REG - i3 Energy PLC - September 2022 Production Update

I3 EnergyAnnouncement

27/09/2022 07:00

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RNS Number : 7158A  i3 Energy PLC  27 September 2022

27 September 2022

i3 Energy plc

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

September 2022 Production Update

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
following production update.

i3 recently reached a production rate of 22,000 barrels of oil equivalent per
day ("boepd"), comprised of field estimate sales equalling 69 million standard
cubic feet of gas per day, 6,470 barrels per day of natural gas liquids and
4,030 barrels per day of oil & condensate, inclusive of royalty
production.

The Company has drilled 20 gross wells as part of its expanded 2022 drilling
programme. Of these wells 13 are on production, 5 are being cleaned up
following tie in and 2 await completion. The latter 7 wells are expected to be
fully cleaned up and on production in late October.

With continued performance of the Company's low-decline base production and
success achieved through its initial capital budget, i3 is positioned to
execute on the balance of its 2022 drilling programme and remains on track to
reach 24,000 boepd by year end.

 

END

Qualified Person's Statement

In accordance with the AIM Note for Mining and Oil and Gas Companies, i3
discloses that Majid Shafiq is the qualified person who has reviewed the
technical information contained in this document. He has a Masters Degree in
Petroleum Engineering from Heriot-Watt University and is a member of the
Society of Petroleum Engineers. Majid Shafiq consents to the inclusion of the
information in the form and context in which it appears.

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

This announcement contains inside information.

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