Oil and gas firm with UK-based assets and operations,, announced on Friday that the group had spudded a new well at the Liberator site situated in the North Sea.
Following the successful spudding at the A2 well, drilling results will be used to optimise the location and trajectory of the future LP-O2 production well, the company explained.
“We are excited to be drilling again at Liberator on the back of our success at Serenity,” said Chief Executive, Majid Shafiq.
The group highlighted its success at the Serenity 13/23c-10 well which was plugged and abandoned following the retrieval of all expected samples and data.
“The A2 location has been selected as a low-risk target in close proximity to Liberator's two well penetrations, giving us a high-level of confidence when tied into the recently reprocessed seismic that was used to select the Serenity discovery well location,” explained Mr Shafiq.
The company has also agreed to issue £5 million of equity to funders of i3's May 2019 Junior Loan Notes at a price of 35 pence per share via private placement.
Such proceeds will bolster I3’s cash resources as it enters the drilling of the A2 well at Liberator, providing “additional flexibility” for the extension of its drilling programme.
Mr Shafiq pointed to the material support from loan noteholders, noting that it was demonstrative of a “great level of confidence” in I3’s assets and management team.
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