i3 Energy PLC Announces Board Update

EASTLEIGH, UK / ACCESSWIRE / September 9, 2022 / i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, announces the appointment of John Festival as Non-Executive Chairman of i3's Board of Directors, effective immediately. Linda Beal, who has seen the Company through a period of transformational growth as Interim Chairperson, remains as a Non-Executive Director with the Company and will focus on her roles as chair of the Audit and Governance Committees.

John has been a Non-Executive Director with i3 since its December 2020 acquisition of Toscana Energy Income Corporation, where he had long served as a director. John is a chemical engineer with 38 years of experience in the oil and gas sector and has a track record of founding, growing and monetizing oil and gas ventures.

He is currently the CEO of Broadview Energy and was the President and CEO of Black Pearl Resources Inc. prior to its acquisition by International Petroleum in December 2018 in a stock and debt transaction valued at c.US$715 million. He was previously the founder and President of BlackRock Ventures Inc. which was established in 2001 and sold to Shell Canada for CAD$2.4 billion in 2006.

He graduated in 1984 with a Bachelor of Science degree in Chemical Engineering from the University of Saskatchewan.

Majid Shafiq, CEO of i3 Energy plc, commented:

"The Board and executive management are thrilled that John has accepted the role as Chairman. His highly successful track record of founding, growing, and monetizing oil & gas companies is recognized and respected in both jurisdictions where i3 operates, and his business acumen is well-matched to the needs of the Company as it continues to expand production while drilling up its potentially high-growth portfolio in Canada and the North Sea. The Company is sharply focussed on growing its current production base of over 20,500 boepd and crystallising value from its extensive portfolio of development catalysts and John's technical and commercial background and track record is ideally suited to guiding the business through that journey.

"We would like to thank Linda for her willingness to serve i3 and its shareholders as Interim Chairperson across the last few years and for ferrying the Company through an aggressive growth period. We will continue to benefit from her extensive knowledge and experience as a non-executive director."

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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/.

This announcement 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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SOURCE: i3 Energy PLC