3년 2023분기 운영 및 재무 업데이트
8 11월 2023
i3 에너지 PLC
("i3", "i3 Energy" 또는 "회사")
3년 2023분기 운영 및 재무 업데이트
i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, announces the following Q3 2023 operational and financial update.
3분기 하이라이트:
· Average Q3 2023 production of approximately 21,156 barrels of oil equivalent per day ("boepd"), representing a 14% increase over the prior quarter and a 3% increase from Q3 2022.
· Net operating income for the quarter reflecting restored production and strengthening commodity prices was USD 25.97 million (as compared to USD 17.66 million in Q2), representing a 47% increase quarter-over-quarter.
· i3 remained focused on repayment of its new credit facility, with the original drawn amount of CAD 75 million reduced to CAD 66.67 million (USD 49.39 million) and net debt as at 30 September 2023 of approximately USD 27.56 million, down from USD 38.98 million as at 30 June 2023.
· As part of i3's commitment to its total shareholder return model, dividends of £3.08 million (USD 3.91 million) were declared in Q3 and paid in October 2023.
· Post quarter-end the board of directors approved a USD 6 million capital program, for the balance of 2023, centred on the Company's Glauconite and Leduc oil fairways in Central Alberta.
Majid Shafiq, CEO of i3 Energy plc, commented:
"Following the major scheduled maintenance activities and disruptions due to wildfires in Q2 we are very pleased with the recovery of production levels in Q3, and we remain on track to meet our previously stated guidance for 2023 production and net operating income. We will also shortly commence a three well drilling programme, focussed on oil development in Central Alberta."
생산 업데이트
Production in Q3 2023 averaged 21,156 boepd, comprised of 68.7 million standard cubic feet of natural gas per day ("mmcf/d"), 4,887 barrels per day ("bbl/d") of natural gas liquids ("NGLs"), 4,485 bbl/d of oil & condensate and 342 boepd of royalty interest production. The strong quarterly production represents an increase of greater than 14% from Q2 2023 and approximately 3% over Q3 2022, despite a 21-day curtailment in Central Alberta associated with a meter station outage. The meter station outage impacted i3's calendar-day volumes by 1,120 boepd in August or 377 boepd for Q3 2023. The performance of the assets in Q3 2023, post Q2 2023 turnarounds and disruptions, and in light of the downtime experienced in Q3 2023, reflects both the deliverability of the underlying reservoirs and their predictable low-decline nature, and supports the quality of the Company's large inventory of development drilling locations.
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| 기간 평균 생산 비교: 지난 5분기 | ||||
Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | ||
프로덕션(boepd) | 21,156 | 18,529 | 22,773 | 22,757 | 20,571 | |
오일 및 응축수(bbl/d) | 4,485 | 4,247 | 5,238 | 5,119 | 4,396 | |
NGL(bbl/d) | 4,887 | 4,057 | 5,569 | 5,106 | 5,038 | |
가스(mcf/d) | 68,653 | 58,965 | 69,555 | 72,442 | 64,180 | |
로열티 이자(boepd) | 342 | 398 | 373 | 458 | 440 |
헤징 프로그램
i3's risk management strategy currently protects USD 50.65 million (CAD 67.87 million) and USD 28.32 million (CAD 37.95 million) of net operating income for 2023 and 2024, respectively with current hedges in place to cover 29%, 33%, 12%, 11% and 2% of the Company's projected Q4 2023 & Q1, Q2, Q3 and Q4 of its 2024 production volumes, respectively. i3's hedges are as follows:
스왑 |
| 베이시스 스왑 |
| ||||
가스 |
| 거래량(GJ) | 가격(C$/GJ) |
| 볼륨(mmbtu) | Price ($US/mmbtu) |
|
Q4 2023 | 1,835,000 | 2.99 | 327,067 | (1.46) | |||
Q1 2024 | 2,275,000 | 3.04 | 무 | 무 | |||
비용이 들지 않는 고리 | |||||||
OIL |
| 볼륨(bbl) | 가격 (C$/배럴) |
| 볼륨(bbl) | 평균 최저 가격(C$/bbl) | 평균 상한가(C$/bbl) |
Q4 2023 | 184,000 | 99.16 | 무 | 무 | 무 | ||
Q1 2024 | 182,000 | 95.68 | 22,750 | 100.00 | 121.32 | ||
Q2 2024 | 159,250 | 98.20 | 22,750 | 100.00 | 107.00 | ||
Q3 2024 | 38,500 | 101.63 | 122,500 | 100.00 | 111.11 | ||
Q4 2024 | 무 | 무 | 23,250 | 100.67 | 111.90 |
Q3 2023 Operations
The Company experienced a strong Q3 2023 after a challenging Q2 2023 period in which corporate production averaged 18,529 boepd, with approximately 3,100 boepd offline for the quarter, due to restrictions resulting from the Alberta wildfires, unanticipated apportionment issues associated with the Pembina Peace Pipeline liquids line, critical downtime related to debottlenecking projects and i3 turnaround initiatives (both operated & non-operated). After such significant downtime experienced in Q2 2023, the Company is pleased to report that production returned rapidly to pre-restricted levels and continued to outpace anticipated declines throughout Q3, achieving Quarterly production of 21,156 boepd.
Capital activities in Q3 2023 were limited to USD 1.73 million (CAD 2.23 million), with the Company focussing on reestablishing and optimizing productive capacity post turnarounds and disruptions experienced in the prior quarter. Of the total Q3 2023 capital expenditure programme, i3 invested USD 0.41 million (CAD 0.55 million), focused primarily in the Lodgepole area of Central Alberta, on pipeline infrastructure to consolidate and optimize volumes at its operated 13-35-047-10W5 gas plant.
