(Sharecast News) - UK and Canada-focussed oil and gas company i3 Energy updated the market on its 2022 Canadian capital programme on Friday, with its capital budget for the country set to total $47m for the year.
The AIM-traded firm said the first phase of that budget was designed to combine efficient low-risk development drilling with strategic resource delineation and land capture.
That would include development of its "extensive" Glauconitic fairway, expansion of its Clearwater position, and demonstration of its "prolific" Simonette Montney resource.
Phase one of the capital budget was already well underway, with seven gross wells to be drilled across i3's diversified portfolio in Central Alberta, Marten Hills and Marten Creek, and Simonette, which were collectively expected to add around 2,420 barrels of oil equivalent per day, made up of 55% oil and natural gas liquids.
It said a recompletion and reactivation campaign targeting low-cost, high-return opportunities with less than one-year paybacks, meanwhile, was estimated to add initial production of 600 barrels equivalent per day, consisting of 50% oil and natural gas liquids.
Finally, it said it was planning strategic field operations targeting improved operational expenditure, increased netbacks, and the systematic reduction of greenhouse gas emissions.
"We are very pleased to have successfully completed drilling operations on our first new operated well in the company's 2022 Canadian capital programme, and look forward to bringing this well and subsequent wells onto production over the first half of this year," said chief executive officer Majid Shafiq.
"This is the initial phase of drilling operations, and following evaluation of log and production data from these wells we will embark upon phase two which will target an additional 10 to 13 locations."
At 1422 GMT, shares in i3 Energy were up 3.24% at 19.1p.
I3 Energy (I3E)