logo-loader
viewi3 Energy PLC

i3 Energy says Canadian assets continue to meet or beat expectations

"We remain very pleased with the performance of our Canadian assets," said Majid Shafiq

i3 Energy PLC - i3 Energy says Canadian assets continue to meet or beat expectations

i3 Energy PLC (LON:I3E, TSE:ITE) told investors that production remains predictably stable, averaging 9,150 barrels oil equivalent per day in the period from November 2020 to January 2021.

The company, which in 2020 acquired production assets in Canada to add to its undeveloped North Sea portfolio, said the assets continue to perform at or above expectations.

It forecasts 2021 net operating income at around C$35mln – based on mid-February’s commodities prices, an estimated capital spend of C$3mln and excluding any volumes from the recently tested Noel well in Northeast British Columbia.

At Noel, the well is expected to be brought online in the second quarter of 2021, to add some 500 barrels of oil equivalent per day.

"We remain very pleased with the performance of our Canadian assets, which are producing better than both internal and independent third-party technical evaluator estimates and forecasts, generated at the time of the acquisitions,” said Majid Shafiq, i3 chief executive.

"Our Canadian and UK teams continue to pursue synergistic opportunities to grow our platform through accretive M&A, while the current commodity environment also has i3 progressing organic opportunities from within, as is exemplified by the excellent result we've just achieved at Noel."

I3 noted that it intends to start dividends this quarter.

Quick facts: i3 Energy PLC

Price: 7.75 GBX

AIM:I3E
Market: AIM
Market Cap: £54.25 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of i3 Energy PLC named herein, including the promotion by the Company of i3 Energy PLC in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

i3 Energy team detail £30mln fundraise and Canada growth strategy

i3 Energy PLC's (LON:I3E) Majid Shafiq and Graham Heath speak to Proactive's Andrew Scott soon after confirming they've raised at least £29mln, with a further £1mln subject to regulatory approval. The company last week struck a deal to concurrently sell a package of the Gain assets to a third...

on 11/8/20

2 min read