EASTLEIGH, UK / ACCESS CABLE / August 1, 2022 / 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, following the fulfillment of all conditions precedent in the Farm- in (“FIA”), the completion of the farmout of a 25% working interest (“WI”) in Block 13/23c North (License P2358) containing the Serenity discovery, to Europa Oil and Gas Limited (“Europa “). Under the terms of the FIA, Europe will finance 46.25% of the cost of Serenity’s next evaluation up to a gross plugged well cost of £15 million. Any well costs in excess of £15 million will be financed by the companies in proportion to their respective operating interests.
Following this award, i3 retains a 75% interest in Block 13/23c North (License P2358) and a 100% interest in Block 13/23c South (License P2358), which contains the Minos High Prospect and Liberator discovery. .
Majid Shafiq, CEO of i3 Energy plc, commented:
“We are delighted to have successfully completed the Serenity divestiture agreement and to welcome Europe as our joint venture partner on the discovery. The next significant step is drilling the appraisal well, which is on track to be drilled in September. The well will help us delineate the size of the field and provide the critical information required to formulate an effective development plan for a potentially very large oil field. We look forward to updating the market on our progress at what is an exciting time for i3’s North Sea acreage.”
i3 energy plc
Majid Shafiq (CEO) / Graham Heath (CFO)
Telephone: +44 (0) 203 781 8331
WH Ireland Limited (Nomad and Joint Broker)
James Joyce, Darshan Patel
Telephone: +44 (0) 207 220 1666
Tennyson Securities (joint broker)
Telephone: +44 (0) 207 186 9030
Stifel Nicolaus Europe Limited (joint broker)
Ashton Clanfield, Callum Stewart
Telephone: +44 (0) 20 7710 7600
georgia edmonds james crothers violet wilson
Telephone: +44 (0) 203 781 8331
Notes to editors:
i3 Energy is an oil and gas company with a growing, diversified, low-cost production base in Canada’s most prolific hydrocarbon region, the Western Canadian Sedimentary Basin, and appraisal assets in the North Sea with potential for significant growth.
The Company is well positioned to achieve future growth through optimization of its existing asset base and the acquisition of long-lived, low-sag conventional production assets.
i3 is dedicated to responsible corporate practices and the environment, and places a high value on adhering to sound environmental, social and governance (“ESG”) practices. i3 is proud of its performance to date as a responsible steward of environment, people and capital management. The company is committed to maintaining an ESG strategy, which has broader implications for long-term value creation, as these benefits extend beyond regulatory requirements.
This announcement does not contain privileged information.
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FONT: i3 power PLC
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