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Well done Admin - just a bit more cleaning up to do now as well
And what about drop days before it went from 1.20 to 80p then they announced dilution
And then went up again, so the suggestion of a leak before L2 doesn't work
So it dropped then didn’t it
Touchy soul aren't you. I've looked at the prices and reported the numbers. It dipped the day before then rose again. Sadly the numbers don't fit within your own rhetoric...numpty.
Correct
Yes it rose but it dropped again didn’t it and there were still a lot of sells week before from Lombard if I remember correctly
Not to mention the Big Sell Off from James Caird Over 3 Month period in run up to Bad News RNS re Joint Venture collapse...
Sorry it’s not a lie. There was big sell off week before last drop. It’s fact look at the graphs you numpty
Has anyone considered that the valuation drop may not be related to Serenity but could be linked to the Liberator phase 1 pilot drill seismic re-interpretation ? Assuming the drop isn't just nervy risk off re balancing.
SP still falling as I predicted.
Liberator was the Original Play and the 3rd Drill. I believe Serenity may not deliver.
Holding out for sub 15p. My original plan was for 10p but I have to switch on at 15p or below.
Good luck to all Current holders Nevertheless.
@CRB14 - Shhhh how very dare you ? A beautiful theory slain by an ugly truth. ;o)
Ophidian
That's not true though is it. Before the L2 preliminary results the price was RISING. From 30th August to 9th September it went from 49.50 to 55.80.
@Austin14 HUR never did it either on either Lancaster or LIncoln in 2016, or indeed Lincoln this year (I haven't bothered checking Warwick).
Lancaster in 2016 had 2 such permits, and better still applied to relocate the rig some 6 weeks after they had told the market they had spud.
It is defined as operations and they are drilling down into ground that can hold things that cannot be calculated prior to the event. There should be no expectation that I3E should update the market every time a technical event comes to pass.
The problem that investors have here, is that the pilot well result has led to a lot of negative noise being created by entities that have ulterior motives. What that does is create an environment where every detail is poured over and questioned. In doing so, investors get dragged into this world because there is a need to substantiate some of those claims, which are so easily created but take a lot more time to check, and don't those parties just know that too.
That is not normal. The situation is not normal. I3E is wrapped up in a substantial cloud of negative sentiment because there are enough negative voices out there right now to support it.
HUR have demonstrated that they have had many technical issues on all their successful drills and still hit their target, and have still gone on to produce a lot of oil. There is no reason why I3E cannot do the same and right now Serenity is alive, be it that it may take longer to drill than anticipated.
bbn - good find as usual and very interesting.
Your key comment for is "lets see what they say" - i wish they would, i appreciate we dont need a running commentary, but nothing wrong with allaying investor fears - but i dont recall I3E ever doing that.
@Ophidian I cannot give you a factually supported answer. Looking at the Energy Portal once more, I can see that a good many of the updated permits also carried an updated oil discharge permit as well. As to why, I do not know at this time.
@BBN - what importance do you attach to the application for an Oil Discharge Permit on 11th Oct ?
From the OPPC Guidance notes: "It should be noted that, in the context of these Regulations, the relevant area includes those areas beneath the seabed, and an
OPPC Guidance Notes April 2014
"Oil Discharge Permit will therefore be required for the injection, or re-injection, of discharge streams containing oil"
Ophidian
I should also point out that upon review of the OGA energy portal 2019, the vast majority of the re-permited EIAs, were answered within a few days.
Using HUR as an example once more, of their 2 additional applications, the first was completed the day after the application and the second was answered the same day.
As it is the same drill, the process is not the same as a brand new permit, which for I3E has been taking around two weeks to be completed.
It is important to understand the difference between the two.
Good morning everyone,
Further to the currently unsubstantiated opinions that I3E have likely penetrated the captain sands and perhaps the drop in price yesterday was associated with a duster, I would offer the following,
On Friday 11th Oct 2019, Petrofac issued a secondary EIA permit application for the Serenity drill.
To be clear the drill carries the same MAT and SAT reference numbers, except for the end number on the SAT reference. What this means is that a deviation to the original drill is required and not a new drill targeting a new geological location. If that were the case then a new permit application would be required.
What it absolutely does not mean is that I3E are drilling a 3rd drill at Serenity because of the 2nd drill being a duster.
Those that are interested can find the portal on the following link.
https://itportal.beis.gov.uk/eng/fox/beis/PETS_EXTERNAL_PUBLICATION/main
Upon review of the portal, readers will see that this process is not uncommon and is usually driven by obstructions being found in the original bore hole, which leads to the need to perform a sidetrack, although I cannot say for certain that this is the case here.
To place this in context, the recent successful Lincoln drill by HUR, also run by Petrofac, had 3 of these applications in place by the time they successfully reported the well result.
A thorough review of the many other available drills on the portal in 2019, will also demonstrate that this occurs more often than not on drills.
It is as far as I understand a technical issue but it is nevertheless an issue, be it immeasurable at this time.
There is of course the time question, which I cannot comment upon without further information. But more importantly neither can anyone else at this time. The fact that the new permit is already in, likely means that the issue is related to a technical issue, which needs an adjustment to the drill trajectory.
I am not saying that yesterday's drop is connected to this update. I am merely pointing out that both have occurred at around about the same time.
I3E have thus far not reported any change that could be deemed a price sensitive piece of information but again, to place this in context, HUR never updated the market on technical issues with the drill either. They merely reported the drill result when it was known.
What is absolutely clear though is that the drill cannot be a duster because they are re-permitting and so have not reached their target yet.
I have no doubt that certain parties will try to use this information in order to create unnecessary anxiety to shareholders. If so then shame on them because if they really know their stuff, then they will know that this is a technical issue, that happens on many drills, and can be rectified.
Lets see who comes out and what they say.