liberator during 2019, site surveys and critical project
and engineering resources are required over the updated enlarged
development area, appraisal well and pipeline route locations. It
is the Company's preference for survey operations to occur during
September 2018 when more benign weather conditions can be expected
than during Q4.
To conduct the survey within this timeframe, the Company needs
to contract a survey vessel and associated engineering resources in
the very near term and the Company has accordingly raised
approximately US$2.1 million through the placing of 1,542,336 new
ordinary shares in the capital of the Company at an issue price of
105 pence per Share (the "Placing Price"). The net proceeds of the
funding will be used towards the costs of the site survey, analysis
of the data acquired, and near-term engineering required to enable
Field Development Plan submission and approval.
Admission and Settlement
Application will be made for the admission to trading on AIM of
1,542,336 new Ordinary Shares ("Admission"). Admission is expected
to occur on 2 August 2018. Following Admission, the Company will
have 41,017,438 Ordinary Shares in issue. There are no shares held
in treasury. The total voting rights in the Company are therefore
41,017,438 and shareholders may use this figure as the denominator
by which they are required to notify their interest in, or change
to their interest in, the Company under the Disclosure Guidance and
Transparency Rules. The placing is conditional upon the terms of a
placing agreement with WH Ireland and FirstEnergy Capital LLP and
shares being admitted to trading on AIM.
S
CONTACT DETAILS:
i3 Energy plc
Neill Carson (CEO) / Graham Heath c/o Camarco
(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
GMP FirstEnergy (Joint Broker)
Jonathan Wright, David van Erp Tel: +44 (0) 207 448 0200
Canaccord Genuity Limited (Joint Tel: +44 (0) 207 523 8000
Broker)
Henry Fitzgerald- O'Connor, James
Asensio
Camarco
Georgia Edmonds, Jane Glover, James Tel: +44 (0) 203 757 4980
Crothers
APPIX
TERMS AND CONDITIONS OF THE PLACING
IMPORTANT INFORMATION ON THE PLACING FOR INVITED PLACEES
ONLY
THIS ANNOUNCEMENT INCLUDES STATEMENTS, ESTIMATES, OPINIONS AND
PROJECTIONS WITH RESPECT TO ANTICIPATED FUTURE PERFORMANCE OF THE
GROUP (FORWARD-LOOKING STATEMENTS) WHICH REFLECT VARIOUS
ASSUMPTIONS CONCERNING ANTICIPATED RESULTS TAKEN FROM THE GROUP'S
CURRENT BUSINESS PLAN OR FROM PUBLIC SOURCES WHICH MAY OR MAY NOT
PROVE TO BE CORRECT. THESE FORWARD LOOKING STATEMENTS CAN BE
IDENTIFIED BY THE USE OF FORWARD LOOKING TERMINOLOGY, INCLUDING THE
TERMS "ANTICIPATES", "TARGET", "BELIEVES", "ESTIMATES", "EXPECTS",
"INTS", "MAY", "PLANS", "PROJECTS", "SHOULD" OR "WILL", OR, IN EACH
CASE, THEIR NEGATIVE OR OTHER VARIATIONS OR COMPARABLE TERMINOLOGY
OR BY DISCUSSIONS OF STRATEGY, PLANS, OBJECTIVES, GOALS, FUTURE
EVENTS OR INTENTIONS. SUCH FORWARD-LOOKING STATEMENTS REFLECT
CURRENT EXPECTATIONS BASED ON THE CURRENT BUSINESS PLAN AND VARIOUS
OTHER ASSUMPTIONS AND INVOLVE SIGNIFICANT RISKS AND UNCERTAINTIES
AND SHOULD NOT BE READ AS GUARANTEES OF FUTURE PERFORMANCE OR
RESULTS AND WILL NOT NECESSARILY BE ACCURATE INDICATIONS OF WHETHER
OR NOT SUCH RESULTS WILL BE ACHIEVED. AS A RESULT, PROSPECTIVE
INVESTORS SHOULD NOT RELY ON SUCH FORWARD-LOOKING STATEMENTS DUE TO
THE INHERENT UNCERTAINTY THEREIN. NO REPRESENTATION OR WARRANTY IS
GIVEN AS TO THE COMPLETENESS OR ACCURACY OF THE FORWARD-LOOKING
STATEMENTS CONTAINED IN THIS ANNOUNCEMENT. FORWARD-LOOKING
STATEMENTS SPEAK ONLY AS OF THE DATE OF SUCH STATEMENTS AND, EXCEPT
AS REQUIRED BY THE FCA, THE LONDON STOCK EXCHANGE, THE AIM RULES OR
APPLICABLE LAW, THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR
REVISE PUBLICLY ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT
OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE. NO STATEMENT IN
THIS ANNOUNCEMENT IS INTED TO BE A PROFIT FORECAST AND NO STATEMENT
IN THIS ANNOUNCEMENT SHOULD BE INTERPRETED TO MEAN THAT EARNINGS
PER SHARE OF THE COMPANY FOR THE CURRENT OR FUTURE FINANCIAL YEARS
WOULD NECESSARILY MATCH OR EXCEED THE HISTORICAL PUBLISHED EARNINGS
PER SHARE OF THE COMPANY.
THIS ANNOUNCEMENT, INCLUDING THIS APPIX (TOGETHER THE
ANNOUNCEMENT) AND THE INFORMATION IN IT IS RESTRICTED AND IS NOT
FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, NEW
ZEALAND, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN
WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE
UNLAWFUL.
MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE
PLACING. THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE
FOR INFORMATION PURPOSES ONLY AND ARE DIRECTED ONLY AT: (A) PERSONS
IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA WHO ARE QUALIFIED
INVESTORS AS DEFINED IN SECTION 2(7) OF THE FINANCIAL SERVICES AND
MARKETS ACT 2000, AS AMED, (QUALIFIED INVESTORS) BEING PERSONS
FALLING WITHIN THE MEANING OF ARTICLE 2(1)(E) OF THE EU PROSPECTUS
DIRECTIVE (WHICH MEANS DIRECTIVE 2003/71/EC AND INCLUDES ANY
RELEVANT IMPLEMENTING DIRECTIVE MEASURE IN ANY MEMBER STATE) (THE
PROSPECTUS DIRECTIVE); AND (B) IN THE UNITED KINGDOM, TO QUALIFIED
INVESTORS WHO ARE PERSONS WHO (I) HAVE PROFESSIONAL EXPERIENCE IN
MATTERS RELATING TO INVESTMENTS FALLING WITHIN ARTICLE 19(1) OF THE
FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER
2005 (THE ORDER); (II) ARE PERSONS FALLING WITHIN ARTICLE 49(2)(A)
TO (D) ("HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS,
ETC") OF THE ORDER; OR (III) ARE PERSONS TO WHOM IT MAY OTHERWISE
BE LAWFULLY COMMUNICATED (ALL SUCH PERSONS IN (A) OR (B) TOGETHER
BEING REFERRED TO AS RELEVANT PERSONS).
THIS ANNOUNCEMENT DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE
OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT
MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVENT
PERSONS. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS
ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL
BE ENGAGED IN ONLY WITH RELEVANT PERSONS. EACH PLACEE SHOULD
CONSULT WITH ITS OWN ADVISERS AS TO LEGAL, TAX, BUSINESS AND
RELATED ASPECTS OF AN INVESTMENT IN PLACING SHARES.
In this Appendix, unless the context requires, Placee means a
Relevant Person (including individuals, funds or others) who has
been invited to, and who chooses to, participate in the Placing and
by whom or on whose behalf a commitment to subscribe for Placing
Shares has been given.
No representation or warranty, express or implied, is made or
given by or on behalf of the Company or W H Ireland Limited (WHI),
the Company's nominated adviser, or FirstEnergy Capital LLP (GMP
FirstEnergy), or any of their respective affiliates (within the
meaning of Rule 405 under the US Securities Act of 1933, as amended
(the Securities Act) or any of such persons' directors, officers or
employees or any other person as to the accuracy, completeness or
fairness of the information or opinions contained in this
Announcement and no liability whatsoever is accepted by the
Company, WHI, GMP FirstEnergy, or any of such persons' Affiliates
(as defined below), directors, officers or employees or any other
person for any loss howsoever arising, directly or indirectly, from
any use of such information or opinions or otherwise arising in
connection therewith.
This Announcement does not constitute an offer to sell or issue
or the solicitation of an offer to buy or subscribe for Placing
Shares in any jurisdiction in which such offer or solicitation is
or may be unlawful. In particular the Placing Shares referred to in
this Announcement have not been and will not be registered under
the Securities Act or with any securities regulatory authority of
any state or other jurisdiction of the United States and will be
offered or sold only outside of the United States in accordance
with Regulation S under the Securities Act.
The relevant clearances have not been, nor will they be,
obtained from the securities commission of any province or
territory of Canada; no prospectus has been lodged with or
registered by, the Australian Securities and Investments Commission
or the Japanese Ministry of Finance; and the Placing Shares have
not been, nor will they be, registered under or offered in
compliance with the securities laws of any state, province or
territory of United States, Australia, New Zealand, Canada, Japan
or South Africa. Accordingly, the Placing Shares may not (unless an
exemption under the relevant securities laws is applicable) be
offered, sold, resold or delivered, directly or indirectly, in or
into the United States, Australia, New Zealand, Canada, Japan or
South Africa or any other jurisdiction outside the United
Kingdom.
This Announcement does not constitute a recommendation
concerning any investors' options with respect to the Placing.
Investors and prospective investors should conduct their own
investigation, analysis and evaluation of the business and data
described in this Announcement. The price and value of securities
can go down as well as up. Past performance is not a guide to
future performance. The contents of this Announcement are not to be
construed as legal, business, financial or tax advice. Each
investor or prospective investor should consult his, her or its own
legal adviser, business adviser, financial adviser or tax adviser
for legal, financial, business or tax advice.
Placees will be deemed: (i) to have read and understood this
Announcement, including this Appendix, in its entirety; and (ii) to
be participating and making an offer for Placing Shares on the
terms and conditions and to be providing the representations,
warranties, acknowledgements and undertakings, contained in this
Appendix.
This Announcement does not identify or suggest, or purport to
identify or suggest, the risks (direct or indirect) that may be
associated with an investment in the Placing Shares. Any investment
decision to buy Placing Shares in the Placing must be made solely
on the basis of publicly available information, which has not been
independently verified by WHI and/or GMP FirstEnergy.
The Placing Shares to be issued pursuant to the Placing will not
be admitted to trading on any stock exchange other than AIM.
1 DETAILS OF THE PLACING
1.1 WHI and GMP FirstEnergy today entered into an agreement with
the Company (the Placing Agreement). Under the Placing Agreement,
subject to certain conditions, WHI and GMP FirstEnergy, as agents
for and on behalf of the Company, have agreed to use their
respective reasonable endeavours to procure Placees for the Placing
Shares at the Placing Price. The Placing is not being underwritten
by WHI or GMP FirstEnergy.
1.2 The Placing Shares will, when issued, be credited as fully
paid and will rank pari passu in all respects with the existing
Ordinary Shares, including the right to receive dividends and other
distributions declared or made after the date of issue of the
Placing Shares.
2 APPLICATIONS FOR ADMISSION TO TRADING
2.1 Application will be made to the London Stock Exchange for
admission to trading of the Placing Shares on its AIM market
(Application).
2.2 It is expected that Admission will become effective at 8.00
a.m. on 2 August 2018 (Admission) and that dealings in the Placing
Shares will commence at that time.
