Oil and gas explorer i3 Energy saw its shares head higher today after securing £5 million in additional funding to boost its North Sea activity.
The company also said it had begun drilling at a new well – A2 - at its Liberator field in the Outer Moray Firth. It has previously estimated that field could yield some 200 million barrels of oil. Majid Shafiq, chief executive of i3 Energy, said the additional funding received from investors “shows a great level of confidence in i3's assets and management team".
He said the additional firepower gives it the company flexibility to extend its drilling programme. Last month i3 made a major discovery 80 miles off Aberdeen after successful drilling of its Serenity well.
"We are excited to be drilling again at Liberator on the back of our success at Serenity,” said Shafiq.
“The A2 location has been selected as a low-risk target in close proximity to Liberator's two well penetrations, giving us a high-level of confidence when tied into the recently reprocessed seismic that was used to select the Serenity discovery well location.”
