REG - i3 Energy PLC - Executive and Board Update

I3 EnergyAnnouncement

28/09/2022 07:16

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RNS Number : 9171A  i3 Energy PLC  27 September 2022

28 September 2022

i3 Energy plc

("i3" or the "Company")

Executive and 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 resignation of
Graham Heath as Chief Financial Officer ("CFO") and Executive Director and the
intention of appointing Ryan Heath to the Board of Directors following
completion of relevant AIM Rules requirements.

Graham is leaving full time employment immediately to focus on personal health
issues such that he can pursue other interests.

Ryan Heath was appointed President of i3 Canada, following i3's December 2020
acquisition of Toscana Energy Income Corporation, where he served as the Chief
Executive Officer since 2019. Prior to Toscana, Ryan was VP Land &
Negotiations at Paredes Energy Corporation, and throughout his 23-year career
in the Western Canadian Sedimentary Basin has been instrumental in the growth
and development of several public and private E&P companies, including
Striker Exploration Corp., Hyperion Exploration Corp., and Severo Energy Corp.
Ryan graduated from the University of Calgary with a Bachelor of Commerce
degree, specialising in Petroleum Land Management.

The Company has commenced a search for a replacement CFO and will make further
announcements on the appointment and the appointment of Ryan Heath in due
course.

Majid Shafiq, CEO of i3 Energy plc, commented:

 

"The board, executive and all who worked with Graham since the founding of i3
would like to thank him for his hard work, dedication and unwavering spirit of
optimism, which helped to carry the Company during the inevitable difficulties
of growing the venture from start-up to the stable and thriving entity that i3
has now become. He leaves behind a strong business with a solid and diverse
reserves base with multiple options to expand and grow shareholder value. His
personal "can do" attitude will be sorely missed but we are secure in the
knowledge that its imprint is now firmly ingrained in the DNA of i3 Energy. My
best wishes go with Graham as he seeks to restore his health and I wish him
every success in his future endeavours.

 

The board is delighted to welcome Ryan to the board, subject to relevant due
diligence checks. His knowledge and experience have been central to our
successful growth in Canada and his counsel will be critical to our continued
growth in that market."

 

Graham Heath added:

 

"Building i3 alongside such a dedicated group of men and women has been a
privilege and a highlight of my life. I could not have asked for more capable
and enjoyable business partners, and I am extremely proud of the company we
have created together.

 

With many exciting deliverables ahead, trying to find the "right time" to
depart this dynamic business has been difficult. My commitment to i3's success
has come at a cost to me, and I have neglected my health to achieve it. I am
leaving now to focus on the recuperation of my health and well-being and to
pursue other goals that require it.

 

I depart i3 in the best condition of its history - growing production, strong
cash flow and balance sheet, a strong dividend yield, and ongoing operations
intended to de-risk and convert high-value assets within our portfolio to
production and reserves. I am fully supportive of the strategy we have
developed and the ability of the executive and board to implement it. Ryan's
appointment provides continuity and crucial representation from our expanding
Canadian business, and I look forward to watching the Company's continued
success as a supportive shareholder."

 

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/) .

The Company deems this announcement to constitute inside information under the
Market Abuse Regulation (EU) No. 596/2014.

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