9th Sep 2022 11:40
(Alliance News) - i3 Energy PLC on Friday promoted Non-Executive Director John Festival to the role of chair.
Festival replaces Linda Beal, who has been interim chair of the oil and gas company since 2020. She will remain as a non-executive director and will focus on her roles as chair of the Audit and Governance committees, i3 Energy said.
Festival has been a non-executive director of the company since its December 2020 acquisition of Toscana Energy Income Corp, where he had "long served" as a director. He has 38 years experience in the oil and gas sector, i3 added.
Festival is currently the chief executive of Broadview Energy Ltd and was the president & CEO of Black Pearl Resources Inc prior to its acquisition by International Petroleum Corp in December 2018.
He also founded BlackRock Ventures Inc in 2001, which was sold to Shell Canada for CAD2.4 billion in 2006.
CEO Majid Shafiq said: "His highly successful track record of founding, growing, and monetizing oil & gas companies is recognized and respected in both jurisdictions where i3 operates, and his business acumen is well-matched to the needs of the company as it continues to expand production while drilling up its potentially high-growth portfolio in Canada and the North Sea.
"The company is sharply focussed on growing its current production base of over 20,500 barrels of oil equivalent per day and crystallising value from its extensive portfolio of development catalysts and John's technical and commercial background and track record is ideally suited to guiding the business through that journey," Shafiq added.
Shares in i3 were up 0.2% to 24.74 pence each in London on Friday morning.
By Sophie Rose; [email protected]
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