NORTH Sea-focused i3 Energy has said it is in talks about a deal that would give it the funding to bring the Liberator field into production.
Aberdeen-based i3 said it is in exclusive talks with a potential joint venture partner that is interested into buying a stake in the field and adjoining Moray Firth acreage through a farm in.
The Aim-listed firm did not name the party concerned or give details of the pricing under discussion.
However, the company said the deal would result in i3 being fully funded for both the Liberator field development and the appraisal of the Liberator West find.
These are estimated to contain around 33 million barrels oil equivalent.
The progress of the talks will be followed with interest in the North Sea industry amid hopes relatively small independents such as i3 could help breathe new life into the exploration effort in the area.
They may work up prospects that are too early stage to interest giants.
Jersey Oil & Gas made a big find last year in an area it persuaded Total to enter.
The chief executive of i3 Energy, Neill Carson, said: “The interest from a potential farm-in partner can be attributed to the quality and scale of the Liberator opportunity and the state of project readiness.”
In February i3 said it was in talks with an international firm considering investing $200 million in its developments.
The company subsequently won the licence containing Liberator West in the 30th UK round.
It bought the original Liberator discovery in 2016, from -Korean-owned Dana Petroleum.
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