i3 Energy PLC - oil & gas company with assets and operations in the UK and Canada - Increases net operating income guidance to be between around USD65.7 million and USD119.1 million for 12 months to September 30, 2022. The raised guidance from the previous forecast of USD94.8 million is attributed to lower-than-expected base declines, the results of a reactivation programme and strong commodity prices. i3 achieved quarter-on-quarter production growth and averaged production from the pre-Cenovus acquisition assets of around 10,000 barrels of oil equivalent per day for the third quarter ending September 30, based on net field sales estimates. This compares to 8,900 boepd in the second quarter and 9,000 boepd in the first.
"The third quarter of 2021 continued with an intense level of activity across all fronts," comments Chief Executive Majid Shafiq.
The company says it is now looking ahead to finalise its capital programme for rest of 2021 and for 2022, following which it will deploy free cash flow into an active drilling programme, expected to materially grow its production.
Current stock price: 13.69 pence, up 4.5% Tuesday
Year-to-date change: up sharply from 5.62p
By Will Paige; willpaige@alliancenews.com
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I3 Energy (I3E)