i3 Energy Announces Q4 2023 Operational and Financial Update

Source: www.gulfoilandgas.com 2/26/2024, Location: Europe

i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to announce the following Q4 2023 operational and financial update.

Highlights:
- 2023 annual average production of 20,711 barrels of oil equivalent per day ("boepd"), which represents record annual corporate production and is at the high end of the Company's 2023 guidance range of 20,000 - 21,000 boepd
- Q4 2023 production averaged 20,413 boepd
- 2023 drilling programme completed, delivering 12 gross (8.0 net) wells, which met or exceeded management's expectations and were completed on budget despite a high inflationary environment
- In Q4, four gross oil focused wells (2.54 net) were drilled in i3's Central Alberta core area
- Full year 2023 net operating income ("NOI")1 (unaudited) is approximated at USD 93 million, in line with guidance, with year-end 2023 Net Debt2 expected to be approximately USD 23 million (unaudited).
- Dividends of £3.083 million were declared and paid during the fourth quarter, with total dividends of £13.298 million declared and £15.338 million paid in 2023. Additionally, the Q4 2023 dividend of £3.084 million was declared and paid in early 2024.

Majid Shafiq, CEO of i3 Energy plc, commented:
"The fourth quarter of 2023 rounded off a highly successful annual capital programme for the Company, with a dozen wells drilled, and which like our 2022 programme, in aggregate exceeded pre-drill expectations and was executed safely and in line with budget. We are very pleased that this programme, combined with our robust, low decline, asset base and a razor-sharp focus on operational efficiency, delivered very strong financial performance, despite a challenging commodity price environment and ensured that the company met its production and net operating income guidance for the year. This is a testament to the quality of our portfolio and the skill, expertise and dedication of our staff. Our strong production and financial performance supported our capital programme, debt re-payments, and dividend payments to shareholders of over £15 million throughout the year, and our extensive drilling inventory provides multiple options to maximise return on capital deployment. As we enter 2024 with continued weakness in commodity price forecasts, in particular for North American gas, our business strategy remains flexible between high rate of return organic drilling and inorganic growth opportunities. The Company is progressing several initiatives which will be incorporated into an optimised 2024 drilling and capital programme, and we look forward to updating the market on this during the course of March."


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