REG - i3 Energy PLC - Publication of 2021 ESG Report

I3 EnergyAnnouncement

07/06/2022 07:00

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RNS Number : 8504N  i3 Energy PLC  07 June 2022

7 June 2022

i3 Energy plc

("i3" or the "Company")

Publication of 2021 ESG Report

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 the
publication of its inaugural annual ESG report on its website (www.i3.energy
(http://www.i3.energy) ).

Highlights of Inaugural Environment, Social and Governance (ESG) Report

·    Emissions Reduction Initiatives

o  i3 is committed to being net zero for Scope 1(1) and Scope 2(2) emissions
for its operated assets by 2050, with accelerated targets to be set following
additional pathways analysis.

o  The Company is considering a range of decarbonisation options including
operational efficiency and nature-based solutions.

o  Current efforts are focussed on methane emission reduction - deactivation
or replacement of hi-bleed pneumatic controllers with low bleed or instrument
air (entire inventory of 389 controllers from legacy Gain Energy and Toscana
Energy assets now replaced); replacement of pneumatic pumps with solar powered
electric pumps; other fugitive emissions reduction; and emissions inventory
monitoring - these efforts have reduced methane emissions by 28,101 tCO2e(3)
in 2021, equivalent to 34% of total 2020 GHG emissions.

o  Commenced implementation of efficiency improvements to reduce fuel usage,
starting with electrification of operating sites and evaluation of projects
for rich- burn to low-burn compressor engines and installation of effluent
lines to reduce flaring and trucking.

·    Emissions Reporting

o  GHG Scope 1 and Scope 2 total emissions intensity for 2020 was 36.4
KgCO2e/boe, considerably below the average for Canadian conventional oil
production and gas production and processing of 48.1(4) kgCO2e/bbl and 42.0(4)
kgCO2e/boe, respectively.

o  Data and emissions intensity data for 2021 incorporating information for
the assets acquired from Cenovus in August 2021, will be published later in
the year, following which emissions intensity reduction targets will be
developed.

·    Environment

o  i3 operates in jurisdictions with environmentally responsible operating
contexts and world class regulations for all aspects of ESG, with 82% of its
production being gas and natural gas liquids.

o  Minimal use of fresh water in operations in 2020 (most water used was
produced water).

o  Abandonment and reclamation are ongoing activities, and in 2020 and 2021
30 wells were abandoned and 6 pipelines and 1 facility were decommissioned.

o  The Company only had 7 reportable spills in 2021 all of which were rapidly
cleaned up and remediated.

·    Social

o  Safety is a top priority for i3; there was only 1 loss time injury in
2021.

o  The Company is proud of its gender diversity with 47% of employees being
women.

o  i3 gives back, via charitable donations, to the communities where we
operate.

·    Governance

o  Health, Safety, Environment and Security Board Committee formed to
incorporate oversight responsibilities for environment and social issues.

o  Corporate ESG committee to be established, composed of key executives and
operational level employees, to drive ESG improvements throughout the Company.

o  Establishing ESG-linked KPIs and management incentives.

Majid Shafiq, CEO of i3 Energy plc, commented:

"We are very pleased to publish our inaugural ESG report. Having acquired a
large and diverse asset base of operated well, pipeline and processing
facilities in a series of transactions from a number of different operators
over the course of 2020 and 2021, a considerable effort was required to
acquire and consolidate emissions data for our portfolio. We have now
established baselines for the assets acquired from Toscana Energy and Gain
Energy (and will do so late this year for the assets acquired from Cenovus)
from which we can measure and drive efficiency and emissions reductions
initiatives on a go-forward basis. i3 is well positioned to play a part in
supplying the world's growing energy needs as we transition to a low carbon
economy, given our gas- weighted portfolio and the jurisdictions in which we
operate. We look forward to updating the market as we progress our emissions
reduction and net zero plans."

 

Footnotes:

1.     Scope 1 - direct greenhouse gas emissions that occur from sources
that are controlled or owned by an organisation (e.g., emissions associated
with fuel combustion in boilers, furnaces, and vehicles).

2.     Scope 2 - indirect greenhouse gas emissions associated with the
purchase of electricity, steam, heat or cooling.

3.     tCO2e is tons of CO2 equivalent per year.

4.     Source: Canada's Greenhouse Gas and Air Pollutant Emissions
Projections 2021. Published by Environment and Climate Change Canada,

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 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 does not contain inside information.

 

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