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i3 Energy says Canadian assets continue to meet or beat expectations

"We remain very pleased with the performance of our Canadian assets," said Majid Shafiq

i3 Energy PLC - i3 Energy says Canadian assets continue to meet or beat expectations

i3 Energy PLC (LON:I3E, TSE:ITE) told investors that production remains predictably stable, averaging 9,150 barrels oil equivalent per day in the period from November 2020 to January 2021.

The company, which in 2020 acquired production assets in Canada to add to its undeveloped North Sea portfolio, said the assets continue to perform at or above expectations.

It forecasts 2021 net operating income at around C$35mln – based on mid-February’s commodities prices, an estimated capital spend of C$3mln and excluding any volumes from the recently tested Noel well in Northeast British Columbia.

At Noel, the well is expected to be brought online in the second quarter of 2021, to add some 500 barrels of oil equivalent per day.

"We remain very pleased with the performance of our Canadian assets, which are producing better than both internal and independent third-party technical evaluator estimates and forecasts, generated at the time of the acquisitions,” said Majid Shafiq, i3 chief executive.

"Our Canadian and UK teams continue to pursue synergistic opportunities to grow our platform through accretive M&A, while the current commodity environment also has i3 progressing organic opportunities from within, as is exemplified by the excellent result we've just achieved at Noel."

I3 noted that it intends to start dividends this quarter.

Quick facts: i3 Energy PLC

Price: 7.75 GBX

Market: AIM
Market Cap: £54.25 m

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