i3 Energy PLC Completion of Serenity Farmout (4035U)

TIDMI3E

RNS Number : 4035U

i3 Energy PLC

01 August 2022

1 August 2022

i3 Energy plc

("i3" or the "Company")

Completion of Serenity Farmout

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 fulfilment of all conditions precedent in the Farm-in Agreement ("FIA"), the completion of the farmout of a 25% working interest ("WI") in Block 13/23c North (Licence P2358) which contains the Serenity discovery, to Europa Oil and Gas Limited ("Europa"). Under the terms of the FIA, Europa will fund 46.25% of the cost of the upcoming Serenity appraisal well up to a gross capped well cost of GBP15 million. Any well costs exceeding GBP15 million will be funded by the companies in proportion to their respective working interests.

Following this farm-out, i3 retains a 75% WI in Block 13/23c North (Licence P2358) and a 100% WI in Block 13/23c South (Licence 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 farm-out agreement for Serenity and to welcome Europa as our joint venture partner in the discovery. The next significant step is to drill the appraisal well, which is on track for spud 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."

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Enquiries:

 
 i3 Energy plc                       c/o Camarco 
  Majid Shafiq (CEO) / Graham         Tel: [phone] 
  Heath (CFO) 
 
 WH Ireland Limited (Nomad and 
  Joint Broker)                        Tel: [phone] 
  James Joyce, Darshan Patel 
 
 Tennyson Securities (Joint 
  Broker)                              Tel: [phone] 
  Peter Krens 
 
 Stifel Nicolaus Europe Limited 
  (Joint Broker)                       Tel: [phone] 
  Ashton Clanfield, Callum Stewart 
 
 Camarco 
  Georgia Edmonds, James Crothers,     Tel: [phone] 
  Violet Wilson 
 

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 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 does not contain inside information.

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(END) Dow Jones Newswires

August 01, 2022 02:55 ET (06:55 GMT)