i3 Energy PLC Funding Update (9642Z)

TIDMI3E

RNS Number : 9642Z

i3 Energy PLC

20 December 2017

i3 Energy plc

("i3" or the "Company")

Funding Update

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to update the market in relation to its funding progress.

The Company continues advancing multiple initiatives to seek full funding for its Liberator development through prospective equity capital markets, joint venture partnerships and private funding sources, one of which is the proposed $25 million senior secured credit facility. The Company now expects to finalise loan documentation in early 2018 alongside pursuing other financing initiatives which i3 believes would fully fund the Liberator development to first oil. The Company is planning for the full financing of the development to occur in Q1 2018 although there is no certainty definitive agreements will be entered into. i3 will further update the market at such point as sufficient information becomes available.

Neill Carson, i3's CEO, commented

"We appreciate the ongoing support from our current investors, suppliers, senior lenders, and potential partners as the Company continues to arrange development finance for Liberator. The team is looking forward to an exciting 2018 work program upon completion of our funding initiatives."

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 Sinclair-Ford   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 RR was prepared in accordance with standard geological and engineering methods generally accepted by the oil and gas industry, in particular the 2007 SPE Petroleum Resources Management System.

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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December 20, 2017 08:51 ET (13:51 GMT)