i3 Energy PLC's (LON:I3E, TSX:ITE) i3 Energy PLC's (LON:I3E) Majid Shafiq and Graham Heath join Proactive London to explain the rationale behind their decision to acquire a further 49.5% interest in the South Simonette oil property in Canada, doubling its stake to 99%.
It is acquiring the stake from Anegada Oil Corp through a right of first refusal, and it will pay US$4.2mln along with US$580,000 to cover the costs of reactivating two suspended wells, with work slated for July.