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i3 Energy gets loan repayment extension; rules out equity raising

Wednesday, 31st October 2018
i3 Energy said debt holders had agreed to a five-month repayment extension, while denying speculation that it was planning an equity raising.

The oil and gas company said holders of its £410k unsecured convertible loan notes had agreed to amend the maturity date to 31 March, from 31 October.

i3 said its cash resources remained sufficient while it conducted a stake sale process for its interest in UK North Sea Blocks 13/23c and 13/23d and worked to up-size a credit facility with UK-based lenders.

Both the sale process and the credit facility increase were expected to concluded alongside field development plan approval in early 2019, the company said.

'In addition to the above the company confirms that, contrary to rumours in the market, it is not planning an equity financing,' it added.

i3 said a previously-announced site survey at the oil fields would be rescheduled for the earliest good weather window in 2019, as the vessel it had booked was not made available prior to October 15th as contractually agreed.

The rescheduling would not affect the timing of the field development plan approval, it said.


At 2:21pm: (LON:I3E) I3 Energy Plc Ord 0.01p share price was +12p at 53.5p



Story provided by StockMarketWire.com

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