Editor's PickMarket News

i3 Energy shares boosted as dividend raise is confirmed

i3 Energy PLC shares added 5% in Wednesday’s early deals as it announced it will now increase the minimum dividend pay-out to shareholders to £14.78mln, up 25% from the prior pledge of £11.82mln. The company pays dividends monthly and in a statement, said the June dividend (record date: May 20) will amount to £1.6mln, which will be 0.1425p per share. i3 on Monday declared it was “very pleased”  with the continued strong performance in Canada, where production averaged 18,095 barrels of oil equivalent per day (boepd) in the first quarter of 2022. The company forecasts full-year net operating income of some US$241mln, based on an expanded capital investment programme that seeks to deliver further low-risk, high-return development. “We exited Q1 above 20,000 boepd, in part due to the contribution from wells drilled as part of our maiden operated drilling programme. Results from wells drilled to date have met or exceeded management’s pre-drill geological and production capacity expectations and have been drilled within budget,” chief executive Majid Shafiq said in a statement. In London, i3 shares were up 1.40p or 5.3% this morning to change hands at 27.8p.