Canadian cashflows tempt i3
North Sea developer eyes cut-price production to bolster its balance sheet
The Western Canadian oil patch has hardly been among the global good news stories during the current oil price crash. But the UK’s i3 Energy, previously focused solely on the UK continental shelf (UKCS), is looking to it to secure cashflow and production on attractive terms to boost its position. The firm, which is aiming to develop the Liberator and Serenity discoveries on the UKCS, announced on Tuesday that it was taking up an option to buy Canadian producer Toscana Energy. It secured the option in March when it acquired the firm’s C$28mn ($20.7mn) senior and junior debt facilities, on which Toscana had defaulted for just C$3.4mn. Building a base The Toscana deal itself is small. The firm
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