London-listed i3 Energy has completed the £39 million acquisition of a package of Canadian oil and gas assets from Cenovus Energy.
The company, based in Westhill, near Aberdeen, said the assets sat within its central Alberta “core area”.
I3 said they would provide strong free cash flow and deliver “extensive operational synergies, predictable low-decline production, and a large reserve base with multi-year development opportunities”.
The deal was first announcement on July 7.
Majid Shafiq, chief executive of i3, said: “The company is very pleased to have closed this strategic acquisition, following an intense period of preparatory work to ensure a seamless integration of the new assets into our existing business.
“We are delighted that all incumbent field operations staff have joined the i3 team which will allow us to rapidly progress initiatives to extract incremental value from new projects and operational synergies from this extensive portfolio”
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