History
US$50mm
Drilling
Canadian drilling budget increased by up to US$50mm
25% farm-out of i3’s Serenity oil discovery in exchange for funding of 46.25% paid interest of upcoming appraisal well
Announced monthly dividend programme
US$47mm
Drilling
Commenced US$47mm operated drilling program
£3.36MM
DIVIDENDS
Announced and paid dividends totalling £3.36 million
8,500+ BOEPD
ACQUISITION
Executed large, synergistic asset acquisition from Cenovus Energy for 8,500 boepd and 80 MMboe 2P reserves, doubling the size of i3’s Canadian portfolio
£40MM
equity placement
Issued £40 million of equity to fund the Cenovus asset acquisition
Commenced non-operated drilling in Marten Hills Clearwater, Wapiti and Pembina areas
Successfully integrated the Canadian business to become a dual-jurisdictional operator and full-cycle E&P company
Concluded 2 AIM Readmissions (for the RTOs of Gain and Toscana) and listed on the Toronto Stock Exchange under the symbol iTE
£29MM
Equity Placement
Raised £29 million via equity issuance to fund Canadian acquisitions
9,000+
boepd
Entered the Western Canadian Sedimentary basin, acquiring Toscana Energy Income Corporation (corporate) and the assets of Gain Energy Ltd., adding over 9,000 boepd and 53 MMboe of 2P Reserves
Serenity Oil Field Discovery
Discovered the Serenity oil field, supporting i3’s pre-drill estimates of 197 MMbbls STOIIP
£5MM
EQUITY PLACEMENT
Raised £5 million via equity issuance
Appointment of Linda Beal to the Board of Directors
Conducted 3-well appraisal programme on a 100% basis
Entered into £22 million junior loan note facility to fund i3’s 2019 appraisal drilling programme
£18MM
Equity placement
Raised £18 million via equity issuance
Appointment of CEO, Majid Shafiq
Awarded block 13/23c (later licenced as P.2358) adjacent to Liberator licence P.1987 in UK’s 30th Offshore Licensing Round
£4.2MM
EQUITY PLACEMENT
Raised £4.2 via equity issuance
Site Survey for Liberator field completed
Successfully listed on the AIM market of the London Stock Exchange in July 2017
£6.2MM
Private Placement
Concluded £6.2 million private placement
Engaged the supply chain, neighbouring infrastructure owners, and the OGA in respect of the Liberator FDP
Submitted Liberator Environmental Statement and Field Development Plan (FDP)
Completed acquisition of Liberator (licence P.1987) and appointed operator by the UK Oil & Gas Authority
Initiated and partially concluded private placement of £6.2 million
Signed purchase and sale agreement for UKNS licence P.1987 (containing the Liberator oil discovery)
Commenced the targeting and screening of commercial opportunities
i3 founded