i3 Energy PLC increased its oil production by 14% sequentially in the third quarter, with the AIM-listed oil and gas company extracting a total of 21,165 barrels of oil equivalent per day.
The results marked a 3% year-on-year increase.
Restored production and strengthening global commodity prices saw net operating income increase by 47% from the second quarter, totalling US$25.97 million (£21.2 million).
i3 used the opportunity to partially repay its new Canadian dollar-denominated credit facility, having successfully brought the original drawn amount down from C$74 million to C$66.67 million.
As of September 30, i3’s net debt was US$27.56 million (£22.5 million).
i3 declared £3.08 million in dividends in the third quarter, which were subsequently paid in October as part of the group’s commitment to its total shareholders return model.
Post quarter, the board approved a US$6 million (£4.9 million) capital expenditure programme centred on the company's Glauconite and Leduc oil fairways in Central Alberta.
Chief executive Majid Shafiq commented: "Following the major scheduled maintenance activities and disruptions due to wildfires in the second quarter, we are very pleased with the recovery of production levels in the third quarter, 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, focused on oil development in Central Alberta."
i3's 2023 guidance remains unchanged at 20,000 to 21,000 barrels of oil equivalent per day, delivering net operating income of US$90 million to US$95 million (£73.3 million £77.4 million) for the whole year.