London-listed i3 Energy (AIM:I3E) ’s Chairman, David Knox, is to step down from the oil and gas firm to pursue a new role at Australia’s largest renewable energy provider.
On Friday, the North Sea exploration group noted that Knox had taken up ‘significant additional responsibility’ at Australian-based Snowy Hydro Limited since the beginning of 2020.
Knox will step down from the i3 board to oversee the provider more closely during ‘a critical and trying time’ for Australia, the statement detailed.
i3 noted that Linda Beal will become the company’s interim Chairperson whilst a formal search is underway for a replacement.
“The entire team at i3 extends its thanks to David for his stewardship of the Company since its listing onto AIM in 2017,” said Majid Shafiq, CEO of i3.
Shares in i3 Energy were trading 8% lower at 9.1p during Friday trading.
Meanwhile, i3 offered an update on its well site survey which commenced last week at the Serenity and Liberato West project sites which is anticipated to conclude this month.
The survey will ensure that all potential drilling locations remain targetable during the company’s planned 2020 drilling campaign, which remains subject to funding.
The group added that the survey will also enable the completion of necessary permits for appraisal drilling on its licences which are expected in late summer.
“i3 Energy has established itself as a company which is bold, innovative and working hard to extract value from its oil and gas licences,” added Knox.
This morning’s statement also outlined that i3 will be seeking a secondary listing on an exchange by 30th April 2020, as agreed with its Noteholders.
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