i3 Energy has secured an extension to a loan facility in order to deploy resources to “time-critical elements” of its North Sea Liberator development.
The Westhill-based firm is aiming for first oil from the Moray Firth development next year.
Liberator, combined with Liberator West, is thought to hold up to 80million barrels of oil.
An deal with the holders of convertible loan notes (CLRs), worth more than £520,000 was due to expire tomorrow, however the firm has managed to gain an extension until October 31.
i3 said it would allow the company “to deploy existing resources towards time-critical elements of its Liberator development.”
CLRs is a type of bond which the holder can use for shares in the company or for cash of equal value.
The Liberator West development is scheduled for a single well appraisal in Q4 of this year.
Last month the firm raised £1.6m for the development through share placing.
At the time, CEO Neill Carson said: “We continue to make excellent progress with our proposed joint venture partner and remain optimistic that the legal documentation will be signed before the end of the exclusivity period with submission of the enlarged Liberator Phase I FDP to follow shortly thereafter.
“The small capital raise announced today allows i3 to secure critical resources and conduct operations that keep the Liberator development on track for first oil in 2019. We look forward to updating our shareholders in due course.”