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i3 Energy surges as it confirms it has no plans for an equity financing

Rumours had been swirling that i3 was looking to go cap in hand to investors, but the oil and gas explorer has moved to refute those suggestions
north sea
i3 said it has enough money to last whilst it conducts the farm-out process for the Liberator oil field

i3 Energy PLC (LON:I3E) shares surged on Wednesday morning after telling investors it is not planning an equity financing.

The share price has fallen off over the past month on “rumours in the market” that i3 would be going cap in hand to investors.

WATCH: i3 Energy team suspect Liberator potential much bigger than current estimates

The AIM-quoted firm said it had sufficient cash resources whilst it conducts a joint venture farm-out process for the Liberator oil field and undertakes to upsize a development credit facility with UK-based lenders, each expected to conclude alongside field development plan approval in early 2019.

After refuting the fundraising claims, the stock jumped 18.2% to 49p.

In the same announcement, i3 confirmed that holders of £410,000 worth of convertible loan notes have agreed to extend the maturity date from today until March 31 2019.

The oil and gas explorer also said that a previously announced site survey of its Liberator development in the UK North Sea will be rescheduled for the earliest good weather window in 2019.

This rescheduling will not affect the timing of the field development plan approval, the Liberator development or the expected first oil date, i3 added.

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