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i3 Energy Limited

In September 2016 the Company made a £1.1m pre-IPO investment in convertible loan notes in i3 Energy Limited (“i3”), which is currently seeking an admission to trading on AIM.

i3 is a UK registered oil & gas company, formed for the purpose of making investments in near-term producing assets, primarily in the North Sea. Its Board and management consist of individuals with a proven track record of success involving many high profile and successful North Sea and International E&P companies. Subsequent to the investment by Glenwick, i3 received the relevant approvals from the UK Oil and Gas Authority and completed its acquisition of a 100% Operated interest in the Liberator field, an oil discovery situated within Block 13/23d of the UK North Sea, immediately adjacent to the Blake field and situated 2 kilometres from Blake’s producing drill centre.

The terms of the convertible loan notes mean that Glenwick will participate in i3’s IPO on very favourable terms. It is the Directors’ intention that the i3 shares will then be distributed to existing Glenwick shareholders. i3 expects to complete its IPO by the middle of this year.

Further details on i3 Energy limited can found on their website i3 Energy Limited