3 PARTICIPATION IN, AND PRINCIPAL TERMS OF, THE PLACING
3.1 WHI and GMP FirstEnergy are acting as joint brokers and as
agents for the Company in connection with the Placing, Application
and Admission. WHI and GMP FirstEnergy are each authorised and
regulated in the United Kingdom by the FCA, and are each acting
exclusively for the Company and no one else in connection with the
matters referred to in this Announcement and will not be
responsible to anyone other than the Company for providing the
protections afforded to the customers of WHI and GMP FirstEnergy or
for providing advice in relation to the matters described in this
Announcement.
3.2 Participation in the Placing is only available to persons
who may lawfully be, and are invited to participate in it by WHI
and/or GMP FirstEnergy. WHI and GMP FirstEnergy and their
respective Affiliates are each entitled to participate in the
Placing as principals.
3.3 The placing price will be a fixed price of 105 pence per
Placing Share (the Placing Price). No commissions will be paid to
Placees or by the Placees in respect of any Placing Shares.
3.4 Each prospective Placee's allocation of Placing Shares will
be confirmed to prospective Placees orally by WHI, GMP FirstEnergy
or one of their respective Affiliates, and a contract note will be
dispatched as soon as practicable thereafter as evidence of such
Placee's allocation and commitment. The terms and conditions of
this Appendix will be deemed incorporated into the contract note.
That oral confirmation will constitute an irrevocable legally
binding commitment upon that person (who at that point will become
a Placee) in favour of the Company and WHI or GMP FirstEnergy (as
applicable) to subscribe for the number of Placing Shares allocated
to it at the Placing Price on the terms and conditions set out in
this Appendix and in accordance with the Company's articles of
association and each Placee will be deemed to have read and
understood this Announcement in its entirety. An offer to acquire
Placing Shares, which has been communicated by a prospective Placee
to WHI or GMP FirstEnergy (as applicable) which has not been
withdrawn or revoked prior to publication of this Announcement
shall not be capable of withdrawal or revocation immediately
following the publication of this Announcement without the consent
of WHI or GMP FirstEnergy (as applicable).
3.5 Each Placee will also have an immediate, separate,
irrevocable and binding obligation, owed to WHI or GMP FirstEnergy,
as applicable (as agents of the Company), to pay the relevant
entity (or as it may direct) in cleared funds immediately on
settlement an amount equal to the product of the Placing Price and
the number of Placing Shares such Placee has agreed to subscribe
for and the Company has agreed to allot and issue to that Placee.
Each Placee's obligation will be owed to the Company and to WHI or
GMP FirstEnergy, as applicable.
3.6 Irrespective of the time at which a Placee's allocation
pursuant to the Placing is confirmed, settlement for all Placing
Shares to be subscribed for pursuant to the Placing will be
required to be made at the same time, on the basis explained below
under "Registration and Settlement".
3.7 All obligations under the Placing will be subject to
fulfilment of the conditions referred to below under "Conditions of
the Placing" and to the Placing not being terminated on the basis
referred to below under "Termination of the Placing Agreement".
3.8 By participating in the Placing, each Placee will agree that
its rights and obligations in respect of the Placing will terminate
only in the circumstances described below and will not be capable
of rescission or termination by the Placee.
3.9 To the fullest extent permitted by law and applicable FCA
rules, neither (i) WHI, (ii) any of its directors, officers,
employees or consultants, or (iii) to the extent not contained
within (i) or (ii), any person connected with WHI as defined in
FSMA ((i), (ii) and (iii) being together Affiliates and
individually an Affiliate), shall have any liability (including to
the extent permissible by law, any fiduciary duties) to Placees or
to any person other than the Company in respect of the Placing.
3.10 To the fullest extent permitted by law and applicable FCA
rules, neither (i) GMP FirstEnergy, (ii) any of its directors,
officers, employees or consultants, or (iii) to the extent not
contained within (i) or (ii), any Affiliate of GMP FirstEnergy,
shall have any liability (including to the extent permissible by
law, any fiduciary duties) to Placees or to any person other than
the Company in respect of the Placing.
4 CONDITIONS OF THE PLACING
4.1 WHI's and GMP FirstEnergy's obligations under the Placing
Agreement in respect of the Placing Shares are conditional on,
amongst other things:
4.1.1 each of the warranties in the Placing Agreement on and as
of the date of the Placing Agreement and again at Admission being
true, accurate and not misleading by reference to the facts and
circumstances then subsisting;
4.1.2 the delivery of a warranty confirmation certificate to WHI and GMP FirstEnergy;
4.1.3 the Company allotting, subject only to Admission, the
Placing Shares in accordance with the Placing Agreement;
4.1.4 certain publication of announcement obligations (including
with respect to this Announcement);
4.1.5 the application form in respect of the Placing Shares
being submitted to the London Stock Exchange by 5.00 p.m. on 27
July 2018;
4.1.6 the compliance by the Company with all its obligations
which are required to be performed or satisfied on or prior to
Admission;
4.1.7 the respective obligations of WHI and GMP FirstEnergy
under the Placing Agreement not having been terminated prior to
Admission; and
4.1.8 Admission occurring by 8:00 am on 2 August 2018 (or such
later time and date as WHI and GMP FirstEnergy (acting together)
may agree being not later than 8:00 a.m. on 31 August 2018).
4.2 If (i) any condition contained in the Placing Agreement in
relation to the Placing Shares is not fulfilled or waived by WHI
and GMP FirstEnergy (acting together), by the respective time or
date where specified (or such later time or date as WHI and GMP
FirstEnergy may agree), (ii) any such condition becomes incapable
of being fulfilled or (iii) the Placing Agreement is terminated in
accordance with its terms, the Placing will not proceed and the
Placees' rights and obligations hereunder in relation to the
Placing Shares shall cease and terminate at such time and each
Placee agrees that no claim can be made by the Placee in respect
thereof.
4.3 WHI and GMP FirstEnergy may, in their sole discretion and
upon such terms as they think fit, waive compliance by the Company
with the whole or any part of any of the Company's obligations in
relation to the conditions in the Placing Agreement, save that
conditions 4.1.3 and 4.1.8 above relating to Admission may not be
waived. Any such extension or waiver will not affect the Placees'
commitments as set out in this Announcement.
4.4 None of WHI or GMP FirstEnergy shall have any liability to
any Placee (or to any other person whether acting on behalf of a
Placee or otherwise) in respect of any decision they may make as to
whether or not to waive or to extend the time and/or the date for
the satisfaction of any condition to the Placing nor for any
decision they may make as to the satisfaction of any condition or
in respect of the Placing generally, and by participating in the
Placing each Placee agrees that any such decision is within the
absolute discretion of WHI and GMP FirstEnergy (acting
together).
5 TERMINATION OF THE PLACING AGREEMENT
5.1 WHI and GMP FirstEnergy are entitled, at any time prior to
Admission, to terminate the Placing Agreement in respect of the
Placing Shares in accordance with the terms of the Placing
Agreement by giving written notice to the Company in certain
circumstances, including but not limited to any of the warranties
given to WHI and GMP FirstEnergy in the Placing Agreement being
untrue, inaccurate or misleading in any material respect, the
failure of the Company to comply in any material respect with its
obligations under the Placing Agreement, a matter arising which
might in the opinion of WHI and/or GMP FirstEnergy, acting in good
faith, give rise to a claim under the indemnities in the Placing
Agreement or the occurrence of a force majeure event which in the
opinion of WHI and GMP FirstEnergy would be materially adverse to
the success of the Placing or would render proceeding with the
Placing impracticable or inadvisable.
5.2 By participating in the Placing, Placees agree that the
exercise by WHI and GMP FirstEnergy of any right of termination or
other discretion under the Placing Agreement shall be within the
absolute discretion of WHI and GMP FirstEnergy, that it need not
make any reference to Placees and that none of WHI and GMP
FirstEnergy or the Company (or any of their respective directors,
officers or employees) shall have any liability to Placees
whatsoever in connection with any such exercise.
6 NO ADMISSION DOCUMENT OR PROSPECTUS
6.1 No offering document, admission document or prospectus has
been or will be submitted to be approved by the FCA or submitted to
the London Stock Exchange in relation to the Placing or the Placing
Shares and Placees' commitments will be made solely on the basis of
the information contained in this Announcement (including this
Appendix) and the Exchange Information (as defined below).
6.2 Each Placee, by accepting a participation in the Placing,
agrees that the content of this Announcement is exclusively the
responsibility of the Company and confirms that it has neither
received nor relied on any other information (other than the
Exchange Information), representation, warranty, or statement made
by or on behalf of the Company, WHI or GMP FirstEnergy or any other
person and none of WHI and GMP FirstEnergy nor the Company nor any
other person will be liable for any Placee's decision to
participate in the Placing based on any other information,
representation, warranty or statement which the Placees may have
obtained or received. Each Placee acknowledges and agrees that it
has relied on its own investigation of the business, financial or
other position of the Company in accepting a participation in the
Placing. Nothing in this paragraph shall exclude the liability of
any person for fraudulent misrepresentation.
7 REGISTRATION AND SETTLEMENT
7.1 Settlement of transactions in the Placing Shares (ISIN:
GB00BDHXPJ60) following Admission will take place within the system
administered by Euroclear UK & Ireland Limited (CREST), subject
to certain exceptions. WHI and GMP FirstEnergy reserve the right to
require settlement for, and delivery of, the Placing Shares (or a
portion thereof) to Placees in certificated form if, in their
opinion, delivery or settlement is not possible or practicable
within the CREST system within the timetable set out in this
Announcement or would not be consistent with the regulatory
requirements in any Placee's jurisdiction.
7.2 Each Placee allocated Placing Shares in the Placing will be
sent a contract note in accordance with the standing arrangements
in place with WHI and GMP FirstEnergy (as applicable), stating the
number of Placing Shares allocated to it at the Placing Price, the
aggregate amount owed by such Placee to WHI and GMP FirstEnergy (as
applicable) and settlement instructions. Each Placee agrees that it
will do all things necessary to ensure that delivery and payment is
completed in accordance with either the standing CREST or
certificated settlement instructions that it has in place with WHI
and GMP FirstEnergy (as applicable).
7.3 The Company will (via its registrar) deliver the Placing
Shares to a CREST account operated by WHI as agent for the Company
and WHI will enter its delivery (DEL) instruction into the CREST
system. WHI will hold any Placing Shares delivered to this account
as nominee for the Placees. The input to CREST by a Placee of a
matching or acceptance instruction will then allow delivery of the
relevant Placing Shares to that Placee against payment.
7.4 It is expected that settlement will take place on 2 August
2018 in accordance with the instructions set out in the contract
note.
7.5 Interest is chargeable daily on payments not received from
Placees on the due date in accordance with the arrangements set out
above at the rate of two percentage points above the base rate of
Barclays Bank plc from time to time.
7.6 Each Placee agrees that, if it does not comply with these
obligations, WHI or GMP FirstEnergy (as applicable) may sell any or
all of the Placing Shares allocated to that Placee on such Placee's
behalf and retain from the proceeds, for WHI's or GMP FirstEnergy's
account and benefit (as applicable), an amount equal to the
aggregate amount owed by the Placee plus any interest due. The
relevant Placee will, however, remain liable for any shortfall
below the aggregate amount owed by it and may be required to bear
any stamp duty or stamp duty reserve tax (together with any
interest or penalties) which may arise upon the sale of such
Placing Shares on such Placee's behalf.
7.7 If Placing Shares are to be delivered to a custodian or
settlement agent, Placees should ensure that the contract note is
copied and delivered immediately to the relevant person within that
organisation.
7.8 Insofar as Placing Shares are registered in a Placee's name
or that of its nominee or in the name of any person for whom a
Placee is contracting as agent or that of a nominee for such
person, such Placing Shares should, subject as provided below, be
so registered free from any liability to UK stamp duty or stamp
duty reserve tax.
7.9 Placees will not be entitled to receive any fee or
commission in connection with the Placing.
8 REPRESENTATIONS AND WARRANTIES
8.1 By participating in the Placing, each Placee (and any person
acting on such Placee's behalf) irrevocably acknowledges,
undertakes, represents, warrants and agrees (as the case may be)
that:
8.1.1 it has read and understood this Announcement (including
this Appendix) in its entirety and its subscription for the Placing
Shares is subject to and based on the terms and conditions of the
Placing as referred to and included in this Announcement;
8.1.2 no offering document, admission document or prospectus has
been prepared in connection with the Placing and that it has not
received and will not receive a prospectus, admission document or
other offering document in connection with the Placing;
8.1.3 the Ordinary Shares are admitted to trading on AIM, and
the Company is therefore required to publish certain business and
financial information in accordance with the AIM Rules and the
other applicable rules and practices of the London Stock Exchange
and/or the FCA (collectively Exchange Information), which includes
the Company's most recent balance sheet and profit and loss account
and that it is able to obtain or access such information or
comparable information concerning any other publicly traded company
without undue difficulty;
8.1.4 (i) it has made its own assessment of the Company, the
Placing Shares and the terms and conditions of the Placing and has
relied on its own investigation of the business, financial or other
position of the Company in accepting a participation in the Placing
and has satisfied itself that the information is still current;
(ii) none of WHI, GMP FirstEnergy, the Company, any of their
respective Affiliates or any person acting on behalf of any of them
has provided, or will provide it, with any material regarding the
Placing Shares in addition to this Announcement; and (iii) it has
not requested WHI, GMP FirstEnergy, the Company or any of their
respective Affiliates or any person acting on behalf of any of them
to provide it with any such information;
8.1.5 the content of this Announcement is exclusively the
responsibility of the Company and that none of WHI, GMP
FirstEnergy, their Affiliates or any person acting on their behalf
has or shall have any liability for any information, representation
or statement contained in this Announcement or any information
previously or concurrently published by or on behalf of the Company
and will not be liable for any Placee's decision to participate in
the Placing based on any information, representation or statement
contained in this Announcement or elsewhere;
8.1.6 the only information on which it has relied in committing
itself to subscribe for the Placing Shares is contained in this
Announcement and any Exchange Information and that it has not
received or relied on any information given or any representations,
warranties or statements, express or implied, made by WHI, GMP
FirstEnergy or the Company or any of their Affiliates or any person
acting on behalf of any of them and none of WHI, GMP FirstEnergy,
the Company, any of their Affiliates or any person acting on behalf
of any of them will be liable for its decision to accept an
invitation to participate in the Placing based on any information,
representation, warranty or statement other than that contained in
this Announcement and any Exchange Information;
8.1.7 it has neither received nor relied on any "inside
information" as defined in the EU Market Abuse Regulation 596/2014
concerning the Company in accepting this invitation to participate
in the Placing and is not purchasing Placing Shares on the basis of
"inside information";
8.1.8 it has the funds available to pay for the Placing Shares
it has agreed to subscribe for and acknowledges, agrees and
undertakes that it will pay the total subscription amount in
accordance with the terms of this Announcement on the due time and
date set out herein, failing which the relevant Placing Shares may
be placed with other Placees or sold at such price as WHI or GMP
FirstEnergy (as applicable) determines;
8.1.9 it: (i) is entitled to subscribe for the Placing Shares
under the laws of all relevant jurisdictions; (ii) has fully
observed such laws; (iii) has the requisite capacity and authority
and is entitled to enter into and to perform its obligations as a
subscriber for Placing Shares and will honour such obligations; and
(iv) has obtained all necessary consents and authorities
(including, without limitation, in the case of any person on whose
behalf it is acting, all necessary consents and authorities to
agree to the terms set out or referred to in this Announcement) to
enable it to enter into the transactions contemplated hereby and to
perform its obligations in relation thereto and, in particular, if
it is a pension fund or investment company it is aware of and
acknowledges it is required to comply with all applicable laws and
regulations with respect to its subscription for Placing
Shares;
8.1.10 it is not, and any person who it is acting on behalf of
is not, and at the time the Placing Shares are subscribed will not
be, a resident of, or with an address in, the United States,
Australia, New Zealand, Canada, Japan or South Africa, and it
acknowledges and agrees that the Placing Shares have not been and
will not be registered or otherwise qualified under the securities
legislation of the United States, Australia, New Zealand, Canada,
Japan or South Africa and may not be offered, sold, or acquired,
directly or indirectly, within those jurisdictions
8.1.11 (i) the Placing Shares have not been and will not be
registered under the Securities Act or with any state or other
jurisdiction of the United States, nor approved or disapproved by
the US Securities and Exchange Commission, any state securities
commission in the United States or any other United States
regulatory authority, (ii) it will not offer, sell or deliver,
directly or indirectly, any Placing Shares in or into the United
States other than pursuant to an effective registration under the
Securities Act or in a transaction exempt from, or not subject to,
the registration requirements thereunder and in compliance with any
applicable securities laws of any state or other jurisdiction of
the United States, and (iii) it is outside of the United States,
not acting on a non-discretionary basis for the account or benefit
of a person located within the United States at the time the
undertaking to acquire the Placing Shares is given and is otherwise
acquiring the Placing Shares in an "offshore transaction" meeting
the requirements of Regulation S under the Securities Act;
8.1.12 it is a person of a kind described in (i) Article 19(5)
(Investment Professionals) and/or 49(2) (high net worth companies
etc.) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005, as amended, and/or an authorised person as
defined in section 31 of FSMA; and (ii) section 86(7) of FSMA
(Qualified Investor), being a person falling within Article 2.1(e)
