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i3 Energy Spuds Wells at Marten Hills, Wapiti Prospects

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   |    Monday,September 13,2021

i3 Energy plc reported an update on its drilling activities.

Marten Hills Clearwater Farm-in Drilling

Marten Hills Clearwater wells 01-12-075-26W4 and 02-12-075-26W4 which were drilled, completed and tied into production infrastructure in late July, have now cleaned-up and flowed back drilling fluid lost during drilling operations. The wells are now flowing sales volumes and aggregate average production, post clean-up from both wells for the period 23 August to 31 August was 238 bopd.

i3 owns a 50% working interest in these wells and has the option under the associated farm-in agreement, previously announced on 5 May 2021, to participate in an additional 7 wells, at least 4 of which will be spud by 31 March 2022, which would see i3 earn 11.5 net sections of land (circa 29.4 km2) in the Marten Hills, Cadotte and West Dawson areas of the Clearwater play.

Wapiti Elmworth Drilling

The second well in this drilling programme, 08-17-71-10W6, was spud on 9 Aug 2021. The well reached a total measured depth of 3,346m, at a maximum true vertical depth of 1,341m which included a 1,776m horizontal section in the targeted Dunvegan formation. The horizontal leg contacted excellent reservoir, ranging from 10-15% porosity with strong gas shows and oil staining. The well was drilled on time and on budget, and the rig was released on 21 August 2021. Stimulation, completion and production tie-in operations will shortly commence on both this well and well 09-17-071-10W6 (the first well drilled in this programme). These oil-weighted wells are expected to initially increase i3’s production by approximately 175 boepd and are estimated to return the full investment in 1.3 years based on current commodity strip pricing.

Wapiti Production Acquisition

The Company completed the Wapiti production acquisition on 20 July 2021, with a 1 April 2021 effective date. These assets were producing 230 boepd at the time of i3’s acquisition. The Company completed both compression and well reactivations resulted in material production gains. Production from the assets more than doubled and during the month of August averaged 471 boepd, considerably higher than our initial expectation of circa 300 boepd.

Majid Shafiq, CEO of i3 Energy plc, commented: “We are delighted with the results from these oil focussed, high return projects which add immediate production and cashflow to our portfolio.”

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