i3 Energy Plc
I3E:LN
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Overview
Company Profile
i3 is a London (AIM:i3E) and Toronto (TSX:iTE) listed energy company with a diverse, full-cycle portfolio of assets in the Western Canadian Sedimentary Basin (WCSB) and UK North Sea (UKNS).
i3 has 2P reserves in Canada of approximately 130 MMboe and produces over 18,000 boepd from large contiguous holdings in some of the WCSB’s most economic play types, with material upside deliverable through the Company’s sizeable, operated positions at Simonette (Montney) and Marten Hills (Clearwater). i3 produces from over 700 net long-life, low-risk and low-decline wells, spanning over 625,000 net acres, providing steady income that can be distributed to shareholders, used to fund the development of its prolific inventory, or to pursue farm-in and M&A opportunities.
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Corporate
Board of Directors
Linda Beal
Non-Executive Director
Linda has over 30 years of experience advising international E&P clients and since 2016 has been a board member of numerous companies. As a director of other small cap natural resources businesses, she brings corporate governance and financial expertise and experience as Audit Committee Chair. Linda joined Grant Thornton in 2013 as a Tax Partner and was Global Leader for Energy and Natural Resources, mandated to build its global energy and natural resources capability. Previously, Linda spent 30 years at PwC and its legacy firm Price Waterhouse in Audit and Tax, 16 of them as a Partner. Launching PwC’s Natural Resources Independents business in the mid-2000s, she focused on advising international E&P clients across the AIM, FTSE350, overseas listed and private sectors. Linda graduated in 1982 from the University of Nottingham with a Bachelor of Science degree in Mathematics thereafter qualifying at Price Waterhouse as a Chartered Accountant in 1985.
Neill Carson
Non-Executive Director
Neill has over 32 years of management and international project experience in the oil and gas industry. In early 2004, Mr. Carson co-founded Ithaca Energy Inc. where he served as its President and a Director from April 2004 and acted as Chief Operating Officer until late 2007. While at Ithaca, Neill was responsible for asset acquisitions, all aspects of operations and safety, general corporate strategy, and the drilling of four successful oil wells. During his tenure at Ithaca, the portfolio grew to 39 MMboe of proven plus probable reserves and was on plan to deliver 8,000 boe per day of production. Neill founded Iona Energy Inc. in 2007 where he served as Chief Executive Officer until his departure in 2014 to form i3. Responsible for all aspects of corporate strategy and portfolio development, he grew Iona to 40 MMboe of 2P reserves and saw peak production of 6,700 boe/day. Prior to Ithaca Energy, Neill spent 23 years at BP Amoco and was responsible for numerous exploration, development and production projects.
Majid Shafiq
Chief Executive Officer
Majid has over 30 years of technical and investment banking experience focused on the global E&P sector. Majid joined the board of i3 when it listed on the AIM market in 2017. Prior to taking over as CEO, Majid spent 17 years in energy investment banking, advising on M&A and equity financing for the small to mid-cap oil and gas sector. During that time, Majid worked for Waterous and Co, Tristone Capital Ltd, FirstEnergy Capital LLP, and Argentil Capital Partners. Prior to his investment banking career, Majid worked for Mobil Oil Corporation for 13 years in various petroleum engineering and commercial roles in the UK and the Netherlands. Majid has a Bachelor’s degree in Nuclear Engineering from Manchester University, a Master’s degree in Petroleum Engineering from Heriot-Watt University and an MBA from London Business School.
Richard Ames
Non-Executive Director
Richard has 35 years of broad range experience in the oil and gas industry with senior executive roles in full-cycle oil and gas exploration and production, information technology and oil and gas services. He has recently held Board and Advisory positions at Iona Energy, Accenture Russia, the Kiawah Conservancy, and DataSpace. He joined Amoco in 1981 and worked as a geologist responsible for reserves definition in several international petroleum basins including the North Sea. Richard graduated from Duke University with a Bachelor of Science degree in Geology, and from the University of Georgia with a Master of Science in Geology.
John Festival
Non-Executive Chairman
John is a chemical engineer with 36 years of experience in the Canadian oil and gas sector and has a track record of founding, growing and monetizing oil and gas ventures in the Western Canadian Sedimentary Basin. He is currently the CEO of Broadview Energy and was the President and CEO of Black Pearl Resources Inc. prior to its acquisition by International Petroleum in December 2018 in a stock and debt transaction valued at c.US$715 million. He was previously the founder and President of BlackRock Ventures Inc. which was established in 2001 and sold to Shell Canada for CAD$2.4 billion in 2006. He graduated in 1984 with a Bachelor of Science degree in Chemical Engineering from the University of Saskatchewan.
Sheri Barton
Deputy Secretary and International Corporate Manager
Sheri has over 30 years of extensive finance and administration experience in various private and public companies. She has held senior management positions relating to finance, regulatory reporting, administration, controls and reporting procedures, strategic planning, acquisitions, due diligence and business development. Prior to joining i3 Sheri held the role of International Corporate Manager at Iona Energy, working with its senior management team in the areas of finance and administration.
Ryan Heath
President i3 Energy Canada
Ran has over 20 years’ experience in the Canadian oil and gas sector, building junior resources companies in the WCSB. Ryan joined i3 through its acquisition of Toscana Energy Income Corporation in 2020, where he was the CEO since 2019. Prior to Toscana, Ryan was VP Land & Negotiations at Paredes Energy Corporation, and throughout his career has been instrumental in the growth and development of several public and private E&P companies, including Striker Exploration Corp., Hyperion Exploration Corp., and Severo Energy Corp. Additionally, Ryan held roles of increasing Land Management and Business Development focused responsibilities with Paramount Energy Trust and NCE Petrofund Corp. Ryan graduated from the University of Calgary with a Bachelor of Commerce, specialising in Petroleum Land Management.
Jason Dranchuk
Chief Financial Officer
Jason has over 25 years of experience working in various senior finance roles in the energy sector with considerable focus on the Western Canadian Sedimentary Basin. Prior to joining i3 in April 2023, Jason had held Chief Financial Officer positions for over 12 years for various public Canadian listed companies including Chinook Energy Inc and Zargon Oil and Gas Ltd. He holds the Chartered Professional Accountant (CPA, CA, CMA) designation, and received a Bachelor of Commerce Degree from the University of Saskatchewan.