11:31 AM EDT, 03/25/2024 (MT Newswires) -- i3 Energy plc ( ITEEF ) , an independent oil and gas company with assets and operations in the UK and Canada, earlier Monday released the results of its 2023 year-end reserve report for subsidiary i3 Energy Canada Ltd.

Total company interest total proved (1P) reserves were 92.9 million barrels of oil equivalent and total proved plus probable (2P) reserves were 179.9 million boe. Both were effectively maintained year over year, the company said.

The before-tax net present value of cash flows attributable to the company's reserves, discounted at 10%, was US$303.1 million for its proved developed producing (PDP) reserves, US$501.3 million for its 1P reserves, and US$1.03 billion for its 2P reserves.

PDP, 1P and 2P reserve life indexes were 7.1 years, 12.6 years and 23.0 years, respectively.

Separately, i3 Energy ( ITEEF ) said it has established a new $75 million reserve-based senior secured credit facility with a Canadian chartered bank, composed of a $55 million revolving facility and a $20 million operating loan facility.

The company also repaid about $57 million in debt, representing the outstanding balance of its existing $75 million loan facility with Trafigure Pte Ltd subsidiary Trafigura Canada Ltd.

The new credit facility is non-amortizing and releases $25 million per annum, which will be deployed in production growth initiatives.

The company plans to release its 2024 capital budget in mid-April.

The company at last look jumped 12.1% on the TSX in early Monday trading and gained 9.3% in London trading.

Price: 0.19, Change: +0.02, Percent Change: +12.12