4년 2023분기 운영 및 재무 업데이트
26 2월 2024
i3 에너지 PLC
("i3", "i3 Energy" 또는 "회사")
4년 2023분기 운영 및 재무 업데이트
영국과 캐나다에 자산과 사업을 운영하고 있는 독립 석유 및 가스 회사인 i3 Energy plc (AIM:I3E) (TSX:ITE)는 다음 4년 2023분기 운영 및 재무 업데이트를 발표하게 된 것을 기쁘게 생각합니다.
하이라이트:
· 2023 annual average production of 20,711 barrels of oil equivalent per day ("boepd"), which represents record annual corporate production and is at the high end of the Company's 2023 guidance range of 20,000 - 21,000 boepd
· Q4 2023 production averaged 20,413 boepd
· 2023 drilling programme completed, delivering 12 gross (8.0 net) wells, which met or exceeded management's expectations and were completed on budget despite a high inflationary environment
· In Q4, four gross oil focused wells (2.54 net) were drilled in i3's Central Alberta core area
· Full year 2023 net operating income ("NOI")1 (unaudited) is approximated at USD 93 million, in line with guidance, with year-end 2023 Net Debt2 expected to be approximately USD 23 million (unaudited).
· Dividends of £3.083 million were declared and paid during the fourth quarter, with total dividends of £13.298 million declared and £15.338 million paid in 2023. Additionally, the Q4 2023 dividend of £3.084 million was declared and paid in early 2024.
i3 Energy plc의 CEO인 Majid Shafiq는 다음과 같이 말했습니다.
"The fourth quarter of 2023 rounded off a highly successful annual capital programme for the Company, with a dozen wells drilled, and which like our 2022 programme, in aggregate exceeded pre-drill expectations and was executed safely and in line with budget. We are very pleased that this programme, combined with our robust, low decline, asset base and a razor-sharp focus on operational efficiency, delivered very strong financial performance, despite a challenging commodity price environment and ensured that the company met its production and net operating income guidance for the year. This is a testament to the quality of our portfolio and the skill, expertise and dedication of our staff. Our strong production and financial performance supported our capital programme, debt re-payments, and dividend payments to shareholders of over £15 million throughout the year, and our extensive drilling inventory provides multiple options to maximise return on capital deployment. As we enter 2024 with continued weakness in commodity price forecasts, in particular for North American gas, our business strategy remains flexible between high rate of return organic drilling and inorganic growth opportunities. The Company is progressing several initiatives which will be incorporated into an optimised 2024 drilling and capital programme, and we look forward to updating the market on this during the course of March."
생산 업데이트
Production in Q4 2023 averaged 20,413 boepd, comprised of 63.9 million standard cubic feet of natural gas per day ("mmcf/d"), 5,180 barrels per day ("bbl/d") of natural gas liquids ("NGLs"), 4,155 bbl/d of oil & condensate and 429 boepd of royalty interest production. The quarterly production represents a decrease of approximately 3% relative to Q3 2023, resulting from conservative capital management during the period of softening gas prices.
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| Period Average Production Comparison: Last Five Quarters | ||||
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | ||
프로덕션(boepd) | 20,413 | 21,156 | 18,529 | 22,773 | 22,757 | |
오일 및 응축수(bbl/d) | 4,155 | 4,485 | 4,247 | 5,238 | 5,119 | |
NGLs (bbl/d) | 5,180 | 4,887 | 4,057 | 5,569 | 5,106 | |
가스(mcf/d) | 63,894 | 68,653 | 58,965 | 69,555 | 72,442 | |
로열티 이자(boepd) | 429 | 342 | 398 | 373 | 458 |
Corporate production for the second week of February 2024 averaged 20,042 밥 with 49% representing oil and NGLs. Although intermittent seasonal production curtailments have 발생 in 2024, the continued performance of i3's predictable, low-decline reserves, reflects the sustainable production base that the Company has acquired and developed.
