i3 Energy

Website: https://i3.energy/
Primary ticker: LON:I3E
Stage of development: Exploration, Production
Project types: Oil – conventional offshore
Project to promote: Liberator

Live financials

i3 Energy’s core asset is the Liberator oil field discovered by well 13/23d-8 located in License P.1987, Block 13/23d in which it has a 100% operated interest.

i3 Energy’s strategy is to focus on the development of discoveries located close to existing infrastructure and the exploitation of producing fields, whilst maintaining limited exploration exposure.

i3 Energy has a strong management team with a track record of delivery.

Management Profile

Graham Heath, Chief Financial Officer

Prior to co-founding i3 in late 2014, Graham served as VP Corporate Development and later as Interim CFO at Iona Energy from December 2010 alongside Neil Carson.

During his time at Iona, Graham worked with the senior management team to build the company from infancy to 40MMboe of 2P reserves and production above 6,000 boe/day, listing the company on the Toronto Venture Exchange, and structuring equity, debt, and derivative financings in excess of US$670million

Prior to joining Iona, Graham Heath’s 15 year career focused on energy-related tech startups and consulting within Alberta’s Oil and Gas Industry. Between 1998 and 2010, Graham consulted to Colt Engineering, PanCanadian Petroleum, EnCana Corporation and Cenovus Energy. From 2002 to 2006, Graham was Cofounder and VP of Strategic Development for The CO2 Hub – a marketplace created to facilitate the sale and purchase of carbon dioxide and its related purification, compression, storage, and transportation services – designed to foster the aggregation of CO2 supply and demand for its use in enhanced oil recovery. Graham Heath holds a Bachelor of Commerce from the University of Calgary.

Majid Shafiq – Chief Executive Officer

Majid Shafiq has 30 years of technical and investment banking experience focused on the global E&P sector.

Prior to joining Àrgentil Capital Partners as CEO in 2015, Majid spent 12 years in energy investment banking advising on asset level acquisitions and divestments, corporate M&A and equity financing for the private and public, small to mid-cap oil and gas sector. During that time he worked for Waterous and Co, Tristone Capital Ltd and latterly with FirstEnergy Capital LLP as Managing Director, Corporate Finance.

Prior to his investment banking career, he worked for Mobil Oil Corporation for 13 years in various petroleum engineering and commercial roles in the UK and the Netherlands. Majid holds a Bachelors degree in Nuclear Engineering from Manchester University, a Masters degree in Petroleum Engineering from Heriot-Watt University and an MBA from London Business School.

What is your rationale for attending 121 Oil & Gas Investment?

To discuss the ongoing Liberator drilling program and the opportunities i3 Energy is currently working on.

What recent news would you like to highlight to investors attending?

The ongoing Liberator development and exploration program.

What are your key goals for the next 3,6 and 12 months?

3 Months:

To complete the Liberator well programme including the Serenity exploration well and Liberator West appraisal well.

6 Months:

To consider the findings of the results from the well programme and plan for first oil from Liberator field

12 Months:

To operationally move towards first oil project development.

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Currently the Company is going through an operational phase at Liberator and, as such, is exposed to geological risk in drilling. With our pilot well for a development well missing the planned reservoir, we have acquired additional data to consider the findings of the well and where our planned appraisal well should be placed.

In a sentence, what do you think makes your company such a compelling investment?

The scale of Liberator is significant. The ongoing work programme is currently de-risking 511 MMbbls of STOIIP from the Liberator field and Serenity prospect. Success with either or both of our remaining two wells in our drilling programme adds significantly to the Company’s value.