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i3 Energy Provides Update on Liberator Field Development

Source: www.gulfoilandgas.com 9/21/2017, Location: Europe

i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that detailed engineering studies to enable i3's 100% operated and owned Liberator field to be tied into the existing Blake field 'host' infrastructure and produced through the Bleo Holm Floating Production Storage and Offloading vessel ('FPSO') have commenced.

These studies will confirm the final technical requirements and installation schedule for the tie-in and are a key step in the integrated development activities necessary to tie Liberator into the existing Blake field infrastructure. The studies are being undertaken, on behalf of i3, by Repsol Sinopec Resources UK Limited who are the Operator of the Blake field and the Bleo Holm FPSO.

The results of the engineering studies, in combination with the completed site survey information, announced 25th August 2017, will be used to support the Liberator Field Development Plan ("FDP") which is presently under consultation with the UK Oil & Gas Authority. An Environmental Statement for the proposed development is currently being prepared for evaluation alongside the FDP and will be published shortly.

The Company continues to advance discussions with the supply chain and multiple sources of potential financing to fully fund the Liberator development.

Martyn Eames, i3's Commercial Manager, commented

"I'm very encouraged that we have reached agreement with the Operator and owners of the Blake Field to progress the host-specific technical studies. The integration of Liberator into the existing Blake infrastructure will provide the opportunity for both operational and commercial synergies to be realised. The timing of this engineering work and ongoing cooperation will ensure readiness for the next operational stage of the project and as such we remain on track for drilling operations and subsea tie-in activities in 2018."

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