REG - i3 Energy PLC - Publication of 2022 ESG Report

I3 EnergyAnnouncement

04/01/2024 07:00

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RNS Number : 5864Y  i3 Energy PLC  04 January 2024

4 January 2024

i3 Energy plc

("i3", "i3 Energy", or the "Company")

Publication of 2022 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 2022 ESG report on its website (www.i3.energy
(http://www.i3.energy/) ).

Highlights of 2022 Environment, Social and Governance (ESG) Report

Emissions Reduction Initiatives

·    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.

·    Since 2021, during which period the scope and scale of i3's
operations grew significantly and production by 23%, the Company managed to
achieve a 4% reduction in its Scope 1 and Scope 2 emissions.

·    Continued the successful efforts to reduce methane emissions -
completed the replacement of the Company's entire inventory of hi-bleed
pneumatic controllers with low bleed or instrument air and commenced the
replacement of 400 pneumatic pumps on the assets acquired from Cenovus with
solar powered electric pumps; once complete these initiatives in aggregate
will reduce annual methane emissions by an estimated 64,600 tCO2e(3), which is
equivalent to circa 28% of the Company's total CO2e emissions in 2022.

·    Commenced electrification of well pumpjacks, completing 30
conversions in 2022 at the Company's Carmangay and Retlaw properties, reducing
emissions by 6,366 tCO2e annually.

·    Reduced emissions from the Company's extensive fleet of compressor
engines by installing air-to-fuel gas gauges to optimise fuel efficiency and
engine performance and converting rich burn engines to lean burn engines.

Emissions Reporting

·    GHG Scope 1 and Scope 2 total emissions intensity for 2022 was 41
KgCO2e/boe, a 4% reduction on the 2021 level and 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.

·    In 2022 commenced an alternative Fugitive Emissions Management
Programme (launched in 2023), which uses a crewed aircraft equipped with laser
technology to image methane emissions from the air, allowing more rapid and
efficient repair operations, which could reduce fugitive methane leakage by
more than 10% across our operations.

·    Invested in software to optimise field process data acquisition to
proactively detect and repair leaks, track fugitive emissions, and enhance
reporting. When fully implemented across the Company's portfolio the software
will assist in further reducing emissions.

Environment

·    i3 operates in jurisdictions with environmentally responsible
operating contexts and world class regulations for all aspects of ESG, with
currently circa 77% of its production being gas and natural gas liquids.

·    Abandonment and reclamation are ongoing activities, and in 2022, 70
wells were abandoned, 37 well sites were decommissioned and 9 reclamation
certificates were received.

·    The Company had 4 reportable spills in 2022 (a 53% reduction from
2021), all of which were rapidly cleaned up and remediated.

Social

·    Safety is a top priority for i3; there were no employee loss time
injuries and only 2 contractor loss time injuries in 2022.

·    The Company is proud of its gender diversity with 26% of employees
being women.

·    i3 has an ongoing program of support, via charitable donations, to
the communities in which it operates.

Governance

·    Established i3 Energy's ESG committee which reports to the CEO and
comprises a multidisciplinary team of senior leadership and subject matter
experts across the organisation, tasked with assessing and recommending
policies, programs and practices that promote the Company's ESG goals and
long-term sustainability strategy.

·    Established ESG-linked Key Performance Indicators (KPIs) as well as
monitoring leading and lagging indicators of safety.

Majid Shafiq, CEO of i3 Energy plc, commented:

"Since 2021, during which period the scope and scale of our operations grew
significantly and our production by over 23%, we are very proud to say that
multiple initiatives and Company-wide efforts have managed to reduce our Scope
1 and 2 emissions intensity by 4%, and our emissions intensity remains below
the average of our peers operating in Alberta on a CO2e/boe basis. This
achievement is down to the strong oversight of our ESG Committee, and
especially to the skill, ingenuity, dedication and hard work of all our
employees and the daily efforts of our operations teams in the office and at
the field level. We look forward to the future with optimism, as we continue
to responsibly grow a sustainable energy business serving the needs of the
communities and countries in which we operate."

 

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,

 

ENDS

Enquiries:

 i3 Energy plc                                  c/o Camarco

 Majid Shafiq (CEO)                             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

 Andrew Turner, Violet Wilson, Sam Morris       Tel: +44 (0) 203 757 4980

 

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

 

 

 

 

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