i3 Energy, a London-listed company focused on developing the Liberator field in the UK North Sea, has started talks with noteholders to seek waiver on previously agreed terms.

In a statement on Friday, the company reminded that on 8 November 2019, the majority noteholders agreed to extend the date by which the company must enter into a reserves based lending facility or find an alternative means of funding to achieve first oil from the Liberator field to April 30, 2020.

However, the company on Friday said that it wouldn't be able to secure the reserves-based credit by April 30.

"...the Company is in discussions with all noteholders to waive this condition and expects to provide an update to the market prior to April 30," i3 Energy said.

i3 has previously said there was a capacity for a small Liberator Phase I development of up to 3 wells via the Repsol Sinopec-operated Bleo Holm FPSO in the UK North Sea.