Last checked at 7 Feb 2020 07:00
7 February 2020
i3 Energy plc
("i3" or the "Company")
Board and Operational Update
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, announces the following update regarding its Board of Directors and ongoing operations.
David Knox departing as Chairman to pursue renewables role in Australia
On 1st January 2020, David took on significant additional responsibility as Chair of Snowy Hydro Limited, Australia's largest renewable energy provider and an iconic Australian company. After nearly 3 years as the Chairperson of i3 Energy, he is stepping down to ensure he has the capacity to focus on this new role during a critical and trying time in Australia.
Linda Beal will become Interim Chairperson as i3 conducts a formal search to replace David.
Site survey ongoing on Serenity and Liberator West (Minos High) structures
i3 has contracted Fugro to conduct a site survey for its planned 2020 drilling programme. Work commenced on 30th January and is expected to conclude during February.
This ongoing operation will cover the remaining areas of Serenity and Liberator West's Minos High structures not covered by i3's 2019 site survey to ensure that all potential drilling locations remain targetable during the Company's planned 2020 drilling campaign, which remains subject to funding. The survey will enable i3 to complete the necessary permitting process for further appraisal drilling on its licences, expected to commence late summer.
i3 seeking a secondary listing
i3 will be seeking a secondary listing on an exchange by 30th April 2020 as agreed with its Noteholders.
Majid Shafiq, CEO of i3 Energy commented:
"The entire team at i3 extends its thanks to David for his stewardship of the Company since its listing onto AIM in 2017. He has been a 'hands-on' leader and has been critical in our decision-making process, and he will be greatly missed. The Company will conduct a formal search for a replacement, while Linda Beal oversees i3 as Interim Chair.
"The team is very much looking forward to conducting a high-impact drilling campaign starting in late summer, and the ongoing site survey being conducted by Fugro will ensure we have the data required to appraise anywhere within the mapped extents of Serenity or Liberator."
David Knox, commented:
"I am pleased with what's been accomplished during my time at i3 and I'm confident that it remains in capable hands. i3 Energy has established itself as a company which is bold, innovative and working hard to extract value from its oil and gas licences."
ENDS
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Notes to Editors: i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, to which i3's independent reserves auditor attributes 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension. The Greater Liberator Area, along with the Company's Serenity Discovery located in the northern half of Block 13/23c and for which it carries a STOIIP of 197 MMbbls, are owned and operated on a 100% working interest basis.
The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
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