i3 Energy plc, an independent oil and gas company with assets and operations in the UK, notes its recent share price movement and speculation regarding an equity placing. As per its 2018 and 2019 funding-related announcements, the Company has been and remains focused on securing the best funding package for its shareholders to bring its 100% owned Liberator field into production and to unlock what it believes to be material upside within its asset base.
On February 25th, the Company announced its entry into a term sheet which set out the terms and conditions of a £24 million junior secured loan note facility with warrants. As one of the conditions precedent to drawing on the Junior Facility, i3 would be required to commit a minimum of £16 million of capital which the Company could contribute through either the issue of new ordinary shares to investors or through the proceeds of its previously announced joint venture farmout process that it is concurrently running.
In order to assess each viable funding configuration, the Company has for some time been and continues to be in ongoing discussions that span its entire asset base and capital structure, including the potential farmout of its licences, the placement of junior debt, senior debt and equity. Further announcements will be made as appropriate.
Unless otherwise defined, terms used in this announcement shall have the same meanings as those defined in the announcement of 1 March 2019.