i3 Energy receives indicative proposal and support from two UK lenders for $25m senior credit facility

In an effort to finance its 2018 development programme, i3 said it had moved on multiple funding options including a formal process to secure a $25m credit facility for the Phase I development of its 100%-owned and operated liberator development.

The company also announced receipt of non-binding terms for a credit facility from UK-based lenders for the full $25m facility, pending final due diligence as well as completion and approval of acceptable loan documentation which was expected to be completed during the course of December 2017.

Despite the above, and even as it moved to finalize loan documentation with its lenders before year end, i3 Energy said it would continue to progress on the other options available to it for fully funding its Liberator development, including raising fresh equity, joint-venture partnerships and private sources of funding.

Graham Heath, i3's CFO, commented: "The receipt of an indicative proposal and support for this $25 million credit facility from two experienced lenders who are very familiar with the North Sea is a strong endorsement. Their support for the Liberator project validates the asset's technical and economic potential, and would provide critical funding towards the target to deliver first oil from the field in 2018."