UK's i3 Closes Canadian Acquisition

UK-listed I3 Energy has closed the acquisition of Canada's Gain Energy, a producer active in the Western Canadian sedimentary basin (WCSB), for C$80mn ($59mn), it said on September 4. The company has also completed the sale of petroleum and infrastructure assets held by Gain in Saskatchewan to another Canadian explorer, Harvard Resources.

Announcing the purchase in July, I3 said it was buying assets that flowed 11,020 barrels of oil equivalent/day of oil and gas last year and generated $34mn in core earnings (Ebitda). Their proven and probable reserves are assessed at 69.4mn boe. I3 has also taken control of Gain's Weyburn carbon, capture and storage plant.

The move comes after the North Sea-focused firm closed a smaller deal in June to buy Canada's Toscana Energy Income Corp for C$3.95mn. Toscana also operates in the WCSB.

I3 is developing the Liberator and Serenity oilfields in the UK North Sea. The former is due to start up later this year and flow 20,000 b/d of oil.