i3 Energy PLC increased production in its latest quarter in spite of unexpectedly wet weather in Canada and maintenance shutdowns.
Production in the three months to June averaged 19,502 barrels of oil equivalent per day (boepd) or an 8% increase over the previous three months.
July saw averages above 20,000 boepd with current field estimates at approximately 20,500 boepd.
Even with the higher production, i3 has trimmed its full-year revenue estimates to US$200mln from US$241mln due to oil and gas price volatility.
i3 added that preparations remain on track for the Serenity appraisal well in the North Sea to spud in September.
Europa Oil & Gas recently took a 25% working interest in Serenity and will fund 46.25% of the appraisal well costs up to £15mln.
i3 recently increased its minimum annual dividend to be paid in 2022 by 25% to £14.8mln with its full-year enlarged capital budget unchanged at US$97mln.
The company said it remains on track to deliver peak 2022 production above 24,000 boepd.
Majid Shafiq, chief executive, added: "The company managed to increase base production levels quarter on quarter, without any contribution from our Q2 drilling campaign, despite delays and operational challenges caused by expected seasonal wet weather conditions and maintenance shutdowns at third party facilities.
"The recently drilled wells from our Q2 campaign have been tied in post quarter end and will imminently commence making a material production contribution post-clean-up.
"Our expanded drilling campaign in Canada proceeds at pace and preparations for appraisal drilling on the Serenity field in the UK are on track for an expected spud in mid-September.”