i3 Energy PLC Corporate Update (8848C)

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: [phone] 
 
     WH Ireland Limited (Nomad and Joint 
     Broker) 
    James Joyce, James Sinclair-Ford       Tel: [phone] 
 
 
    Canaccord Genuity Limited (Joint       Tel: [phone] 
     Broker) 
     Henry Fitzgerald- O'Connor, James 
     Asensio 
    Camarco 
     Jennifer Renwick, James Crothers       Tel: [phone] 
 
 
 
  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 [e-mail] or visit www.rns.com.

END

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February 13, 2020 02:01 ET (07:01 GMT)