- 2022 Canadian capital programme highlights include 15 i3 operated wells to be drilled across the company’s portfolio in Central Alberta
- Incremental peak production of up to 5,250 boepd
- US$184MM of combined 2022/23 Net Operating Income (NOI)
- Committment to pay a minimum of £11.827 million in dividends
i3 Energy plc (I3E) has announced its 2022 Canadian capital programme and dividend guidance.
Highlights
- Capital Budget of US$47 million, forecasted to deliver:
- 15 i3 operated wells to be drilled across the company’s portfolio in Central Alberta, Marten Hills (Clearwater), Simonette (Montney), and Wapiti
- Incremental peak production of up to 5,250 boepd (net)
- US$184MM of combined 2022/23 Net Operating Income (NOI) based on current strip commodity prices; a 37 per cent increase over the Blowdown case
- The company is committing to pay a minimum of £11.827 million in dividends during the course of 2022, equating to 1.05 pence per share or a 10.2 per cent yield at the current share price, with forecasted “2022 Unencumbered Cash” of US$66 million
Graham Heath, CFO of i3 Energy plc sat down with Caroline Egan to discuss the programme.
“Following an intense period of technical work to evaluate our portfolio in Canada, we look forward to a very busy 2022, when we will embark on an extensive drilling program of 17 gross wells, 15 of which i3 will be operating. The programme will target low-risk, high-return production, including wells in our Clearwater and Simonette Montney acreage designed to accelerate value creation in these key plays. All these wells have high rates of return and payback metrics equivalent to what we achieved on our major production acquisitions in Canada.
We are also very pleased to be able to give clear guidance on the minimum level of cash dividends to be paid during 2022.”
i3 Energy is an environmentally responsible oil and gas company with a growing production base in the Western Canadian Sedimentary Basin.
i3 Energy plc (ITE) opened trading at C$0.19 per share.