i3 Energy, an independent oil and gas company with assets and operations in the UK and Canada, has announced the following Q3 2023 operational and financial update.
Q3 Highlights:
- Average Q3 2023 production of approximately 21,156 barrels of oil equivalent per day ('boepd'), representing a 14% increase over the prior quarter and a 3% increase from Q3 2022.
- Net operating income for the quarter reflecting restored production and strengthening commodity prices was USD 25.97 million (as compared to USD 17.66 million in Q2), representing a 47% increase quarter-over-quarter.
- i3 remained focused on repayment of its new credit facility, with the original drawn amount of CAD 75 million reduced to CAD 66.67 million (USD 49.39 million) and net debt as at 30 September 2023 of approximately USD 27.56 million, down from USD 38.98 million as at 30 June 2023.
- As part of i3's commitment to its total shareholder return model, dividends of £3.08 million (USD 3.91 million) were declared in Q3 and paid in October 2023.
- Post quarter-end the board of directors approved a USD 6 million capital program, for the balance of 2023, centred on the Company's Glauconite and Leduc oil fairways in Central Alberta.
Majid Shafiq, CEO of i3 Energy plc, commented:
'Following the major scheduled maintenance activities and disruptions due to wildfires in Q2 we are very pleased with the recovery of production levels in Q3, and we remain on track to meet our previously stated guidance for 2023 production and net operating income. We will also shortly commence a three well drilling programme, focussed on oil development in Central Alberta.'
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Source: i3 Energy
