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i3Energy Plc transformed by opportune Canadian deal

i3 Energy PLC (LON:I3E, ) agreed to acquire a further 49.5% interest in the South Simonette oil property in Canada, doubling its stake to 99%.

It is acquiring the stake from Anegada Oil Corp through a right of first refusal, and it will pay US$4.2mln along with US$580,000 to cover the costs of reactivating two suspended wells, with work slated for July.

The deal is expected to add 720 barrels of oil equivalent per day (boepd) of production, adding US$5.2mln of cashflow, following the July programme. It doubles the company’s working interest in more than 70 potential development well locations across the South Simonette property.

Net production at South Simonette currently measures around 825 boepd, i3 noted, meanwhile, to the north the company has modelled a possible 38-well development which could yield 10,000 boepd.

Read More: i3Energy Plc transformed by opportune Canadian deal

2021-06-16 08:27:40

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