23rd May 2018 15:03
LONDON (Alliance News) - Shares in i3 Energy PLC jumped on Wednesday after it said it has been awarded its sole 30th Offshore Licensing Round application target, Block 13/23c, on a 100% interest basis.
Shares in i3 were up 28% at 115.00 pence on Wednesday.
The award delivers a "significant increase" in i3's combined reserve & resource base, now totalling an "independently verified" 80 million barrels of oil.
i3 plans to enlarge its previously submitted Field Development Plan area to include an optimised drill centre, from which wells could extend into Liberator West - an extension of the Liberator field contained in Block 13/23c - ensuring maximum hydrocarbon capture during Phase I development
"This provides significant additional growth potential and increases our existing full development potential resource base significantly to 80 MMBO. We're excited that this additional potential, within our core area, is proximal to existing infrastructure whilst also being of a scale that supports stand-alone solutions," said Chief Executive Neill Carson.
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