(Alliance News) - i3 Energy PLC on Wednesday said it is on track to meet 2023 production guidance as it reported a rise in oil and gas production.

The UK and Canada-focused oil and gas company said total output rose to 21,156 barrels of oil equivalent per day in the third quarter of 2023, up 14% from 18,529 boepd a quarter ago and 2.8% higher than 20,571 boepd a year prior.

Natural gas production increased 16% to 68.7 million standard cubic feet per day from 59.0 mcf/d in the second quarter and 7.0% from 64.2 million in the third quarter of 2022.

Chief Executive Officer Majid Shafiq said: "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."

i3 Energy shares rose 1.3% to 11.89 pence each on Wednesday afternoon in London.

By Tom Budszus, Alliance News reporter

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