EASTLEIGH, UK / ACCESSWIRE / June 1, 2021 / 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 the audited results
i3 Energy announces its final results for the year ended 31 December 2020
01 Jun 2021
i3 Energy, an independent oil and gas company with assets and operations in the UK and Canada, has announced its audited results for the year ended 31 December 2020.
Highlights and Outlook
Obtained a corporate foothold in Western Canadian Sedimentary Basin ( WCSB ) production assets and management team through a debt acquisition of Toscana Energy Income Corporation ( Toscana or TEIC ) and entry into an Option agreement to acquire all issued and outstanding shares of TEIC
i3 Energy paid CAD3.4 million (c.USD2.5 million), half in March 2020 and half at end-December, to acquire all of TEIC s outstanding debt and to assume the role of senior-secured lender to Toscana, which was in default under its CAD28 million (c.USD21 million) senior and subordinated credit facilities and was conducting a competitive strategic review process; i3 additionally issued 4,399,224 ordinary shares to TEIC shareholder
i3 Energy PLC Announces South Simonette Consolidation - ROFR Exercise
EASTLEIGH, UK / ACCESSWIRE / May 31, 2021 / 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 the execution of a strategic acquisition in its core Simonette area, taking operatorship and doubling its position in a premium light oil asset in the Lower Montney.
Highlights:
Acquired an additional 49.5% position plus operatorship in the Company s South Simonette oil property, increasing i3 s interest to 99%.
Cost to exercise the Right of First Refusal (
ROFR )
of USD 4.2mm (CAD 5mm) plus planned capital investment of USD 0.58mm to reactivate two suspended wells in July results in effective acquisition at 1.49x next twelve months (
i3 Energy PLC Announces Reduction of Capital Circular ) detailing a proposed reduction of capital (the Capital Reduction ) and a notice convening a general meeting to consider and approve the Capital Reduction, will be posted to Shareholders later today.
Terms used in this announcement have the same meaning given to them in the Circular.
Proposed Reduction of Capital
The Board considers it highly desirable that the Company has the maximum flexibility to consider the payment of dividends and otherwise return value to Shareholders. However, the Company is generally precluded from the payment of any dividends or other distributions or the redemption or buy-back of its shares in the absence of sufficient distributable reserves.