i3 Energy PLC Closing of Previously Announced Acquisition (3934J)
23 Agosto 2021 - 1:00AM
UK Regulatory
TIDMI3E
RNS Number : 3934J
i3 Energy PLC
23 August 2021
23 August 2021
i3 Energy plc
("i3", "i3 Energy", or the "Company")
Closing of Previously Announced Strategic Central Alberta Asset
Acquisition
i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas
company with assets and operations in the UK and Canada, is pleased
to announce that its wholly owned Canadian subsidiary has closed
i3's previously announced (7 July 2021) strategic Central Alberta
asset acquisition from Cenovus Energy Inc., a senior Canadian oil
and gas producer, for a total consideration of CA$65 million
(US$53.7 million) (the "Acquisition"). The strategic Acquisition,
within i3's Central Alberta core area, is expected to provide
strong free cash flow and delivers extensive operational synergies,
predictable low-decline production, and a large reserve base with
multi-year development opportunities as described further in the
Company's announcement on 7 July 2021.
Majid Shafiq, CEO of i3 Energy plc, commented:
"The Company is very pleased to have closed this strategic
acquisition, following an intense period of preparatory work to
ensure a seamless integration of the new assets into our existing
business. We are delighted that all incumbent field operations
staff have joined the i3 team which will allow us to rapidly
progress initiatives to extract incremental value from new projects
and operational synergies from this extensive portfolio"
END
Enquiries:
i3 Energy plc
Majid Shafiq (CEO) / Graham Heath c/o Camarco
(CFO) Tel: +44 (0) 203 781 8331
WH Ireland Limited (Nomad and Joint
Broker)
James Joyce, Darshan Patel Tel: +44 (0) 207 220 1666
Canaccord Genuity Limited (Joint
Broker)
Henry Fitzgerald- O'Connor, James Tel: +44 (0) 207 523 8000
Asensio
Tennyson Securities (Joint Broker) Tel: +44 (0) 207 186 9030
Peter Krens
Camarco
Owen Roberts, James Crothers, Violet Tel: +44 (0) 203 781 8331
Wilson
Notes to Editors:
i3 Energy is an oil and gas Company with a low cost,
diversified, growing production base in Canada's most prolific
hydrocarbon region, the Western Canadian Sedimentary Basin and
appraisal assets in the North Sea with significant upside.
The Company is well positioned to deliver future growth through
the optimisation of its existing 100% owned asset base and the
acquisition of long life, low decline conventional production
assets.
i3 is dedicated to responsible corporate practices and the
environment, and places high value on adhering to strong
Environmental, Social and Governance ("ESG") practices. i3 is proud
of its performance to date as a responsible steward of the
environment, people, and capital management. The Company is
committed to maintaining an ESG strategy, which has broader
implications to long-term value creation, as these benefits extend
beyond regulatory requirements.
i3 Energy is listed on the AIM market of the London Stock
Exchange. For further information on i3 Energy please visit
https://i3.energy/
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
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END
ACQDBGDIBUDDGBD
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August 23, 2021 02:00 ET (06:00 GMT)
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