Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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on the RNS - happy she is on board.
From info on the i3 website we have a great Bod who seem to be keen to progress this quickly. Lots of experience with a point to prove. Was well worth the wait!
I know, that is what caught my eye. This could multiply so many times at our entry level.
"as we broaden our portfolio." More assets to come??!!
i3 acquires 100% Operated oil interest i3 Energy Limited, a UK-based oil and gas exploration and production company, is pleased to announce effective 28th December 2016 the acquisition of a 100% Operated interest in the Liberator field, an oil discovery situated within Block 13/23d of the UK North Sea, immediately adjacent to the Blake field and situated 2 kilometers from Blake's producing drill centre. The Liberator oil field was discovered in 2013 through the drilling of an exploration well into Lower Cretaceous Captain Sands of similar quality to the Blake field. The discovery well proved a 1.5 to 2.5 Darcy reservoir with 28% porosity containing 30.3° API oil with 1.9 centipoise viscosity and an established oil water contact that maps a potential column of oil ranging from 24 to 80 feet within an elongate four way structure at a depth of approximately 5250 feet TVDSS. A Field Development Plan based on the analogous Blake field's highly productive reservoir, oil fluid properties, and extensive production history is being finalized for final regulatory approval and is undergoing evaluation by independent engineering evaluators as part of i3's plan to publicly list the Company through an Initial Public Offering (IPO) onto the Alternative Investment Market (AIM) of the London Stock Exchange. Further information with respect to the asset, development plan, organizational additions and the IPO will be provided as soon as available for disclosure within Q1 2017. i3's Chief Executive Officer, Neill Carson, commented, "We are delighted with our acquisition of a 100% Operated interest in this high quality oil discovery and will work with each of our stakeholders on driving towards first oil safely and as quickly as possible. i3 has engaged Gaffney, Cline & Associates, an independent reserve auditor, to evaluate Liberator as part of our go-public efforts. In parallel, i3's development team is engaged with the supply chain on staging potential operations within the 2017 timeframe. Liberator is an excellent foundational asset and we look forward to its commercialization as we broaden our portfolio."
As per the links scattered around LSE website today, she was the guest speaker on the latest Shareviews video. http://youtu.be/BvBHTe4CSlY?rel=0 GWIK or i3 not mentioned, but still a good watch when you have 10 minutes to spare.
if ANGS does well, sentiment will be on our side and people will be looking to repeat their success. not many opportunities like this come up. the asset has been appraised, little risk here, just sink a production well, tie-in and we're away.
IMO GWIK will not be in a position as a company to cash in on i3. Current shareholders in GWIK will get shares at a discount in i3 depending on what shares they own in GWIK. Any RTO will be heavily discounted. I would expect at 0.01p and then do a share consolidation. The big returns are in our i3 stake as GWIK shareholders, not GWIK now. Its just an AIM shell and worth no more than £300k imo
100% agree with you on all fronts especially the ISA bit. I've nearly 40m is ISAs and will be a right pain trying to get them into fresh ISAs if GWIK de list before i3 are trading on AIM. Frey. I would be pi55ed off 100% if GWIK sold its stake in i3 even for treble the investment. Its this i3 stake that will make us all multiples IMO. I'm expecting shares in i3 to open up 100% within a few days from the IPO. There will still be plenty to be made from that point too imo.
Timings haven't helped, at first I was expecting GWIK to sell its investment from i3 ready for a RTO, Can't see this happening now. Don't know the deal Amanda is working on, board are all meeting this mth We should know in Feb where this is going, i3 is all go with a good asset.
Be a bonus if GWIK get an RTO as well. Going to be a very interesting few weeks
Is not dead, Amanda has been negotiate a deal for sometime now, also there is at least 1 more I've heard, i3 hoping to list on AIM in March, keep checking new listings
Jo was only a consultant. Jaap will get some shares no doubt in i3 for being involved in putting the deal together and hopefully have some involvement on a consultancy basis. I was lucky to spend a good part of an evening with Jaap last spring, most of it was just the 2 of us. Really lovely bloke and the reason that I kept adding as he was confident that something good was going to come out of Glenwick. Boy, was he right. He is in is 70s and I guess a consultancy role maybe in finding more opportunities for the i3 board to consider might be a possibility. I really hope he has a part to play. Very knowledgable and bright guy. He did a degree a few years ago in psychology to make him a better negotiator! Lovely chap and likes his wine! Amanda has a variety of roles currently but again might be used as a non exec to assist in fund raising etc? It's the profile of the i3 board that is the best bit for me :-)
As of March 17 if no rto then we will not be aim listed...still a company( much the same as i3e are now) we wil still have shares as a ltd company. To do rto we will need to raise funds which we don't have at the moment...assuming we have a target in mind...otherwise it's dividend shares in i3e and once that's cleared then shutdown..however I'm thinking about Jap, Jo & Amanda and how they fit in...very suspicious as to their involvement in all of this..far too much experience here so what are they up to...not simply going to walk away with nowt...sure there's more to come there but quite happy with current situation anything more is a bonus and I'm due one for staying in here..gla..pompey
Is the thinking of most now that Gwik will not do an RTO and will fold as a going concern ... what the thoughts at the moment guys?
