Sign In  |  Register  |  About Los Altos  |  Contact Us

Los Altos, CA
September 01, 2020 1:26pm
7-Day Forecast | Traffic
  • Search Hotels in Los Altos

  • ROOMS:

i3 Energy eyeing up acquisitions after raising forecasts

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

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Copyright © 2010-2020 & California Media Partners, LLC. All rights reserved.