EASTLEIGH, UK – 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.”