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Posts: 20
Opinion: No Opinion
Posted: April 29, 2019
RNS Number : 3243X
i3 Energy PLC
29 April 2019
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, provides the following update in relation to its announcement of 1st March 2019 regarding its intended entry into a Junior Facility with warrants.
The Company and the Junior Facility lenders continue to progress legally binding loan documentation. Subject to completion and upon drawdown, funds made available from the Junior Facility will be used to partially finance i3's 2019 drilling programme which remains on track to commence mid-summer.
Concurrently, i3 and its senior lenders are working towards agreement of a senior loan which would, upon a successful 2019 drilling campaign, provide adequate funding for i3's expected 2020 delivery of first oil from Liberator.
i3 will provide updates to the market at such time as the final junior and senior loan agreements are executed.
Posts: 20
Opinion: No Opinion
Posted: October 17, 2018
RNS Number : 2619E
i3 Energy PLC
17 October 2018
17 October 2018
i3 Energy plc
("i3" or the "Company")
i3 Energy Appoints A&D Advisor
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that it has engaged an acquisitions and divestitures ("A&D") advisor, FirstEnergy Capital LLP ("GMP FirstEnergy"), to assist with a farmout of the Company's greater Liberator development and appraisal programme.
GMP FirstEnergy has been active in recent UK North Sea transactions and, upon the Company's assessment of numerous potential advisors, was determined to be the most capable party to assist with its JV initiative. It is intended that the process will conclude in advance of i3 receiving Liberator field development plan ("FDP") approval. i3 had previously granted a 90-day period of exclusivity to a potential joint venture partner during which time the farminee was expected to deliver on key assurances. While some of these remain outstanding, i3 stands ready to consider the potential farminee's proposal at such time as their structural issues have been resolved.
Concurrent with its farmout process, the Company will engage UK-based lenders to upsize the level of credit that may be available for its Liberator development. Indicative proposals had been received in November 2017 when Brent was circa $60/bbl and prior to i3's award of Block 13/23c in the UK's 30th Offshore Licensing Round, containing the western extension of the Liberator field, which added 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources to i3's portfolio.
The Company continues to progress all requirements to achieve FDP approval in early 2019. An enlarged FDP will be presented to the OGA for consideration before the end of the year.
Majid Shafiq, CEO, commented
"We are confident that GMP FirstEnergy is best placed to help us during our first concerted effort to market i3's development and appraisal programme of the greater Liberator area to potential joint venture partners and we are very pleased to be working with their team. Liberator has received strong interest to date and both i3 and our A&D advisor believe this farmout process to be well-timed within the current environment. We look forward to updating the market as we move forward."
ENDS