i3 Energy (I3E) , a UK and Canada-focused oil producer, said the North Sea Transition Authority has extended the second term of its P2358 licence for a period of 18 months, so that it will end on March 31 2026. The third term of the licence is reduced by the same time period. The area of the licence has also been reduced to encompass the Serenity field only.
Majid Shafiq, CEO of i3 Energy, commenting: "i3 is very pleased that the NSTA has extended the Second Term of the Licence, which will allow the company more time to evaluate development options for the Serenity field."
In August 2024, I3E announced its full acquisition by Gran Tierra Energy via a cash and share offer. Following the transaction, I3E shareholders will own up to 16.5% of Gran Tierra. The combined group's Q2 production implies a geographic split of 62% Colombia, 36% Canada, and 3% Ecuador with a commodity mix of 81% liquids and 19% natural gas.
For 2024, i3 Energy has guided WI production of 18,000-19,000 boepd from its Canadian assets with exit rate guidance of 20,250-21,250 boepd. As of July 31, 2024 I3E had 1P reserves of 88 mmboe and 2P reserves of 175 mmboe. On a 2P basis, I3E's NPV10 was US$725. In terms of profit guidance, I3E has a 2024 EBITDA guidance of US$50-55m after considering hedges.
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