i3 Energy PLC Announces Q1 2024 Operational and Financial Results
Summary
"Q1 2024 was a period of intense corporate activity during which we refinanced our existing debt with a non-amortising, traditional oil and gas reserves-based loan and laid the groundwork for monetising the majority of our non-core royalty production which significantly strengthened our balance sheet and increased liquidity. The quarterly production represents a decrease of approximately 4% relative to Q4 2023, resulting from conservative capital management during the period of softening gas prices and further downtime primarily due to extreme cold in January 2024, which led to a loss of ~300 boepd for the month (or ~100 boepd for the quarter).i3 continues to employ a defensive risk management strategy with current hedges in place protecting USD 44.8 million of net operating income in 2024, and covering 31%, 26%, 26% and 24% of the Companys projected Q1, Q2, Q3 and Q4 2024 production volumes, respectively. (ii) Amounts converted at the period-end GBP:USD exchange rates of 1.2632 and 1.2747 for the 2024 and 2023 periods, respectively.In accordance with the AIM Note for Mining and Oil and Gas Companies, i3 discloses that Majid Shafiq is the qualified person who has reviewed the technical information contained in this document. Majid Shafiq consents to the inclusion of the information in the form and context in which it appears.i3 Energy is an oil and gas Company with a low cost, diversified, growing production base in Canadas most prolific hydrocarbon region, the Western Canadian Sedimentary Basin and appraisal assets in the North Sea with significant upside.The Company is well positioned to deliver future growth through the optimisation of its existing asset base and the acquisition of long life, low decline conventional production assets.i3 is dedicated to responsible corporate practices and the environment, and places high value on adhering to strong Environmental, Social and Governance("ESG")practices. 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.