i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to update the market in relation to its funding progress.
The Company continues advancing multiple initiatives to seek full funding for its Liberator development through prospective equity capital markets, joint venture partnerships and private funding sources, one of which is the proposed $25 million senior secured credit facility. The Company now expects to finalise loan documentation in early 2018 alongside pursuing other financing initiatives which i3 believes would fully fund the Liberator development to first oil. The Company is planning for the full financing of the development to occur in Q1 2018 although there is no certainty definitive agreements will be entered into. i3 will further update the market at such point as sufficient information becomes available.
Neill Carson, i3’s CEO, commented
“We appreciate the ongoing support from our current investors, suppliers, senior lenders, and potential partners as the Company continues to arrange development finance for Liberator. The team is looking forward to an exciting 2018 work program upon completion of our funding initiatives.”
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