09:20 Fri 07 Aug 2020
i3 Energy PLC - Saskatchewan Assets Sale & Proposed £30m Fundraise
("i3" or the "Company")
Conditional Sale of Saskatchewan Assets and Proposed
Highlights:
· i3's purchase of the petroleum and infrastructure assets of
· During the process, i3 has agreed to sell Gain's
· Net consideration payable by i3 for the remaining petroleum and infrastructure assets of Gain that it is retaining (the "Gain Assets") is now
· The Gain Assets delivered production of 8,948 boepd in
· The net consideration for the Gain Assets translates to acquisition metrics of
· To fund the Gain Acquisition and unlock production potential, i3 is proposing to raise
· Concurrent with the Primary Placing, PrimaryBid (primarybid.com) is running an offer for subscription (the "PrimaryBid Offer") which will allow i3's retail shareholder base and new retail investors to participate alongside institutional investors at the same price
Asset acquisition and concurrent onward sale
On
Since the announcement of
The net consideration payable by i3 to acquire the Gain Assets, which are the petroleum and infrastructure assets of Gain which are to be retained by i3 following completion of the Gain Acquisition and the Harvard Sale, is
In 2019, the Gain Assets (excluding, for the avoidance of doubt, those assets being the subject of the Harvard Sale), produced c.
As the Gain Acquisition is classified as a reverse takeover ("RTO") in accordance with the AIM Rules for Companies, at the request of the Company, its shares were suspended on
Further details of the Gain Acquisition and the Harvard Sale will become part of a Readmission Document currently being prepared by the Company.
Fundraise to complete RTO
Completion of the abovementioned transactions remains subject to financing and industry standard conditions precedent.
i3 is proposing to raise
The Gain Acquisition and the Placings remain subject to shareholder approval at a General Meeting of i3's shareholders, expected to be held on or about
ENDS
Qualified Person's Statement
In accordance with the AIM Note for Mining and Oil and Gas Companies, i3 discloses that
CONTACT DETAILS:
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The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014. |
Glossary of oil and gas terms, in accordance with standards contained in the Canadian Oil and Gas Evaluation (COGE) Handbook:
Proved Reserves |
Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
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Probable Reserves
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Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.
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Proved Developed Producing (PDP) Reserves |
Those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.
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2P Reserves |
Total Proved Reserves plus Total Probable Reserves
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STOIIP |
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