Serenity Appraisal Well Update

RNS Number : 9340Z
i3 Energy PLC
20 September 2022
 

20 September 2022

i3 Energy plc

("i3" or the "Company")

Serenity Appraisal Well Update

i3 Energy plc (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."

 

END

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.

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