i3 Energy plc, an independent oil and gas company with assets and operations in the UK, provides the following update in relation to its announcement of 1st March 2019 regarding its intended entry into a Junior Facility with warrants.
The Company and the Junior Facility lenders continue to progress legally binding loan documentation. Subject to completion and upon drawdown, funds made available from the Junior Facility will be used to partially finance i3’s 2019 drilling programme which remains on track to commence mid-summer.
Concurrently, i3 and its senior lenders are working towards agreement of a senior loan which would, upon a successful 2019 drilling campaign, provide adequate funding for i3’s expected 2020 delivery of first oil from Liberator.
i3 will provide updates to the market at such time as the final junior and senior loan agreements are executed.