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i3 Energy remains in talks with noteholders over waivers

Talks have been underway for a number of weeks and they are ongoing

i3 Energy PLC - i3 Energy remains in talks with noteholders over waivers

i3 Energy Plc (LON:I3E) told investors that it was not able to enter into a reserves based lending facility of alternative funding facility by April 30, the extended deadline set by noteholders back in November.

Nonetheless, it said that it remains in talks with all noteholders to waive this condition. The group added that it will update the market once these discussions have concluded.

READ: i3 Energy agrees acquisition of Toscana Energy

In mid-February, before the coronavirus pandemic took hold, I3 Energy shares strengthened as the firm reported “good progress” with its North Sea farm-out efforts.

More recently, in March, the company announced a new strategic acquisition, picking up producing assets in Canada at a discount.

i3 inked an option agreement giving it the right to acquire Toscana’s debt and equity for C$3.95mln. The acquired debt amounts to around C$25mln.

The acquisition will add around 4.65mln barrels of proved and probable (2P) reserves, stated as of year-end 2019, which provides some 14.7 years of field life. Production averages 1,065 barrels oil equivalent per day in 2019, generating some C$5.5mln.

The company described the assets as “low-decline, long-life conventional fields”, while they are said to have an average break-even price of US$21.74 per barrel - which is C$30.43 per barrel.

Quick facts: i3 Energy PLC

Price: 6.1 GBX

AIM:I3E
Market: AIM
Market Cap: £6.57 m
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Watch

i3 Energy team discuss acquisition of Toscana Energy and new growth business

i3 Energy Plc's (LON:i3E) Majid Shafiq and Graham Heath speak to Proactive London's Andrew Scott following the news this morning of a new strategic acquisition - picking up producing assets in Canada. i3E's secured terms to acquire Toronto listed Toscana Energy Income Corporation which owns...

on 30/3/20

2 min read