i3 Energy’s Serenity License Extension Noted Prior to Gran Tierra Acquisition

2 min read | October 01, 2024 09:13 PM AEST | By Team Kalkine Media

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i3 Energy’s Serenity License Extension Noted Prior to Gran Tierra Acquisition — Image source: Shutterstock

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Highlights

Licence Extension: i3 Energy PLC has secured an eighteen-month extension for the second term of the P2358 Licence, which includes the Serenity project, now expiring at the end of March 2026.
Development Evaluation: The extension provides additional time for i3 Energy to assess development options for the Serenity field.
Acquisition Move: The company is in the process of being acquired by Canada’s Gran Tierra Energy, with the deal valued at approximately £174 million, comprising both cash and shares.

i3 Energy PLC {OTC:ITEEF} has announced that the North Sea Transition Authority (NSTA) has granted an extension to the second term of the P2358 Licence, which hosts the Serenity project. The extension, lasting eighteen months, sets the new expiry date for the licence at the end of March 2026.

This extension is significant as it provides i3 Energy with additional time to evaluate various development options for the Serenity field, enabling a more thorough assessment of the project's potential. The company has been navigating its strategic direction amid an acquisition by Canada’s Gran Tierra Energy, which is positioned as a cash-and-shares deal valued at around £174 million.

In August, i3 Energy recommended the Gran Tierra offer, indicating a commitment to advancing the company’s objectives through this acquisition while leveraging the newly granted licence extension to maximize the potential of its Serenity project.

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