i3 Energy PLC Operational and Financial Update (0370U)
March 31 2021 - 1:00AM
UK Regulatory
TIDMI3E
RNS Number : 0370U
i3 Energy PLC
31 March 2021
31 March 2021
i3 Energy plc
("i3", "i3 Energy", or the "Company")
Operational and Financial Update
i3 Energy plc (AIM:I3E) (TSX:ITE), the independent oil and gas
company with assets and operations in the UK and Canada, is pleased
to provide the following update.
Maiden Dividend
i3 has allocated CAD$2 million (GBP1.16 million) in relation to
its planned Q1 2021 dividend. The Company can only pay a dividend
out of distributable profits and i3 currently has retained losses.
i3 is expecting to effect a reduction of share capital to create
distributable reserves to offset the losses and create surplus
profits. A reduction of the Company's share capital is subject to
loan note holder, judicial, and shareholder approval by way of a
special resolution at a general meeting. i3 expects to shortly
distribute a special resolution and circular to its shareholders
which will specify the exact amount of the proposed reduction in
share capital and explain the background and reasons for the
reduction. Upon approval of the special resolution at the general
meeting, i3 will apply to the UK courts to confirm the reduction
and will immediately thereafter distribute the abovementioned
dividend payment to its shareholders.
Noel Gas Well
As announced on 23 February, in December 2020 i3 completed a
successful flow-test on a horizontal gas well into the prolific
Falher formation at its acreage in Northeast British Columbia
("BC"). The tie-in project in Noel, BC progresses on time and on
budget. Regulatory approvals and First Nation consultations are
ongoing, and construction is anticipated to commence once surface
access conditions allow, following spring breakup (an operational
lull during which snowmelt and frost-release create soft and muddy
ground conditions). The well is expected to be brought on at
approximately 500 boe/d.
Majid Shafiq, CEO of i3 Energy plc, commented:
"Although our balance sheet re-structuring has taken longer than
anticipated, we are delighted that we are close to entering the
final stages of the process to allow the declaration and payment of
our maiden dividend and commence delivery on our promise to
distribute at least 20% of our free cash flow annually to our
shareholders as dividends, subject to necessary consents. Our
Canadian production assets continue to perform well, and we are
actively advancing projects to maintain and grow production from
our current portfolio and are evaluating a number of production
acquisition opportunities. In the UK, negotiations with
counterparties for a farm-out of Serenity appraisal drilling
continue to be advanced."
END
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, James Sinclair-Ford 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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