(Alliance News) - i3 Energy PLC on Monday reported increased revenue and profit in the first half of 2022 as it was boosted by a higher oil price.
i3 is an Aberdeenshire, Scotland-based oil and gas producer with projects in both Canada and the UK.
i3 swung to a pretax profit of GBP20.5 million in the six months to June 2022 from a GBP7.8 million pretax loss the year before.
Revenue multiplied to GBP101.6 million from GBP26.5 million the year before.
The growth in revenue stemmed from an average production of 18,950 barrels of oil equivalent per day for the period, over double the level of 9,095 for last year. Revenue from oil and natural gas liquids was GBP74.6 million, up from GBP17.4 million the year before.
The company since June pays a monthly dividend of 0.1425 pence per share, up 36% from 0.1050p before.
In the remainder of the year, the company will continue to grow the Canadian business and undertake appraisal drilling at the Serenity oil field, situated in the North Sea.
The company noted that the Russian invasion of Ukraine had exacerbated the supply and demand imbalance. "Against the background of this volatility and until some of these ongoing issues are resolved, we expect oil and gas prices to remain robust," the company said.
Chief Executive Officer Majid Shafiq said: "These [results] reflect the hard work of our staff in Canada and the UK in successfully progressing our business plan on all fronts. We have made great strides in executing efficiently on our operated drilling program in Canada, with all wells drilled being on prognosis geologically and production contributions now commencing following tie-ins to infrastructure.
"We are also very happy to bring in a partner to the Serenity oil field in the UK and plans to drill the appraisal well are on track to spud this month. Our operations team continue to perform diligently to maintain our base production volumes, whilst operating safely with no lost time incidents being recorded."
Shares in i3 were trading 1.9% lower at 24.54 pence per share in London on Monday morning.
By Chris Dorrell; chrisdorrell@alliancenews.com
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