- Oil and gas company i3 Energy said it expected to approve its maiden dividend shortly and lifted its annual net income guidance after reporting first-quarter production that topped its expectations.

Q1 2021 average production was 8,856 boepd, outperforming expectations and net operating income expectations for the full-year 2021 were increased to CAD 38 million, the company said.

Looking ahead, the company said it expected the Noel gas well expected to be on production during June.

'We have made significant progress in growing our land position in the Clearwater play and look forward to our first drilling activity this summer in Marten Hills and further activity in the upcoming winter access period on our operated Clearwater acreage in Marten Creek,' the it added.

'Although our balance sheet restructuring has taken longer than anticipated we will shortly complete this process and pay our maiden dividend,' it added.

At 9:12am: (LON:I3E) I3 Energy Plc Ord 0.01p share price was 0p at 4.8p

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