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i3 Energy PLC Announces Serenity Appraisal Well Update

Tuesday, September 20, 2022 2:00 AM
i3 Energy PLC
https://i3.energy/

EASTLEIGH, UK / ACCESSWIRE / September 20, 2022 / i3 Energy plc ("i3" or the "Company") (AIM:I3E)(TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, announces the commencement of operations for the drilling of the Serenity appraisal well on UK Licence P.2358, Block 13/23c. i3 owns a 75% working interest in the field. The Stena Don semi-submersible drilling unit is now on contract to i3 and is on location preparing for the spudding of the well, which is expected to occur later this week. The drilling programme is expected to last approximately 30 days.

Majid Shafiq, CEO of i3 Energy plc, commented:

"i3 is very pleased to have commenced the appraisal of the Serenity discovery. The well is designed to prove the extension of the reservoir to the west of the discovery well 13/23c-10 and so prove up additional hydrocarbon volumes in place. This will enable optimisation of any necessary further appraisal and a development plan for the field. Further updates will be provided in due course."

Enquiries:

i3 Energy plc
Majid Shafiq (CEO) / Graham Heath (CFO)

c/o Camarco
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/.

The Company deems this announcement to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

SOURCE: i3 Energy PLC

Topic:
Regulatory
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