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 […]
Tag: i3 Energy plc
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 […]
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 […]
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 […]
i3 cuts emissions by 4% at Canada-UK operations
i3 Energy plc’s environment, social and governance 2022 report shows a reduction in emissions alongside expanding operations in Canada and the UK North Sea. ENVIRONMENT The group aims to be net zero by 2050 for scope 1 and 2 emissions, relating to direct greenhouse gas emissions from its owned or controlled sources such as those […]
i3 Energy issues 570,000 shares in options exercise
i3 Energy plc is issuing 573,199 ordinary shares of 0.01 pence each following the exercise of options by an employee, at an exercise price of £0.05 per ordinary share. Following admission, the company will have 1,202,447,663 ordinary shares of 0.01 pence each in issue, with none held in treasury.