Photo: Illustration; Source: i3 Energy

UK firm on the lookout for new CFO as health issues force current one to step down

UK-headquartered and AIM-listed oil and gas company i3 Energy has initiated a process to find a new Chief Financial Officer (CFO) as its current one has tendered his resignation due to health issues.

i3 Energy announced the resignation of Graham Heath as CFO and Executive Director of the company on Wednesday, explaining that Heath is leaving “full-time employment immediately to focus on personal health issues such that he can pursue other interests.”

Graham Heath, i3’s outgoing CFO; Courtesy of i3 Energy
Graham Heath, i3’s outgoing CFO; Courtesy of i3 Energy

Commenting on the resignation, Graham Heath, i3’s outgoing CFO, stated: “With many exciting deliverables ahead, trying to find the ‘right time’ to depart this dynamic business has been difficult. My commitment to i3’s success has come at a cost to me, and I have neglected my health to achieve it. I am leaving now to focus on the recuperation of my health and well-being and to pursue other goals that require it.”

i3 Energy confirmed that it has started a search for a replacement CFO and plans to make further announcements on this appointment in due course.

Majid Shafiq, CEO of i3 Energy, remarked: “The board, executive and all who worked with Graham since the founding of i3 would like to thank him for his hard work, dedication and unwavering spirit of optimism, which helped to carry the company during the inevitable difficulties of growing the venture from start-up to the stable and thriving entity that i3 has now become.

“He leaves behind a strong business with a solid and diverse reserves base with multiple options to expand and grow shareholder value. His personal ‘can do’ attitude will be sorely missed but we are secure in the knowledge that its imprint is now firmly ingrained in the DNA of i3 Energy. My best wishes go with Graham as he seeks to restore his health and I wish him every success in his future endeavours.”

New addition to i3’s board

Meanwhile, i3 Energy also disclosed its intention to appoint Ryan Heath to the board of directors following the completion of relevant AIM Rules requirements.

“The board is delighted to welcome Ryan to the board, subject to relevant due diligence checks. His knowledge and experience have been central to our successful growth in Canada and his counsel will be critical to our continued growth in that market,” added Shafiq.

Following i3’s acquisition of Toscana Energy Income Corporation in December 2020, Ryan Heath, who served as the Chief Executive Officer in Toscana since 2019, was appointed President of i3 Canada. Prior to this, he was VP Land & Negotiations at Paredes Energy Corporation. Throughout his 23-year career in the Western Canadian Sedimentary Basin, he has been involved in the growth and development of several public and private E&P companies, including Striker Exploration, Hyperion Exploration, and Severo Energy.

“Ryan’s appointment provides continuity and crucial representation from our expanding Canadian business, and I look forward to watching the company’s continued success as a supportive shareholder,” outlined Graham Heath.

When it comes to i3 Energy’s most recent activities, it is worth noting that the UK player started drilling an appraisal well in the North Sea with a Stena Drilling-owned rig a few days ago.

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These drilling operations are being undertaken to find additional volumes of hydrocarbons beyond those encountered in the original discovery well.