i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) shareholder Cairn Capital, via Bybrook Capital, has sold 60mln shares through a secondary placing priced at 27p per share, to generate £16.2mln of proceeds for the seller.
The share sale was organised by brokers Stifel Nicolaus, Tennyson Securities and Shard Capital.
Shares sold by Bybrook represented some 5.3% of i3 Energy’s issued share capital and the shareholder retains a further 234.3mln shares, or 21% of the company.
An agreement is in place committing Bybrook for a period of 90 days to not sell or transfer any further shares without the consent of the placing brokers.
i3 Energy shares are up some 118% in 2022 to date and, prior to news of the placing were trading at around 31.5p.
The oil and gas growth company’s performance has been driven by the opportunely timed acquisition of production assets in Canada, prior to soaring global oil and gas prices.
Last month, i3 reported some £86.8mln of net revenues and £48.8mln of net operating income for 2021. Production from the Canadian assets, located in Alberta, averaged 12,442 barrels oil equivalent per day and reached 18,229 boepd through the fourth quarter as integration of the assets continued.
By the end of Q1, the company’s production was averaging around 20,000 boepd and it had greenlighted a US$47mln programme of well drilling and reactivations which are forecast to deliver a further 20,000 boepd to double production.
On Thursday morning in London, i3 shares are down 5.73% at 29.22p.
The placing shares were held across the Bybrook Capital Master Fund LP, Bybrook Capital Hazelton Master Fund LP and Bybrook Capital Badminton Fund LP.