EASTLEIGH, UK / ACCESSWIRE / April 21, 2022 / i3 Power plc (AIM:I3E) (TSX:ITE), an unbiased oil and gasoline firm with property and operations within the UK and Canada, is happy to supply the next replace.
Serenity Farmout
Sponsored content material:
Additional to the Firm’s announcement of two March 2022, i3 confirms that it has executed the Farm-in Settlement (“FIA”) with Europa Oil & Fuel Restricted (“Europa”) (firm quantity 03093716) following Europa’s completion of its fairness fundraising to fund its share of the upcoming Serenity appraisal properly.
Background
Underneath the phrases of the FIA, Europa will purchase a 25% non-operated working curiosity (“WI”) in a sub-area of UKCS Licence P.2358 Block 13/23c containing the Serenity discovery (the “New Serenity Block”) by funding a 46.25% paying curiosity for one appraisal properly on the sector, whereafter i3 will retain a 75% operated WI within the New Serenity Block.
The properly value is estimated to be circa £14 million and Europa’s 46.25% paying curiosity will probably be utilized as much as a capped gross properly value of £15 million. Any properly prices exceeding £15 million will probably be paid by the businesses in proportion to their respective working pursuits. Completion of the deal and switch of the licence curiosity to Europa will probably be topic to the next principal circumstances:
1. Europa funding an escrow account with their paying curiosity obligation.
2. Approval of the North Sea Transition Authority (“NSTA”) to the creation of the New Serenity Block.
3. Consent of the NSTA to project of an curiosity within the Licence and New Serenity Block to Europa.
4. Approval of i3’s Mortgage Observe holders of the project of the Licence curiosity.
Following this farm-out i3 will retain a 100% WI within the the rest of Block 13/23c which accommodates the Minos Excessive prospect and Liberator discovery.
Majid Shafiq, CEO of i3 Power plc, commented:
“i3 is delighted to announce the execution of the farm-in settlement with Europa and we are going to now start the detailed planning and allowing course of for the Serenity appraisal properly, which we now anticipate to spud in late Q3 this 12 months.”
END
Certified Individual’s Assertion
In accordance with the AIM Observe for Mining and Oil and Fuel Firms, i3 discloses that Majid Shafiq is the certified one who has reviewed the technical data contained on this doc. He has a Grasp’s Diploma in Petroleum Engineering from Heriot-Watt College and is a member of the Society of Petroleum Engineers. Majid Shafiq consents to the inclusion of the knowledge within the kind and context wherein it seems.
Enquiries:
i3 Power plc
Majid Shafiq (CEO) / Graham Heath (CFO)
c/o Camarco
Tel: +44 (0) 203 781 8331
WH Eire Restricted (Nomad and Joint Dealer)
James Joyce, Darshan Patel
Tel: +44 (0) 207 220 1666
Stifel Nicolaus Europe Restricted (Joint Dealer)
Ashton Clanfield, Callum Stewart
Tel: +44 (0) 207 710 7600
Tennyson Securities (Joint Dealer)
Peter Krens
Tel: +44 (0) 207 186 9030
Camarco
Georgia Edmonds, James Crothers, Violet Wilson
Tel: +44 (0) 203 757 4986
Notes to Editors:
i3 Power is an oil and gasoline Firm with a low value, diversified, rising manufacturing base in Canada’s most prolific hydrocarbon area, the Western Canadian Sedimentary Basin and appraisal property within the North Sea with important upside.
The Firm is properly positioned to ship future development by means of the optimisation of its present 100% owned asset base and the acquisition of lengthy life, low decline typical manufacturing property.
i3 is devoted to accountable company practices and the setting, and locations excessive worth n adhering to sturdy Environmental, Social and Governance (“ESG”) practices. i3 is pleased with its efficiency to this point as a accountable steward of the setting, individuals, and capital administration. The Firm is dedicated to sustaining an ESG technique, which has broader implications to long-term worth creation, as these advantages lengthen past regulatory necessities.
i3 Power is listed on the AIM market of the London Inventory Alternate. For additional data on i3 Power please go to https://i3.vitality/
The data contained inside this announcement is deemed by the Firm to represent inside data beneath the Market Abuse Regulation (EU) No. 596/2014.
This data is offered by RNS, the information service of the London Inventory Alternate. RNS is permitted by the Monetary Conduct Authority to behave as a Main Info Supplier in the UK. Phrases and circumstances regarding the use and distribution of this data might apply. For additional data, please contact [email protected] or go to www.rns.com.
SOURCE: i3 Power PLC
View supply model on accesswire.com:
https://www.accesswire.com/698282/i3-Power-PLC-Pronounces-Serenity-Farm-in-Settlement-Execution
