REG - i3 Energy PLC - Serenity Well Engineering Operator Contract Award

I3 EnergyAnnouncement

30/05/2022 07:15

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RNS Number : 1650N  i3 Energy PLC  30 May 2022

30 May 2022

i3 Energy plc

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

Serenity Well - Award of Well Engineering Operator Contract

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 that it has
entered into a contract with Petrofac Facilities Management Limited ("PFML")
under which PFML will provide well engineering, operations management and
operator services for the drilling of the Serenity appraisal well on its UK
North Sea Licence P.2358 Block 13/23c. The contract allows i3 access to PFML
expertise and services for a three-year period. PFML has an existing contract
with Stena Drilling Limited for the use of the Stena Don, a harsh environment,
dynamically positioned fifth generation, semi-submersible drilling unit. i3
has secured a well slot with a commencement date between 15 August and 15
September 2022.

Majid Shafiq, CEO of i3 Energy plc, commented:

"We are very pleased to be working again with PFML who we contracted to drill
the Serenity discovery well in 2019, where operations were completed
successfully, safely, on time and on budget. Operations planning is well
underway, and we are on-track to spud the Serenity appraisal well in early
September."

 

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

This announcement contains inside information.

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