i3 Energy PLC (AIM:I3E) told investors it has now completed its transaction to acquire assets in central Alberta from Cenovus Energy Inc (TSX:CVE) for C$65mln.
The company, in a statement, described the deal as a strategic acquisition and said it expects the addition will deliver strong free cash flow.
Operationally, it is expected to bring extensive operational synergies, predictable low-decline production and a large reserve base with multi-year development opportunities.
"The company is very pleased to have closed this strategic acquisition, following an intense period of preparatory work to ensure a seamless integration of the new assets into our existing business,” said chief executive Majid Shafiq.
“We are delighted that all incumbent field operations staff have joined the i3 team which will allow us to rapidly progress initiatives to extract incremental value from new projects and operational synergies from this extensive portfolio".