(NewsDirect)
i3 Energy PLC (AIM:I3E, TSX:ITE,OTC:ITEEF) chief executive Majid Shafiq speaks to Thomas Warner fromProactive after the independent oil and gas company released aninterim report and an operational update for H1 2023. Shafiq shares acomprehensive update on the company's first half achievements andfinancial milestones, saying i3 Energy successfully completed eightgross wells, contributing to a 9% YoY production increase, despitechallenges like facility maintenance and wildfires.
The year-end reserves audit for 2022showed an impressive 80% increase in RTP reserves, reflecting a robustresource base with a 22-year reserve life. Financially, i3 Energyrefinance their outstanding loan notes with a $100mln Canadianfacility from Trafigura, strengthening their financial position. Theyalso managed to reduce operating costs by 4% through synergies andcontract renegotiations.
Additionally, they revised their EBITDAand NOI forecasts upwards by over 20%, driven by improving WTI pricesand cost-efficiency measures. Regarding the perennial question ofshare buybacks versus dividends, Shafiq emphasises the company'sfocus on growth and the capacity to deliver high returns throughdrilling opportunities and potential M&Aactivities.
Contact Details
Proactive UKLtd
+44 20 7989 0813
Copyright (c) 2023 TheNewswire - All rights reserved.