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i3 Energy secures further investment from Lombard Odier

Subject to the closing of the Lombard Odier Investment and the junior facility, the company will be funded for its summer 2019 drilling programme.

Lombard Odier is an existing stakeholder in i3

Lombard Odier has conditionally agreed to make another investment in i3Energy PLC (LON:I3E), the independent oil and gas company.

Funds managed by Lombard Odier Asset Management will buy £3mln of i3 loan notes, which will be issued under the same terms at the junior loan package announced on 25 February.

READ I3 Energy agrees terms of £24mln junior loan package for Liberator programme

The asset manager has also signed up to take £2mln of new shares issued at 37p a pop and warrants to subscribe for £3mln of new shares.

“We are very pleased to announce this conditional further investment in the company by Lombard Odier, a very supportive existing shareholder, and look forward to imminently closing the junior facility to fund this summer's drilling campaign at our Liberator and Serenity assets,” said Majid Shafiq, the chief executive officer of i3 Energy.

Quick facts: i3 Energy PLC

Price: 5.225 GBX

Market: AIM
Market Cap: £5.63 m


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