Good post!
thanks show.me, really good post :)
Yes, thanks Show.me a very informative post. I doubled up a few days before suspension to average down, was a little worried at the time and mentally wrote the money off so I'm more than happy here now !
Thanks show.me...very well put..glad l held on also gla
i3 Energy's first proposed investment, to be funded by the proceeds of the Convertible, is an acquisition from a major international oil company of a discovered oil field in the North Sea. Glenwick's proposed £1.1 million investment is part of the first tranche of the US$2-5million private fundraise, which has been successfully completed by i3. Following the closing of this funding round, i3 proposes to undertake an admission of its shares on the AIM Market of the London Stock Exchange ("AIM"), accompanied by an additional fundraise of cUS$45 million, to bring the acquired field to production in H2 2017. It's a bit of guess work at this stage but we know that we contributed half of the initial fund raise via convertible loan notes into i3 stock once listed on AIM. We also know that our investment to secure the asset will receive a premium upside to the IPO price. Let's use pounds for simplicity. Let's assume that the asset was purchased for £5m and this was made up of GWIK s £1.1m, directors of i3 putting in their own money and other private investors. We know that £40m ish needs to be raised by an IPO to fund the drill plus a bit extra for working capital. The initial investors including us will all get a discounted shares to the IPO price. Let's say for easy maths that we get a 50% discount on the IPO price. Therefore the value of the £5m initial investment is double at £10m (50% discount to IPO).Then the IPO is done for £40m. We then are listed with a £50m market cap. Who knows how many shares will be issued to make up the £50m market cap but imo it won't be a penny stock. Let's say it is £1 a share. There will be 50m shares in issue. Now as I understand it, let's say due to the discount, we get 1 share in i3 for every 1000 shares one holds in Glenwick. Closed at 0.06 and we get an uplift to 0.1p multiplied by 1000 equals 100p,ie £1. So if you held 10m shares in Glenwick, your holding in the new i3 listing is worth £10,000. This is my understanding and once the loan notes are converted into shares in i3, Glenwick shareholders will receive their i3 shares via a dividend type issue. The exciting bit is that Jaap Poll estimates the value of the asset once producing is £400m at $50 per barrel. That would be an 8 bagger in this example. Higer if oil continues to rise. Exciting times ahead especially when you look at the experience of the board of i3. This could be one of several assets they secure at bargain prices. This i3 share could be one of the best performing shares in 2017. Thank goodness I held my nerve and even added a few days before suspension :-)
Good reading guys, thanks for posts. It would appear that the 'gamble' is being de-risked as each RNS is released, also that the BOD are methodical in the info released to us. This bodes well indeed
Thanks nomadicinvestor..with HL so no probs..in Gwik from early days and more than pleased when jap, jo & amanda got on board. Together with i3e board they forum a formidable team so quite happy to sit this out as I consider it less of a gamble now than a few months ago...cheers matey
The shares will be deposited into whatever account you own your gwik shares in. Everything will be automatic and you shouldn't have to worry. Especially if you are with a good company like HL. I've read elsewhere with other brokers taking a week or more to deposit shares in instances like this. Quindell springs to mind with some having shares from open and others waiting a week and being tied in. Fortunate thing here is I imagine most actually want to hold the shares we are receiving. I'm pretty convinced we are going to get half the value of the i3 deal back and the other half, along with other financing, will be used to complete an rto. I'd be happy with that. Would also be happy with simply receiving i3 shares. Bit annoying it has taken so long though. As far as I understand, our money will be repaid in the ipo by double its value in i3 shares. Therefore the lower the ipo, the more shares we would get. The rise in the price of oil will of greatly improved the finances here and it was the main reason I got into gwik (I wanted to take advantage of oil plays when the market was oversold). Let's wait and see, it may end up different. All the best and lets hope our 'gamble' pays well.