i3 Energy (I3E ), a UK and Canada focused oil producer, announced the appointment of John Festival as non-executive chairman of its board of directors, effective immediately. Mr. Festival replaces Linda Beal who will remain as non-executive director and focus on her role as chair of the Audit and Governance Committees.
Mr. Festival has been a non-executive director at i3 since the company's December 2020 acquisition of Toscana Energy Income where he had served as director.
Mr. Festival is currently CEO of Broadview Energy and was president and CEO of Black Pearl Resources prior to its acquisition by International Petroleum in December 2018 in a deal valued at c. US$715m. Previously, he was the founder and president of BlackRock Ventures which was established in 2001 and sold to Shell Canada in 2006 for CAD$2.4 billion.
Majid Shafiq, CEO of i3 Energy plc, commented:
"The Board and executive management are thrilled that John has accepted the role as Chairman. His highly successful track record of founding, growing, and monetizing oil & gas companies is recognized and respected in both jurisdictions where i3 operates, and his business acumen is well-matched to the needs of the Company as it continues to expand production while drilling up its potentially high-growth portfolio in Canada and the North Sea. The Company is sharply focussed on growing its current production base of over 20,500 boepd and crystallising value from its extensive portfolio of development catalysts and John's technical and commercial background and track record is ideally suited to guiding the business through that journey.
We would like to thank Linda for her willingness to serve i3 and its shareholders as Interim Chairperson across the last few years and for ferrying the Company through an aggressive growth period. We will continue to benefit from her extensive knowledge and experience as a non-executive director."
i3 Energy shares have climbed 118% in the past year on the back of steep increases in production and higher oil prices.
Last month the company reported a doubling of production in Q2 year-on-year and a 25% increase in its annual dividend to £14.784m. The company declared its monthly dividend for October yesterday at £1.6996m and 0.1425p/share
Follow News & Updates from i3 Energy: