i3 Energy PLC Development Funding Long-Stop Date - Update (5830L)
01 May 2020 - 4:00PM
UK Regulatory
TIDMI3E
RNS Number : 5830L
i3 Energy PLC
01 May 2020
1 May 2020
i3 Energy plc
("i3" or the "Company")
Development Funding Long-Stop Date - Update
i3 Energy plc, an independent oil and gas company with assets
and operations in the UK, announces the following update.
Liberator Development Funding Long-Stop Date
On 8 November 2019, the Majority Noteholders agreed to extend
the date by which the Company must enter into a reserves based
lending facility or find an alternative means of funding to achieve
first oil from the Liberator field, to 30 April 2020. The Company
was not in a position to enter into such a facility by 30 April,
but the Company remains in discussions with all noteholders to
waive this condition and will update the market once these
discussions have concluded.
CONTACT DETAILS:
i3 Energy plc
Majid Shafiq (CEO) / Graham Heath (CFO) c/o Camarco
Tel: +44 (0) 203 7 81 8331
WH Ireland Limited (Nomad and Joint Broker)
James Joyce, James Sinclair-Ford Tel: +44 (0) 207 220 1666
Canaccord Genuity Limited (Joint Broker) Tel: +44 (0) 207 523 8000
Henry Fitzgerald- O'Connor, James Asensio
Mirabaud Securities Limited (Joint Broker) Tel: +44 (0) 203 167 7221
Peter Krens
Camarco
Jennifer Renwick, James Crothers Tel: +44 (0) 203 7 81 8331
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, to which
i3's independent reserves auditor attributes 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. The Greater Liberator Area,
along with the Company's Serenity Discovery located in the
northern half of Block 13/23c and for which it carries a STOIIP
of 197 MMbbls, are owned and operated on a 100% working interest
basis.
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.
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
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