Deal alert: I3 Energy Plc
Acquisition and re-admission to trading on AIM
i3 Energy plc is an independent oil and gas company with exploration in the UK. Its strategy is to focus on the development of discoveries located close to existing infrastructure and delineation appraisal drilling of prior discoveries to the point of development readiness. It announced today its re-admission to trading on AIM alongside the successful acquisition of producing assets in Canada.
On 6 July 2020, i3 announced that it had entered into a binding purchase and sale agreement to acquire all the petroleum and infrastructure assets of Gain Energy Ltd, a private Canadian company with operations in the WCSB, for CAD$80 million. Since the announcement of 6 July 2020, i3 has agreed to sell, immediately following completion of the Gain Acquisition, those petroleum and infrastructure assets currently held by Gain which are located in Saskatchewan, to Harvard for CAD$45 million, conditional only on completion of the Gain Acquisition.
Accompanying the acquisition, i3 completed a placing of approximately £29 million with a further subscription commitment of approximately £1m subject to regulatory approval.
Leading audit, accountancy, tax and advisory firm PKF acted as reporting accountant on the transaction and the capital markets team included Dominic Roberts and Joseph Baulf.
“We were very happy with the Capital Markets team at PKF on this transformational acquisition for i3. Given our chosen sector focus, we wanted to work with a reporting accountant with significant experience in the Oil & Gas sector. Their expertise and proactive support enabled us to meet the tight deadline for the successful acquisition and re-admission to AIM.”
Graham Heath, CFO | i3 Energy plc
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