These four AIM North Sea oil stocks are set for a big end to 2022
Here, we take a look at what’s occurring and what catalysts investors ought to watch for.
Company
LON:I3E
i3 Energy is an oil and gas company with a low cost, diversified, growing production base in Canada's most prolific hydrocarbon region, the Western Canadian Sedimentary Basin and appraisal assets in the North Sea with significant upside. 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.
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Here, we take a look at what’s occurring and what catalysts investors ought to watch for.
Drilling is expected to last approximately 30 days with the well to be plugged and abandoned after completion of all drilling operations
Drilling is expected to last approximately 30 days
“We have made great strides in executing efficiently on our operated drilling program in Canada," Majid Shafiq said.
i3 recently increased its minimum annual dividend to be paid in 2022 by 25%
“The next significant step is to drill the appraisal well, which is on track for spud in September," said i3 Energy chief Majid Shafiq
On Wednesday morning, its shares rose 2.7% to 25.2p
Methane emissions fell by 34% in 2021 compared to the previous year.
“Operations planning is well underway, and we are on track to spud the Serenity appraisal well in early September," said i3 CEO Majid Shafiq
Today's dividend raise was hinted at in Monday's first-quarter update, which forecast US$241mln of net operating income for 2022
A decision to expand the programme comes amid high prices and as wells in last year's programme met or exceeded expectations
The company's largest shareholder has trimmed its stake through an organised share sale.
“Serenity is a late-stage appraisal and development asset that provides our shareholders with exposure to a very exciting asset that could deliver significant near-term value."
Revenues and income surged last year after the North Sea field developer turned its hand to Canadian production in late 2020 and spent last year adding to and ramping up operations
Archive
Oil price, VOG, i3, Arrow, Empyrean. And finally…WTI $99.27 -$1.01, Brent $104.39 -32c, Diff -$5.12 +69c, NG $5.72 +8c, UKNG 260.0p -45.0pOil priceOil fell last week, WTI was down $14.63 and Brent fell $16.26. The reasons were well telegrap
"i3 Canada is pleased to deliver record production exceeding 20,000 boepd"
“This well will provide critical information which will help us to delineate the size of this potentially very large discovery and move it towards development,” said Majid Shafiq, i3 chief executive.
Production in Q4 amounted to 18,229 boepd, generating around US$57mln of revenue.
Archive
Oil rallied a touch yesterday but as mentioned here rather joined in the US inflation trauma. To be honest not much has changed, as I say in my interview below the two big fundamentals ie The Ukraine and the US/Iran talks dominate short ter
WH Ireland and SP Angel both took a positive view of I3 as it continues to ramp up production in Canada.