i3 Energy Plc (ITE.TO) Announces About Marten Hills Clearwater Drilling Programme Completed, But Why Stock Declined

The stock of i3 Energy Plc (ITE.TO), after slightly decreasing from C$0.175 on June 22 to C$0.165 on June 25, the price significantly increased to C$0.290 on July 2. However, the stock declined from C$0.290 to C$0.215 on July 7 and leveled off to the next day. The price continued to fall and finished at C$0.180 on July 16. During one month the peak of stock i3 Energy Plc was C$0.290 and the lowest was C$0.165.
On July 15, i3 Energy Plc (ITE.TO) independent oil and gas company with assets and operations in Great Britain and Canada, reported that second well drilling in Marten Hills Clearwater (located at 02-12-075-26W4) Clearwater C sandstone thick 25 m completed. Eight horizontal lateral sections, all nailed and 12,644 meters were successfully drilled from the well, penetration to the maximum true vertical depth of 630 m, operations performed on time and within budget.

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All side barrels drilled were exposed to a clean sandstone on the upper shore with a porosity between 24 and 27% and the presence of oil was found everywhere through the oil layers of overgrown rocks. The drilling rig is currently being demobilized and is expected to take five days to install and equip wells following the release of the rig, it is expected that It is estimated that production from both wells will begin at the end of July.

Richard McEntire

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