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i3 Energy Secures $25 million Credit Facility for 2018 Liberator Field Development Programme

Source: www.gulfoilandgas.com 11/20/2017, Location: Europe

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i3 Energy has received an indicative proposal and confirmed support from two UK-based lenders for a $25 million senior secured credit facility.

As previously announced on 3 November 2017, the Company has been progressing multiple funding options to finance its 2018 development programme. As part of this undertaking, i3 has been engaged in a formal process seeking to secure a $25 million credit facility to be used for the Phase I development of its 100% owned and operated Liberator development. The Company has received non-binding terms for a credit facility from UK-based lenders for the full $25 million facility, subject to final due diligence and the completion and approval of acceptable loan documentation. The Company expects this to be completed during the course of December 2017 and further details on the transaction will be announced then.

As i3 moves to finalize loan documentation with its lenders before year end, the Company will continue advancing other initiatives to fully fund its Liberator development, including the consideration of equity capital markets, joint venture partnerships, and private sources of funding.

There can be no certainty that the above-mentioned commitments will result in legally binding loan documentation.

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