Majid Shafiq, CEO of i3 Energy plc,
"The fourth quarter of 2023 rounded off a highly successful annual capital programme for the Company, with a dozen wells drilled, and which like our 2022 programme, in aggregate exceeded pre-drill expectations and was executed safely and in line with budget. We are very pleased that this programme, combined with our robust, low decline, asset base and a razor-sharp focus on operational efficiency, delivered very strong financial performance, despite a challenging commodity price environment and ensured that the company met its production and net operating income guidance for the year. This is a testament to the quality of our portfolio and the skill, expertise and dedication of our staff. Our strong production and financial performance supported our capital programme, debt re-payments, and dividend payments to shareholders of over £15 million throughout the year, and our extensive drilling inventory provides multiple options to maximise return on capital deployment. As we enter 2024 with continued weakness in commodity price forecasts, in particular for North American gas, our business strategy remains flexible between high rate of return organic drilling and inorganic growth opportunities. The Company is progressing several initiatives which will be incorporated into an optimised 2024 drilling and capital programme, and we look forward to updating the market on this during the course of March."
Production Update
Production in Q4 2023 averaged 20,413 boepd, comprised of 63.9 million standard cubic feet of natural gas per day ("mmcf/d"), 5,180 barrels per day ("bbl/d") of natural gas liquids ("NGLs"), 4,155 bbl/d of oil & condensate and 429 boepd of royalty interest production.