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i3 Energy confirms strong production and financial performance for 2023

Published 26/02/2024, 09:29
Updated 26/02/2024, 09:29
© Reuters.  i3 Energy confirms strong production and financial performance for 2023

Proactive Investors - I3 Energy PLC (LON:I3E) confirmed a record annual production rate of 20,711 barrels oil equivalent per day (boepd), at the high end of its forecasted range, as the growing oil and gas firm gave an update for its fourth quarter.

It comes after I3’s 2023 drilling program successfully delivered 12 wells, which were within budget and in line with expectations. Four wells were completed in the fourth quarter.

The company said that it generated around $93 million of net operating income for 2023, in line with guidance, and it noted that £3.083 million of dividends were declared and paid in the fourth quarter – taking the tally paid in 2023 to £15.338 million.

I3 added that it expects to report year-end net debt of around $23 million.

"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,” chief executive Majid Shafiq said in a statement.

“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.”

Shafiq added: “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.”

Shafiq, meanwhile, highlighted that the company is progressing several initiatives that are expected to feed into the 2024 drill plans, and, it expects to update the market in that regard next month.

Read more on Proactive Investors UK

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