10,000 boepd AcquisitionAnyone have a guess on who i3 is trying to acquire?
Potential Asset Acquisition Highlights: · i3 has entered into a non-binding letter of intent (the "
Proposed Acquisition") to acquire a package of producing Canadian oil and gas assets (the "
Proposed Assets")
· In 2019, the Proposed Assets produced at over 10,000 boepd and generated over US$34 million in field netback from over 250 net wells across multiple low-decline, long-life, light oil and gas fields
· Upon completion, the Proposed Assets would add over 25 MMboe PDP and over 65 MMboe 2P to i3's portfolio
· Cash flow from the Proposed Assets would benefit from TEIC's US$89 million in accumulated tax pools
· The total proposed consideration to be paid for the Assets under the letter of intent is just under US$60 million, representing approximately 1.7x 2019 field netback and approximately 2x that forecasted for the next 12 months, ~US$5,500/boepd, and ~US$0.85/boe of 2P reserves
· As the Proposed Acquisition would also be a reverse takeover under the AIM Rules for Companies, and at i3's request, the Company's shares are being suspended from trading on AIM until i3 either publishes a "
Readmission Document" detailing the Proposed Acquisition or provides confirmation that discussions have ceased
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