i3 Energy 3Q Production Rose – Product Commentary

i3 Energy PLC announced an increase in production in the third quarter compared to previous quarters. Here’s what the oil and gas company had to say:

Manufacturing :

“Production in Q3 2021 from pre-acquisition assets of Cenovus, based on estimated net sales in the field, averaged 9,975 bpd (compared to 8,905 bpd in 2Q 2021 and 9 090 bepj as of 1Q 2021), and included estimated field sales equivalent to 34.6 million standard cubes. feet of gas per day (“mmscfd”), 2,500 barrels per day (“bbl / d”) of natural gas liquids, 1,490 bbl / d of oil and 215 bbl / d of gross production of overriding royalties. “

On net operating income:

“Including current i3 hedges, net operating profit for fiscal 2021 (‘NOI’ = revenue minus royalties, operating expenses, transport and processing) is now expected to be around 65, $ 7 million and $ 119.1 million for the next twelve months from October 1, 2021. This forecast increase is due to lower than expected base declines, the results of our reactivation program and high material prices firsts. “

On forecasts:

“Based on the strip price of October 13, 2021, i3 forecasts an NOI for the year 2021 of approximately $ 65.7 million and an NOI NTM from October 1, 2021 of $ 119.1 million. The increase from the previous NTM NOI forecast of $ 94.8 million announced on August 16, 2021 is primarily due to strong operational performance and stronger commodity price forecasts. “

“The forecast assumes a natural decline in the Company’s current producing well stock and does not include any additional production from development drilling, workovers or other investment projects, which i3 is currently evaluating.”

On the Serenity land lease talks:

“Discussions are continuing with potential partners for the Serenity Field Assessment Drilling Program. The terms have been agreed and we are awaiting confirmation of funding commitments from counterparties, which we expect before the end of 2021, before finalizing and executing the documentation. The market will be updated if and when agreements are made. “

Write to Ian Walker at [email protected]

About Mallory Brown

Check Also

AfDB cuts India’s growth forecast amid gloomy Asia

BENGALURU/NEW DELHI: The Asian Development Bank on Wednesday lowered its growth forecast for India for …

Leave a Reply

Your email address will not be published.