7:14 AM EDT, 09/12/2022 (MT Newswires) -- i3 Energy Plc (ITE.TO) reported Monday a net operating income of 68.8 million British pounds during the first half, rising from 12.5 million pounds posted a year ago.
i3, which lost 1.0% at last look in UK trading, said revenue swelled to 101.6 million pounds from 26.5 million pounds.
Production increased 107% year over year to 18,950 barrels of oil equivalent per day.
"We are very pleased to announce a solid set of results for the first half of the year. These reflect the hard work of our staff in Canada and the UK in successfully progressing our business plan on all fronts," CEO Majid Shafiq said.
During the first half, the company declared total dividends of 0.60 pence per share or 6.9 million pounds in total.
In February, i3 announced that it would be moving to a monthly dividend and will increase its dividends in May by 25% to 14.8 million pounds.
"Our move to a monthly dividend program reflects our confidence in the stability and resilience of our production assets and we look forward to updating the market over the next quarter as our busy drilling program continues," Shafiq said.