i3 Energy Plc (ITEEF)

[pro_s2009]

Q2 Results are out.

https://www.londonstockexchange.com/news-article/I3E/q2-2022-operational-and-financial-update/15601896

Highlights:

· Strong Q2 2022 average production of approximately 19,502 barrels of oil equivalent per day ("boepd"), representing a 116% increase over Q1 2021 and an 8% increase over Q1 2022, despite delays to drilling caused by expected seasonal wet weather conditions and maintenance shutdowns at third party facilities

· Average field sales estimates exited July above 20,000 boepd with current field estimates of approximately 20,500 boepd.

· Assuming the full implementation of the Company's previously announced Enlarged Capital Budget (as announced on 9 May 2022), full-year 2022 net operating income ("NOI" = revenue minus royalties, opex, transportation and processing) is now forecast to be approximately USD 200(1) million (based on current strip), versus previous guidance of USD 241 million, predominantly due to volatile near-term commodity pricing

· Ongoing multi-well pad development of i3's core Glauconite, Cardium and Clearwater holdings and the strategic delineation of the Company's high-impact Simonette Montney position

· Drilled 7 wells (5 operated and 2 non-operated) with production testing underway

· Completed a 25% working interest farmout of the Serenity discovery to Europa Oil and Gas ("Europa") with Europa funding 46.25% of the cost of the upcoming appraisal well, up to a gross capped well cost of £15 million. Preparations remain on track for a mid-September spud

· Inaugural annual sustainability report published outlining the Company's ESG initiatives and plans to reduce GHG emissions

· Increased minimum annual dividend to be paid in 2022 by 25% to £14.784 million (current monthly distribution of 0.1425 pence/share) on strong operational and financial performance and paid out £5.153 million in H1 2022

· Full year 2022 Enlarged Capital Budget as outlined on 9 May 2022 remains unchanged at USD 97 million, and i3 remains on track to deliver peak 2022 production above 24,000 boepd