2024년 자본예산 및 생산지침
25 4월 2024
i3 에너지 PLC
("i3", "i3 Energy" 또는 "회사")
2024년 자본예산 및 생산지침
Investor Webinar via Investor Meet Company
i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to announce the Company's 2024 capital budget and production guidance. The Company will hold an investor webinar on Thursday 2 2024년 XNUMX월 at 12 : 00 pm BST including a Q&A session (details of which can be found below).
하이라이트:
· 2024 Capital Budget
2024 Capital Budget of USD 50.9 million, forecasted to deliver 15 gross wells (10.5 net, 95% net i3-operated) to be drilled across the Company's diversified portfolio in Central Alberta, Simonette, and its northern Clearwater acreage.
· Production Growth
Forecast exit 2024 production of 20,250 - 21,250 barrels of oil equivalent per day ("boepd"), representing a year-over-year increase of approximately 3% from the prior year average exit rate (December 2023), or approximately 8% from current levels, as the Company expects to recommence drilling in June 2024 and positions for accelerated Montney development in 2025.
· 현금 흐름
USD 70 - 75 million of 2024 Net Operating Income ("NOI") and USD 55 - 60 million of EBITDA before hedging gains and losses, based on budget price assumptions of USD 82/barrel ("bbl") for WTI and CAD 2.25/Gigajoules ("GJ") for AECO natural gas.
· 주주환원
As part of i3's commitment to its total return model, subject to Board approval, the Company is expected to return forecasted dividends of £12.3 million (USD 15.7 million) in 2024, representing 0.2565 pence per share per quarter or 1.0260 pence per share for the year, which translates to a forward yield of 8.1% based on the closing price of i3's ordinary shares of 12.66 pence on 23 April 2024.
i3 Energy plc의 CEO인 Majid Shafiq는 다음과 같이 말했습니다.
"Following very successful initiatives in the first half of the year to increase our balance sheet strength and liquidity, i3 is extremely pleased to announce a substantial USD 51 million capital programme for the remainder of the year, which will drill a diverse group of oil and gas wells across our portfolio in Canada. The majority of wells will be drilled in the second half of the year, with the high-volume Central Alberta gas wells producing into a forecast strong winter pricing environment and pad drilling of our exciting Montney acreage expected to commence early in Q1 2025. The programme is designed to deliver production growth and support our dividend programme, whilst maintaining liquidity and a conservative leverage position to maximise flexibility to deal with volatile market conditions and opportunities as they arise."
2024 Capital Programme Highlights
Following the Company's recent USD 24.8 million partial sale of its royalty assets, the elimination of all bank indebtedness and the establishment of a USD 55.6 million reserve-based credit facility, i3 Energy is pleased to announce a USD 50.9 million 2024 capital programme along with its 2024 operational and financial guidance. This programme will be fully funded from existing Company resources and is designed to balance growth, financial discipline, and a sustainable long term-dividend through a predictable development-focused programme, all while positioning the Company to commence its Simonette Montney pad development drilling in Q1 2025. The programme is constrained to fit within the available time window of the second half of the year.
The 2024 budget currently reflects an estimated total capital investment of USD 50.9 million in Canada, of which approximately USD 41.1 million is allocated to drilling and development, with the remaining balance (USD 9.8 million) apportioned to maintenance capital, facilities, land, ESG and seismic initiatives. The 2024 budget reflects the natural limitations associated with the Canadian operating environment, including, but not limited to, access issues associated with seasonal weather conditions. As such, the 2024 programme anticipates drilling operations will commence in late Q2, with continuous operations through to year-end.
i3's 2024 capital programme will be 85% weighted to the second half of the year with wells expected to be brought on production ahead of stronger forecasted winter gas pricing. Should it be the case that the forward strip forecast for gas prices deteriorates, the Company is well positioned to both reallocate its drilling locations to more oil weighted development opportunities or capitalize on strategic accretive acquisitions as they are identified. Corporate guidance incorporates the drilling of 15 gross (10.5 net) wells with locations split between i3's key operating areas, comprising 11 gross (7.6 net) wells in Central Alberta, 2 gross (1.9 net) wells in Simonette and 2 gross (1.0 net) wells across the Clearwater fairway. The programme is primarily focused on development opportunities, supplemented with targeted high-impact, large resource, oil-centred delineation.
The 2024 capital programme is projected to deliver total average production of between 18,000 and 19,000 boepd (natural gas, oil & condensate, natural gas liquids and royalty interest production expected to average approximately 53%, 22%, 24% and 1%, respectively), with estimated peak production achieved in December. Based on timing, with no operated wells drilled or planned until June, the 2024 drilling programme is forecast to deliver December exit rate production growth of 3% when compared to the same period of 2023. Additionally, when adjusting for the Company's highly accretive partial royalty disposition, announced on 17 April 2024, December exit production growth reflects 5% on a year-over-year basis.
