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Divided 10% should be announced this week
As evaluated by GLJ, the Before-tax Net Present Value ("NPV") of cash flows attributable to the Company's reserves, discounted at 10%, has been determined to be $511.0 million (CAD 689.8 million), $623.0 million (CAD 841.0 million), and $1,161.5 million (CAD 1,568.0 million) for its 2PDP, 1P and 2P reserves, respectively, being indicative of the Company's strong production base, successful 2022 drilling program and robust portfolio of economic development opportunities.
o 2PDP NPV per share, using a 10% discount rate, increased by 50% to GBP0.36 per share (CAD 0.58 per share), 1P NPV increased by 43% to GBP0.43 per share (CAD 0.71 per share) and 2P NPV increased by 56% to GBP0.81 per share (CAD 1.31 per share), as compared to the prior year.
Highlights
-- Successful Execution of 2022 Capital Programme Provided Year-Over-Year Reserve Additions Across All Reserve Categories
o Total Company Interest proved plus probable developed producing reserves ("2PDP") increased 9% to 65.7 million boe, total proved ("1P") reserves increased 10% to 93.5 million boe and total proved plus probable ("2P") reserves increased 18% to 181.5 million boe, compared to the prior year.
-- Strong Organic Reserves Replacement Ratio, Long Reserve Life Assets and Low Decline Profile to Support the Company's Total Return Model
o The Company's organic Working Interest reserves replacement ratio in 2022 was 176% on a 2PDP reserve basis, 214% on a 1P reserves basis and 479% on a 2P basis.
o 2PDP, 1P and 2P reserve life indices of 8.8 years, 12.2 years and 22.5 years, respectively, combined with our low base corporate decline rate of approximately 17% and our extensive inventory of highly economic development drilling locations, underpin i3's ability to sustainably grow production per share from our existing asset base and generate significant distributable cash flow for our shareholders.
Highlights:
· Average Q4 2022 production of approximately 22,757 barrels of oil equivalent per day ("boepd"), an 11% increase from the previous quarter, with current production of approximately 23,440 boepd
· Record corporate production exceeding 24,000 boepd achieved in December
· 2022 drilling programme completed, delivering 31 gross (18.4 net) wells, which met or exceeded management's expectations and completed approximately 5% underbudget in a high inflationary environment
· In Q4, 10 gross wells (5.7 net) brought onto production and 8 gross wells (4.3 net) drilled in its core Central Alberta, Wapiti and Clearwater assets
· Completed the 13/23c-12 appraisal well on the UK North Sea Serenity field, with a single well field development plan now being progressed
· Dividends of £5.098 million declared and £3.399 million paid in the quarter, with total dividends of £15.351 million paid in 2022
· Operations commenced on the 2023, USD 64.05 million capital programme ahead of schedule targeting 23 gross wells, with 6 gross (4.3 net) wells drilled
brought some more
dividend gone to 12% at Friday price.
news next week
Majid Shafiq, CEO: "We have completed the first phase of our 2023 drilling programme, with multiple wells now on clean-up flow and several Clearwater intervals tested, and we are now on course to deliver positive YE2022 financials and reserves data by the end of March."
hmmm
Canadians can buy i3e very few investor trades average 5 compare to over 200 hence listed on aim
Although it costs more to list on the main market it could bring in the investment companies or not.
Aim is a cess pit of broken companies with over paid Directors.
looked in here a few months ago as a potential to invest but have invested in l3e which gives me a 10% div a year paid monthly.
loads of wells being drilled for2023 current out put 23-24,000 barrel a day.
Will keep a eye to see where this is going in the future
Good luck on the share price recovery