of the Prospectus Directive. For such purposes, it undertakes that
it will acquire, hold, manage and (if applicable) dispose of any
Placing Shares that are allocated to it for the purposes of its
business only;
8.1.13 if a financial intermediary, as that term is used in
Article 3(2) of the Prospectus Directive, that the Placing Shares
purchased by it in the Placing will not be acquired on a
non-discretionary basis on behalf of, nor will they be acquired
with a view to their offer or resale to, persons in a Member State
of the European Economic Area which has implemented the Prospectus
Directive other than Qualified Investors, or in circumstances in
which the prior consent of WHI and GMP FirstEnergy has been given
to the offer or resale;
8.1.14 it has only communicated or caused to be communicated and
will only communicate or cause to be communicated any invitation or
inducement to engage in investment activity (within the meaning of
section 21 of FSMA) relating to the Placing Shares in circumstances
in which section 21(1) of FSMA does not require approval of the
communication by an authorised person and it acknowledges and
agrees that this Announcement has not been approved by WHI and GMP
FirstEnergy in their capacity as an authorised person under section
21 of FSMA and it may not therefore be subject to the controls
which would apply if it was made or approved as financial promotion
by an authorised person;
8.1.15 it is aware of and acknowledges that it has complied with
and will comply with all applicable provisions of FSMA with respect
to anything done by it in relation to the Placing Shares in, from
or otherwise involving, the United Kingdom;
8.1.16 it will not make any offer to the public of the Placing
Shares and has not offered or sold and will not offer or sell any
Placing Shares to persons in the United Kingdom or elsewhere in the
European Economic Area prior to Admission except to persons whose
ordinary activities involve them in acquiring, holding, managing or
disposing of investments (as principal or agent) for the purposes
of their business or otherwise in circumstances which have not
resulted in and which will not result in an offer to the public in
the United Kingdom within the meaning of section 85(1) of FSMA or
an offer to the public in any other member state of the European
Economic Area within the meaning of the Prospectus Directive (which
includes any relevant implementing measure in any Member State of
the European Economic Area);
8.1.17 it has not been engaged to subscribe for the Placing
Shares on behalf of any other person who is not a Qualified
Investor unless the terms on which it is engaged enable it to make
decisions concerning the acceptance of offers of transferable
securities on the client's behalf without reference to the client
as described in section 86(2) of FSMA;
8.1.18 it is aware of and acknowledges that it is required to
comply, and does and will comply, with its obligations under the
Criminal Justice Act 1993 and the EU Market Abuse Regulation
596/2014 in connection with money laundering and terrorist
financing under the Proceeds of Crime Act 2002, the Terrorism Act
2000, the Terrorism Act 2006 and the Money Laundering Regulations
2017 and the Money Laundering Sourcebook of the FCA (the
Regulations) and, if making payment on behalf of a third party,
that satisfactory evidence has been obtained and recorded by it to
verify the identity of the third party as required by the
Regulations;
8.1.19 it is aware of the obligations regarding insider dealing
in the Criminal Justice Act 1993, with all applicable provisions of
FSMA, the EU Market Abuse Regulation 596/2014 and the Proceeds of
Crime Act 2002 and confirms that it has and will continue to comply
with those obligations;
8.1.20 the allocation, allotment, issue and delivery to it, or
the person specified by it for registration as a holder of Placing
Shares, will not give rise to a stamp duty or stamp duty reserve
tax liability under any of sections 67, 70, 93 or 96 of the Finance
Act 1986 (depositary receipts and clearance services) and that no
instrument under which it subscribes for Placing Shares (whether as
principal, agent or nominee) would be subject to stamp duty or the
increased rates referred to in those sections and that it, or the
person specified by it for registration as a holder of Placing
Shares, is not participating in the Placing as nominee or agent for
any person or persons to whom the allocation, allotment, issue or
delivery of Placing Shares would give rise to such a liability;
8.1.21 it, or the person specified by it for registration as a
holder of the Placing Shares, will be liable for any stamp duty and
all other stamp, issue, securities, transfer, registration,
documentary or other duties or taxes (including any interest, fines
or penalties relating thereto), if any, payable on acquisition of
any of the Placing Shares or the agreement to subscribe for the
Placing Shares and acknowledges and agrees that none of WHI and GMP
FirstEnergy, the Company, any of their respective Affiliates or any
person acting on behalf of them will be responsible for any
liability to stamp duty or stamp duty reserve tax resulting from a
failure to observe this requirement. Each Placee and any person
acting on behalf of such Placee agrees to participate in the
Placing, and agrees to indemnify the Company, WHI and GMP
FirstEnergy on an after tax basis in respect of the same, on the
basis that the Placing Shares will be allotted to the CREST stock
account of WHI or GMP FirstEnergy (as applicable) who will hold
them as nominee on behalf of such Placee until settlement in
accordance with its standing settlement instructions;
8.1.22 none of WHI and GMP FirstEnergy any of their Affiliates
or any person acting on behalf of any of them has or shall have any
liability for any information, representation or statement
contained in this Announcement or for any information previously
published by or on behalf of the Company or any other written or
oral information made available to or publicly available or filed
information or any representation, warranty or undertaking relating
to the Company, and will not be liable for its decision to
participate in the Placing based on any information,
representation, warranty or statement contained in this
Announcement or elsewhere, provided that nothing in this paragraph
shall exclude any liability of any person for fraud;
8.1.23 none of WHI, GMP FirstEnergy any of their Affiliates or
any person acting on behalf of any of them, is making any
recommendations to it, advising it regarding the suitability of any
transactions it may enter into in connection with the Placing and
that its participation in the Placing is on the basis that it is
not and will not be a client of WHI or GMP FirstEnergy and that WHI
and GMP FirstEnergy have no duties or responsibilities to it for
providing the protections afforded to its clients or customers
under the rules of the FCA, for providing advice in relation to the
Placing, in respect of any representations, warranties,
undertakings or indemnities contained in the Placing Agreement or
for the exercise or performance of any of its rights and
obligations thereunder, including any rights to waive or vary any
conditions or exercise any termination right;
8.1.24 in order to ensure compliance with the Money Laundering
Regulations 2017, WHI and GMP FirstEnergy (for themselves and as
agents on behalf of the Company) or the Company's registrars may,
in their absolute discretion, require verification of its identity.
