i3 Energy - $7.6 million Oversubscribed Private Placing
Caption: Diamond Offshore’s Ocean Nomad rig drills Liberator field
North Sea firm i3 Energy has appointed acquisitions and divestitures adviser FirstEnergy Captial to assist with the company’s farm-out process for the Liberator development.
Westhill-based i3 announced in June that it had entered a 90-day exclusivity period with a potential partner for the field, but some “key assurances” have not been met.
Liberator, in the outer Moray Firth, and the adjacent Liberator West are thought to contain 80 million barrels of oil.
i3 said despite appointing FirstEnergy it is ready to consider the potential partner’s proposal once its “structural issues” have been resolved.
The firm said it expects the farm-out process to be completed before an enlarged field development plan is submitted to the Oil and Gas Authority by the end of the year.
CEO Majid Shafiq said: “We are confident that GMP FirstEnergy is best placed to help us during our first concerted effort to market i3’s development and appraisal programme of the greater Liberator area to potential joint venture partners and we are very pleased to be working with their team.
