EASTLEIGH, UK i3 Energy plc (“i3” or the “Company”) (AIM:I3E)(TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to announce that it is moving from a bi-annual to a monthly schedule for its dividend payments.
i3’s predictable, low-decline assets continue to outperform management’s expectations, and the Company is forecasting robust cash flow generation from its production business following an intense period of accretive growth since its mid-2020 entry into the Western Canadian Sedimentary Basin. Upon review of its corporate dividend policy, the Company’s board of directors has determined that moving to a monthly dividend payment will expedite the return of capital to its shareholders, enabling potential reinvestment and improved returns during a time of market strengthening.
As previously announced, during the course of 2022 i3 will pay a minimum dividend totalling £11.827 million, representing a 7.1% yield at the closing price on February 2nd. This dividend will be divided and paid in 10 equal increments. i3’s board of directors will continue to monitor the quantum and scheduling of future distributions to ensure the Company remains aligned to its disciplined growth strategy while providing consistent shareholder returns.
i3 will declare its first monthly dividend during the first half of February for payment in March.
Majid Shafiq, CEO of i3 Energy plc, commented:
“We are confident in the predictability of our future cash flow, and a monthly dividend will appeal to investors seeking regular income and the option for reinvestment to improve returns.”
Enquiries:
| i3 Energy plc Majid Shafiq (CEO) / Graham Heath (CFO) |
c/o Camarco |
|
WH Ireland Limited (Nomad and Joint Broker) |
Tel: +44 (0) 207 220 1666 |
| Tennyson Securities (Joint Broker) Peter Krens |
Tel: +44 (0) 207 186 9030 |
|
Stifel Nicolaus Europe Limited (Joint Broker) |
Tel: +44 (0) 20 7710 7600 |
|
Camarco |
Tel: +44 (0) 203 781 8331 |
Notes to Editors:
i3 Energy is an oil and gas Company with a low cost, diversified, growing production base in Canada’s most prolific hydrocarbon region, the Western Canadian Sedimentary Basin and appraisal assets in the North Sea with significant upside.
The Company is well positioned to deliver future growth through the optimisation of its existing 100% owned asset base and the acquisition of long life, low decline conventional production assets.
i3 is dedicated to responsible corporate practices and the environment, and places high value on adhering to strong Environmental, Social and Governance (“ESG”) practices. i3 is proud of its performance to date as a responsible steward of the environment, people, and capital management. The Company is committed to maintaining an ESG strategy, which has broader implications to long-term value creation, as these benefits extend beyond regulatory requirements.
i3 Energy is listed on the AIM market of the London Stock Exchange under the symbol I3E and on the Toronto Stock Exchange under the symbol ITE. For further information on i3 Energy please visit https://i3.energy/.
This announcement does not contain inside information.
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