UK: i3 Energy to float on AIM
Thursday 11 May 2017
i3 Energy, an independent oil and gas company with assets and operations in the UK, has announced its intention to seek admission of its shares to the AIM Market of the London Stock Exchange. In conjunction with Admission, the Company intends to raise up to US$50 million by way of a placing of new Ordinary Shares.
The Company holds a 100% interest in the Liberator Licence Area, a high quality, low cost, oil development opportunity, targeting first oil in Q1 2018 at 7,300 barrels of oil equivalent per day ('BOEPD'). i3 Energy acquired its interest in Licence P.1987, Block 13/23d, which contains the Liberator oil field, from Dana Petroleum in December 2016. Liberator was discovered by Dana Petroleum in November 2013 with well 13/23d-8 and is estimated to contain 51 million barrels of oil equivalent ('MMBOE') initially in place, with an estimated 16 MMBOE recoverable of total 2C contingent resources.
Proceeds of the Placing will be used to fund first oil from the Liberator field, with two back-to-back wells planned for 2017/18.