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Canada/UK: i3 Energy provides Q4 2022 operational and financial update

27 Feb 2023

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i3 Energy, an independent oil and gas company with assets and operations in the UK and Canada, has announced the following Q4 2022 operational and financial update.


  • Average Q4 2022 production of approx. 22,757 barrels of oil equivalent per day ('boepd'), an 11% increase from the previous quarter, with current production of approx. 23,440 boepd
  • Record corporate production exceeding 24,000 boepd achieved in December
  • 2022 drilling programme completed, delivering 31 gross (18.4 net) wells, which met or exceeded management's expectations and completed approx. 5% underbudget in a high inflationary environment
  • In Q4, 10 gross wells (5.7 net) brought onto production and 8 gross wells (4.3 net) drilled in its core Central Alberta, Wapiti and Clearwater assets
  • Completed the 13/23c-12 appraisal well on the UK North Sea Serenity field, with a single well field development plan now being progressed
  • Dividends of £5.098 million declared and £3.399 million paid in the quarter, with total dividends of £15.351 million paid in 2022
  • Operations commenced on the 2023, USD 64.05 million capital programme ahead of schedule targeting 23 gross wells, with 6 gross (4.3 net) wells drilled

Majid Shafiq, CEO of i3 Energy, commented:

'Q4 2022 was very busy as we completed our 2022 drilling programme which met management expectations, was executed under budget and achieved peak production rates in excess of 24,000 boepd. We have successfully completed the first phase of our 2023 drilling programme, with multiple wells now on clean-up flow and several Clearwater intervals tested, and we are now on course to deliver positive YE2022 financials and reserves data by the end of March.'

Click here for full announcement

Source: i3 Energy

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