i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) told investors that UK regulator the North Sea Transition Authority (NSTA) has granted an extension to the second term of the P2358 Licence, host to the Serenity project, for a further eighteen months.
The new expiry date is at the end of March 2026.
i3, which is being bought by Canada’s Gran Tierra Energy, said the extension allows more time to evaluate development options for the Serenity field.
In August, i3 recommended the Gran Tierra offer which comprises cash and shares, with the deal value pitched at roughly £174 million.