i3 Energy eyeing up acquisitions after raising forecasts | News Direct

i3 Energy eyeing up acquisitions after raising forecasts

i3 Energy PLC
News release by i3 Energy PLC

facebook icon linkedin icon twitter icon pinterest icon email icon London, UK | September 01, 2023 08:51 AM Eastern Daylight Time


i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) chief executive Majid Shafiq speaks to Thomas Warner from Proactive after the independent oil and gas company released an interim report and an operational update for H1 2023. Shafiq shares a comprehensive update on the company's first half achievements and financial milestones, saying i3 Energy successfully completed eight gross wells, contributing to a 9% YoY production increase, despite challenges like facility maintenance and wildfires.


The year-end reserves audit for 2022 showed an impressive 80% increase in RTP reserves, reflecting a robust resource base with a 22-year reserve life. Financially, i3 Energy refinance their outstanding loan notes with a $100mln Canadian facility from Trafigura, strengthening their financial position. They also managed to reduce operating costs by 4% through synergies and contract renegotiations.


Additionally, they revised their EBITDA and NOI forecasts upwards by over 20%, driven by improving WTI prices and cost-efficiency measures. Regarding the perennial question of share buybacks versus dividends, Shafiq emphasises the company's focus on growth and the capacity to deliver high returns through drilling opportunities and potential M&A activities.


Contact Details


Proactive UK Ltd


+44 20 7989 0813



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