i3 Energy PLC – I3E – Operational Update

i3 Energy PLC – I3E – Operational Update

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.

Noel Gas Well

Following completion of construction and tie-in operations, the A-52-G horizontal gas well located on the Company's Noel acreage in Northeast British Columbia was brought on-stream on 17 June 2021. Production from the well has averaged 650 boepd since start-up on a ¼" downhole choke, exceeding initial expectations by 30%. Reserves additions associated with this location will be booked in i3's 2021 year-end reserves update, and the Company is currently evaluating potential offsetting development locations.

Clearwater Drilling

The Marten Hills 01-12-075-26W4 well targeting the Clearwater play was spud on 15 June 2021. As of 26 June, five of eight horizontal lateral sections, averaging 1661 m in length, have been drilled in the Clearwater formation from this wellbore, and operations have progressed on time and on budget. All laterals drilled have encountered clean upper shoreface sandstone ranging from 24% to 27% porosity and all have encountered oil as evidenced by oil shows on cuttings. The well is currently being drilled, and upon finishing the eighth lateral the rig will be demobilised and relocated to spud the second well in this Marten Hills Clearwater drilling programme at 02-12-075-26W4. Production is expected to commence during July.

Majid Shafiq, CEO of i3 Energy plc, commented:

"We are very pleased with the initial production performance of the Noel well, which has exceeded expectations, will contribute to year-end reserves additions and has de-risked similar offsetting drilling locations. Operations in Marten Hills have proceeded exceptionally well and we look forward to bringing these wells onto production in late July."

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