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Any thoughts for today Tony?
I recall that very well - but that was clearly a mis-type and I think was corrected in subsequent updates !
i think you are over analyzing.
if you remember they were "pleased" to announce the failure of the lib well, so im more confident when they are not pleased...
Harel,
I agree with the porosity but flow is also linked to the viscosity i.e. if the oil is "heavier" than expected, flowrate will be lower.
How do you read the RNS - do you thing we have way too much time on out hands and are reading too much into it !
i think the flow rates will be very good, the porosity that was reported is very high..
Joe,
I agree there is something not quite right about the RNS causing you to try to read between the lines. The omission of "pleased" in the opening line of the RNS I don't think is a mistake.
Majid talks about being pleased with the drilling operation - so on budget, schedule etc but no mention of the payback period as for the Wapiti Wells lower down in the update although the RNS does go on to say "These Marten Hills and Wapiti wells are expected to add very profitable incremental production and cash-flow to the Company's portfolio".
Oil is there, porosity of the sand is good - so is the flow rate meeting expectation ? Oil quality in the Clearwater varies significantly across the play from Condensate to Heavy Oils - perhaps they are looking at some enhanced recovery techniques ? So probably a good update but perhaps not as bullish as some of us were expecting.
The WHI report is encouraging and confirms what my spreadsheet was telling me i.e. that NOI should be significantly higher than i3e are currently reporting. I thought it was perhaps down to hedging , but apparently the newly acquired production is un-hedged. The brokers have miscalculated once before but I suspect that they have been more careful with their numbers this time round - the Tennyson report should tell us more. All very positive for the the h2 dividend which I think could be 30-40% higher.
Agree Tony - I spotted that too and lack of "Pleased"/"Delighted" etc is something. Also the fact flow-rates not being announced for 3 to 4 weeks still was what I picked up too...Maybe need to backfill news?
Tony / Tom
Majid was specific with his 'pleased' list.
Perhaps more telling was his “Operations were performed very efficiently, and the experience will assist greatly in the programming of the second phase of drilling on this acreage. “ suggesting that something was not quite right and changes would be made for the second phase. But that is to be expected – aka 'learning on the job'.
Disappointing was that oil is 3 to 4 weeks away and that the promised July 'production' actually meant recovered drilling fluids. We await the '150bopd'.
And at Wapiti, "Operations are planned to conclude in early Q3 2021"....think they are using their ''Maiden Dividend calendar'?
ho-hum.
Morning Tomhuk,
Hope your right - normally these RNS's are pretty carefully worded. In the past the difference between " pleased to announce" and just "announces" meant something.
Hi Tony,
I did notice the lack of “pleased” or “delighted” to announce. But hopefully just a typo as Majid seems pretty pleased in his statement at the end:
Majid Shafiq, CEO of i3 Energy plc, commented:
"We are very pleased to have successfully concluded drilling, completion and tie-in operations on the first two wells in the Company's Marten Hills Clearwater acreage, on time and on budget. Operations were performed very efficiently, and the experience will assist greatly in the programming of the second phase of drilling on this acreage. These Marten Hills and Wapiti wells are expected to add very profitable incremental production and cash-flow to the Company's portfolio. We now look forward to our next drilling program in Wapiti Elmworth."
Absolute no brainer. Let some of the placing shares get worked through though. I Love it when a plan comes together..and it is starting to here.
Not sure about that RNS - anyone notice anything odd with the opening sentence:
"i3 Energy plc (AIM: I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, announces the following update."
All Oil companies doing well today, so they should, with Oil price continuing up OIL $75.34 more and more profit for I3E
Those who sold in the last couple of days, tough
onwards and upwards
Today's market cap of GBP 116m at 10.8p is just too low. Producing 18.4k boepd and soon will hit 20k boepd , 132mmboe+ reserves, production increasing with drilling campaigns, over $80m of tax exemption, huge North sea Assets, dividend paying cash cow. No better pick on the market right now imo for my money.