i3 Executive and Board Update

RNS Number : 2036D

i3 Energy PLC

08 October 2018

 

8 October 2018

i3 Energy plc

("i3" or the "Company")

i3 Executive and Board Update

The Board of Directors of i3 Energy plc are pleased to announce the appointment of Majid Shafiq as Chief Executive Officer (CEO).  He will begin transitioning into the role with immediate effect.

Neill Carson, who co-founded i3 will step down from the CEO role and remain with the Company as a Non-executive Director. The Board and i3 team thank Neill for his tremendous commitment to the Company as one of the North Sea's serial oil and gas entrepreneurs. Under his leadership, i3 has grown from a great idea into an AIM-listed entity with 11 MMBO of 2P Reserves and 69 MMBO of combined 2C Contingent and mid-case Prospective Resources. Neill's background and experience will continue to be invaluable to the Board as the Company converts the Liberator development into a production asset and continues to diversify and grow its portfolio of oil and gas licences.

Majid has been a Non-executive Director of i3 since July 2017 and has a combined 30 years of technical and investment banking experience. He started his career at Mobil Oil Corporation, where he worked for 13 years in various petroleum engineering and commercial roles in the UK and the Netherlands. He has since worked for advisory and investment banking firms focused exclusively on the oil and gas E&P sector, including Waterous and Co, Tristone Capital Limited, FirstEnergy Capital and Àrgentil Capital Partners. Majid holds a Bachelors degree in Nuclear Engineering from Manchester University, a Masters degree in Petroleum Engineering from Heriot-Watt University and an MBA from London Business School.

Concurrent with the above, John Woods, who has served with the Company as Chief Development Officer since May 2016, will be appointed to the role of Chief Operating Officer with immediate effect.

David Knox, Chairman, commented:

"Having worked for some time alongside his fellow directors and the i3 team, the Board is unanimous that Majid has the right skills and experience to take the Company forward. We trust that his unwavering focus on delivery and technically-underpinned background in E&P investment banking will serve our shareholders well.

As a co-founder of i3, Neill has completed the first phase of our growth, capturing the Liberator asset and progressing it towards development and further upside appraisal. Neill's great skill as a portfolio builder will be retained by the Company as he continues to advise his fellow directors and i3 in this regard. I would like to say thank you to Neill, on behalf of the Board, shareholders and staff for his enormous dedication and contribution to i3 since 2014."

Neill Carson, Non-executive Director, commented:

"Founding i3 and seeding it with Liberator, a company making asset, has brought me great satisfaction.  I look forward to overseeing i3's next stage of development as a non-executive director and have every confidence in handing it over to a team with the capability to fund, develop and build on its future success."

 Majid Shafiq, CEO, commented:

"I am delighted to take on this role, to build on the foundation that Neill and the team have created, and to progress our Liberator and Liberator West development and appraisal programmes. Along with i3's team, I hope to keep up the great momentum we've achieved in 2018 while delivering on the commercial, regulatory, and funding requirements to see Liberator become a success."

I'd also like to congratulate John Woods on his appointment as Chief Operating Officer. I am excited and looking forward to working alongside John and the rest of the i3 team."

ENDS

CONTACT DETAILS:

	i3 Energy plc
	Majid Shafiq (CEO) / Graham Heath (CFO)	c/o Camarco Tel: [phone]
	WH Ireland Limited (Nomad and Joint Broker)
	James Joyce, James Sinclair-Ford	Tel: [phone]
	GMP FirstEnergy (Joint Broker)
	Jonathan Wright, David van Erp	Tel: [phone]
	Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald- O'Connor, James Asensio	Tel: [phone]
	Camarco Georgia Edmonds, Jane Glover, James Crothers	Tel: [phone]

Notes to Editors: i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, containing 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension, both of which i3 hold a 100% working interest in. The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production. 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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