Oil explorer i3 Energy said today it had completed the acquisition of the petroleum and infrastructure assets of Canadian firm Gain Energy for £44.5 million.
Headquartered in Westhill, Aberdeenshire, i3 has also wrapped up the sale of Gain’s Saskatchewan portfolio to Harvard Resources for £25m.
London-listed i3 struck its deal with Gain in June, while also exercising an option to buy another Canadian firm, Toscana.
The company announced the Harvard leg of the deal last month.
Most of i3’s attention has been focused on finding partners to help it develop licences in the outer Moray Firth in recent years.
The firm had to concede last year that plans to develop those assets relied on securing additional funding.
Its drilling campaign on the Liberator field uncovered only a “thin” oil column.
The company aims to drill an appraisal well on Serenity, its other major asset in the same block, later this year or in 2021.
