The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Freshair
I hope they have a crack at clearwater soon.
Did you ask about when the special meeting will occur for reduction in share capital so divi can be paid?
maestro
Already had that map. Knew about Nipisi but didn't know what exactly we had in Martin Hills. The ellipse which Graham drew, takes in a lot of the Athabasca area where the northern region holds oil sands; and the reason he said, Oilsands it is not. It touches the Cold Lake area to the SE.
I'm sure the Canadian team will already have made their minds up where we need to go?
Sorry this one slide 10.
https://headwaterexp.com/wp-content/uploads/2021/04/HWX-2021-April-Investor-Presentation-Final.pdf
Freshair
http://www.tamarackvalley.ca/wp-content/uploads/2021/04/April-2021-Corporate-Presentation-Final.pdf
Slide 10 shows all competitors in clearwater.
Oooooo baby...
Looks as tho' our Canadian cousins are right. Came with a png map but I can't transfer. The map isn't detailed as such, its only when you look at a more detailed one that you understand the scale. He has it marked with a green pen.
Hi R,
We’ve not disclosed the exact location previously, but our acreage is in the Marten Hills/Nipisi region. The Clearwater is one of the hottest plays in North America at the moment (within its sweet spot), but there are varying degrees of oil quality within it. Oilsands it is not.
Kind regards,
Graham
i think its manageable for sure.
Tamarack drilled 14 wells in Clearwater in 4 months, cant see why i3e cannot do same as its very low cost to drill.
The gains asset has around 54mmboe 2p reserves, there are many easy wins there to increase production. I think this year will be turning point for i3e.
Maestro,
I agree - what I was trying to say was an immediate 10 well plus plan which could get us something in the 1500 -2000 boepd range plus some longer term guidance where they are aiming for. Management options are triggered at an additional 5000 boepd. Plus you have i3e infrastructure to handle up to 30,000 boepd. I dont know how realistic it would be for them to have say a 2 year plan to get them to 15,000 -20,000 boepd from existing acreage.
tony
No3, a bit over optimistic, you want 66% increase in production this year, 11k-12kboepd is more gettable imho, considering they will still have to maintain the old production.
Tony, your point 5) could be the answer
Maestro,
Its already been said many times but since you ask. I think were all expecting a decent report, so I think were probably looking for something at the top end / bordering on exceeding expectations so id be hoping for something along the lines of:
1) Progress on the dividend and perhaps mention of the next quarters dividend.
2) Production ahead of 9200 boepd via workovers etc and Noel to be brought on ahead of schedule with a reserves upgrade
3) Aggressive Drilling plan (10 wells plus) with perhaps news of something already underway and production targets to reach 15,000 boepd plus with significant increase in oil production.
4) FCF on track or ahead of the Mirabaud model with adjustments for better oil prices on top.
5) Healthy cash balance $15m plus with loan note replaced by cheaper financing and perhaps a revolving credit arrangement.
6) Cheery on the cake would be progress on the FO of Serenity or perhaps another transformative Canadian Deal though im not sure they can get one on decent metrics but who knows.
Tony
Fair enough..
So as you are long term holder what will please you in the coming quartely summary?
Appreciate that Tony,
Fingers crossed for a positive update early next week!
Kane,
Playing devils advocate again. March ending quarter is probably the 1st quarter you could reasonably expect results due to integration issues - many companies on the TSX including Toscana were able to deliver approximately 3 weeks after the quarter close which would make them due now. This is lightening fast compared to how long it takes AIM companies to deliver which can be 3 months after the closing date.
However, given that they referred to "a quarter summary" and not results - I can see no reason why they could not have delivered this last week. There should be no excuse for not delivering early next week now.
Kane,
Being fair - in the examples you cite:
1) Toscana - complete !
2) Canadian expansion - in progress with hopefully more news to come !!
3) Farm Out. This is a long running saga since their 90 day exclusivity period in 2017/18. To be fair now - they said it was a focus and have been careful not to put a date on it. So whilst they certainly have not exceeded expectations and progress is painfully slow - they have not failed yet ?!
The Company continuously evaluates opportunities to strengthen its balance sheet whilst maintaining tight control of its costs and working capital position.
Maintaining such tight control they still can’t issue figures for long term shareholders??
Kind of contradicts their own comments
From
UNAUDITED CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2020
The Company’s focus for the remainder of 2020 will be on 3 key areas:
1 The conclusion of the Toscana transaction and the integration of the Company’s UK and Canadian businesses
2 Further expansion of its Canadian production business
3 The farmout of i3’s UK licences to conduct further appraisal drilling at Serenity and/or
Liberator
The Company continuously evaluates opportunities to strengthen its balance sheet whilst maintaining tight control of its costs and working capital position.
Don’t think they managed to achieve any of this? I’ll give them the additional 500 from Noel but that’s not added into figures until July
Since not achieving any of their self imposed targets they still issued themselves options for next to nothing!! Suppose they achieved something for themselves
Maestro,
Agree that it doesnt make too much difference as long as they deliver. If your a short term holder such as yourself it probably seems a little silly this impatient clamour for results / updates.
However, if you are a longer term holder such as myself and others on this board, the perspective is a little different. We are in at higher levels and as of today - I3e has not delivered a single thing for us - nada ! Along with this, they have missed three or four Company making / breaking targets / deadlines since 2017 / 2018. This could / should all change with the upcoming updates.
If you are are a shareholder, particularly a long term holder - you want to have some confidence / comfort that the Management will deliver on there goals / promises.
Tony
Indeed it does. Lol
Regardless im not too concerned if no q1 results this coming week, the share price has consolidated well around current levels.
PVR are struggling to get f/o partner for their barryroe asset its been going on for donkeys of years and i feel i3e will also.
For me its all about the canadian assets even this isnt valued proper. Canadians will see first set of results for company since i3e joined tsx. Now that i3e is trading in 2 exchanges volume will be good now and i feel significant interest will come from canada because of the locality of the producing assets.
Time will tell.
Maestro,
My last reply was a bit tongue in cheek - I was just wondering why you gave them an extra day in April to deliver their report. Normally April has 30 days !
Just referring to the statement and what i think it means.
With regards to delays i can understand there is always a chance they may miss the targets again.
Maestro,
Well i have to say you are clearly mistaken as all long time holders would know !
Surely very positive Q1 update on Monday.
Looking forward to detailed forward guidance on drilling at Martens Creek and Nipisi plus elsewhere in the Gain portfolio including Noel off sets
With very healthy gas and oil pricing they will have banked a war chest to roll out an aggresive plan of action.
New website, new presentation expected.
Buy, hold, enjoy
Tssz
Me think wed or thurs... will be nice to see the plan for the year.
Tony
Not long..
To me its clear, second half of april means after 15th to 31st april.