i3 Energy PLC Corporate Update (8848C)
February 13 2020 - 1:01AM
UK Regulatory
TIDMI3E
RNS Number : 8848C
i3 Energy PLC
13 February 2020
13 February 2020
i3 Energy plc
("i3" or the "Company")
Corporate Update
i3 Energy plc, an independent oil and gas company with assets
and operations in the UK, is pleased to announce the following
update.
Serenity / Liberator Farm-out Process
The Company is making good progress in its farm-out process to
fund a 2020 appraisal drilling program on its assets in Blocks
13/23c in the UK North Sea. The data room is now open and companies
are actively evaluating the opportunity. i3 will update the market
as discussions progress.
Secondary Listing
As announced in the RNS dated 7(th) February 2020, the Company
is planning to list its shares on a secondary exchange. This is
being done for administrative reasons related to the Company's Loan
Notes issued 31(st) May 2019 and i3 wishes to make clear that this
is not being done in preparation for an imminent equity placing as
is indicated by market rumour.
ENDS
CONTACT DETAILS:
i3 Energy plc
Majid Shafiq (CEO) / Graham Heath c/o Camarco
(CFO) Tel: +44 (0) 203 781 8331
WH Ireland Limited (Nomad and Joint
Broker)
James Joyce, James Sinclair-Ford Tel: +44 (0) 207 220 1666
Canaccord Genuity Limited (Joint Tel: +44 (0) 207 523 8000
Broker)
Henry Fitzgerald- O'Connor, James
Asensio
Camarco
Jennifer Renwick, James Crothers Tel: +44 (0) 203 781 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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