Hedging Programme
i3 continues to employ a defensive risk management strategy, protecting approximately USD $41 million of 2024 NOI with current hedges in place as follows:
스왑 |
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가스 |
| Volume (GJ) | Price (C$/GJ) |
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Q1 2024 | 2,275,000 | 3.04 | |||||
Q2 2024 | 1,365,000 | 2.52 | |||||
Q3 2024 | 1,380,000 | 2.52 | |||||
Q4 2024 | 1,685,000 | 2.64 | |||||
Q1 2025 | 1,800,000 | 2.69 | |||||
비용이 들지 않는 고리 | |||||||
OIL |
| Volume (bbl) | Price (C$/bbl) |
| Volume (bbl) | Avg Floor Price (C$/bbl) | Avg Ceiling Price (C$/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 | 115,050 | 95.95 | 23,250 | 100.67 | 111.90 | ||
Q1 2025 | 20,150 | 96.32 |
운영 결과
In total, i3's 2023 Canadian drilling programme was comprised of 10 gross (7.5 net) operated wells and two gross (0.5 net) non-operated wells. The total 2023 capital expenditures of approximately USD 30 million (unaudited) served to efficiently delineate and develop its core areas of Central Alberta, Wapiti and the Clearwater. The well performance associated with the targeted formations, in aggregate, continues to meet or exceed management expectations. Further, the Company diligently managed the long-term performance of its high-impact Simonette Montney oil wells, drilled in 2022, further increasing the Company's conviction and commitment to unlocking the value inherent in these prolific oil weighted assets.
The Q4 2023 programme, focused on Central Alberta, included the drilling, completion and tie-in of two gross (2.0 net) horizontal Glauconite oil locations, one gross (0.53 net) vertical Leduc oil well and a minor working interest (0.01 net) in a non-operated Belly River oil well.
중부 앨버타
Based on the Company's track record of successful Glauconite drilling in Central Alberta and the strong well results of industry peers in proximal acreage, i3 drilled, completed, equipped and tied-in two gross (2.0 net) 1-mile Glauconite oil wells from a single surface pad location. Resulting from upfront logistical work and efficient drilling, this two-well development was delivered approximately 13% under budget. The wells were brought on production at the end of December 2023 and have delivered strong performance while continuing to clean-up and recover load fluid.
The 102/03-05-043-02W5 was equipped with a hydraulic pumpjack and has produced peak oil rates of up to 150 bbl/d with associated gas compared to an expected type curve IP303 of 122 bbl/d, and is currently producing 120 boepd. The 102/14-08-043-02W5 initially flowed without artificial lift at peak oil rates in excess of 400 bbl/d compared to an expected type-curve IP30 of 124 bbl/d. Subsequently, this well has been equipped with a pumpjack and bottom hole insert pump and its last weekly average production is at 232 boepd. Both wells are in line with expectations and have further optimization potential.
In Q4, i3 and its working interest partners drilled one gross (0.53 net) vertical Leduc oil well into the Homeglen Rimbey D-3 unit in Central Alberta. This well was drilled into a structural high in the underlying Leduc formation, that targeted un-swept attic oil. The Leduc formation, accurately identified on 3D seismic, was intersected approximately 5-7 metres higher than offsetting producing wells. However, a 7-metre-thick tight dolomite cap was encountered which effectively negated the structural gain. The well was swabbed and produced light oil with a high water cut and is not deemed economic in the current price environment. i3 and its working interest partners will utilize the wellbore for ongoing observation and optimization of the Homeglen Rimbey Unit.
평온
The Company continues with its partner Europa Oil and Gas to evaluate commercialisation options for the Serenity discovery.
환경, 사회 및 거버넌스("ESG")
Expanding on the ESG initiatives executed in 2022, i3 Energy has maintained its commitment to reducing its Scope 1 and Scope 2 carbon emissions. i3 replaced pneumatic pumps with solar-driven alternatives at 11 locations, which is expected to reduce methane emissions by an estimated 445t CO2e. Additionally, the electrification of 13 pumpjack engines in Carmangay and Retlaw are expected to further reduce emissions by an estimated 2,759 tCO2e per year. In a further move towards greenhouse gas reduction, the Company replaced natural gas-fired heaters with electric heaters at one of its Medicine River locations. In collaboration with an offset operator, i3 implemented an Alternative Fugitive Emissions Management Programme (ALT FEMP) at its locations in 2023, which images methane emissions from the air and is anticipated to contribute to a substantial reduction in fugitive emissions by over 50% compared to the previous year. Concurrently, i3 implemented two compressor consolidation projects which are expected to achieve annual emission reductions of 2,728 tCO2e and 681 tCO2e, respectively. These endeavours exemplify i3 Energy's dedication to environmental sustainability and continual progress in ESG practices. In January 2024, the Company was also pleased to publish its 2022 ESG Report.
자본 반환
The Company remains committed to delivering a sustainable dividend as part of its total return model. During 2023, £13.298 million dividends were declared and £15.338 million or 1.2825 pence per share were paid. Q4 2023 dividends of 0.2565 pence per share were declared in January and paid in February 2024. Subject to Board approval at the end of quarter, the Company expects to pay the Q1 2024 dividend of 0.2565 pence per share in early Q2 2024, with an announcement made in due course, which translates to a forward running yield of 11.5% based on the closing price of i3's ordinary shares on 23 February 2024.
Year-End 2023 Reserves Update
i3's year-end 2023 independent reserves evaluation is in progress and the Company expects to release its final numbers in late March, prior to the dissemination of its 2023 year-end financial statements.
2023년말 및 2024년말 분기별 재무보고
As the Company's Canadian shareholding has now increased beyond 10%, i3 is no longer a designated foreign issuer and therefore is no longer eligible for TSX continuous disclosure exemptions previously granted through National Instrument 71-102. As such, the Company will commence issuing TSX required quarterly financial reports for Q1 2024, including a Management Discussion and Analysis (MD&A). Additionally, an Annual Information Form (AIF) will be included as part of the Company's 2023 year-end financial statements which will be issued by 31 March 2024.
Outlook
In lower commodity price environments, when drilling economics soften, i3 Energy evaluates opportunities in the M&A market, where higher returns on investment are often achievable. Accordingly, the Company is currently evaluating several options to enhance shareholder value which include strategic acquisitions and disposition of non-core assets to increase liquidity.
The capital programme will target the second half of the year, with wells brought on production ahead of stronger winter pricing. Considering the current weak forecast for North American gas prices, the drilling programme currently being planned will focus on oil well locations, but we retain the option to pivot to liquids rich gas wells should gas pricing improve. The Company currently has over 25 locations acquired and surveyed, across our portfolio of assets (including oil and gas wells), which will allow the Company to optimise capital allocation based on forecast H2 oil and gas prices.
배송 시 요청 사항:
Unless otherwise denoted, all figures are referenced in USD ($) and assume a foreign exchange rate for the relevant period or point in time.
(1) Net operating income is defined as gross profit before depreciation and depletion, gains or losses on risk management contracts, and other operating income, which equals revenue from the sale of oil and gas and processing income, less production costs
(2) Net Debt is defined as borrowings and leases and trade and other payables, less cash and cash equivalents and trade and other receivables
(3) IP30 is the initial production rate through the first 30 days of a well
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, 다르 샨 파텔 |
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 기존의 높은 작업 관심 자산 기반의 최적화와 장수명, 감소율이 낮은 기존 생산 자산의 인수를 통해 미래 성장을 제공할 수 있는 좋은 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 I3E라는 기호로 런던 증권 거래소의 AIM 시장에, ITE라는 기호로 토론토 증권 거래소에 상장되어 있습니다. i3 Energy에 대한 자세한 내용은 https://i3.energy를 참조하십시오.
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