The Company's 2024 Budget is designed to ensure a strong balance sheet and significant financial flexibility to support the Company's income plus growth strategy and positions i3 to commence its Simonette Montney development in Q1 2025. The capital programme will result in exit 2024 net debt of USD 23 - 26 million, representing a net debt to annualized December 2024 EBITDA before hedging, of approximately 30% and net debt credit utilization of less than 45%.
For its planning case, i3 has used commodity price assumptions of USD 82.00/bbl for WTI crude oil and CAD 2.25/GJ for AECO natural gas and expects to generate net operating income of approximately USD 70 - 75 million and EBITDA before hedging of USD 55 - 60 million for 2024.
2024 Guidance and Commodity Price Assumptions
| 2024 guidance and assumptions (1) |
Annual Average Production (2) Exit Production (Dec. 2024) | 18,000 boepd - 19,000 boepd 20,250 boepd - 21,250 boepd |
Average Expenses: 왕족 Operating & Processing 운송 |
15% USD 11.30/boe - USD 11.50/boe USD 2.10/boe - USD 2.30/boe |
Annual Net Operating Income (3) Exit Net Operating Income (Dec. 2024) (3) | USD 70.0 million - USD 75.0 million USD 7.8 million - USD 8.3 million |
Annual EBITDA Before Hedging (4) Exit EBITDA Before Hedging (Dec. 2024) (4) | USD 55.0 million - USD 60.0 million USD 6.3 million - USD 6.8 million
|
자본 지출 | 백만 50.9 달러 |
배당 (5) | 백만 15.7 달러 |
순 부채 (12 월 2024) (6) | USD 23.0 million - USD 26.0 million |
2024 Commodity Assumptions (7)
WTI ($/bbl) | USD 82.00/배럴 |
MSW Oil Differential ($/bbl) | USD 3.00/배럴 |
AECO Natural Gas ($/GJ) | CAD 2.25/GJ |
USD / CAD Foreign Exchange | 1.35 |
GBP / CAD Foreign Exchange | 1.68 |
2024 Net Operating Income Sensitivity (8)
2024 sensitivities | Estimated change to net operating income |
Change in WTI USD 1.00/bbl | 백만 1.2 달러 |
Change in AECO CAD 0.10/GJ | 백만 1.3 달러 |
Change in CDN / US exchange rate CAD 0.01 | 백만 0.9 달러 |
*See below Notes
Hedging
i3 continues to employ a defensive risk management strategy with current hedges in place to protect USD 43.4 million of net operating income in 2024, with current hedges in place to cover 31%, 27%, 26% and 24% of the Company's projected Q1, Q2, Q3 and Q4 2024 future production volumes, respectively. i3's 2024 hedges are as follows:
스왑 |
| 베이시스 스왑 |
| ||||
가스 |
| 거래량(GJ) | Price (CAD/GJ) |
| Volume (mmbtu) | Price (USD/mmbtu) |
|
Q1 2024 | 2,275,000 | 3.04 | 무 | 무 | |||
Q2 2024 | 1,365,000 | 2.52 | |||||
Q3 2024 | 1,380,000 | 2.52 | |||||
Q4 2024 | 1,685,000 | 2.64 | |||||
비용이 들지 않는 고리 | |||||||
OIL |
| 볼륨(bbl) | Price (CAD/bbl) |
| 볼륨(bbl) | Avg Floor Price (CAD/bbl) | Avg Ceiling Price (CAD/bbl) |
Q1 2024 | 189,750 | 95.89 | 22,750 | 100.00 | 121.32 | ||
Q2 2024 | 182,000 | 98.45 | 38,000 | 95.99 | 108.46 | ||
Q3 2024 | 84,500 | 100.08 | 122,500 | 100.00 | 111.11 | ||
Q4 2024 | 145,550 | 97.41 | 41,450 | 100.37 | 111.46 | ||
영국 운영
The Company continues to evaluate development options for the Serenity discovery in consultation with its partner and the North Sea Transition Authority. There is no capital budget associated with this work in 2024.
환경, 사회 및 거버넌스("ESG")
i3 is dedicated to conducting its operations responsibly and in accordance with industry best practices. The Company's commitment to high ESG standards is central to maintaining our social licence to operate, creating value for all stakeholders, and ensuring long-term commercial success. i3 recognises the safety and well-being of our employees, local communities, and other key stakeholders as a priority, and considers climate change as having a material impact on our business.
i3 remains committed to environmental sustainability through consistent implementation of innovative technologies and operational strategies. The Company proudly continues its utilization of an Alternative Fugitive Emissions Management Program to mitigate fugitive emissions, with the pilot project funded by the Alberta Methane Emissions Program and supported by the Alberta Energy Regulator. Furthermore, i3 is dedicated to expanding its renewable energy initiatives, with ongoing installations of solar pumps across various locations. The Company actively explores opportunities to enhance process and operational efficiencies, particularly in optimizing compression facilities to minimize fuel consumption and emissions and, as part of its ongoing efforts, has initiated an analysis of electricity consumption to identify potential reductions in Scope 2 emissions. Most notably, i3 Energy is piloting innovative solutions, with the installation of a high to no-bleed, solar-powered instrument air skid at a strategic location, with plans for potential expansion to three additional sites in 2024.
