i3 Energy PLC Announces Publication of 2021 ESG Report

EASTLEIGH, UK / ACCESSWIRE / June 7, 2022 / i3 Energy plc (AIM:I3E)(TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to announce the publication of its inaugural annual ESG report on its website (www.i3.energy).

Highlights of Inaugural Environment, Social and Governance (ESG) Report

• Emissions Reduction Initiatives
  • i3 is committed to being net zero for Scope 1¹ and Scope 2² emissions for its operated assets by 2050, with accelerated targets to be set following additional pathways analysis.
  • The Company is considering a range of decarbonisation options including operational efficiency and nature-based solutions.
  • Current efforts are focussed on methane emission reduction - deactivation or replacement of hi-bleed pneumatic controllers with low bleed or instrument air (entire inventory of 389 controllers from legacy Gain Energy and Toscana Energy assets now replaced); replacement of pneumatic pumps with solar powered electric pumps; other fugitive emissions reduction; and emissions inventory monitoring - these efforts have reduced methane emissions by 28,101 tCO2e³ in 2021, equivalent to 34% of total 2020 GHG emissions.
  • Commenced implementation of efficiency improvements to reduce fuel usage, starting with electrification of operating sites and evaluation of projects for rich- burn to low-burn compressor engines and installation of effluent lines to reduce flaring and trucking.
• Emissions Reporting
  • GHG Scope 1 and Scope 2 total emissions intensity for 2020 was 36.4 KgCO2e/boe, considerably below the average for Canadian conventional oil production and gas production and processing of 48.1⁴ kgCO2e/bbl and 42.0⁴ kgCO2e/boe, respectively.
  • Data and emissions intensity data for 2021 incorporating information for the assets acquired from Cenovus in August 2021, will be published later in the year, following which emissions intensity reduction targets will be developed.
• Environment
  • i3 operates in jurisdictions with environmentally responsible operating contexts and world class regulations for all aspects of ESG, with 82% of its production being gas and natural gas liquids.
  • Minimal use of fresh water in operations in 2020 (most water used was produced water).
  • Abandonment and reclamation are ongoing activities, and in 2020 and 2021 30 wells were abandoned and 6 pipelines and 1 facility were decommissioned.
  • The Company only had 7 reportable spills in 2021 all of which were rapidly cleaned up and remediated.
• Social
  • Safety is a top priority for i3; there was only 1 loss time injury in 2021.
  • The Company is proud of its gender diversity with 47% of employees being women.
  • i3 gives back, via charitable donations, to the communities where we operate.
• Governance
  • Health, Safety, Environment and Security Board Committee formed to incorporate oversight responsibilities for environment and social issues.
  • Corporate ESG committee to be established, composed of key executives and operational level employees, to drive ESG improvements throughout the Company.
  • Establishing ESG-linked KPIs and management incentives.

Majid Shafiq, CEO of i3 Energy plc, commented:

"We are very pleased to publish our inaugural ESG report. Having acquired a large and diverse asset base of operated well, pipeline and processing facilities in a series of transactions from a number of different operators over the course of 2020 and 2021, a considerable effort was required to acquire and consolidate emissions data for our portfolio. We have now established baselines for the assets acquired from Toscana Energy and Gain Energy (and will do so late this year for the assets acquired from Cenovus) from which we can measure and drive efficiency and emissions reductions initiatives on a go-forward basis. i3 is well positioned to play a part in supplying the world's growing energy needs as we transition to a low carbon economy, given our gas- weighted portfolio and the jurisdictions in which we operate. We look forward to updating the market as we progress our emissions reduction and net zero plans."

Footnotes:

1. Scope 1 - direct greenhouse gas emissions that occur from sources that are controlled or owned by an organisation (e.g., emissions associated with fuel combustion in boilers, furnaces, and vehicles).
2. Scope 2 - indirect greenhouse gas emissions associated with the purchase of electricity, steam, heat or cooling.
3. tCO2e is tons of CO2 equivalent per year.
4. Source: Canada's Greenhouse Gas and Air Pollutant Emissions Projections 2021. Published by Environment and Climate Change Canada,

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Notes to Editors:

i3 Energy is an oil and gas Company with a low cost, diversified, growing production base in Canada's most prolific hydrocarbon region, the Western Canadian Sedimentary Basin and appraisal assets in the North Sea with significant upside.

The Company is well positioned to deliver future growth through the optimisation of its existing 100% owned asset base and the acquisition of long life, low decline conventional production assets.

i3 is dedicated to responsible corporate practices and the environment, and places high value on adhering to strong Environmental, Social and Governance ("ESG") practices. i3 is proud of its performance to date as a responsible steward of the environment, people, and capital management. The Company is committed to maintaining an ESG strategy, which has broader implications to long-term value creation, as these benefits extend beyond regulatory requirements.

i3 Energy is listed on the AIM market of the London Stock Exchange under the symbol I3E and on the Toronto Stock Exchange under the symbol ITE. For further information on i3 Energy please visit https://i3.energy/.

This announcement does not contain inside information.

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SOURCE: i3 Energy PLC