Business

i3 Energy buys a struggling Canadian company and lists it on the Toronto Stock Exchange

i3 Energy plans to acquire a struggling Canadian oil and gas company and to list on the Toronto Stock Exchange (TSX).

The North Sea operator, whose main assets are in the outer part of Moray Firth in the United Kingdom, has reached an agreement to acquire all the shares of Toscana Energy Income Corporation (TEIC) in exchange for its debt.

The bosses said the deal was only a fraction of the market, i3 buying Tuscan debt for 2.2 million euros.

i3 said it has considered a number of global oil and gas basins and specific opportunities, including the British North Sea, but the Tuscany agreement is a unique, time-limited opportunity to build an asset portfolio of production on higher parameters that cannot be achieved elsewhere.

The option expires on June 30 or later if another date is agreed.

i3 said it was necessary to diversify its asset portfolio in order to spread and mitigate risk.

TEIC’s portfolio is located in the Western Canadian Sedimentary Basin (WCSB), which i3 believes has prolific growth potential.

However, Toscana struggled for a few years and was in default due to its access to debt in order to acquire assets when the price of oil was much higher.

As part of the agreement, TEIC shareholders will be offered up to 4.3 million i3 shares in TEIC’s total share capital, representing a dilution of 4% i3.

Once completed, i3 plans to list its expanded share capital on the TSX, meeting an obligation in its loan notes to request secondary listing.

CEO Majid Shafiq said: In addition to diversifying our portfolio, this transaction will help stabilize our business with a stable revenue stream while adding the potential for a considerable increase in the area of Toscanas Clearwater, an opportunity comparable to the growth potential of our Serenity discovery.

We look forward to welcoming the management team and staff from Toscana to i3 and working together to develop our business in the UK and Canada.

The Greater Liberator area in the British North Sea remains i3’s main asset, including the homonymous field, the Liberator West Extension and the discovery of Serenity.

i3 is currently in talks with Repsol Sinopec Resources UK on the unification of Serenity with companies adjacent to the discovery of Tain.

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