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In my opinion there is not much funds to raise, but that is in the best case scenario which i think will happen.
the company has around 8m pound so funds are needed for phase 1 developement/pilot drill.
The rest of the drills might be funded via farm out.
Depending on farm out for funds is high risk but in the situation of repsol leasing the bleoholm and seeking fast capacity build up the odds are in our favour.
I believe the signing of the leasing agreement will be first step to attract back investors.
Maybe it will be a similar deal as Hur got....raise at 15p?
I think we'll always get funds; its at what cost/ dilution to the shareholders?
That means nothing! We need to prove up Serenity first by appraisal. The Bod cannot go to RRe/ Repsol without real proof of Serenity's size and does the appraisal show Tain and Serenity as one? Look at i3 's. history and ask why the sp is where it is. We need Serenity to be an enormous field to get some credibility back.
The company just raised £5million @35p and have stated that they have the funds to get through 2020...the Junior loan notes are for 4 years and have an 8% interest due every quarter...the RBL is what has to be negotiated before end of April as stated in 8th November rns
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/I3E/14300314.html
I3energy has also entered into a four-year strategic alliance with Dolphin drilling as reported on 30th October. I3E seem to have the support and that is only a few reasons why i think its good to invest in....i sold at 19p last week and have bought back in and im happy with my position and my research and my own risk/reward calculation...but as always do your own research and due diligence.
https://www.offshore-mag.com/drilling-completion/article/14069565/dolphin-drilling-i3-energy-enter-multiyear-strategic-alliance
That news was released back at the end of October, and since then the SP has dropped over 60%.
Even allowing for the SP taking a hit due to the Liberator results surely the scale of the drop, and the failure of the SP to increase since that news release was made by the BoD at the end of October, would give concern that the industry/market is not convinced that there is a proven/definitive case that the OGA will impose unification sanctions.
And even if they did, then there are no guarantees that an agreement would be reached, or any significant traction be made in agreeing what any revised field development would take, anytime soon and likely not within 2020.
That being the case, and given that currently the company do not have sufficient funds through to that point (especially so given the requirement to renegotiate the junior debt in the first half of 2020, if memory serves me correctly, though I cannot remember the full details of that), would it not be more prudent to wait for additional funds to be sought through a placing in 2020 prior to investing/investing further in the company ?
IMHO
I3e have already contacted OGA with their evidence as reported in an article...if OGA believes it is connected then Repsol/RRE will have to open discussions as they will not be able to receive a production permit without i3e involvement/permission
https://www.energyvoice.com/oilandgas/north-sea/210804/i3-energy-seeking-talks-with-repsol-sinopec-on-new-north-sea-discovery/
Just a quick search, might be more to it..
Serenity is believed to be geologically connected to RSRUK’s Tain project, which it is developing as a tie-back to the Bleo Holm floating production, storage and offloading vessel (FPSO).
That project is expected to be sanctioned in the second half of next year but i3 hopes a new plan for a joint Tain-Serenity scheme can be agreed.
I3 chief executive Majid Shafiq said: “The Tain field will have to be unitised. It is connected to Serenity as we believe this shows. We’ll end up in a commercial negotiation with RSRUK so that we can arrange with them how the joint fields can be developed and built up.
“The OGA are aware of our interpretation of Serenity and that we believe it is connected to Tain.
“(RSRUK) are aware of that and we anticipate that will lead to an unitisation discussion and effectively a joint development of a single field called Tain-Serenity.”
Mr Shafiq added that there has already been “initial discussions” with RSRUK on Serenity
Where have they asked the OGA to have it declared as one field? I don't see that until an appraisal is done
Lol
I see the serenity drill as a medium term catalyst, i think our clime to the 20s is dependant on funding update as well as a phase 1 update.
But an oga decision of serenity being an extension of tain is very important and might excelerate a farm out deal and quick sp recovery.
Lol sorry harel just posted myself - like great minds think alike haha
There are several catalysts in the short term that could drive this substantially higher this being one of them.....
"We are excited to be drilling this potentially high-impact well at Serenity which could add materially to i3's reserves and resources and may become a fast-tracked development alongside the neighboring Tain oil field."
"Confirmation of an OWC at 5270 ft TVDSS supports i3's expectation of a substantial oil volume in Serenity (estimated at 197 MMbbls STOIIP). i3's modelling indicates a potential connection of Serenity to the Tain oil field, for which a field development plan is being prepared by the Tain operator"
I3e has asked the oga to declare serenity and tain as one field, any body knows when the oga suppose to give a final decision?
That might be an important catalyst and a fundamental event for the company.
A week old but still...
i3 Energy has modified its Phase 1 development plan for the Liberator field in the UK central North Sea following wireline logging operations on the recent 13/23c-11, drilled by the semisubmersible Borgland Dolphin.
The well corroborated i3’s mapping of the Liberator field, confirming a 200-ft (61-m) plus sand body, an oil water contact (OWC) matching expectations and a residual oil column below the OWC.
Collectively these mitigate the risk of oil migration westward to fill the A3 and A4 culminations and the Minos High structure in Liberator West, which the company believes could hold up to 400 MMbbl of in-place oil.
However, the oil column in 13/23c-11 is thinner than hoped, so a low-cost, single-well development will likely follow, tied in to existing offshore infrastructure.
Analysis of the nearby 13/23c-10 Serenity discovery well suggest 197 MMbbl in-place, with potential connection to the Tain oil field, currently undergoing development planning.
Next steps will be a planned multi-well appraisal campaign next summer focused on Serenity and the Liberator West area, the aim being to de-risk much of the combined potential of 600 MMbbl.