UK-independent i3 Energy is planning to list on the AIM Market of the London Stock Exchange and raise US$50 million to fund the development of its Liberator field.
The company acquired a 100% operated interest in License P.1987, Block 13/23d, which contains the Liberator oil field and nearby upside - the Liberator Area Cluster - in December 2016.
It says the Liberator Area Cluster is a high quality, low cost, oil development opportunity, with 51 MMboe initially in place, and 16 MMboe recoverable 2C resources. First oil is targeted for Q1 2018, with development drilling in 2017-18, at 7300 boe/d via existing infrastructure, owned by Dana Petroleum.
The firm has already agreed heads of terms with Diamond Offshore for two rig slots and Baker Hughes for well services. Well management is to be provided by Petrofac SPD. The contractors have agreed in principle partial deferral of capex beyond first oil.
i3 Energy is led by Neill Carson (CEO), previously a co-founder of Ithaca Energy. Co-founder Graham Heath worked alongside Carson at Iona Energy.
They have been joined by David Knox, formerly Chief Executive Officer and Managing Director of Santos.
The firm also has Majid Shafiq, formerly Managing Director of FirstEnergy Capital and Tristone and currently CEO of Argentil Capital Partners, and Richard Ames, Former Vice President of TNK-BP, Sidanco and Amoco, on its board.