i3 Energy PLC announces operational and financial update

i3 Energy PLC announces operational and financial update

Acquisition of additional 17.9 km2 of Clearwater acreage through recent Alberta Crown Land Sale i3 has farmed into additional Clearwater acreage and will earn up to 29.4 km2 through drilling activity, with the first two wells of a potential nine-well commitment being spud at Marten Hills in May Noel gas well expected to be on production during June

Significant initiatives in the Clearwater play Financial discipline maintained, with an initial hedging strategy implemented and 2021 full-year net operating income expectations increased to CAD 38mm (USD 31mm)

Planning for an appraisal and development drilling programme at Marten Creek following successful oil appraisal recompletions Q1 2021 average production of 8,856 boepd, outperforming expectations

The farm-out process for the Serenity appraisal drilling in the UK continues to make progress and we remain confident that we will achieve a successful outcome. Although our balance sheet restructuring has taken longer than anticipated we will shortly complete this process and pay our maiden dividend.” Story continues “We are very pleased with the performance of our portfolio in the first quarter of 2021, with production levels continuing to be above expectation. We continue to evaluate opportunities to extract incremental value from our portfolio and look forward to completing the first of these initiatives with the tie-in of the Noel well in the middle of the year. We have made significant progress in growing our land position in the Clearwater play and look forward to our first drilling activity this summer in Marten Hills and further activity in the upcoming winter access period on our operated Clearwater acreage in Marten Creek.

Majid Shafiq, CEO of i3 Energy plc, commented: EGM to approve dividend expected to be called shortly

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