i3 Energy finance chief steps down to focus on health

UK and Canada-focussed oil and gas company i3 Energy announced the resignation of Graham Heath as its chief financial officer and an executive director on Wednesday, as well as its intention to appoint Ryan Heath to the board following completion of the relevant requirements.

The AIM-traded firm said Graham was leaving full-time employment “immediately”, to focus on personal health issues so that he can pursue other interests.

Ryan, meanwhile, was appointed president of i3 Canada, following the company’s December 2020 acquisition of Toscana Energy, where he had served as chief executive officer since 2019.

Before Toscana, Ryan was vice-president of land and negotiations at Paredes Energy, and throughout his 23-year career in the Western Canadian Sedimentary Basin had been “instrumental” in the growth and development of several public and private exploration and production companies, including Striker Exploration, Hyperion Exploration, and Severo Energy.

Ryan graduated from the University of Calgary with a Bachelor of Commerce degree, specialising in petroleum land management.

The company said it had begun a search for a replacement CFO, and would make further announcements on that appointment, and the appointment of Ryan Heath, in due course.

“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,” said CEO Majid Shafiq.

“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.”

Shafiq added that the board was “delighted” to welcome Ryan Heath, 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.”

At 1507 BST, shares in i3 Energy were down 2.58% at 22.65p.

Reporting by Josh White at Sharecast.com.