i3 Energy plc, an independent oil and gas company with assets and operations in the UK, has issued 100,000 options at an exercise price of 39.5 pence per share to Mrs. Linda Beal, non-executive director of i3, further to her appointment as announced on September 17th, 2019.
The Options are for ten years and will vest as follows:
· One-third upon completion of the Company's current drilling programme which confirms a resource base supporting i3's envisaged Liberator Phase I development plan;
· One-third upon securing funding for the Liberator Phase I development; and
· One-third on increasing gross reserves to 50 MMbbls or achieving first oil from the Company's licences.
Regardless of the above, 100% of the options will vest at first oil from the Company's licences or if there is a change of control of the Company.
i3 Energy plc
Majid Shafiq (CEO) / Graham Heath (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)
Tel: +44 (0) 207 448 0200
Canaccord Genuity Limited (Joint Broker)
Henry Fitzgerald- O'Connor, James Asensio
Tel: +44 (0) 207 523 8000
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, to which i3's independent reserves auditor attributes 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. The Greater Liberator Area, along with the Company's Serenity Prospect located in the northern half of Block 13/23c and for which it carries a STOIIP of 197 MMbbls, are owned and operated on a 100% working interest basis.
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.
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I3 Energy Plc's (LON:i3E) Majid Shafiq and Graham Heath speak to Proactive London's Andrew Scott after confirming the completion of its three-well 2019 drill programme.
Looking ahead, it is now planning a summertime appraisal of the Serenity discovery and the Liberator West area.