REG - i3 Energy PLC - Serenity Appraisal Well Result

I3 EnergyAnnouncement

10/10/2022 07:00

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RNS Number : 2602C  i3 Energy PLC  10 October 2022

10 October 2022

i3 Energy plc

("i3" or the "Company")

Serenity Appraisal Well Result

i3 Energy plc (AIM: I3E) (TSX: ITE), an independent oil and gas company with
assets and operations in the UK and Canada, announces the completion of
drilling operations on the Serenity appraisal well on UK Licence P.2358, Block
13/12c.

The 13/23c-12 Serenity appraisal well was drilled to a total vertical depth of
5,630 ft below sea level. The targeted Lower Cretaceous Captain sand, which
contained hydrocarbons in the 13/23c-10 well discovered in October 2019, was
not present at this location. Over 100 ft of other Captain sands in various
sequences were found but were water wet. The well will now be plugged and
abandoned.

Data recovered from the well will be integrated into further reservoir
modelling to optimise a development plan to exploit the reserves, proven up by
the discovery well, in the eastern area of the structure.

The well was drilled significantly below budget and with no health, safety,
environmental or lost time incidents. The total gross cost is expected to be
circa £10.4mm. i3's working interest in Serenity is 75% but under the terms
of the farmout with Europa Oil and Gas, i3's paying interest for the 13/23c-12
well is 53.75%, resulting in an estimated net cost to i3 of £5.6mm.

Majid Shafiq, CEO of i3 Energy plc, commented:

 

"Whilst this result is disappointing, we and Europa (having satisfied the
farm-in conditions) will use the data recovered to improve our understanding
of the Serenity field and the architecture and geometry of the Captain sand
reservoir intervals. The data will also improve our understanding of the
extent and geometry of the oil-bearing sand found in the 13/23c-10 discovery
well. This will allow us to proceed with the planning and evaluation of a
preferred development option, initially focussed on the eastern area of the
mapped structure around the discovery well."

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)                             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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