i3 Energy PLC Development Funding Long-Stop Date - Update (5830L)

TIDMI3E

RNS Number : 5830L

i3 Energy PLC

01 May 2020

1 May 2020

i3 Energy plc

("i3" or the "Company")

Development Funding Long-Stop Date - Update

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, announces the following update.

Liberator Development Funding Long-Stop Date

On 8 November 2019, the Majority Noteholders agreed to extend the date by which the Company must enter into a reserves based lending facility or find an alternative means of funding to achieve first oil from the Liberator field, to 30 April 2020. The Company was not in a position to enter into such a facility by 30 April, but the Company remains in discussions with all noteholders to waive this condition and will update the market once these discussions have concluded.

CONTACT DETAILS:

 
 i3 Energy plc 
   Majid Shafiq (CEO) / Graham Heath (CFO)        c/o Camarco 
                                                   Tel: [phone] 
 
    WH Ireland Limited (Nomad and Joint Broker) 
   James Joyce, James Sinclair-Ford               Tel: [phone] 
 
   Canaccord Genuity Limited (Joint Broker)       Tel: [phone] 
    Henry Fitzgerald- O'Connor, James Asensio 
   Mirabaud Securities Limited (Joint Broker)     Tel: [phone] 
    Peter Krens 
   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.

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May 01, 2020 02:00 ET (06:00 GMT)