REG - i3 Energy PLC - Completion of Serenity Farmout

I3 EnergyAnnouncement

01/08/2022 08:00

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RNS Number : 4035U  i3 Energy PLC  01 August 2022

1 August 2022

i3 Energy plc

("i3" or the "Company")

Completion of Serenity Farmout

i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with
assets and operations in the UK and Canada, is pleased to announce, following
the fulfilment of all conditions precedent in the Farm-in Agreement ("FIA"),
the completion of the farmout of a 25% working interest ("WI") in Block 13/23c
North (Licence P2358) which contains the Serenity discovery, to Europa Oil and
Gas Limited ("Europa"). Under the terms of the FIA, Europa will fund 46.25% of
the cost of the upcoming Serenity appraisal well up to a gross capped well
cost of £15 million. Any well costs exceeding £15 million will be funded by
the companies in proportion to their respective working interests.

Following this farm-out, i3 retains a 75% WI in Block 13/23c North (Licence
P2358) and a 100% WI in Block 13/23c South (Licence P2358), which contains the
Minos High Prospect and Liberator discovery.

Majid Shafiq, CEO of i3 Energy plc, commented:

"We are delighted to have successfully completed the farm-out agreement for
Serenity and to welcome Europa as our joint venture partner in the discovery.
The next significant step is to drill the appraisal well, which is on track
for spud in September. The well will help us delineate the size of the field
and provide the critical information required to formulate an effective
development plan for a potentially very large oil field. We look forward to
updating the market on our progress at what is an exciting time for i3's North
Sea acreage."

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, James Crothers, 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 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/.

This announcement does not contain inside information.

 

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