i3 Energy PLC i3 Executive and Board Update (2036D)
October 08 2018 - 1:00AM
UK Regulatory
TIDMI3E
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 c/o Camarco
(CFO) Tel: +44 (0) 203 757 4980
WH Ireland Limited (Nomad and Joint
Broker)
James Joyce, James Sinclair-Ford Tel: +44 (0) 207 220 1666
GMP FirstEnergy (Joint Broker)
Jonathan Wright, David van Erp Tel: +44 (0) 207 448 0200
Canaccord Genuity Limited (Joint Tel: +44 (0) 207 523 8000
Broker)
Henry Fitzgerald- O'Connor, James
Asensio
Camarco
Georgia Edmonds, Jane Glover, James Tel: +44 (0) 203 757 4980
Crothers
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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END
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