i3 Energy on track as daily production expands

UK and Canada-focussed oil and gas company i3 Energy updated the market on its production on Tuesday, reporting that it recently reached a rate of 22,000 barrels of oil equivalent per day.

The AIM-traded firm said that consisted of field estimate sales equalling 69 million standard cubic feet of gas per day, 6,470 barrels per day of natural gas liquids, and 4,030 barrels per day of oil and condensate, including royalty production.

It had drilled 20 gross wells as part of its expanded 2022 drilling programme.

Of those wells 13 were on production, five were being cleaned up following tie-in, and two were awaiting completion.

The latter seven wells were expected to be fully cleaned up and on production in late October.

“With continued performance of the company's low-decline base production and success achieved through its initial capital budget, i3 is positioned to execute on the balance of its 2022 drilling programme and remains on track to reach 24,000 barrels of oil equivalent per day by year end,” the board said in its statement.

At 1536 BST, shares in i3 Energy were down 1.42% at 23.07p.

Reporting by Josh White at Sharecast.com.