Pending the provision to WHI and GMP FirstEnergy or the Company's
registrars, as applicable, of evidence of identity, definitive
certificates in respect of the Placing Shares may be retained at
WHI's and GMP FirstEnergy's absolute discretion or, where
appropriate, delivery of the Placing Shares to it in uncertificated
form, may be retained at WHI's or and GMP FirstEnergy's or the
Company's registrars', as the case may be, absolute discretion. If
within a reasonable time after a request for verification of
identity WHI or GMP FirstEnergy (as applicable) (for itself and as
agent on behalf of the Company) or the Company's registrars have
not received evidence satisfactory to them, WHI or GMP FirstEnergy
and/or the Company may, at its absolute discretion, terminate its
commitment in respect of the Placing, in which event the monies
payable on acceptance of allotment will, if already paid, be
returned without interest to the account of the drawee's bank from
which they were originally debited;
8.1.25 WHI and GMP FirstEnergy may, and their Affiliates acting
as an investor for its or their own account(s) may, subscribe for
and/or purchase Placing Shares and, in that capacity may retain,
purchase, offer to sell or otherwise deal for its or their own
account(s) in the Placing Shares, any other securities of the
Company or other related investments in connection with the Placing
or otherwise. Accordingly, references in this Announcement to the
Placing Shares being offered, subscribed, acquired or otherwise
dealt with should be read as including any offer to, or
subscription, acquisition or dealing by, WHI, GMP FirstEnergy
and/or any of their respective Affiliates acting as an investor for
its or their own account(s). None of WHI, GMP FirstEnergy nor the
Company intend to disclose the extent of any such investment or
transaction otherwise than in accordance with any legal or
regulatory obligation to do so;
8.1.26 these terms and conditions and any agreements entered
into by it pursuant to these terms and conditions, and all
non-contractual or other obligations arising out of or in
connection with them, shall be governed by and construed in
accordance with the laws of England and Wales and it submits (on
behalf of itself and on behalf of any person on whose behalf it is
acting) to the exclusive jurisdiction of the English courts as
regards any claim, dispute or matter arising out of any such
contract, except that enforcement proceedings in respect of the
obligation to make payment for the Placing Shares (together with
any interest chargeable thereon) may be taken by the Company, WHI,
GMP FirstEnergy in any jurisdiction in which the relevant Placee is
incorporated or in which any of its securities have a quotation on
a recognised stock exchange;
8.1.27 the Company, WHI, GMP FirstEnergy and their respective
Affiliates and others will rely upon the truth and accuracy of the
foregoing agreements, acknowledgements, representations, warranties
and undertakings which are given to WHI and GMP FirstEnergy, on
their own behalf and on behalf of the Company, and are
irrevocable;
8.1.28 it irrevocably appoints any duly authorised officer of
WHI or GMP FirstEnergy as agent for the purpose of executing and
delivering to the Company and/or its registrars any documents on
its behalf necessary to enable it to be registered as the holder of
any of the Placing Shares for which it agrees to subscribe or
purchase upon the terms of this Announcement;
8.1.29 it will indemnify on an after tax basis and hold the
Company, WHI, GMP FirstEnergy and their respective Affiliates
harmless from any and all costs, claims, liabilities and expenses
(including legal fees and expenses) arising out of or in connection
with any breach of the representations, warranties, undertakings,
agreements and acknowledgements in this Appendix and further agrees
that the provisions of this Appendix shall survive after completion
of the Placing;
8.1.30 (i) it has knowledge and experience in financial,
business and international investment matters and is required to
evaluate the merits and risks of subscribing for the Placing
Shares; (ii) it is experienced in investing in securities of this
nature and is aware that it may be required to bear, and is able to
bear, the economic risk of, and is able to sustain a complete loss
in connection with the Placing; and (iii) it has relied upon its
own examination and due diligence of the Company and its associates
taken as a whole, and the terms of the Placing, including the
merits and risks involved and has satisfied itself concerning the
relevant tax, legal, currency and other economic consideration
relevant to its subscription for Placing Shares;
8.1.31 none of the Company, WHI or GMP FirstEnergy are making
any undertaking or warranty to any Placee regarding the legality of
an investment in the Placing Shares by such Placee under any legal,
investment or similar laws or regulations; and
8.1.32 its commitment to subscribe for Placing Shares on the
terms set out herein and in the contract note will continue
notwithstanding any amendment that may in future be made to the
terms of the Placing and that Placees will have no right to be
consulted or require that their consent be obtained with respect to
the Company's conduct of the Placing.
8.2 The representations, warranties, acknowledgements and
undertakings contained in this Appendix are given to the Company,
and to WHI and GMP FirstEnergy for themselves and on behalf of the
Company and are irrevocable.
