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i3 Energy makes 'significant progress' on proposed farm-in deal for Liberator blocks

i3 Energy has raised US$2.1mln through a share placement, providing the resources required to keep the Liberator development on track for first oil in 2019
north sea
i3 said it continues to work closely with its potential partner

i3 Energy PLC (LON:I3E) told investors on Friday that “significant progress” had been made with its proposed joint venture farm-in deal for the Liberator and Liberator West blocks in the UK North Sea.

The oil and gas company said it expects to sign a legally binding farm-out agreement (FOA), a joint operating agreement (JOA) and other legal documentation with an unnamed firm before the end of the exclusivity period, which runs to September 24.  

In June, i3 granted a period of exclusivity to the potential joint venture partner to conclude contractual negotiations, which would, if successful, result in the group being fully funded for the Liberator field development and the appraisal of Liberator West.

READ: i3 Energy grants exclusivity period to unnamed company for potential farm-in deal for Liberator blocks

i3 said it continues to work closely with its potential partner to progress the FOA, JOA and other legal documentation required to formalise the joint venture arrangements. 

Under the proposed joint venture, the parties will prepare the updated Liberator Phase I field development plans (FDP) for presentation to the Oil and Gas Authority after the FOA has been signed.

i3 has raised US$2.1mln through a share placing to support the costs of a site survey, analysis of the data and near-term engineering required for the submission and approval of the FDP.

"The small capital raise announced today allows i3 to secure critical resources and conduct operations that keep the Liberator development on track for first oil in 2019,” said i3 chief executive Neill Carson.

“We look forward to updating our shareholders in due course."

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i3 Energy Plc Timeline

September 07 2018

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