i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) has reported an 11% increase in production in the fourth quarter of 2022, marking a strong end to what the company described as a “very busy” period.
Production in the quarter averaged 22,757 barrels oil equivalent per day (boepd), with production for the month of December exceeding 24,000 boepd to set a new record for the company.
It comes after the 2022 work campaign delivered 31 new wells (gross), with the wells either meeting or exceeding management expectations.
Meanwhile, the company told investors that single-well development plans for the Serenity development in the North Sea are now advancing.
"Q4 2022 was very busy as we completed our 2022 drilling programme which met management expectations, was executed under budget and achieved peak production rates in excess of 24,000 boepd,” chief executive Majid Shafiq said in a statement.
“We have successfully completed the first phase of our 2023 drilling programme, with multiple wells now on clean-up flow and several Clearwater intervals tested, and we are now on course to deliver positive YE2022 financials and reserves data by the end of March," he added.