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i3 Energy PLC

i3 Energy says 2019 drilling programme remains on track to commence mid-summer as debt financing plans progress

The firm aid the junior debt facility with warrants, announced on 1 March, which will be used to partially finance the programme continues to progress to legally binding loan documentation

North Sea rig
Concurrently, i3 said, the group and its lenders are working towards agreement of a senior loan

i3 Energy PLC (LON:I3E) said its 2019 drilling programme remains on track to commence mid-summer as its debt financing plans for the programme continue to progress.

The AIM-listed independent oil and gas company, with assets and operations in the UK focused on the North Sea, said the junior debt facility with warrants, announced on 1 March, which will be used to partially finance the programme continues to progress to legally binding loan documentation.

READ: i3 Energy hires rig for summer drill programme

Concurrently, i3 said, the group and its lenders are working towards agreement of a senior loan which would, upon a successful 2019 drilling campaign, provide adequate funding for the expected delivery of first oil from the Liberator field in 2020.

i3 added that it will provide updates to the market at such time as the final junior and senior loan agreements are executed.

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Price: £0.27

Market: AIM
Market Cap: £25.32 m
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