The Company will responsibly continue to meet its asset retirement obligations into 2024, as it plans to complete approximately 40 downhole abandonments, decommission an estimated 50 surface sites, and abandon approximately 15 pipelines. i3 has also allocated USD 0.7 million to progress reclamation and remediation efforts across its portfolio, with 11 reclamation certificates anticipated in 2024.
자본 반환
As part of its total return model, the Company remains committed to delivering a sustainable monthly dividend to complement its organic growth profile. Since initiating its dividend programme in July 2021 i3 has paid total dividends of £37.2 million (USD 47.4 million). Based on its recent elimination of all corporate bank indebtedness and forecasted 2024 guidance, i3 expects to deliver minimum total 2024 dividends of £12.3 million (USD 15.7 million). Subject to Board approval, the 2024 forecasted dividend, representing 0.2565 pence per share per quarter or 1.026 pence per share for the year, translates to a forward yield of 8.1% based on the closing price of i3's ordinary shares of 12.66 pence on 23 April 2024. Based on projected year-over-year production growth and anticipated dividend yield, the Company expects to deliver a total Shareholder return of 11% - 13% in 2024.
투자자 프리젠 테이션
Majid Shafiq, Ryan Heath and Jason Dranchuk will provide a live presentation relating to i3 Energy's 2024 Capital Budget via the Investor Meet Company platform on 2 May 2024 at 12:00pm BST.
프레젠테이션은 모든 기존 및 잠재적 주주에게 열려 있습니다. 질문은 회의 전날 오전 9시까지 또는 라이브 프레젠테이션 중 언제든지 Investor Meet Company 대시보드를 통해 이벤트 전 제출할 수 있습니다.
Investors can sign up to Investor Meet Company for free and add to meet i3 Energy plc via:
https://www.investormeetcompany.com/i3-energy-plc/register-investor
Investors who already follow I3 ENERGY PLC on the Investor Meet Company platform will automatically be invited.
Additionally, i3 is pleased to announce that an updated corporate presentation will be available on the Company's website https://i3.energy/ 일치하는 with the Investor Meet Company live presentation.
*참고 사항 :
(1) i3's 20243 guidance for its Net Operating Income, EBITDA and year-end Net Debt is based on an annual average production range of 18,00022,250 - 1923,000 boepd.
(2) Total annual average production (boepd) is comprised of approximately 47% Oil, Condensate & NGLs, 53% Natural Gas
(3) Net Operating Income is a non-GAAP financial measure and is defined as gross profit before depreciation and depletion and gains or losses on risk management contracts, which equals revenue net of royalty expenses, less production costs
(4) EBITDA is a non-GAAP financial measure and is defined as earnings before depreciation depletion, financial costs, and tax
(5) Based on i3's annual common share dividend of £12.3 million (US$15.7 million assuming 1.275 GBP:USD) paid in 2024. The declaration of dividends is subject to the approval of i3's board of directors and is subject to change
(6) Net Debt is a non-GAAP financial measure and is defined as borrowings and leases and trade and other payables, less cash and cash equivalents and trade and other receivables
(7) Commodity prices and foreign exchange reflect full year average realized prices or rates
(8) Illustrates the expected impact of changes in commodity prices and the CAD:USD exchange rate on i3's estimate of Net Operating Income for 2024, holding all other variables constant. The sensitivity is based on the commodity price and exchange rate assumptions set forth in the table above. Calculations are performed independently and may not be indicative of actual results. Actual results may vary materially when multiple variables change at the same time and/or when the magnitude of the change increases.
END
유자격자 진술서
광업 및 석유 및 가스 회사를 위한 AIM 참고 사항에 따라 i3는 Majid Shafiq이 이 문서에 포함된 기술 정보를 검토한 자격을 갖춘 사람임을 공개합니다. 그는 Heriot-Watt University에서 석유 공학 석사 학위를 취득했으며 석유 엔지니어 협회(Society of Petroleum Engineers)의 회원입니다. Majid Shafiq은 정보가 표시되는 형식과 맥락에 정보를 포함하는 데 동의합니다.
