Executive and Board Update

RNS Number : 9171A

i3 Energy PLC

27 September 2022

 

28 September 2022

i3 Energy plc

("i3" or the "Company")

Executive and Board 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 resignation of Graham Heath as Chief Financial Officer ("CFO") and Executive Director and the intention of appointing Ryan Heath to the Board of Directors following completion of relevant AIM Rules requirements.

Graham is leaving full time employment immediately to focus on personal health issues such that he can pursue other interests.

Ryan Heath was appointed President of i3 Canada, following i3's December 2020 acquisition of Toscana Energy Income Corporation, where he served as the Chief Executive Officer since 2019. Prior to Toscana, Ryan was VP Land & Negotiations at Paredes Energy Corporation, and throughout his 23-year career in the Western Canadian Sedimentary Basin has been instrumental in the growth and development of several public and private E&P companies, including Striker Exploration Corp., Hyperion Exploration Corp., and Severo Energy Corp. Ryan graduated from the University of Calgary with a Bachelor of Commerce degree, specialising in Petroleum Land Management. 

The Company has commenced a search for a replacement CFO and will make further announcements on the appointment and the appointment of Ryan Heath in due course.

Majid Shafiq, CEO of i3 Energy plc, commented:

"The board, executive and all who worked with Graham since the founding of i3 would like to thank him for his hard work, dedication and unwavering spirit of optimism, which helped to carry the Company during the inevitable difficulties of growing the venture from start-up to the stable and thriving entity that i3 has now become. He leaves behind a strong business with a solid and diverse reserves base with multiple options to expand and grow shareholder value. His personal "can do" attitude will be sorely missed but we are secure in the knowledge that its imprint is now firmly ingrained in the DNA of i3 Energy. My best wishes go with Graham as he seeks to restore his health and I wish him every success in his future endeavours.

The board is delighted to welcome Ryan to the board, subject to relevant due diligence checks. His knowledge and experience have been central to our successful growth in Canada and his counsel will be critical to our continued growth in that market."

Graham Heath added :

"Building i3 alongside such a dedicated group of men and women has been a privilege and a highlight of my life. I could not have asked for more capable and enjoyable business partners, and I am extremely proud of the company we have created together.

With many exciting deliverables ahead, trying to find the "right time" to depart this dynamic business has been difficult. My commitment to i3's success has come at a cost to me, and I have neglected my health to achieve it. I am leaving now to focus on the recuperation of my health and well-being and to pursue other goals that require it.

I depart i3 in the best condition of its history - growing production, strong cash flow and balance sheet, a strong dividend yield, and ongoing operations intended to de-risk and convert high-value assets within our portfolio to production and reserves. I am fully supportive of the strategy we have developed and the ability of the executive and board to implement it. Ryan's appointment provides continuity and crucial representation from our expanding Canadian business, and I look forward to watching the Company's continued success as a supportive shareholder."

END

Enquiries:

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

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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