Hunger for as­sets puts i3 En­ergy on look­out

The Press and Journal (Inverness) - - BUSINESS -

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.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.