, the AIM listed oil and gas company developing assets in the UK North Sea, launched a placing on Tuesday to raise £16m for multi-well drill programme at its Liberator field and Serenity prospect.
The company managed to successfully raise £16 million in funds before the market closed in an oversubscribed placing.
Majid Shafiq, CEO of i3 Energy said: "i3 is about to enter the most exciting and active operational period in its history.”
“The proceeds of the Placing, together with sums to be drawn under the previously announced proposed debt facilities, will allow i3 to target over 500 million barrels of oil in place at Liberator and Serenity through our three well drilling programme this summer.”
He emphasised that the placing coupled with its junior loan facility will allow the company to retain a 100% interest in and operatorship of the Liberator field and Serenity prospect.
I3 Energy successfully placed 43,243,243 Ordinary Shares at an Issue Price of 37 pence per share. The first tranche of 11,005,527 shares are to become effective on the 18 march 2018 at 8am.
The company expects the remaining Second Tranche of 32,237,716 shares to begin dealings on 1 April 2019, subject to shareholder approval.
The funding of £16m combined with the £24m junior secured loan facility, with warrants, will fund its multi-well appraisal and development drilling at Liberator and Serenity. Drilling is expected June 2019, targeting STOIIPs of 314m barrels at Liberator and 197m barrels at Serenity.
I3 Energy is in the midst of arranging a Joint Venture farm out process that has attracted numerous interested parties. The company said it is optimising a bid date to expedite the due diligence.
In 2020, the company expects to do more development drilling and secure first oil from liberator at approximately 20,000 barrels of oil per day.
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