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Thank you for Posting ....... this looks great value at these levels
Easier to post the email in its entirety. Hope it helps.
To whom it may concern,
Thank you for getting in contact with i3 Energy and for your continued interest in the Company. As I’m sure you can understand we have been inundated with questions over the past few days and are pleased to provide the below answers to the recurring questions which we are able to provide colour on.
Best wishes,
James Crothers
Associate Partner
Camarco
james.crothers@camarco.co.uk
Why were the Upper Captain Sands missed?
The southern boundary of the channel was situated further north than we’d mapped on our base case mapping.
Why not sidetrack the well?
As announced, the plan is to plug and abandon the well following completion of logging activity. The Company will integrate and interpret the data that it has received from the well before considering the next steps over this area of Liberator.
What was i3 targeting with this well?
The company was targeting a structural high in the middle of the channel.
With what confidence can you say that your geological model and seismic data is now accurate?
Missing the channel sands was identified as a potential risk. Furthermore, any further geological models will be supplemented by the data from the pilot well and VSP data gathered.
How has the well affected the junior debt facility?
The junior facility was raised for the Q3/Q4 drilling campaign.
How has it affected the senior facility?
The senior facility remains subject to a successful drilling campaign at Liberator and will be sized in accordance with well results and associated post-appraisal mapping.
What will the VSP show?
The VSP will allow i3 to calibrate the seismic data to the actual stratigraphy seen in the well bore. This will allow us to update the mapping of the Liberator structure.
When will the results of the VSP be announced?
The results shown by the VSP will be amalgamated into a larger seismic re-interpretation and the Company will release a new field map after all data has been thoroughly integrated and analysed.
How have the chances of success on Serenity and Liberator West been affected?
Serenity is a separate structure to Liberator main and therefore the geological chance of success is unchanged. On Liberator, the pilot well has identified a misinterpretation of the seismic data. This has to be understood before the Company can attribute a revised chance of success, but is likely to change once the field re-mapping is evaluated following the incorporation of data from the LPt-02 well.
Is the connectivity between Liberator main and Liberator West affected by this well?
We will await the re-interpretation of our geological model before we can clarify this point.
When will first oil be achieved at Liberator?
Liberator first oil timing remains dependent on the outcome of i3’s 2019 drilling campaign, access to capital i
I got the Q&A and yes it was from Camarco who liaised with the BoD over it.
If you have any questions the best thing to do is to call the number at the bottom of each RNS. You will at least be able to speak to someone even if they can’t always answer your questions.
Well then tiler1 I will contact the company and communicate my disappointment that they felt this was an appropriate action.
What it should mean is that all answers wee in line with previously released data meaning there was nothing new in the Q&A. This further supports the argument that the company is clearly more confident about its phase 1 than the market currently understands.
Morning BBN,
I think the Q&A was issued only to shareholders that had directly emailed the company that week with questions. But I do take your point on not having company wide distribution.
@zeusfurla Good morning. Firstly, Until it is confirmed by the company officially, I will consider the Q&A document not to be I3E sourced. These guys are all professionals that are used to working for public listed companies, I find it hard to believe that such a document would be released to individual shareholders and not then made available to everyone.
That said the wording ties in with what I have been saying rather strongly this last week or so.
Also, the line between the two blocks and the two CPRs is being taken far too literally. It is acting like a brick wall in some investors heads and really shouldn't be.
@O&W if you are out there. Please listen to the June proactive investors presentation (14 mins and 30 secs onwards). The CEO states just how close the Serentiy drill is to the block border and that it will need to be a unitised development with Tain (so yes RRE) if successful.
Except if it comes in at the sort of levels that are expected then it will certainly be the bigger brother of Tain and will be very desirable to all those involved in RRE, even their shareholders that visit here, who should be hoping it comes in and comes in big.
Yes that’s how I’ve understood the senior debt. It’s tapered to what’s needed.
I missed this when I read it last Friday but on re-read see that the answer on senior debt facility was that it remains dependent on Liberator results (as expected) but also that it 'will be sized in accordancew with well results and ....mapping'. To my mind that means, as BBN said a few days back, that the senior debt facility is coming and that it is only a question of size. Worst case scenario is 1 well, more likely 2 wells (with a possible 3rd to be added later). The oil is there, the debt will be there. The market (and Market Makers) has over-reacted to the well result due to poor comms by the BoD in advance of what it was for.