i3 Energy PLC Announces Capital Restructuring & Wapiti Acquisition

EASTLEIGH, UK / ACCESSWIRE / June 30, 2021 / 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 announce the following update.

Maiden Dividend

The final confirmation hearing in the High Court of Justice of England and Wales was held yesterday and the court approved the cancellation of i3 Energy's share premium account (the 'Capital Reduction'). The court order together with the court approved statement of capital has been delivered to the Registrar of Companies and the Capital Reduction will finally become effective upon the registration of the court order by the Registrar of Companies, which is expected to occur in the next few days. The Ex-dividend date, Record Date and Payment Date will be announced immediately following confirmation of the registration. With the predicted timing of the above registration by the Registrar of Companies, i3 expects the Ex-dividend date to be during the week commencing 12 July 2021.

Wapiti Production Acquisition

Previously announced as a letter of intent on 17 June 2021, the Company has now executed a binding sales and purchase agreement to acquire 230 boe/d of Wapiti production, a non-core asset to the seller, whereafter i3 intends to conduct six well reactivations to bring Next Twelve Months ('NTM') production to an estimated 310 boe/d at a total acquisition and capital cost of USD 410k, which translates to an acquisition cost of only 0.56x expected NTM net operating income (revenue minus royalties, opex, transportation and processing). This production acquisition is expected to complete in early Q3 2021, with a 1 April 2021 effective date.


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.



i3 Energy plc


Majid Shafiq (CEO) / Graham Heath (CFO)

c/o Camarco

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 Asensio

Tel: +44 (0) 207 523 8000


Tennyson Securities (Joint Broker)

Peter Krens

Tel: +44 (0) 207 186 9030



Owen Roberts, James Crothers, Violet Wilson

Tel: +44 (0) 203 781 8331

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 information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: i3 Energy PLC

View source version on accesswire.com:

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.