Curated News
By: NewsRamp Editorial Staff
April 19, 2024
i3 Energy CEO Majid Shafiq Says Strategic Royalty Asset Sale Boosts Financial Metrics
TLDR
- i3 Energy PLC's strategic sale of non-core royalty assets fetched $25 million, trading 2% of last year's production for 14% of the company's market cap.
- The sale of 388 barrels per day of non-core royalty assets generated $3.6 million in cash flow annually, zeroing i3 Energy's net debt and creating a working capital surplus.
- The sale enables i3 Energy to access a fully undrawn $75 million Canadian debt facility, earmarking proceeds for business growth and maximizing shareholder value.
- i3 Energy PLC's CEO, Majid Shafiq, highlights the company's strategy of maximizing shareholder value through tactical asset management and sensible acquisition and divestment.
Impact - Why it Matters
The strategic sale of non-core royalty assets by i3 Energy PLC not only boosts the company's financial metrics but also creates opportunities for business growth in Canada, potentially benefiting shareholders and the company's position in the oil and gas industry.
Summary
i3 Energy PLC CEO Majid Shafiq discusses the strategic sale of non-core royalty assets, significantly boosting the company's financial metrics. The sale fetched $25 million for assets generating $3.6 million in annual cash flow, accelerating value realization and creating a working capital surplus. Proceeds are earmarked for business growth in Canada, aligning with the company's strategy of maximizing shareholder value through tactical asset management and acquisitions.
Source Statement
This curated news summary relied on content disributed by News Direct. Read the original source here, i3 Energy CEO Majid Shafiq Says Strategic Royalty Asset Sale Boosts Financial Metrics
