I3E I3 Energy Plc

TIDMI3E

RNS Number : 3862K

i3 Energy PLC

04 January 2021

4 January 2021

i3 Energy plc

("i3" or the "Company")

UKCS Licence P.1987 Determination and Appointment of Broker

i3 Energy plc, an independent oil and gas company with assets and operations in the UK and Canada announces the following update regarding UKCS Licence P.1987.

UKCS Licence P.1987 reached the end of its two-year second term on 31(st) December 2020 and as per the terms of the licence it has been agreed with the OGA that it be relinquished. To move into the third term of the licence, an approved Field Development Plan would have been required. Licence P.1987, which encompasses UK Block 13/23d contains contingent resources, which have been evaluated as sub-commercial by i3 and in an 'independent competent person' report and as such do not represent a viable commercial development. i3 may choose to re-apply for Licence P.1987 licence in the future if justified by its appraisal of the Liberator West / Minos High prospective areas and/or the Serenity discovery. The relinquishment will result in a significant saving in licence fees whilst i3 progresses its appraisal of resources on its adjoining P.2358 Licence.

This relinquishment has no impact on Licence P.2358, which commenced its four-year second term on 30(th) September 2020 and contains the vast majority of the resources and potential reserves in the Company's UK acreage. Licence P.2358 includes the Serenity discovery and the Liberator West and Minos High prospective areas, which will be the focus of plans for appraisal and exploration drilling.

i3 is pleased to announce it has appointed Tennyson Securities as its joint Broker, replacing Mirabaud Securities. Tennyson Securities is the new home of the oil and gas corporate finance, equity research and sales team that has recently left Mirabaud Securities and will provide continuity of i3's broking relationships.

ENDS

CONTACT DETAILS:

 
 i3 Energy plc                                     c/o Camarco 
    Majid Shafiq (CEO) / Graham Heath (CFO)           Tel: +44 (0) 203 781 8331 
 
   WH Ireland Limited (Nomad and Joint Broker)       Tel: +44 (0) 207 220 1666 
    James Joyce, James Sinclair-Ford 
   Canaccord Genuity Limited (Joint Broker)          Tel: +44 (0) 207 523 8000 
    Henry Fitzgerald- O'Connor, James Asensio 
   Tennyson Securities (Joint Broker)                Tel: +44 (0) 207 186 9030 
    Peter Krens 
   Camarco                                           Tel: +44 (0) 203 781 8331 
    Georgia Edmonds, James Crothers, Violet Wilson 
 

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END

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January 04, 2021 02:00 ET (07:00 GMT)

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