To remind, the majority noteholders agreed back in November to extend the date by which i3 Energy must enter into a reserves-based lending facility or find an alternative means of funding to achieve first oil from the Liberator field.

The deadline was extended from 6 December 2019 to 30 April 2020.

On Friday, 24 April, i3 Energy stated that it would not be in a position to enter into such a facility by the end of the deadline.

The company explained that it was in discussions with all noteholders to waive this condition and that an update regarding this topic could be expected before the deadline date.

The Liberator field, discovered in November 2013, is located in the North Sea, some 64 kilometres north-east of Aberdeen. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension.

The field is adjacent to the Blake field and only 2 kilometres from Blake’s producing drill centre.

In recent company news, i3 Energy entered into a drilling contract with Dolphin Drilling to utilize either the Borgland Dolphin or Blackford Dolphin semi-submersible drilling rig for a minimum 82-day program.

The program is due to start no later than 1 September 2020, or as otherwise agreed between the parties.