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Hi guys, sorry I couldn't make the call yesterday. Is there a link? Failing that, one of the things mentioned in the threads from yesterday evening is they explicitly said any more acquisitions will be funded by a mixture of cash and debt. Is that correct? If so that's very good news as it was my main lingering fear - they would keep diluting our ownership as they chase more production, and sp appreciation will be the same as we have now (very slow), rather than seeing an immediate step-up and subsequent climb. Is this correct?
The other thing I'd like to confirm is whether they said they'd go it alone if our Nth Sea partners keep dragging their feet. Again a very important statement to make and one I'm very supportive of doing. If poo and gas are still sitting above $70 in 12 months this asset is going to be worth a fortune with anything above 50m recoverable barrels and 100% ownership. But we can't be waiting for another 12-18 months for them to get the signatures from these partners and drilling underway. Remember it was 'imminent' almost 9 months ago and now we have to wait until year end jus for the agreement. It's very little money in the greater scheme of things to Repsol Sinopec (assuming they are the farminees). But if they're going to be this f@cking useless now, imagine what they'll be like if we're trying to quickly appraise any further discoveries or heaven forbid monetize the field. Mgt need to give them an ultimatum, and if they don't pull their heads in, then move forward without them. The pricing and regulatory environments could change quite rapidly so they need to get this underway. And the impact of +50m recoverable barrels from a 3 drill program would be substantial. Perhaps we could fund from the mix of cash and debt they have spoken of for acquisitions. GLA
Isas I tend to agree with YoYoMa. GH is totally commited and made no bones about it, his holding has him all in. Remember it was Graham's brother who was at the forefront of I3e's venture into Canada, a step change for our business. We have the Heath brothers to thank for the transformation. Majid is a wiley character who seems to have taken some flack for the last funding process which he may have covered cosmetically, but conceded there may be future funding requirements, depending on the opportunity, which could be a mix of FCF and debt. I may be wrong, but the impression is the last funding process will not be repeated. Lets hope so , as Graham made clear he suffered dilution and judging by his body language was not happy with the last process
Is it available anywhere?
Only really had it on in the background whilst doing other things. Will have to re-watch to take on all the details.
Didn’t MS say not 100% equity for any future raises, rather a mix of equity, cash & debt.
Still feel they are eyeing up a large acquisition to become one of the big players in Canada… but that any equity will have to be raised at 20p+
Any future acquisitions will be funded by debt and fcf. Production as of last week at 19,200boepd,
Serenity farm out to be concluded by end of year,
I3e is now a cash cow,
2022 Drill and development campaigns plan to be finalised shortly .
Lots of positives from yesterday's presentation.
What Graham said regarding the Serenity funding was also a relief. If the level of commitment aren't satisfactory they will keep(and fund) a larger piece and go after it next year. Of course the share price will react more aggressively either way based on success/failure. Wouldn't mind that personally, people just have to take that into account and reduce/increase their position accordingly.
If Serenity comes up as expected could be a monster.
They're free to spend their money how they want. Any questions related to lack of ownership is a personal matter and not everyone is comfortable to talk about it, even though todays questions was nicely worded. Graham was quite honest about it, and the truth is that nobody really knows about their personal financial status. People just have to decide by themself if the small insider ownership is a reason not to invest. Both of them seems focused on creating shareholder value and I am a happy shareholder. The only thing that's needed here is patience.
No more fund raising
Only costs $11 to produce a barrel of oil.
Serenity deal looks to be finalised by end of this year.
Also there will an extensive drilling campaign in Canada which again will be published this year.
Exciting time's ahead.
We could be producing over 50,000 + bopd with the above.
Get in while you can. 2022 looks to be VERY exciting.
GLA
Yoyo- disagree, I think both came across well, anything Majid was more succinct.
Tony-If I can butt in, I thought it was similar to the previous presentation. They responded to questions fairly and clearly. It again explained why they didn't/ couldn't take the debt route to the previous acquisitions. Going into the future they do not intend to go the equity route for any further acquisitions but have established themselves with sufficient reputation to be able to muster appropriate debt. Simonette, I think they have a major drilling campaign next year and that could be a company maker in it's own right. Just a few of the points that stick in my mind.
Graham seems completely devoted whereas Majid seems to be happy picking low hang fruit shares. Says it all really big salary, juicy free options and speaks with fairytale tone. Might be academic but his tone comes across weak and not leadership traits. CEO lacks strength and relies on CFO to carry him over.
Doorstop,
How did the webinar go - did they present well or did they get a bit of a hammering with the questions.
1) Did they talk about the recent drill results at Pembrina or Wapiti ?
2) Did they say anymore about the capital program they are working on for the 2022 drilling or anything about what they plan for the remainder of this year ?
Graham stated 100% of his net worth is in I3e! Seemed quite a high %…
But clearly he feels he is aligned with shareholders and will certainly stand to benefit should share price do well in the future.
As a LTH I can understand the frustrations expressed here and during the Presentation but we live in the present and the company seems well positioned to grow shareholder value
Yep got the impression someone was giving them stick regarding the last fund raise,
Majid didnt say **** all because he owns 2.9M shares, of which he recently exercised 2.8M for $496cdn. How much is his Salary? and for how long has received that salary?
They repeated that any future acquisitions would not include an equity element but was likely to include a combination of FCF and debt.
Like wise.
2 things which struck me. How do they intend to rebalance as stated the disparity between UK holders and Canadian (6%)
When asked about buying shares ( a question directed towards Majid) Graham constantly took the lead and Majid made no comment.
hopefully they will post the link to the recorded event shortly
was not able to log in to the audio - had some issues with the connection - how did it go.
looked like there was someone on the line (Barry Kauffer) giving Graham stick with the questions
I only caught the end. Any way to watch the whole thing?
For those who have singed up starts in five minutes
https://event.webinarjam.com/t/click/9vvl1b7r1bmg2uwpxbnk48sk4ot1nli7