i3 Energy plc (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.”
END
Enquiries:
i3 Energy plc
Majid Shafiq (CEO) / Graham Heath (CFO)
c/o Camarco
Tel: +44 (0) 203 781 8331
