i3 Energy PLC - oil & gas company with assets and operations in the UK and Canada - Canadian subsidiary completes deal for central Alberta asset acquisition from Cenovus Energy Inc, a Canadian oil and gas producer, for a total of CAD65 million, about USD53.7 million.
"The strategic acquisition, within i3's central Alberta core area, is expected to provide strong free cash flow and delivers extensive operational synergies, predictable low decline production, and a large reserve base with multi-year development opportunities," company says.
Chief Executive Majid Shafiq says "very pleased" with deal.
Current stock price: 11.00 pence
Year-to-date change: doubled from 5.62p
By Paul McGowan; paulmcgowan@alliancenews.com
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I3 Energy (I3E)