- i3 Energy boosted by another intensely active period
- I3 Energy tipped to elevate cash flows through rest of 2021
- I3 Energy’s $53.7m deal to acquire package of oil and gas assets from Cenovus Energy
Quick facts: i3 Energy PLC
i3 Energy is an energy company focused on the development and production of high return hydrocarbon fields and discoveries.
16 Aug 2021
i3 Energy Plc described its second quarter as “another intensely active and transformational period” and its deal to acquire production assets from Cenovus Energy is due to complete in the coming days.
The strategic acquisition adds around 8,400 barrels of oil per day of production in the Central Alberta area of Canada.
Second-quarter production, excluding assets in the Cenovus and Wapiti acquisitions, averaged 8,905 boepd – and in the final week of July the rate was 10,031 boepd. I3 said it is forecasting full year net operating income at US$62.4mln for 2021, and for the next twelve months (starting August 1) it expects the figure will be around US$94.8mln.
“The second quarter of 2021 was another intensely active and transformational period for i3 Energy,” said chief executive Majid Shafiq.
29 Jul 2021
i3 Energy PLC completed operations for two new wells in the Marten Hills project, Canada, which are now in production, with a clean-up process presently underway.
The clean-up is expected to last for three to four weeks and the company will subsequently report stabilised flow rates.
15 Jul 2021
i3 Energy Plc () completed the drilling of its first two new wells in the Marten Hills Clearwater acreage in Canada and is expecting both wells to be online later this month.
It completed drilling the second well, which targeted the Clearwater C zone, and successfully drilled eight lateral sections penetrating the reservoir. The well was completed on time and on budget, the company added.
16 Aug 2021
I3 Energy Plc has had its price target raised by stockbroker WH Ireland which looks ahead to greater than expected cash flow over the remainder of 2021, as its latest Canadian acquisition closes.
WH Ireland’s fair value estimate is lifted to 29p from 27.2p – versus a current market price of around 11p – following Monday’s upbeat trading statement which highlighted production growth which will be further elevated through the acquisition of assets from Cenovus Energy, due to complete later this week.
Analyst Brendan Long noted that the effective date of the transaction is moved to April 1 which boosts the deal’s economics (reducing the effective transaction cost) along with recently improved oil prices.
08 Jul 2021
i3 Energy PLC’s (LON:I3E, ) Majid Shafiq and Graham Heath join Proactive London to explain the C$65mln deal to expand its footprint in Central Alberta.
The firm will acquire assets producing around 8,400 barrels of oil equivalent per day from .
As well as strong free cash flow, the deal is expected to deliver extensive operational synergies, predictable low-decline production, and a large reserve base with multi-year development inventory.
11 Dec 2020
i3 Energy () presenting at the Proactive One2One Virtual Forum 10th December 2020
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i3 Energy PLC’s (LON:I3E, TSX:ITE) Majid Shafiq and Graham Heath join Proactive London to explain the C$65mln deal to expand its footprint in Central Alberta.
The firm will acquire assets producing around 8,400 barrels of oil equivalent per day from Cenovus Energy Inc.
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