i3 Energy PLC said Thursday that drilling operations on the second well at the Marten Hills Clearwater drilling program in Canada have been completed, with production from both wells expected to begin in late July.

The London-listed oil-and-gas company said that the drilling rig has been demobilized after all drilling was completed on time and within budget and that oil has been found. The tie-in and equipping of the wells is expected to take five days following the rig release.

"This is the first phase of drilling operations on this acreage and following evaluation of log and production data from these wells, we will program the second phase of drilling which will target an additional seven possible locations," Chief Executive Majid Shafiq said.

Shares at 0812 GMT were up 0.23 pence, or 2.1%, at 11.4 pence.