Oil and gas explorer i3 Energy today said it expects to imminently finalise a £5 million fundraising to boost its North Sea activity.
Last month the company announced plans to raise the cash from a share issue to existing backers. Aberdeen-based i3 said the additional firepower will give the company flexibility to extend its drilling programme.
The company recently drilled a new well – A2 - at its Liberator field in the Outer Moray Firth. It has previously estimated that field could yield 200 million barrels of oil. At the time the funding deal was announced chief executive Majid Shafiq said the additional finance received from investors “shows a great level of confidence in i3's assets and management team".
In October i3 made a major discovery 80 miles off Aberdeen after successful drilling of its Serenity well.
