i3 Energy PLC Announces Operational Update

EASTLEIGH, UK / ACCESSWIRE / July 1, 2021 / 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.

Production Update – Q2 2021

Production in the second quarter averaged 9,142 boepd, which included the impact of routine facility maintenance on third-party facilities. Production since the start-up of the Noel well on June 17 has averaged 9,353 boepd.

Clearwater Drilling

The Marten Hills 01-12-075-26W4 well was spud on 15 June 2021, targeting the 25m thick Clearwater C sandstone, and finished drilling on 30 June 2021 to a maximum true vertical depth of 630m. Eight horizontal lateral sections, for a total of 13,057m in length penetrating the reservoir, 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 by oil shows on cuttings. The rig has been moved to, and now spud, the second well in this Marten Hills Clearwater drilling programme at 02-12-075-26W4, with drilling expected to finish mid-July. 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 with the outcome of the drilling operation on our first Marten Hills Clearwater well. The reservoir intervals drilled look to have excellent geological characteristics and we look forward to production results later this month. Apart from periods of facility maintenance, production levels in Q2 have consistently been above 9,000 boepd and we look forward to a period of growth over the next two months from incremental operational activity.’

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:

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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SOURCE: i3 Energy PLC

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