- i3 Energy said it had entered into a term sheet for a £24m junior secured loan note facility with warrants.

A European investment manager, which the company did not name, had agreed to subscribe for £12m of the notes.

The remainder were expected to be issued to one or more syndicate members and offtake providers, who were also potential lenders in a $100m debt facility currently under negotiation.

Proceeds would fund a planned 2019 appraisal and development drilling programme, expected to cost around £32m.

The junior facility would be subject to note holders' investment committee approvals, expected to be met during April 2019.

At 1:46pm: (LON:I3E) I3 Energy Plc Ord 0.01p share price was +5.7p at 49p

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