i3 Energy PLC Commencement of 'Host' Engineering Studies (3634R)

TIDMI3E

RNS Number : 3634R

i3 Energy PLC

21 September 2017

21(st) September 2017

i3 Energy plc

("i3" or the "Company")

Commencement of 'Host' Engineering Studies for the tie-in of the Liberator Development to the Blake Field and Bleo Holm FPSO

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that detailed engineering studies to enable i3's 100% operated and owned Liberator field to be tied into the existing Blake field 'host' infrastructure and produced through the Bleo Holm Floating Production Storage and Offloading vessel ('FPSO') have commenced.

These studies will confirm the final technical requirements and installation schedule for the tie-in and are a key step in the integrated development activities necessary to tie Liberator into the existing Blake field infrastructure. The studies are being undertaken, on behalf of i3, by Repsol Sinopec Resources UK Limited who are the Operator of the Blake field and the Bleo Holm FPSO.

The results of the engineering studies, in combination with the completed site survey information, announced 25(th) August 2017, will be used to support the Liberator Field Development Plan ("FDP") which is presently under consultation with the UK Oil & Gas Authority. An Environmental Statement for the proposed development is currently being prepared for evaluation alongside the FDP and will be published shortly.

The Company continues to advance discussions with the supply chain and multiple sources of potential financing to fully fund the Liberator development.

Martyn Eames, i3's Commercial Manager, commented

"I'm very encouraged that we have reached agreement with the Operator and owners of the Blake Field to progress the host-specific technical studies. The integration of Liberator into the existing Blake infrastructure will provide the opportunity for both operational and commercial synergies to be realised. The timing of this engineering work and ongoing cooperation will ensure readiness for the next operational stage of the project and as such we remain on track for drilling operations and subsea tie-in activities in 2018."

Ends

CONTACT DETAILS:

 
 i3 Energy Plc 
 Neill Carson (CEO) / Graham      c/o Camarco 
  Heath (CFO)                      Tel: +44 (0) 203 
                                   757 4980 
 WH Ireland Limited (Nomad 
  and Joint Broker) 
 James Joyce, James Bavister      Tel: +44 (0) 207 
                                   220 1666 
 Cantor Fitzgerald Europe 
  (Joint Broker) 
 Sarah Wharry                     Tel: +44 (0) 207 
                                   894 8896 
 GMP FirstEnergy (Joint Broker) 
 Jonathan Wright, David van       Tel: +44 (0) 207 
  Erp                              448 0200 
 Camarco 
  Georgia Edmonds, Jane Glover,     Tel: +44 (0) 203 
  James Crothers                    757 4980 
 

Notes to Editors:

i3 Energy is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Liberator oil field discovered by well 13/23d-8 located in License P.1987, Block 13/23d in which it has a 100% operated interest.

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 Energy 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 company news service from the London Stock Exchange

END

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September 21, 2017 02:01 ET (06:01 GMT)