i3 Energy PLC Operational Update (3496F)

TIDMI3E

RNS Number : 3496F

i3 Energy PLC

15 July 2021

15 July 2021

i3 Energy plc

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

Operational Update

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 the following update.

Clearwater Drilling

Drilling operations on the second well in the Marten Hills Clearwater drilling programme (located at 02-12-075-26W4), targeting the 25m thick Clearwater C sandstone, have been completed. Eight horizontal lateral sections, for a total of approx. 12,644m in length, penetrating the reservoir to a maximum true vertical depth of 630m, were successfully drilled from this wellbore with operations having progressed on time and on budget. All laterals drilled have encountered a clean upper shoreface sandstone, with porosities ranging from 24% to 27%, and oil has been evidenced throughout via oil shows on cuttings.

The rig is now being de-mobilised and tie-in and equipping of the wells is expected to take five days following rig release, with production from both wells anticipated to commence in late July.

Majid Shafiq, CEO of i3 Energy plc, commented:

"We are very pleased to have successfully completed drilling operations on the first two wells in the Company's Marten Hills Clearwater acreage and look forward to bringing these wells onto production later in July. This is the first phase of drilling operations on this acreage and following evaluation of log and production data from these wells, we will program the second phase of drilling which will target an additional seven possible locations."

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 graduated with a Master's Degree in Petroleum Engineering from Heriot-Watt University in 1988 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 
   Majid Shafiq (CEO) / Graham Heath       c/o Camarco 
    (CFO)                                   Tel: [phone] 
   WH Ireland Limited (Nomad and Joint 
    Broker) 
   James Joyce, James Sinclair-Ford        Tel: [phone] 
   Canaccord Genuity Limited (Joint 
    Broker) 
   Henry Fitzgerald- O'Connor, James       Tel: [phone] 
    Asensio 
   Tennyson Securities (Joint Broker)      Tel: [phone] 
    Peter Krens 
   Camarco 
    Owen Roberts, James Crothers, Violet     Tel: [phone] 
    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 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 information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

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July 15, 2021 03:37 ET (07:37 GMT)