8.3 The agreement to settle a Placee's subscription (and/or the
subscription of a person for whom such Placee is contracting as
agent) free of stamp duty and stamp duty reserve tax depends on the
settlement relating only to a subscription by it and/or such person
direct from the Company for the Placing Shares in question. Such
agreement assumes that the Placing Shares are not being subscribed
for in connection with arrangements to issue depositary receipts or
to transfer the Placing Shares into a clearance service. If there
are any such arrangements, or the settlement relates to any other
subsequent dealing in the Placing Shares, UK stamp duty or stamp
duty reserve tax may be payable, for which none of the Company, WHI
nor GMP FirstEnergy will be responsible, and the Placee to whom (or
on behalf of whom, or in respect of the person for whom it is
participating in the Placing as an agent or nominee) the
allocation, allotment, issue or delivery of Placing Shares has
given rise to such UK stamp duty or stamp duty reserve tax
undertakes to pay such UK stamp duty or stamp duty reserve tax
forthwith and to indemnify on an after-tax basis and to hold
harmless the Company and WHI and GMP FirstEnergy in the event that
any of the Company and/or WHI and/or GMP FirstEnergy have incurred
any such liability to UK stamp duty or stamp duty reserve tax. If
this is the case, each Placee should seek its own advice and notify
WHI and GMP FirstEnergy accordingly.
8.4 In addition, Placees should note that they will be liable
for any stamp duty and all other stamp, issue, securities,
transfer, registration, documentary or other duties or taxes
(including any interest, fines or penalties relating thereto)
payable outside the United Kingdom by them or any other person on
the subscription by them of any Placing Shares or the agreement by
them to subscribe for any Placing Shares.
8.5 Each Placee, and any person acting on behalf of the Placee,
acknowledges and agrees that none of WHI nor GMP FirstEnergy owe
any fiduciary or other duties to any Placee in respect of any
representations, warranties, undertakings or indemnities in the
Placing Agreement.
8.6 Each Placee and any person acting on behalf of each Placee,
acknowledges and agrees that WHI, GMP FirstEnergy nor any of their
Affiliates may, at their absolute discretion, agree to become a
Placee in respect of some or all of the Placing Shares.
8.7 When a Placee or person acting on behalf of the Placee is
dealing with WHI or GMP FirstEnergy, any money held in an account
with WHI or GMP FirstEnergy (as applicable) on behalf of the Placee
and/or any person acting on behalf of the Placee will not be
treated as client money within the meaning of the rules and
regulations of the FCA made under FSMA. The Placee acknowledges and
agrees that the money will not be subject to the protections
conferred by the client money rules; as a consequence, this money
will not be segregated from WHI's or GMP FirstEnergy's money (as
applicable) in accordance with the client money rules and will be
used by WHI or GMP FirstEnergy in the course of its own business;
and the Placee will rank only as a general creditor of WHI or GMP
FirstEnergy (as applicable).
8.8 Past performance is no guide to future performance and
persons needing advice should consult an independent financial
adviser.
8.9 Neither the content of the Company's website nor any website
accessible by hyperlinks on the Company's website is incorporated
in, or forms part of, this Announcement.
8.10 All times and dates in this Announcement may be subject to
amendment. WHI and GMP FirstEnergy shall notify the Placees and any
person acting on behalf of a Placee of any changes.
DEFINITIONS
The following definitions apply throughout this Announcement
unless the context otherwise requires:
"Admission" - admission of the Placing Shares to trading on AIM
becoming effective in accordance with Rule 6 of the AIM Rules
"AIM " - the market of that name operated by the London Stock
Exchange
"AIM Rules" - the AIM Rules for Companies published by the
London Stock Exchange as they may be amended and replaced from time
to time
"Announcement" - this announcement (including the Appendix to
this announcement)
"Company" - i3 Energy plc, a company incorporated in England and
Wales with registered number 10699593, whose registered office is
at New Kings Court Tollgate, Chandler's Ford, Eastleigh, Hampshire,
United Kingdom, SO53 3LG
"CREST" - the relevant system (as defined in the Regulations)
which enables title to units of relevant securities (as defined in
the Regulations) to be evidenced and transferred without a written
instrument and in respect of which Euroclear UK & Ireland
Limited is the Operator (as defined in the Regulations)
"FCA" - the Financial Conduct Authority
"FSMA" - the Financial Services and Markets Act of 2000 (as
amended)
"GMP FirstEnergy" - FirstEnergy Capital LLP, a limited liability
partnership incorporated in England and Wales, with registered
number OC346410, whose registered office is at 85 London Wall,
London, EC2M 7AD
"Group" - the Company and its subsidiary undertakings prior to
completion of the Acquisition
"London Stock Exchange" - London Stock Exchange plc
"Ordinary Shares" - ordinary shares of GBP0.0001 each in the
capital of the Company
"Placing" - the conditional placing of the Placing Shares at the
Placing Price by WHI and GMP FirstEnergy as agents for and on
behalf of the Company pursuant to the terms of the Placing
Agreement
"Placing Agreement" - the conditional agreement dated 27 July
2018 relating to the Placing, between the Company, WHI and GMP
FirstEnergy
"Placing Price" - 105p per new Ordinary Share
"Placing Shares" - 1,542,336 new Ordinary Shares to be issued in
connection with the Placing
"Prospectus Directive" - the Directive of the European
Parliament and of the Council of the European Union 2003/71/EC, as
amended
"Regulations" - the UK Uncertificated Securities Regulations
2001 (SI 2001 No. 3755), as amended
"Securities Act" - the United States Securities Act of 1933, as
amended
"UK" or "United Kingdom" - the United Kingdom of Great Britain
and Northern Ireland
"United States" or "US" - United States of America, its
territories and possessions, any state of the United States of
America and the District of Columbia and all other areas subject to
its jurisdiction
"WHI" - W H Ireland Limited, a company incorporated in England
and Wales, with registered number 02002044, whose registered office
is at 24 Martin Lane, London EC4R 0DR
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 mid case
recoverable resources of 80 MMBO. 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. Liberator West will be the subject of a single well
appraisal alongside the Liberator development wells in 2019.
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 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 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPGUGUMUPRGUM
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July 27, 2018 06:04 ET (10:04 GMT)
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