(Alliance News) - i3 Energy PLC reported on Monday reserve growth in 2022 across all areas for its subsidiary i3 Energy Canada Ltd.

i3 Energy also appointed a new chief financial officer.

The Hampshire, England-based oil and gas company has assets and operations in the UK and Canada.

At i3 Energy Canada, total interest proved plus probable developed producing (2PDP) reserves increased by 9% during 2022 to 65.7 million barrels of oil equivalent as of December 31, while its total proved (1P) reserves increased by 10% to 93.5 million barrels. Total proved plus probable (2P) reserves increased by 18% to 181.5 million barrels.

i3 Energy said its 2P reserves are valued at around USD1.2 billion, or 0.81 pence per share, adding that 2PDP, 1P and 2P show a reserve life of 8.8, 12.2 and 22.5 years, respectively.

Successful growth in its production and reserve base is the result of a pivot towards drilling, the company said.

i3 Energy also announced on Monday the appointment of Jason Dranchuck as chief financial officer, effective immediately.

Dranchuck has more than 12 years experience as CFO for Canadian-listed companies, including for Chinook Energy Inc and Zargon Oil & Gas Ltd.

i3 Energy Chief Executive Officer Majid Shafiq said: "His broad financial reporting expertise across the energy sector value chain and mergers and acquisitions experience will be invaluable to the company, and we look forward to working with him to deliver our growth strategy as we expand our operations in Canada."

Shares were up 16% at 21.34 pence in London on Monday afternoon.

By Sabrina Penty; Alliance News reporter

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