Hunger for assets puts i3 Energy on lookout
Firm focused on North Sea
Oil firm i3 Energy said yesterday it was working on several North Sea asset opportunities, while also trying to secure more funds to develop the Liberator field.
Chief executive Neill Carson said i3, which had cash resources of £2.8million at the end of June, was pursuing “highly accretive asset opportunities” in the region.
Mr Carson added the firm had bought seismic data covering multiple blocks and was involved in “advanced screening” for the 30th offshore licensing round.
He also said i3 was exploring “numerous funding options” to advance Liberator in the outer Mo- ray Firth, describing the project as the firm’s “core priority”.
London-based i3 acquired a 100% operated working interest in Liberator from Dana Petroleum in December 2016.
The company then raised £4.2million through a private placing, which has helped it move forward with Liberator.
Last week, the firm said studies to figure out how Liberator can be tied back to the Blake field were under way.
It said yesterday it would need “further funding” to obtain Oil and Gas Authority approval for a field development plan.
I3, which posted pre-tax losses of £1.9million for the first half of 2017, compared to a deficit of £47,000 a year ago, hopes to submit a plan in the coming months.
Mr Carson said: “The first six months of 2017 have been an incredibly busy time for the company with our successful private placement, admission to the alternative investment market, strengthening of the board and good operational progress advancing our 100%-operated Liberator oil field. Our core priority remains securing the required funding to bring this highly attractive asset into development.”
The firm, founded in 2014, is named i3 because its directors were formerly involved with other North Sea companies starting with the letter “i” – Ithaca Energy and Iona Energy. Oil service company Screw Conveyor has gone into administration, but there is hope that a buyer for the business can be found.
Ian Defty and Charles Turner, partners at insolvency and restructuring firm CVR Global, were appointed administrators following a hearing in London yesterday.
Mr Defty and Mr Turner confirmed that none of the 12 employees at Aberdeenbased Screw Conveyors had lost their jobs.
The administrators said they were exploring options to sell the business while it is still trading.
Mr Turner added: “We are actively looking into the sale of the business on a going concern basis, enabling the business to continue trading and preserving the employment of staff members. We hope to conclude a sale in a short space of time.”
Screw Conveyor – majority-owned by John Stodart – specialises in explosion-proof equipment and fabrication services for operators and drilling and engineering contractors.
BY MARK LAMMEY