EASTLEIGH, UK – i3 Energy plc (“i3”, “i3 Energy”, or the “Company”) (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 production update.
i3 recently reached a production rate of 22,000 barrels of oil equivalent per day (“boepd”), comprised of field estimate sales equalling 69 million standard cubic feet of gas per day, 6,470 barrels per day of natural gas liquids and 4,030 barrels per day of oil & condensate, inclusive of royalty production.
The Company has drilled 20 gross wells as part of its expanded 2022 drilling programme. Of these wells 13 are on production, 5 are being cleaned up following tie in and 2 await completion. The latter 7 wells are expected to be fully cleaned up and on production in late October.
With continued performance of the Company’s low-decline base production and success achieved through its initial capital budget, i3 is positioned to execute on the balance of its 2022 drilling programme and remains on track to reach 24,000 boepd by year end.
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.