i3 Energy Plc (ITEEF)

[pro_s2009]

Interesting news today from EOG. They have got a 1m debt facility lined up "IN CASE OF SIDE TRACK AT SERENITY". Looking for even more oil with this appraisal then.

This is from their RNS this morning.

https://www.londonstockexchange.com/news-article/EOG/loan-facility-secured/15621586


.....Simon Oddie, CEO of Europa, said:

"We are pleased to have secured this source of debt financing from UJO, which is one of our joint venture partners at Wressle. The loan will provide us with additional liquidity and reflects the prudent cash management philosophy that we adopt at Europa when looking at the various development settings that we could face in the near term. One of these scenarios includes a success case side-track that may be drilled in the upcoming Serenity appraisal well. The side-track could prove up further volumes in addition to those proven by the main wellbore and these additional funds will ensure that we have sufficient working capital to progress all of our assets under the potential growth scenarios that we are modelling."