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Independent oil and gas company i3 Energy swung to an profit as the company produced its maiden revenue following a boost from its acquisitions.
For the year ended 31 December 2020, pre-tax profit was £11.7 million from a loss of £10.9 million a year earlier, and revenue generated was £12.9 million.
I3 started 2020 as a non-revenue generating company.
The Gain assets contributed £12.1 million revenue and the Toscana contributed £0.9 million revenue.
If the acquisition of the Gain assets had been completed on the first day of the financial year, Group revenues for the year would have been £34.9 million and Group operating netback would have been £11.8 million.
At 8:37am: (LON:I3E) I3 Energy Plc Ord 0.01p share price was 0p at 4.8p