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i3 Energy completes acquisition of Central Alberta assets from Cenovus Energy

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Oilfield Technology,

i3 Energy has announced that its wholly-owned Canadian subsidiary has closed i3's strategic Central Alberta asset acquisition from Cenovus Energy Inc., a senior Canadian oil and gas producer, for a total consideration of CAN$65 million (US$53.7 million).

The acquisition includes approximately 8400 boe/d (51% oil and NGLs) of predictable low-decline production, 79.5 million boe of 2P reserves with an NPV10 of US$193 million (inclusive of undiscounted asset retirement obligations (ARO) of US$92 million, inflated at 2% and discounted at 10% for an NPV10 ARO value of US$23 million), an inventory of greater than 140 net drilling locations and 80 net reactivation opportunities across approximately 212 000 net acres, an 1140 km network of operated pipelines, and key processing facilities.

Majid Shafiq, CEO of i3 Energy, commented: "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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