i3 Energy PLC confirmed it is preparing plans for an active phase of growth and development in Canada, where production has averaged 13,740 barrels oil equivalent per day in the third quarter.
The company, in a statement, noted rising volumes during the three-month period with production reaching an average rate of 18,985 boepd for the month of September.
Operationally, the company noted that it completed a programme of well activations in its recently acquired South Simonette and Wapiti acreage, adding 970 boepd net, whilst the drilling of six new wells in each of the Marten Hills, Wapiti and Pembina (NYSE:PBA) areas added 565 boepd.
i3 said it expects to achieve US$65.7mln of net operating income for the full year and that its forecasts for the next twelve months sees the company make US$119.1mln.
In terms of corporate activity, the company highlighted the start of dividends and a number of incremental additions to the portfolio – with the acquisition of assets from Cenovus Energy’s in i3's Central Alberta core area, along with a ‘bolt-on’ deal for assets in the Wapiti area.
"The third quarter of 2021 continued with an intense level of activity across all fronts,” said chief executive Majid Shafiq.
He added: “We are now finalising our capital programme for the rest of this year and for 2022, following which we will commence deployment of free cash flow into an active, operated development drilling programme, which we expect to materially grow our production base into a very positive commodity price environment.
“We are also extremely pleased to have commenced dividend payments this quarter and look forward to completing payment of our H1 2021 dividend on 29 October."
The company paid a 0.16p special dividend to shareholders on 6 August and recently declared a 0.20p dividend to be paid before the end of October.