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i3 Energy funding for 30th licence round application

Wednesday, 22nd November 2017
i3 Energy has applied for acreage made available within the UK's 30th offshore licensing round, on a 100% basis.

The company said it had targeted and extensively evaluated seismic and well data on a highly attractive region of acreage that if awarded to i3 would add to the company's portfolio, as announced on 3 Nov, 2C contingent resources of 22 MMBO (with a 63% chance of commerciality1) and mid case prospective resources of 47 MMBO (with a 51% chance of commerciality), according to the opinion of AGR TRACS International Limited, the company's competent person.

The company also confirmed that a binding agreement had been entered into with an existing loan note investor to provide financial backing in the form of an investment and net revenue sharing agreement.

Under the terms of the NRSA, the company can draw US$13m to advance its 30th round bid commitments and work programme.

It said that in consideration of those funds being made available and utilised, the investor would become entitled to share in certain of the after-tax revenues generated from the acreage after first oil.

Chief executive Neill Carson said: 'We have made significant progress in moving forward the Liberator Development with regard to reserves, development readiness, and the most recently announced indicative proposal and confirmed support for a $25 million credit facility that will, upon completion of final due diligence and loan documentation, assist our development funding.

'In order to broaden our portfolio, the UK licensing round offers an exciting opportunity, if successfully awarded, to add a lower risk development growth opportunity that lies near infrastructure and yet bears further significant upside potential into an established prospective trend.

'We are also very pleased by the endorsement of the quality of the application opportunity through the financial backing of an additional $13 million to support our bid by an existing investor.'


At 9:48am: (LON:I3E) I3 Energy Plc Ord 0.01p share price was +2p at 31.5p



Story provided by StockMarketWire.com

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