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i3 Energy PLC on Monday posted ‘record production’ in its first quarter, sending shares higher.
In the first quarter, the weekly average production of barrels of oil equivalent per day more than doubled to about 20,312 from 8,856 a year ago, the Hampshire, England-based firm reported.
The production increase resulted ‘from the company's low decline profile and strong drilling performance,’ Ryan Heath, president of i3 Energy Canada Ltd, explained.
i3 added that current production continues to exceed expectations.
The oil and gas producer in the UK and Canada amended its full-year net operating income forecast to $192 million, 28% over its December forecast, it said.
‘We have a portfolio ideally suited to deliver a consistent and progressive dividend and value growth,’ commented Chief Executive Officer Majid Shafiq.
i3 Energy shares surged 11% to 22.95 pence each in London on Monday morning.
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