i3 Energy PLC Joint Venture and Operational Update (0412B)
September 18 2018 - 1:01AM
UK Regulatory
TIDMI3E
RNS Number : 0412B
i3 Energy PLC
18 September 2018
18 September 2018
i3 Energy plc
("i3" or the "Company")
Joint Venture and Operational Update
i3 Energy plc, an independent oil and gas company with assets
and operations in the UK, announces the following update regarding
the exclusivity period entered into with a potential joint venture
partner.
Under the exclusivity agreement announced on 27(th) June 2018,
i3's potential joint venture partner was expected to deliver on key
assurances within the 90-day period of exclusivity. Some of these
conditions remain outstanding and are not expected to be addressed
in advance of exclusivity ending on September 24(th) . i3 remains
ready to enter a legally binding Farmout Agreement with the
potential JV partner at such time as these key assurances have been
provided.
The Company continues to complete all regulatory and commercial
requirements to obtain Field Development Plan ("FDP") approval for
Liberator. i3 has signed the final license documentation from the
UK Oil & Gas Authority ("OGA") for its 30(th) Round Award of
Block 13/23c, containing the Liberator West extension. This
licence, effective from 1(st) October 2018, is a prerequisite to
the submittal of i3's enlarged Liberator FDP. Additionally, the
site survey field operations as previously announced on August
30(th) are about to commence, the outputs of which will enable i3
to complete the required Environmental Statement for Liberator's
expected production wells, appraisal target and pipeline route.
Graham Heath, CFO, commented
"The independent work concluded by our potential JV partner
since the beginning of our engagement validates the significant
potential of the Liberator asset. We continue to progress i3's
necessary deliverables to attain FDP approval in 2019 and don't see
the delay in concluding potential joint venture discussions as an
impediment to that."
ENDS
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
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
an estimated 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.
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
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contact rns@lseg.com or visit www.rns.com.
END
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