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i3 Energy losses widen as it targets first oil for Liberator

Friday, 1st June 2018
Oil and gas company i3 Energy, reported Friday pre-tax losses widened to £2.9m for the year to the end of December, up from £404,000 from the previous year.

The company said performance was held back from rising expenses relating to the its day-to-day operations, the ongoing development of its Liberator asset, i3 Energy plc's AIM listing and accrued interest in relation to i3's loan motes.

The said the discounted value of its 2P reserves were $328m. The company said its focus for the remainder of 2018 would be to target first oil for Liberator next year.

'We look forward to the remainder of 2018 with excitement as we aim to unlock Liberator's full potential while seeking out target acquisitions from which we can extract shareholder value,' said Neill Carson, CEO of i3 Energy.

At 9:35am: (LON:I3E) I3 Energy Plc Ord 0.01p share price was +6.5p at 118.5p

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