문의 :
i3 에너지 PLC 마지드 샤피크 (CEO) | c/o 카마르코 전화 : + 44 (0) 203 757 4980
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WH Ireland Limited(노매드 및 조인트 Broker) 제임스 조이스, 다르샨 파텔, 아이작 후퍼 |
전화 : + 44 (0) 207 220 1666
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테니슨증권(공동 Broker) 피터 크렌스 |
전화 : + 44 (0) 207 186 9030
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Stifel Nicolaus Europe Limited(공동 Broker) 애쉬튼 클랜필드, 칼럼 스튜어트 |
전화 : + 44 (0) 20 7710 7600
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카마르코 앤드류 터너, 바이올렛 윌슨, 샘 모리스 |
전화 : + 44 (0) 203 757 4980 |
편집자 참고 사항 :
i3 Energy는 저비용, 다각화되고 성장하는 생산 기반을 갖춘 석유 및 가스 회사입니다. 캐나다 가장 풍부한 탄화수소 지역인 서부 캐나다 퇴적 분지 및 북해의 평가 자산은 상당한 상승세를 보입니다.
회사는 기존 자산 기반의 최적화와 수명이 길고 감소율이 낮은 기존 생산 자산의 인수를 통해 미래 성장을 제공할 수 있는 유리한 위치에 있습니다.
i3는 책임 있는 기업 관행과 환경에 전념하며 강력한 환경, 사회 및 거버넌스를 준수하는 데 높은 가치를 둡니다. ("ESG") 관행. i3는 지금까지 환경, 사람,, 및 자본 관리. 회사는 이러한 혜택이 규제 요건을 넘어 확장되기 때문에 장기적인 가치 창출에 더 광범위한 영향을 미치는 ESG 전략을 유지하기 위해 최선을 다하고 있습니다.
i3 Energy는 런던 증권 거래소의 AIM 시장에 I3E 기호로, 토론토 증권 거래소에 ITE 기호로 상장되어 있습니다. i3 Energy에 대한 자세한 내용을 보려면 다음 사이트를 방문하세요. https://i3.energy.
이 발표는 개정된 유럽 연합(철회)법 7("MAR")에 따라 영국 법률의 일부인 규정(EU) No 596/2014의 영국 버전 2018조의 목적을 위한 내부 정보를 포함합니다. 규제 정보 서비스를 통해 이 발표가 게시되면 이 내부 정보는 이제 공개 도메인에 있는 것으로 간주됩니다.
미래 예측 진술
This press release offers our assessment of i3's future plans and operations as at April 24, 2024, and contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "should", "plan", "intend", "believe" and similar expressions (including the negatives thereof) are intended to identify forward looking information or statements.
The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: those relating to results of operations and financial condition; general economic conditions; industry conditions; changes in regulatory and taxation regimes; volatility of commodity prices; escalation of operating and capital costs; currency fluctuations; the availability of services; imprecision of reserve estimates; geological, technical, drilling and processing problems; environmental risks; weather; the lack of availability of qualified personnel or management; stock market volatility; the ability to access sufficient capital from internal and external sources; and competition from other industry participants for, among other things, capital, services, acquisitions of reserves, undeveloped lands and skilled personnel. Forward-looking statements are provided to allow investors to have a greater understanding of our business.
You are cautioned that the assumptions used in the preparation of such information and statements, including, among other things: future oil and natural gas prices; future capital expenditure levels; future production levels; future exchange rates; the cost of developing and expanding our assets; our ability to obtain equipment in a timely manner to carry out development activities; our ability to fund future dividends; our ability to market our oil and natural gas successfully to current and new customers; the impact of increasing competition; the availability of adequate and acceptable debt and equity financing and funds from operations to fund our planned expenditures; and our ability to add production and reserves through our development and acquisition activities, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information and statements contained in this document is expressly qualified by this cautionary statement. Our policy for updating forward-looking statements is that i3 disclaims, except as required by law, any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
비 IFRS 재무 조치
i3 uses the following terms for measurement within this press release that do not have a standardized prescribed meaning under International Financial Reporting Standards ("IFRS") and these measurements may not be comparable with the calculation of similar measurements of other entities. The Company refers to these as Non-IFRS Measures or Alternate Performance Measures ("APMs"). APMs are not defined under IFRS and are not considered to be a substitute for or superior to IFRS measures. Other companies may not calculate similarly defined or described measures, and therefore their comparability may be limited. The Company continually monitors the selection and definitions of its APMs, which may change in future reporting periods.
51-101 Advisory
In conformity with National Instrument 51-101, Standards for Disclosure of Oil and Gas Activities ("NI 51-101"), natural gas volumes have been converted to barrels of oil equivalent ("boe") using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil. In certain circumstances, natural gas liquid volumes have been converted to a thousand cubic feet equivalent ("mcfe") on the basis of one barrel of natural gas liquids to six thousand cubic feet of gas. Boes and mcfes may be misleading, particularly if used in isolation. A conversion ratio of one barrel to six thousand cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion ratio on a 6:1 basis may be misleading as an indication of value.
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.