London and Toronto-listed oil firm i3 Energy said today it would complete a balance sheet restructuring “shortly”, which would allow it to pay a maiden dividend.
Chief executive Majid Shafiq said the restructuring process had taken longer than expected.
But the company said it had almost finished preparatory work and the creditor approvals process for a court-led balance sheet restructuring.
This will create distributable reserves needed for the maiden dividend.
Once ready, an EGM will be called to allow shareholders to approve the restructuring in parallel with an application to the UK courts for judicial approval, following which the dividend can be paid.
Shareholders will receive a notice to this meeting shortly, i3 said.
The firm, headquartered in Westhill, Aberdeenshire, also said it was still in talks with potential farm-in partners for an appraisal drilling programme on the Serenity field in the UK North Sea.