i3 Energy Plc

Equities

I3E

GB00BDHXPJ60

Oil & Gas Exploration and Production

Market Closed - London S.E. Other stock markets 16:35:17 17/09/2024 BST			5-day change	1st Jan Change
12.32 ^GBX	+1.65%		+3.36%	+9.61%

09-16	Gran Tierra Energy Prices Additional $150 Million Senior Secured Amortizing Notes	MT
09-12	Gran Tierra Energy Plans 2029 Notes Issue to Help Fund i3 Deal	MT

I3 confirms production outlook despite first half slip

August 13, 2024 at 10:02 pm

i3 Energy PLC - Westhill, Scotland-based oil and gas company with assets in the UK and Canada - Says pretax profit in six months ended June 30 up 9.6% to USD19.5 million from USD17.8 million a year ago. Total sales production eases to 3.4 million barrels of oil equivalent from 3.7 million boe. Average daily oil and condensate production falls 13% to 4,113 barrels from 4,740. Average daily natural gas production drops 8.5% to 58,759 thousand cubic feet from 64,231 thousand cubic feet. Says prices lower with average realised price of oil and condensate per barrel of CAD95.45, about USD63.34, down from CAD94.60 per barrel. Average realised price of natural gas is CAD1.94 per thousand cubic feet down from CAD2.97 per thousand cubic feet. Net royalty revenue drops 18% to USD76.3 million from USD93.1 million.

Further, confirms earnings before interest, taxes, depreciation, and amortization guidance of between USD 50 to 55 million, alongside average daily production of 18,000 to 19,000 boe, though cuts net operating income guidance to between USD63 million and USD67 million, owing to volatile commodity prices.

"With a solid half year behind us, we now look forward to our [second half] focussed development and drilling programme which has already commenced with the successful drilling of our first operated well in Central Alberta. Our team will be busy during the second half of the year with back-to-back drilling across our portfolio, which will set the company up for the commencement of our Montney development drilling in [first quarter] 2025 for which we now are evaluating asset backed debt financing solutions to accelerate development."

Current share price: 8.99 pence

12-month change: down 33%

By Aidan Lane, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Latest news about i3 Energy Plc

Gran Tierra Energy Prices Additional $150 Million Senior Secured Amortizing Notes	09-16	MT
Gran Tierra Energy Plans 2029 Notes Issue to Help Fund i3 Deal	09-12	MT
Gran Tierra Energy Plans Private Debt Offering	09-12	MT
Gran Tierra Energy Down 0.5% In US Premarket As Details Private Offering of Notes	09-12	MT
I3 Energy announces progress on Gran Tierra takeover deal	08-29	AN
Gran Tierra Reaches Agreement on Takeover Offer for i3 Energy	08-28	MT
Sector Update: Energy Stocks Fall Late Afternoon	08-20	MT
Sector Update: Energy Stocks Fall in Tuesday Afternoon Trading	08-20	MT
Oil price hurts FTSE and investors dial out of BT	08-20	AN
Gran Tierra to Acquire i3 Energy for 174.1 Million GBP; i3 Energy Jumps 26%	08-20	MT
Sector Update: Energy Stocks Edge Higher Premarket Tuesday	08-20	MT
Sector Update: Energy	08-20	MT
Gran Tierra's i3 Energy move delivers "increased scale and relevance"	08-20	AN
Gran Tierra to Acquire i3 Energy for 174.1 Million GBP	08-20	MT
Gran Tierra Energy Brief: Moved Overnight To Buy i3 Energy plc for 13.92 pence per Share and Implied Value of 174.1 Million Pounds (US$225.4 Million)	08-20	MT
Gran Tierra to Acquire i3 Energy for $225 Million in Cash, Stock	08-20	MT
UK's i3 Energy surges on $226 million takeover offer from Canada's Gran Tierra Energy	08-20	RE
FTSE 100 takes hit as oil majors fall	08-20	AN
Gran Tierra Energy aims to buy i3 Energy for GBP174 million	08-20	AN
I3 Energy Confirms Talks for GBP174 Million Takeover Offer from Gran Tierra Energy	08-20	MT
Gran Tierra makes GBP174 million offer for i3 Energy	08-20	AN
I3 Energy Confirms Advanced Discussions with Gran Tierra Energy	08-20	CI
I3 Energy Agrees on Terms of Potential Merger with Gran Tierra Energy	08-20	MT
I3 confirms production outlook despite first half slip	08-13	AN
I3 Energy plc Provides Production and Earnings Guidance for the Year 2024	08-13	CI

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Company Profile

i3 Energy plc is an independent oil and gas company with assets and operations in the United Kingdom and Canada. The Company's principal activities consist of oil and gas production in the Western Canadian Sedimentary Basin (WCSB) and appraisal of oil and gas assets on the United Kingdom Continental Shelf (UKCS). The Company's wholly owned subsidiaries i3 Energy North Sea Limited and i3 Energy Canada Limited are independent oil and gas companies with appraisal assets in the United Kingdom and producing assets in Canada, respectively. It holds the P.2358 license in the UKCS which contains the Serenity field discovery. This licence also contains the Liberator field discovery and the Minos High prospect. The Company holds various mineral licenses across its main operating areas in the WCSB, being Wapiti, Simonette, Clearwater, and Central Alberta. The Company's Canadian production asset base consists of over 850 net conventional oil, natural gas and natural gas liquids production wells.

Employees

Sector

Oil & Gas Exploration and Production

Calendar

06/10/2024 - Extraordinary Shareholders Meeting

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