A wholly owned Canadian subsidiary of i3 Energy PLC has closed the acquisition of Central Alberta assets from Cenovus Energy Inc. for a $53.7 million.
In the deal, i3 acquired some 8,400 boe/d (51% oil and NGLs) of predominantly operated, conventional, low-decline production and a network of complementary midstream infrastructure.
According to i3’s July 7 deal announcement, the assets include total proved plus probable developed producing reserves of 27.5 MMboe with an NPV10 of $90 million and 2P reserves of 79.5 MMboe with an NPV10 of $193 million (inclusive of undiscounted asset retirement obligations (ARO) of $92 million, inflated at 2% and discounted at 10% for an NPV10 ARO value of $23 million), including an inventory of greater than 140 net drilling locations and 80 net reactivation opportunities across 212,000 net acres.
The company said the assets complement its existing area assets with some 3,090 boe/d of overlapping joint working interest production and associated land position.