i3 Energy PLC i3 Energy Appoints A&D Advisor (2619E)
October 17 2018 - 1:00AM
UK Regulatory
TIDMI3E
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 30(th) 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
CONTACT DETAILS:
i3 Energy plc
Majid Shafiq (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
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, 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.
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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