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i3 Energy PLC said on Wednesday that its profit and revenue jumped in 2022, following the start of successful drilling operations in Canada.
The oil and gas company, focused on the UK and Canada, said its pretax profit more than doubled to £55.8 million in 2022 from £25.7 million in 2021.
i3 Energy’s revenue jumped to £208.4 million from £86.8 million. Top the top line boost derived from the boom of oil and gas sales revenue to £202.2 million from £83.9 million the previous year.
Full-year production averaged 20,317 barrels of oil equivalent per day, a 63% increase from 12,442 boepd the previous year.
‘The very successful drilling campaign allied with an extensive suite of regular workovers, reactivations and a focus on uptime and operational efficiencies resulted in a continuation of production growth since our entry into Canada,’ said Chief Executive Officer Majid Shafiq.
Looking forward, i3 Energy said its three aims were the growth of its Canadian business, flexibly adapting to economic challenges, and conducting operations in an environmentally secure manner.
‘The company looks forward to executing a successful drilling program in Canada in 2023, growing production and returning cash to shareholders and so delivering on its total shareholder return model’, said CEO Shafiq.
‘We will selectively target key assets and wells to optimise these developments and conversion of resources to reserve bookings. We are fortunate that we operate the vast majority of our assets which allows us to control the timing and pace of development.’
i3 Energy shares were trading at 2.8% higher at 18.60 pence each in London on Wednesday shortly before midday.
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