4 July 2024
i3 Energy plc
("i3", "i3 Energy",
or the "Company")
Share Capital
Reduction
i3 Energy plc (AIM:I3E) (TSX:ITE), an
independent oil and gas company with assets and operations in the
UK and Canada, announces that the court order cancelling i3
Energy's deferred A shares (issued in conjunction with the share
capital reduction, as previously announced by the Company on 20
June 2024) and the amount standing to the credit of the share
premium account, along with the associated court approved statement
of capital, has been delivered to the Registrar of Companies. The
Capital Reduction will 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 Capital Reduction has resulted in the
creation of distributable reserves which will give maximum
flexibility to consider the payment of dividends and otherwise to
return value to Shareholders, should the Board consider it
appropriate. With this implementation of the Capital
Reduction, there is no change in the nominal value of the Company's
shares, or the number of shares issued. The Capital Reduction
did not involve any distribution or repayment of share premium by
the Company and will not reduce the underlying net assets of the
Company.
ENDS
Enquiries:
i3 Energy
plc
Majid Shafiq (CEO)
|
c/o Camarco
Tel: +44 (0) 203 757 4980
|
|
|
WH Ireland
Limited (Nomad and Joint Broker)
James Joyce, Darshan Patel
|
Tel: +44 (0) 207 220 1666
|
|
|
Tennyson
Securities (Joint Broker)
Peter Krens
|
Tel: +44 (0) 207 186 9030
|
|
|
Stifel Nicolaus
Europe Limited (Joint Broker)
Ashton Clanfield, Callum Stewart
|
Tel: +44 (0) 20 7710 7600
|
|
|
Camarco
Andrew Turner, Violet Wilson, Sam
Morris
|
Tel: +44 (0) 203 757 4980
|
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 working interest
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 for 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/.