i3 Energy PLC Operational Update (1937L)
09 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMI3E
RNS Number : 1937L
i3 Energy PLC
09 September 2021
9 September 2021
i3 Energy plc
("i3", "i3 Energy", or the "Company")
Operational Update
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 provide the following update.
Marten Hills Clearwater Farm-in Drilling
Marten Hills Clearwater wells 01-12-075-26W4 and 02-12-075-26W4
which were drilled, completed and tied into production
infrastructure in late July, have now cleaned-up and flowed back
drilling fluid lost during drilling operations. The wells are now
flowing sales volumes and aggregate average production, post
clean-up from both wells for the period 23 August to 31 August was
238 bopd.
i3 owns a 50% working interest in these wells and has the option
under the associated farm-in agreement, previously announced on 5
May 2021, to participate in an additional 7 wells, at least 4 of
which will be spud by 31 March 2022, which would see i3 earn 11.5
net sections of land (circa 29.4 km2) in the Marten Hills, Cadotte
and West Dawson areas of the Clearwater play.
Wapiti Production Acquisition
The Company completed the Wapiti production acquisition on 20
July 2021, with a 1 April 2021 effective date. These assets were
producing 230 boepd at the time of i3's acquisition. The Company
completed both compression and well reactivations resulted in
material production gains. Production from the assets more than
doubled and during the month of August averaged 471 boepd,
considerably higher than our initial expectation of circa 300
boepd.
Wapiti Elmworth Drilling
The second well in this drilling programme, 08-17-71-10W6, was
spud on 9 Aug 2021. The well reached a total measured depth of
3,346m, at a maximum true vertical depth of 1,341m which included a
1,776m horizontal section in the targeted Dunvegan formation. The
horizontal leg contacted excellent reservoir, ranging from 10-15%
porosity with strong gas shows and oil staining. The well was
drilled on time and on budget, and the rig was released on 21
August 2021. Stimulation, completion and production tie-in
operations will shortly commence on both this well and well
09-17-071-10W6 (the first well drilled in this programme). These
oil-weighted wells are expected to initially increase i3's
production by approximately 175 boepd and are estimated to return
the full investment in 1.3 years based on current commodity strip
pricing.
Majid Shafiq, CEO of i3 Energy plc, commented:
"We are delighted with the results from these oil focussed, high
return projects which add immediate production and cashflow to our
portfolio."
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:
i3 Energy plc
Majid Shafiq (CEO) / Graham Heath c/o Camarco
(CFO) Tel: +44 (0) 203 781 8331
WH Ireland Limited (Nomad and Joint
Broker)
James Joyce, Darshan Patel Tel: +44 (0) 207 220 1666
Canaccord Genuity Limited (Joint
Broker)
Henry Fitzgerald- O'Connor, James Tel: +44 (0) 207 523 8000
Asensio
Tennyson Securities (Joint Broker) Tel: +44 (0) 207 186 9030
Peter Krens
Camarco
Owen Roberts, James Crothers, Violet Tel: +44 (0) 203 781 8331
Wilson
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. 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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END
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