i3 Energy PLC Announces Share Capital Reduction

EASTLEIGH, UK / ACCESSWIRE / July 4, 2024 / 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.

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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/.

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SOURCE: i3 Energy PLC