revealed in an update on Thursday that it is making ‘good progress’ in its farm-out process for Blocks 13/23c in the UK North Sea.
The North Sea focused energy firm is seeking to progress farm-out activities to fund a 2020 appraisal drilling program.
I3 Energy said the data room is now open and that “companies are actively evaluating the opportunity”.
Shares in I3 Energy jumped 15.58% higher trading at 8.9p on Thursday
I3 Energy announced on the 7th of February that it is planning to list its shares on a secondary exchange, however confirmed on Thursday it was not in preparation for an equity placing.
The company said it was done for ‘administrative reasons’ related to Loan Notes it has issued 31st May 2019.
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CEO Simon Potter commenting on the loan note issuance said: “we have now secured a funding package with considerably less overall dilution to shareholder equity than most commentators expected would be required.”