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i3 Energy PLC - oil and gas producer in the UK and Canada - Phase one of the company's 2022 Canadian capital programme involves combining efficient low-risk development drilling with strategic resource delineation and land capture. So far, seven gross wells are to be drilled across i3's portfolio in Central Alberta, Marten Hills & Marten Creek, and Simonette, which are expected to contribute 2,420 barrels of oil equivalent per day.
There is also a recompletion and reactivation campaign, which will target low-cost, high return opportunities with less than one-year paybacks, estimated to add initial production 600 boepd.
"We are very pleased to have successfully completed drilling operations on our first new operated well in the company's 2022 Canadian capital programme and look forward to bringing this well and subsequent wells onto production over the first half of this year. This is the initial phase of drilling operations, and following evaluation of log and production data from these wells we will embark upon phase two which will target an additional 10 to 13 locations," said Chief Executive Majid Shafiq.
Current stock price: 19.00 pence
12-month change: up sharply from 6.19p
By Dayo Laniyan; dayolaniyan@alliancenews.com
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