An oil and gas company led by a co-founder of Ithaca Energy has raised £6.2million to put towards developing a field in the outer Moray Firth.
Bosses at i3 Energy, founded in 2014, said they had generated the cash through a private placing that was oversubscribed.
The net proceeds of the placing will help i3 press ahead with the field development plan for Liberator, which was discovered by Dana Petroleum in 2013.
London-based i3 bought a 100% operated working interest Liberator in December 2016.
Liberator sits adjacent to the Blake field and is situated 1.2miles from Blake’s producing drill centre.
Neill Carson, chief executive of i3, said the company intended to build up a portfolio of production and development assets in the North Sea.
The company is understood to be reviewing options for an office in Aberdeen.
Mr Carson said: “Today’s successful funding allows us to continue to progress the development of Liberator, a high quality oil discovery.
“The field is fully justified for development and the delivery plan adopts proven development practices that have produced outstanding recovery factors in adjacent fields and will maximize the recoverable hydrocarbons from Liberator’s exceptionally high quality reservoir.
“We remain excited by the opportunity we see to grow our portfolio of assets in and beyond the North Sea and continue to actively pursue our staged acquisition growth strategy.”
Mr Carson was instrumental in the founding of Ithaca, as well as Iona Energy.
Aberdeen-headquartered Ithaca agreed to a £1billion takeover by Israel’s Delek Group last month.
Iona went into administration early in 2016 after failing to restructure its finances.
Graham Heath, who worked with Mr Carson at Iona for four years, is chief financial officer at i3.
Last week, natural resources investment firm Glenwick said i3’s preparations to list on the London Stock Exchange through an initial public offering (IPO) were “progressing as planned”.
In September, Isle of Man-based Glenwick announced that it had agreed to invest £1.1million in i3 via a pre-IPO convertible loan note.
Glenwick emerged in November 2015 following a restructuring and change of name from Treveria, formerly an AIM-quoted property investment company.
Recommended for you
