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.
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.