I3 Energy (I3E) , the AIM listed oil and gas company focused on developing its Liberator and Serenity North Sea assets closed a £24 million funding package on Monday.
It completed a £22 million junior loan note facility, with investments from Bybrook Capital LLP, BP Oil International Ltd, Lombard Odier Investment Managers and James Caird Asset Management.
It also completed a £2 million share placing by Lombard Odier, having previously raised £16 million in March.
Shares in i3 Energy were trading 12% higher at 44p each following the news
The company is targetting STOIIP of over 500 MMbbls, aiming for first oil in 2020 and circa. 20,000 bopd.
It has signed a crude oil offtake and marketing agreement with BP for Liberator’s production.
The “game changing” 94-day, 3-well drilling campaign, is expected to commence as early as mid-July.
Majid Shafiq hopes the program will transform the company “into one of the more significant oil producers in the UKCS.”
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