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i3 Energy Plc to invest US$47mln to drill new Canadian wells in 2022

“The programme will target low risk, high return production,” highlighted chief executive Majid Shafiq.

i3 Energy Plc is to invest US$47mln of capital into its Canadian assets in 2022, with the programme of work including its participation in 17 new wells.

The programme of work is expected to add up to 5,250 barrels of daily production, to take average group volumes above 20,000 boepd, and help deliver an estimated US$184mln of net operating income for 2022/23.

“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,” said chief executive Majid Shafiq.

“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.”

I3 Energy also told investors this morning that it is committing to pay at least £11.827mln of dividends during the course of 2022, equating to 1.05p per share, which would give shareholders a 10.2% yield (based on the current share price).

It noted that unencumbered cash for 2022 is forecast at around US$66mln, which could support further shareholder distribution or share buybacks, along with M&A and supplemental development activity.

Read More: i3 Energy Plc to invest US$47mln to drill new Canadian wells in 2022

2021-12-20 01:54:00

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