HIGHLIGHTS
- Production remains predictably stable with
November 2020 toJanuary 2021 averaging 9,150 boe/d (41% liquids) - The diversified portfolio continues to perform at or above expectations, with forecasted 2021 net operating income (revenue minus royalties, opex, transportation and processing) of approximately CAD
$35 million (US$27.6 million ) based on mid-February strip pricing, an estimated maintenance capital budget of approximately CAD$3 million and excluding any additional production volumes associated with i3's recent Noel production test (referenced below) - High impact horizontal
Falher formation production test at i3's Noel property, located inNortheast British Columbia , further confirming the unrecognized potential within the Company's existing diversified portfolio of assets - The well is expected to be brought on production at approximately 500 boe/d during Q2 2021
- Intention to declare maiden dividend in Q1 2021
"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.
"Our Canadian and
Canadian Production
Over the three-month period ending 31st
As part of i3's commitment to ESG leadership, the Company has been an active participant in the Government of
The Noel Falher Gas Well
In
Dividend Timing1
It is expected that the Company will declare its maiden dividend in Q1 2021 – subject to loan note holder, judicial, and shareholder approval – for payment in early Q2. As previously disclosed, the Company aims to distribute up to 30% of free cash flow as a dividend to shareholders.
Discussions continue with a potential farm-in partner for the Serenity discovery and terms are being negotiated. The recent strength in commodity prices has reinvigorated activity within i3's virtual data room, and additional parties previously contacted during early 2020 have now re-engaged with the Company. The market will be updated if and when an agreement is reached.
Footnotes: | |
1. | The Company can only pay a dividend out of distributable profits and the Company has retained losses. The Company is expecting to effect a reduction of share capital to create distributable reserves to offset the losses and create surplus profits. A reduction of share capital will require the approval by the shareholders and the |
Notes to Editors:
i3 Energy is an oil and gas Company with a low cost, diversified, growing production base in
The Company is well positioned to deliver future growth through the optimisation of its existing 100% owned asset base and the acquisition of long life, low decline conventional production assets.
i3 is dedicated to responsible corporate practices and the environment, and places high value on adhering to strong Environmental, Social and Governance ("ESG") practices. i3 is proud of its performance to date as a responsible steward of the environment, people and capital management. The Company is committed to maintaining an ESG strategy, which has broader implications to long-term value creation, as these benefits extend beyond regulatory requirements.
i3 Energy is listed on the AIM market of the
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
SOURCE
© Canada Newswire, source