i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) today released what it described as ‘a solid set of results’ for the first half of 2022, reflecting progress in the UK and Canada.
The company generated some £101.6mln of first-half revenue leading to £68.8mln of net operating income and £48.6mln of cash flow from operations.
It was driven by production of 18,950 barrels of oil equivalent per day thanks to an ongoing programme to roll out new wells.
The rate exceeded 20,000 by the end of the reporting period, and, at its most recent measure was recorded at 21,600 boepd.
"We are very pleased to announce a solid set of results for the first half of the year. These reflect the hard work of our staff in Canada and the UK in successfully progressing our business plan on all fronts,” said chief executive Majid Shafiq.
“We have made great strides in executing efficiently on our operated drilling program in Canada, with all wells drilled being on prognosis geologically and production contributions now commencing following tie-ins to infrastructure.
“We are also very happy to bring in a partner to the Serenity oil field in the UK and plans to drill the appraisal well are on track to spud this month.
“Our operations team continue to perform diligently to maintain our base production volumes, whilst operating safely with no lost time incidents being recorded.
I3 announced it paid £6.85mln in dividends during the first half, of a £11.827mln commitment made to shareholders in December 2021, and, it confirmed in today’s results that it will be increasing dividends payable in 2022 by 25% (to £14.784.
“Our move to a monthly dividend program reflects our confidence in the stability and resilience of our production assets and we look forward to updating the market over the next quarter as our busy drilling program continues," Shafiq said.