Sign up
Oil Capital

i3 Energy PLC RNS Release

Investment


RNS Number : 5796A
i3 Energy PLC
30 May 2019
 

30 May 2019

 

i3 Energy plc

("i3" or the "Company")

 

Investment

 

 

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that it has entered into binding terms with funds managed by Lombard Odier Asset Management (Europe) Limited for a £3mm participation in the junior loan note facility, the proposed terms of which were announced by the Company on 25th February 2019 (the "Junior Facility" or "Loan Notes"), a £2mm placing of new ordinary shares priced at 37p per share and warrants to subscribe for £3mm of new ordinary shares (collectively the "Lombard Odier Investment").

 

The £2mm issue of ordinary shares will be at the same placing price as the Company's £16mm share placing announced on 12th March 2019 and the £3mm warrants will be on the same exercise terms as the warrants included in the proposed Junior Facility.

 

The closing of the Lombard Odier Investment is conditional, inter alia, on the closing of the Junior Facility. In light of Lombard Odier's further £2mm equity investment, it is intended that the Junior Facility will now be downsized from the £24mm previously indicated to £22mm, and the closing of that facility will be the subject of a further announcement.

 

Subject to the closing of the Lombard Odier Investment and the Junior Facility, the Company will be funded for its summer 2019 drilling programme.

 

As Lombard Odier is a substantial shareholder in the Company, its investment in the Company is a related party transaction under the AIM Rules for Companies. The Directors of the Company consider, having consulted with WH Ireland, that the terms of the transaction are fair and reasonable insofar as shareholders are concerned.

 

 Majid Shafiq, CEO of i3 Energy commented:

"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."

 

ENDS

 

 

CONTACT DETAILS:

 

i3 Energy plc

 

 

Majid Shafiq (CEO) / Graham Heath (CFO)

c/o Camarco

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 Broker)

Henry Fitzgerald- O'Connor, James Asensio

 

Tel: +44 (0) 207 523 8000

 

 

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 [email protected] or visit www.rns.com.
 
END
 
 
MSCSDFSISFUSELI



© oil Capital 2019

Oil Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed oil companies to interact with institutional and highly capitalised investors.
Headquartered in London, Oil Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.