i3 Energy wants to raise US$50mln that will allow it to deliver first production from the Liberator field in the North Sea in early 2018
North Sea oil firm i3 Energy Plc is set to join London’s market this month, bringing investors another would-be producer and growth company.
The company i3 plans to raise US$50mln in an IPO and wants to use the cash to deliver the Liberator field, which could come online early next year yielding 7,300 barrels oil equivalent per day.
Liberator is host to 16mln barrels of contingent resources, and is located in proximity to offtake infrastructure.
In a statement to investors, it explained that it has engaged the supply chain for a drill programme, of two back-to-back development wells, that will take place this year and early next year.
It added that there is material upside potential, for extensions to Liberator and the capture of adjacent acreage.
Beyond Liberator, the company says its strategy is to focus on the development of discoveries located close to existing infrastructure the exploitation of producing fields whilst having limited exploration exposure.
I3 is led by Ithaca Energy co-founder Neill Carson alongside chief financial officer Graham Heath, who was vice president of corporate development and interim CFO whilst working Carson at Iona Energy.
The rest of the board is completed by chairman David Knox, as well as non-executive directors Majid Shafiq and Richard Ames.
“We have a strong technical team with significant North Sea expertise and an excellent track record of delivering development projects in the area," Carson said in a statement.
"We are hugely excited by the opportunity we see in the UK North Sea and are confident that we have the right team and strategy to bring the high-quality Liberator Field Cluster into development and grow the business through our targeted acquisition strategy."
Heath, meanwhile, added: “i3 is at an exciting stage of growth and proceeds from our listing will be used to fund the development of the Liberator Field, a high return, low cost discovery targeting first oil in Q1 2018 at a rate of 7,300 barrels of oil equivalent per day."
"We are delighted with the support we have received to date from our existing investors.
“We see this as a strong endorsement of our asset and team and look forward to welcoming our new investors once i3 lists on AIM."
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