20th Dec 2018 07:00
20 December 2018
i3 Energy plc
("i3" or the "Company")
i3 Energy Provides Liberator Update
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that it continues to progress the necessary documentation with the UK's Oil & Gas Authority ("OGA") to achieve Field Development Plan ("FDP") approval in early 2019 for the Company's 100% owned and operated Liberator development.
i3 expects to enter the final authorisation phase of the OGA's FDP planning and consent process in Q1 2019 and continues to position itself for mid-2019 development execution with Liberator Phase I first oil anticipated in mid-2020.
John Woods, i3's COO, commented
"We are pleased by the progress being made towards Liberator Phase I field development approval and are appreciative of the ongoing support and guidance of the OGA."
ENDS
CONTACT DETAILS:
i3 Energy plc | ||
Majid Shafiq (CEO) / Graham Heath (CFO) | c/o Camarco Tel: +44 (0) 203 757 4980 | |
WH Ireland Limited (Nomad and Joint Broker) | ||
James Joyce, James Sinclair-Ford | Tel: +44 (0) 207 220 1666 | |
GMP FirstEnergy (Joint Broker) | ||
Jonathan Wright, David van Erp | Tel: +44 (0) 207 448 0200
| |
Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald- O'Connor, James Asensio
| Tel: +44 (0) 207 523 8000
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Camarco Georgia Edmonds, Jane Glover, James Crothers |
Tel: +44 (0) 203 757 4980 |
Notes to Editors: i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, containing 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension, both of which i3 hold a 100% working interest in.
The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
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