Similar gathering system improvements in the Wapiti area, completed in Q2 2023 by a third-party operator, have alleviated line pressure constraints and allowed the Company to optimize production in the quarter from its 3-well Cardium pad that was drilled and brought on production earlier this year. Post debottlenecking, the 3 Cardium wells have performed above GLJ's Proved Plus Probable type curve expectations, with unrestricted rates having exceeded peak rate predictions.
The strong volumes associated with the Wapiti programme have occurred despite unanticipated apportionment issues associated with the Pembina Peace Pipeline liquids line, resulting in reduced liquids yields realized by area operators. i3 expects the apportionment issues to be resolved over the coming months as local operators work diligently to optimize throughput efficiencies for all relevant parties. This was evidenced by September's production, which averaged 21,380 boepd, comprised of 67.6 mmcf/d, 5,200 bbl/d of NGLs, 4,480 bbl/d of oil & condensate and 433 boepd of royalty interest production.
환경, 사회 및 거버넌스("ESG")
i3 is committed 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.
In Q3 2023, i3 invested USD 0.8 million net, before any government grants, to abandon 5 wells, decommission 7 sites and abandon 11 pipelines, while further advancing site reclamations across its portfolio. Incorporating activity from H1 2023 brings the Company's year-to-date abandonment and decommissioning totals to 25 wells, 13 sites, 16 pipelines, with a further 13 sites having been reclaimed. i3 will continue its 2023 abandonment and reclamation programme, with approximately USD 3.91 million being directed to pipeline / wellbore abandonments, pipeline / facility decommissioning and well site reclamation.
평온
The base case development for Serenity assumed a joint development with the Tain field. Following the relinquishment of the Tain Licence by the licence holders, i3 and its partner Europa Oil and Gas are now considering other options for development and will update the market as and when necessary.
Q4 2023 Capital Programme
The Company has prepared an oil focused Q4 2023 drilling programme to capitalize on the continued relative strength in oil prices. The programme previously contemplated follow-up drilling at Dawson to further develop and delineate the Company's initial successful Clearwater oil discovery from Q1 2023. However, access constraints have delayed Clearwater development until 2024. Given the Company's extensive portfolio of development opportunities and flexible operating model, the Q4 2023 programme has refocused to Central Alberta and will now include the drilling, completion and tie-in of 2 gross (2.0 net) horizontal Glauconite oil locations and 1 gross (0.53 net) vertical Leduc oil well. The wells are expected to spud in early-to-mid Q4, with tie-in occurring ahead of year-end. Despite the operational shift and delayed on stream date, corporate production is expected to meet i3's previously stated 2023 guidance. Additionally, the results of the 2 Glauconitic oil wells and Leduc drill are expected to position the Company for a strong start to 2024.
Reiteration of 2023 Guidance & Return of Capital
i3's 2023 guidance remains unchanged at 20,000 to 21,000 boepd, delivering net operating income of USD 90 million - 95 million for the year (with 25.9 million realized in Q3). With Board approval for the Company's USD 6 million Q4 2023 capital program, i3's full-year 2023 exploration and development expenditures are in line with previously announced guidance. Strong operational performance of the Company's predictable low-decline production base has allowed i3 to achieve the previously stated corporate guidance despite the unplanned disruptions the Company has navigated throughout 2023.
On 31 May 2023 the Company refinanced its outstanding debt of circa CAD 50 million with a new CAD 100 million facility; of which, CAD 75 million was drawn for general working capital purposes and to settle the Company's outstanding loan notes. To align with the Company's conservative approach to debt management, the new facility amortises on a straight-line monthly basis (unlike the prior Senior Secured Guaranteed Loan Notes, which were non-amortising). At the end of Q3 2023, the Company has repaid USD 6.22 million (CAD 8.33 million) of the new facility, exiting with USD 49.39 million (CAD 66.67 million) remaining. This amortisation schedule will repay the loan over its three-year term, beginning with USD 15.97 million in amortisation (CAD 21.40 million), interest commitments and associated set-up costs to be paid throughout 2023.
As part of i3's total shareholder return model, dividends of £3.08 million (USD 3.91 million) were declared in Q3 and paid in October 2023. The Company remains committed to its total shareholder return model, consisting of production growth through drilling and accretive M&A activity, and shareholder cash returns via dividends, whilst prudently maintaining capital discipline. Subject to Board approval at the end of quarter, the Company expects to pay the Q4 dividend of 0.2565 pence per share in January 2024, with an announcement made in due course. Including dividends declared thus far in 2023 and with the expected payment for the Q4 2023 period, the forecasted aggregate 2023 dividends to be paid to shareholders is £16.38 million, or 1.362 pence per share, representing a yield of approximately 11.6% for 2023 and a forward running yield of 8.7% based on the closing price of i3's ordinary shares of 11.74 pence on 7 November 2023.
Note: Unless otherwise denoted, all figures are referenced in USD ($) and assume a foreign exchange rate of 1.34 CAD:USD and 1.27 GBP:USD, which is the average rate for Q3 2023, or where applicable, a 30 September 2023 period end foreign exchange rate of 1.35 CAD:USD and 1.22 GBP:USD.
Note: Net Operating Income (NOI) and Net Debt are non IFRS measures. See Appendix B within the Interim Financial Statements for definition and reconciliation to nearest equivalent statutory IFRS measure.
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) 203 781 8331
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WH Ireland Limited(노매드 및 조인트 Broker) 제임스 조이스, 다르 샨 파텔 |
전화 : + 44 (0) 207 220 1666
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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 |
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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 100% 소유 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 상장되어 있습니다. I3E 기호 아래 및 토론토 증권 거래소 기호 ITE 아래에 있습니다. i3 Energy에 대한 자세한 내용은 다음을 방문하십시오. https://i3.energy
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