07:38 AM EDT, 07/04/2024 (MT Newswires) -- i3 Energy ( ITEEF ) , an independent oil and gas company with assets and operations in the U.K. and Canada, earlier Thursday said it had reduced its share capital.

The company said the court order canceling i3 Energy's ( ITEEF ) deferred A shares and the amount standing to the credit of the share premium account, along with the associated court-approved statement of capital, has been delivered to the Registrar of Companies.

The capital reduction will become effective upon the registration of the court order by the Registrar of Companies, which is expected to occur in the next few days.

As a result of the capital reduction, the company will create reserves it can use to pay dividends or return value to shareholders in other ways.

The company's shares, which rose over 3% in Canada on Wednesday, traded 4.5% higher on last look at the London Stock Exchange.