i3 Energy Plc described its second quarter as “another intensely active and transformational period” and its deal to acquire production assets from Cenovus Energy is due to complete in the coming days.
The strategic acquisition adds around 8,400 barrels of oil per day of production in the Central Alberta area of Canada.
Second-quarter production, excluding assets in the Cenovus and Wapiti acquisitions, averaged 8,905 boepd – and in the final week of July the rate was 10,031 boepd. I3 said it is forecasting full year net operating income at US$62.4mln for 2021, and for the next twelve months (starting August 1) it expects the figure will be around US$94.8mln.
"The second quarter of 2021 was another intensely active and transformational period for i3 Energy,” said chief executive Majid Shafiq.
“We commenced drilling operations in our Marten Hills and Wapiti acreage and in early July announced a strategic and synergistic acquisition in our core Central Alberta area of operations from Cenovus, which will take our production to over 18,000 boepd when completed later this month.
“This acquisition more than doubles our proved plus probable reserves base to 133 mmboe, in addition to materially increasing our unbooked resource portfolio.”
The company added that it paid a maiden special dividend of 0.16p per share, paid on August 6 2021.