i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) announced the resignation of chief financial officer Graham Heath, who is to focus on personal health issues and pursue other interest.
At the same time Ryan Heath, currently president of I3’s Canadian subsidiary, will be added to the company’s board. And the company will launch a search for a replacement CFO.
"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 Majid Shafiq, chief executive.
“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.”
Graham Heath added: “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.
“I depart i3 in the best condition of its history - growing production, strong cash flow and balance sheet, a strong dividend yield, and ongoing operations intended to de-risk and convert high-value assets within our portfolio to production and reserves. I am fully supportive of the strategy we have developed and the ability of the executive and board to implement it.”