i3 appoints advisors to assist with delays on Liberator farm-out

i3 has big plans for freeing up Liberator in the North Sea
i3 has big plans for freeing up Liberator in the North Sea

North Sea oil firm i3 Energy has appointed acquisitions and divestitures advisor, FirstEnergy Captial, to assist with the company’s farm-out process for the Liberator development.

Westhill-based i3 previously announced in June that it had entered a 90-day exclusivity period with a potential partner for the field, but some “key assurances” have not been met.

Liberator, in the outer Moray Firth, along with the adjacent Liberator West are thought to contain 80million barrels of oil.

i3 said despite appointing FirstEnergy it is ready to consider the potential partner’s proposal once their “structural issues” have been resolved.

The firm said it expects the farm-out process to be completed before an enlarged field development plan is submitted to the Oil and Gas Authority by the end of the year.

CEO Majid Shafiq said: “We are confident that GMP FirstEnergy is best placed to help us during our first concerted effort to market i3’s development and appraisal programme of the greater Liberator area to potential joint venture partners and we are very pleased to be working with their team.

“Liberator has received strong interest to date and both i3 and our A&D advisor believe this farmout process to be well-timed within the current environment. We look forward to updating the market as we move forward.”

Mr Shafiq took over the role earlier this month after co-founder Neill Carson stood down as chief executive.