Oil and gas company i3 Energy is planning to farm-out assets because its low share price makes it difficult to raise cash.
The main assets are 100%-owned so that makes farming-out easier. Plans for a multi-well appraisal programme at the Liberator field and the Serenity discovery are being drawn up. There is likely to be further exploration to the west of the Liberator field.
This drilling needs to be funded and that is where the farm-out comes in. This provides an opportunity to build up the reserves at relatively low risk for the company. i3 Energy is also talking to its senior lenders.
There have been 2.817 million warrants, exercisable at 56.85p a share, issued to GE in payment for oilfield services provided by its subsidiary Baker Hughes. This exercise price is more than four times the current share price.
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