i3 Energy PLC Announces Serenity Appraisal Well Result

EASTLEIGH, UK / ACCESSWIRE / October 10, 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 completion of drilling operations on the Serenity appraisal well on UK Licence P.2358, Block 13/12c.

The 13/23c-12 Serenity appraisal well was drilled to a total vertical depth of 5,630 ft below sea level. The targeted Lower Cretaceous Captain sand, which contained hydrocarbons in the 13/23c-10 well discovered in October 2019, was not present at this location. Over 100 ft of other Captain sands in various sequences were found but were water wet. The well will now be plugged and abandoned.

Data recovered from the well will be integrated into further reservoir modelling to optimise a development plan to exploit the reserves, proven up by the discovery well, in the eastern area of the structure.

The well was drilled significantly below budget and with no health, safety, environmental or lost time incidents. The total gross cost is expected to be circa £10.4mm. i3's working interest in Serenity is 75% but under the terms of the farmout with Europa Oil and Gas, i3's paying interest for the 13/23c-12 well is 53.75%, resulting in an estimated net cost to i3 of £5.6mm.

Majid Shafiq, CEO of i3 Energy plc, commented:

"Whilst this result is disappointing, we and Europa (having satisfied the farm-in conditions) will use the data recovered to improve our understanding of the Serenity field and the architecture and geometry of the Captain sand reservoir intervals. The data will also improve our understanding of the extent and geometry of the oil-bearing sand found in the 13/23c-10 discovery well. This will allow us to proceed with the planning and evaluation of a preferred development option, initially focussed on the eastern area of the mapped structure around the discovery well."

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 has a Masters Degree in Petroleum Engineering from Heriot-Watt University 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.

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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/.

The Company deems this announcement to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

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SOURCE: i3 Energy PLC