- i3 Energy launched a share issue to raise at least £16m to help fund its 2019 appraisal and development drilling programme.

New shares in the company would be issued at 37p each.

'Today's placing, alongside our anticipated junior loan facility, allows us to retain a 100% interest in and operatorship of the Liberator field and Serenity prospect and ensures i3 is in a robust and competitive position to deliver substantial shareholder growth as we move into an operationally driven phase,' chief executive Majid Shafiq said.

'This is a further key milestone that the management team has delivered on and ensures that the drilling of our first three wells remains on track to commence in June 2019 using the Blackford Dolphin drilling rig.'

At 1:40pm: (LON:I3E) I3 Energy Plc Ord 0.01p share price was -3.5p at 40p

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