UK's I3 Energy down as it cuts annual CAPEX and dividend guidance

I3 Energy

29/06/2023 12:55

** Shares of oil and gas company I3 Energy  I3E.L  down as
much as 27% to 11.8p - among top pct losers across all London
stocks
    ** Co cuts down FY23 capital and dividend program due to
prevailing commodity prices
    ** Reduces FY23 Capex to 25 million pounds plus 6 mln
pounds, subject to board approval, from 64 mln pounds 
    ** Also cuts its 2023 expected dividend by 50% from 0.171
pence/share per month to 0.0855 pence/share per month
    ** Sees drilling program in Canada to deliver 14 gross (8.5
net) oil focused wells, down from the previously expected 23
(net 15.2) wells
    ** Shares hit lowest levels since Dec 2021
    ** Shares down ~34% YTD, as of last close


($1 = 0.7902 pounds)
    

 (Reporting by Anchal Rana in Bengaluru)
 ((anchal.rana@thomsonreuters.com))