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i3 Energy PLC - oil and gas producer in the UK and Canada - Says drilling expansion in Canada is proceeding as increases energy production in second quarter of 2022.
In the three months to June 30, oil production doubles to 19,502 barrels of oil equivalent per day from 9,018 a year prior. Gas production surges to 60.8 million from 31.0 million standard cubic feet per day. Liquid production jumps to 5,099 barrels per day from 1,909.
2022 peak production goal of 24,000 boepd remains on track, Hampshire-based firm says. ‘As a material percentage of the associated production is expected to come onstream in late third quarter or fourth quarter 2022,’ firm adds. Chief Executive Officer Majid Shafiq states: ‘Our expanded drilling campaign in Canada proceeds at pace and preparations for appraisal drilling on the Serenity field in the UK are on track for an expected spud in mid-September. We look forward to providing further updates to the market over the coming weeks.’
Current stock price: 26.93 pence, down 3.5% on Friday
12-month change: up from 11.40p
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