I3E – Material Growth in Resource Base to 80 MMBO

23 May, 2018 – i3 Energy plc, an independent oil and gas company with assets and operations in the UK is pleased to announce it has been awarded its sole 30th Offshore Licensing Round application target, Block 13/23c 123 km2, on a 100% Interest basis.
 
Highlights
 
·    Block 13/23c contains a material extension of the Liberator field, referred to by i3 as Liberator West, with further prospectivity identified by the Company outside the Liberator trend
 
·     i3 plans to enlarge its previously submitted Field Development Plan (“FDP”) area to include an optimised drill centre from which wells could extend into Liberator West, ensuring maximum hydrocarbon capture during Phase I development
 
·    The award delivers a significant increase in i3’s combined Reserve & Resource Base, now totalling an independently verified 80 MMBO
 
o  Liberator West adds 22 MMBO Mid-case 2C Contingent Resources and 47 MMBO Mid-case     Prospective Resources to the Company’s currently held 11 MMBO of 2P Reserves
 
·    A Liberator West appraisal well is being planned for late 2018 (into the Contingent Resource area), with i3’s Competent Person, AGR TRACS International Limited (“AGR”), estimating a 70% chance of finding commercial hydrocarbon volumes
 
·     The award of 13/23c adds clarity to i3’s ongoing Joint Venture development funding process
 
Neill Carson, CEO commented
 
“The award of our sole targeted application Block 13/23c ensures i3 has 100% ownership of the full, highly attractive Liberator project. 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. It will provide relatively low-risk, low-cost drilling opportunities to develop additional barrels in this highly productive and well-established trend.”
 
Full announcement at https://i3.energy