(via NewsDirect)
The company has entered into a reserve-based lending (RBL) facility, secured against its Canadian reserves and assets. The facility totals
Shafiq said the refinancing has freed up
Shafiq emphasised the importance of partnering with a Canadian bank, noting their understanding of the Canadian oil and gas sector and the capability to assess risk accurately, leading to potentially lower capital costs. This relationship is also strategic for accessing development capital for organic growth and mergers and acquisitions (M&A).
Shafiq said the company's 2023 reserves update reveals stable reserves despite production, with 93 million barrels 1P and 180 million barrels 2P. He said this stability, achieved with minimal capital expenditure due to low gas prices, underscores the quality of i3 Energy's assets and its efficient management. The company maintains a low production decline rate and a diverse portfolio, enabling flexibility in response to commodity price changes.
Looking ahead, Shafiq said i3 Energy plans to use its enhanced liquidity for growth initiatives and will update the market on its capital programme. The relationship with a major Canadian bank is expected to provide significant flexibility and options for the company's growth strategy.
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