Glenwick PLC Update on i3 Energy Investment (8041T)

TIDMGWIK

RNS Number : 8041T

Glenwick PLC

10 January 2017

Glenwick Plc

("Glenwick")

Update on i3 Energy Investment

The Board of Glenwick note the following announcement made today by i3 Energy Limited, RNS Number: 7183T:

***

i3 acquires 100% Operated oil interest

i3 Energy Limited, a UK-based oil and gas exploration and production company, is pleased to announce effective 28(th) December 2016 the acquisition of a 100% Operated interest in the Liberator field, an oil discovery situated within Block 13/23d of the UK North Sea, immediately adjacent to the Blake field and situated 2 kilometers from Blake's producing drill centre.

The Liberator oil field was discovered in 2013 through the drilling of an exploration well into Lower Cretaceous Captain Sands of similar quality to the Blake field. The discovery well proved a 1.5 to 2.5 Darcy reservoir with 28% porosity containing 30.3deg API oil with 1.9 centipoise viscosity and an established oil water contact that maps a potential column of oil ranging from 24 to 80 feet within an elongate four way structure at a depth of approximately 5250 feet TVDSS. A Field Development Plan based on the analogous Blake field's highly productive reservoir, oil fluid properties, and extensive production history is being finalized for final regulatory approval and is undergoing evaluation by independent engineering evaluators as part of i3's plan to publicly list the Company through an Initial Public Offering (IPO) onto the Alternative Investment Market (AIM) of the London Stock Exchange. Further information with respect to the asset, development plan, organizational additions and the IPO will be provided as soon as available for disclosure within Q1 2017.

i3's Chief Executive Officer, Neill Carson, commented, "We are delighted with our acquisition of a 100% Operated interest in this high quality oil discovery and will work with each of our stakeholders on driving towards first oil safely and as quickly as possible. i3 has engaged Gaffney, Cline & Associates, an independent reserve auditor, to evaluate Liberator as part of our go-public efforts. In parallel, i3's development team is engaged with the supply chain on staging potential operations within the 2017 timeframe. Liberator is an excellent foundational asset and we look forward to its commercialization as we broaden our portfolio."

***

Further to the announcement of 4 January 2017, the Board of Glenwick is pleased to announce that i3 Energy (www.i3.energy.com) has received approvals from the UK Oil and Gas Authority and has therefore completed its acquisition of the Liberator Prospect. As announced by Glenwick in November 2016, at the time of it entering into the GBP1.1m pre-IPO convertible investment into i3, following this approval, it is the understanding of the Glenwick Board that i3 will now seek admission of its shares onto the Alternative Investment Market (AIM) of the London Stock Exchange concurrent with an initial public offering ("IPO") to raise funds for the Liberator Prospect.

Amanda Van Dyke, Director of Glenwick commented; "The Liberator Prospect had undeniably excellent economics when Glenwick invested, and with a 20% rise in the oil price since the time of our investment, those fundamentals have only increased. We are confident that the i3 team is working diligently on maximising the potential of the Prospect and has an excellent team in place to move towards commercial production. We look forward to the early part-realisation of this potential through the listing of i3's shares on the London market".

***Announcement made by i3 Energy Limited

For further information, please contact:

 
  FIM Capital Limited                     [phone] 
   Graham Smith                            250 
  Allenby Capital Limited (Nominated 
   Adviser and Joint-Broker)                [phone] 
   John Depasquale/Nick Harriss             5656 
  Peterhouse Corporate Finance Limited 
   (Joint-Broker)                           [phone] 
   Lucy Williams/Heena Karani               0933 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCOKKDPDBKDBDD

(END) Dow Jones Newswires

January 10, 2017 06:54 ET (11:54 GMT)