i3 Energy PLC Funding Update (3243X)

TIDMI3E

RNS Number : 3243X

i3 Energy PLC

29 April 2019

i3 Energy plc

("i3" or the "Company")

Funding Update

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, provides the following update in relation to its announcement of 1(st) March 2019 regarding its intended entry into a Junior Facility with warrants.

The Company and the Junior Facility lenders continue to progress legally binding loan documentation. Subject to completion and upon drawdown, funds made available from the Junior Facility will be used to partially finance i3's 2019 drilling programme which remains on track to commence mid-summer.

Concurrently, i3 and its senior lenders are working towards agreement of a senior loan which would, upon a successful 2019 drilling campaign, provide adequate funding for i3's expected 2020 delivery of first oil from Liberator.

i3 will provide updates to the market at such time as the final junior and senior loan agreements are executed.

ENDS

CONTACT DETAILS:

 
   i3 Energy plc 
   Majid Shafiq (CEO) / Graham Heath       c/o Camarco 
    (CFO)                                   Tel: +44 (0) 203 781 8331 
 
     WH Ireland Limited (Nomad and Joint 
     Broker) 
   James Joyce, James Sinclair-Ford        Tel: +44 (0) 207 220 1666 
   GMP FirstEnergy (Joint Broker) 
   Jonathan Wright                         Tel: +44 (0) 207 448 0200 
   Canaccord Genuity Limited (Joint        Tel: +44 (0) 207 523 8000 
    Broker) 
    Henry Fitzgerald- O'Connor, James 
    Asensio 
   Camarco 
    Jennifer Renwick, James Crothers         Tel: +44 (0) 203 781 8331 
 
 
  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, containing 
   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, both of which i3 hold a 100% working interest in. 
 
   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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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