1. When is a decision expected from the OGA regarding Serenity/Tain connectivity & unitisation?
The timing of this will be determined by the Tain Operator’s consultation process with the OGA regarding the Tain Field Development Plan. Prior to the approval of the FDP, the licensees in adjoining blocks have the opportunity to comment on the Tain Field Determination Area.
2. What is the current status of the farm out process for drilling Liberator & Serenity and is it still the Board’s expectation that drilling will happen this year?
As referenced on 23 June 2020, these efforts remain ongoing and engagement continues with potential farminees. Investors will note that many sector participants have made public statements regarding cancellation of all discretionary capital spend during 2020 as a result of the COVID-19 pandemic and a world oil price collapse that has yet to see a return to early 2020 levels. It should be expected that this would limit i3’s farmout prospects for a 2020 drilling campaign. The Company does have a number of active participants that could potentially result in a farmout offer, though the practicalities of operational preparedness and permitting will make drilling prior to winter in 2020 unlikely. i3 will provide further updates to the market as these discussions progress.
3. What is the Board’s current strategy regarding raising $60m funding for the potential new Canadian oil & gas assets?
The Company is in discussions with its investors and brokers and is seeking funding for the consideration of the proposed transactions and general corporate purposes. On success, this could be achieved by way of equity or equity plus debt.
4. In particular, current shareholders are concerned about further extreme dilution. Can they be assured that these acquisitions are in the interests of shareholders and not just the directors looking for salaries?
The directors of the Company fully support the entry into the proposed transactions and believe they are in the best interests of i3’s shareholders.
5. Will shareholders be invited to take part?
This is being worked on and is the Company’s preference that at such time as an equity issuance is offered, that it is also made available to retail shareholders.
6. When does the company envisage the shares being brought out of suspension and listed again on AIM & TSX?
If successful, the proposed transactions will result in the resumption of trading between mid-August and late-September.