i3 Energy PLC Update on Issue of Equity (9028V)

TIDMI3E

RNS Number : 9028V

i3 Energy PLC

06 December 2019

6 December 2019

i3 Energy plc

("i3" or the "Company")

Update on Issue of Equity

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, announces that further to its announcement of 8(th) November 2019 ('Liberator A2 and Funding Update'), it is expecting to complete the subscriptions for 14,285,715 new ordinary shares in the Company at 35 pence per share from funds managed by Bybrook Capital LLP shortly and expects the admission of the new shares to be on or around 9(th) December 2019.

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] 
    GMP FirstEnergy (Joint Broker) 
    Jonathan Wright                        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 Prospect 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. 
 

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December 06, 2019 02:00 ET (07:00 GMT)