Finance News Oil & Gas

Europa decides against renewing Serenity

Europa Oil & Gas (Holdings) plc has ruled out renewing licence P2358, containing the Serenity oil discovery, in the Outer Moray Firth. COSTS The company holds a 25% farm-in with operator i3 Energy owning 75%. After an appraisal well in 2022 showed “disappointing” results the companies began talks on the field’s potential. Europa said its […]

News Oil & Gas

i3 Energy agrees £174m sale to Gran Tiera

i3 Energy plc has agreed to a £174.1 million (US$225.4m) cash and share bid for its entire share capital from Gran Tierra Energy Inc. RECOMMENDATION I3’s portfolio comprises operations in Central Alberta, Clearwater, Elmworth/Wapiti and Simonette in the Western Canadian Sedimentary Basin. The company also holds 75% of Outer Moray Firth licence P2358, containing the […]

News Oil & Gas

i3 sells certain Canadian royalty assets for $25m

i3 Energy plc’s subsidiary in Canada has agreed to sell certain of its royalty assets for gross cash of US$24.81 million (£19.9m). GROWTH The company said that the definitive transaction, with a “newly formed private royalty company” marked the next step in changing i3’s capital structure. The deal will also enhance its financial flexibility through […]

Finance News Oil & Gas

i3 Energy secures new CA$75m credit

i3 Energy plc has re-financed its existing CA$57m loan with a CA$75 million reserve-based credit facility. VALIDATION The new senior secured credit with a Canadian chartered bank comprises a $55m revolving facility and a $20m operating loan. The agreement also see repayment of $57m, which is the outstanding balance of i3 Energy’s existing $75m loan […]