i3 Energy plc, an independent oil and gas company with assets and operations in the UK and Canada announces the following update regarding UKCS Licence P.1987.
UKCS Licence P.1987 reached the end of its two-year second term on 31st December 2020 and as per the terms of the licence it has been agreed with the OGA that it be relinquished. To move into the third term of the licence, an approved Field Development Plan would have been required. Licence P.1987, which encompasses UK Block 13/23d contains contingent resources, which have been evaluated as sub-commercial by i3 and in an ‘independent competent person’ report and as such do not represent a viable commercial development.
i3 may choose to re-apply for Licence P.1987 licence in the future if justified by its appraisal of the Liberator West / Minos High prospective areas and/or the Serenity discovery. The relinquishment will result in a significant saving in licence fees whilst i3 progresses its appraisal of resources on its adjoining P.2358 Licence.
This relinquishment has no impact on Licence P.2358, which commenced its four-year second term on 30th September 2020 and contains the vast majority of the resources and potential reserves in the Company’s UK acreage. Licence P.2358 includes the Serenity discovery and the Liberator West and Minos High prospective areas, which will be the focus of plans for appraisal and exploration drilling.
i3 is pleased to announce it has appointed Tennyson Securities as its joint Broker, replacing Mirabaud Securities. Tennyson Securities is the new home of the oil and gas corporate finance, equity research and sales team that has recently left Mirabaud Securities and will provide continuity of i3’s broking relationships.
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