I3 Energy Plc's (LON:i3E) Majid Shafiq and Graham Heath present their latest company news to Proactive London. The plan is to drill two new ‘high return’ wells in the Wapiti production area in western Canada in the coming weeks.
This decision is expected to boost output and revenue at an estimated net cost of around US$2.1mln, which i3 noted is just 1.3x the forecasted net operating income for the next twelve months.
It is expected that the drill programme will conclude early in the third quarter. The wells are expected to add around 175 barrels of oil per day net to i3.
Shafiq and Heath also update their investors on their dividend strategy and the many opportunities they believe their portfolio in Canada offers with 'significant production' on the cards.