I3 Energy improves Q2 production, finishes drilling in first Marten Hills well - Kalkine Media

Follow us on Google News:
 I3 Energy improves Q2 production, finishes drilling in first Marten Hills well
Image source: Company Release


  • I3 Energy, an AIM-listed energy company, announced in an operational update that its Q2 production has improved over Q1, and it has completed drilling at its first well site in Marten Hills.
  • The company reported its production in Q2 2021 rose to 9,142 boepd from 8,856 boepd reported in Q1 2021.
  • I3 Energy announced the completion of drilling on its first well site at Marten Hills 01-12-075-26W4, on time and within the budget, on 30 June.

I3 Energy PLC (LON: I3E) (TSX: ITE), an AIM-listed independent energy company with assets and operations in the UK and Canada, has recorded an improvement in its second-quarter production and has successfully completed the drilling process in its first well in Marten Hills, Canada. The company revealed this in an operational update released on 2 July 2021.

Increase in Q2 production

The company reported that its Q2 2021 production averaged 9,142 barrels of oil equivalent per day (boepd). This was higher than the Q1 2021 production figure of 8,856 boepd, even though the Q2 figure included the impact of routine facility maintenance on third-party facilities.

The company also reported that its production output, since the Noel well started on 17 June, averaged at 9,353 boepd.

Also Read: After court clearance, i3 Energy plc all set to announce its maiden dividend

Completion of first Marten Hills well drilling

  • In another key development, I3 Energy successfully completed the drilling of Marten Hills 01-12-075-26W4 well on 30 June.
  • The well was spud on 15 June. The company drilled to a maximum depth of 630 meters, and its spud targeted the 25-meter-thick Clearwater C sandstone reservoir.
  • The CEO of I3 Energy, Majid Shafiq, said the company was pleased with the outcome of the drilling operation at the site. Mr. Shafiq added that the reservoir intervals penetrated seemed to have excellent geological characteristics, and the company was awaiting the production results, which are expected to be announced later this month.
  • The first well in the Marten Hills Clearwater reservoir has eight horizontal lateral sections, with a combined length of up to 13,057 meters. All laterals encountered clean upper shoreface sandstone, with a porosity of 24 per cent to 27 per cent. It also found evidence of oil during the drilling process, with oil shows on cuttings.
  • Further, the operation was completed on time and within its budget.
  • I3 Energy also announced it had now moved the oil rig onto the second well site of its drilling project at Marten Hills 02-12-075-26W4. Drilling at this site is expected to be completed by mid-July, while the production from both the wells is expected to start later in the month.

Also Read: i3 Energy Plc, a powerhouse for multiple opportunities

Share price performance

The stock price of I3 Energy’s rose sharply following the news. The company’s shares jumped by 10.93 per cent to GBX 14.98 on 2 July by 12:26 PM GMT+1.

The company’s stock price has peaked near the 52-week high of GBX 15.20 due to timely completion of the drilling, within the prescribed budget, at the first well site at Marten Hills and higher production output this quarter.

The company’s market cap stood at £97.53 million, while the stock has returned around 174 per cent year-to-date.


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK