REG - i3 Energy PLC - Board Update

I3 EnergyAnnouncement

09/09/2022 07:00

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RNS Number : 8527Y  i3 Energy PLC  09 September 2022

9 September 2022

i3 Energy plc

("i3" or the "Company")

Board Update

i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with
assets and operations in the UK and Canada, announces the appointment of John
Festival as Non-Executive Chairman of i3's Board of Directors, effective
immediately. Linda Beal, who has seen the Company through a period of
transformational growth as Interim Chairperson, remains as a Non-Executive
Director with the Company and will focus on her roles as chair of the Audit
and Governance Committees.

John has been a Non-Executive Director with i3 since its December 2020
acquisition of Toscana Energy Income Corporation, where he had long served as
a director. John is a chemical engineer with 38 years of experience in the oil
and gas sector and has a track record of founding, growing and monetizing oil
and gas ventures.

He is currently the CEO of Broadview Energy and was the President and CEO of
Black Pearl Resources Inc. prior to its acquisition by International Petroleum
in December 2018 in a stock and debt transaction valued at c.US$715 million.
He was previously the founder and President of BlackRock Ventures Inc. which
was established in 2001 and sold to Shell Canada for CAD$2.4 billion in 2006.

He graduated in 1984 with a Bachelor of Science degree in Chemical Engineering
from the University of Saskatchewan.

Majid Shafiq, CEO of i3 Energy plc, commented:

 

"The Board and executive management are thrilled that John has accepted the
role as Chairman. His highly successful track record of founding, growing, and
monetizing oil & gas companies is recognized and respected in both
jurisdictions where i3 operates, and his business acumen is well-matched to
the needs of the Company as it continues to expand production while drilling
up its potentially high-growth portfolio in Canada and the North Sea.  The
Company is sharply focussed on growing its current production base of over
20,500 boepd and crystallising value from its extensive portfolio of
development catalysts and John's technical and commercial background and track
record is ideally suited to guiding the business through that journey.

 

"We would like to thank Linda for her willingness to serve i3 and its
shareholders as Interim Chairperson across the last few years and for ferrying
the Company through an aggressive growth period. We will continue to benefit
from her extensive knowledge and experience as a non-executive director."

 

END

Enquiries:

 i3 Energy plc                                  c/o Camarco

 Majid Shafiq (CEO) / Graham Heath (CFO)        Tel: +44 (0) 203 781 8331

 WH Ireland Limited (Nomad and Joint Broker)

 James Joyce, Darshan Patel                     Tel: +44 (0) 207 220 1666

 Tennyson Securities (Joint Broker)

 Peter Krens                                    Tel: +44 (0) 207 186 9030

 Stifel Nicolaus Europe Limited (Joint Broker)

 Ashton Clanfield, Callum Stewart               Tel: +44 (0) 20 7710 7600

 Camarco

 Georgia Edmonds, Violet Wilson                 Tel: +44 (0) 203 781 8331

 

Notes to Editors:

i3 Energy is an oil and gas Company with a low cost, diversified, growing
production base in Canada's most prolific hydrocarbon region, the Western
Canadian Sedimentary Basin and appraisal assets in the North Sea with
significant upside.

The Company is well positioned to deliver future growth through the
optimisation of its existing 100% owned asset base and the acquisition of long
life, low decline conventional production assets.

i3 is dedicated to responsible corporate practices and the environment, and
places high value on adhering to strong Environmental, Social and Governance
("ESG") practices.  i3 is proud of its performance to date as a responsible
steward of the environment, people, and capital management.  The Company is
committed to maintaining an ESG strategy, which has broader implications to
long-term value creation, as these benefits extend beyond regulatory
requirements.

i3 Energy is listed on the AIM market of the London Stock Exchange under the
symbol I3E and on the Toronto Stock Exchange under the symbol ITE. For further
information on i3 Energy please visit  https://i3.energy/
(https://i3.energy/) .

This announcement 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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