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Always on the last push. BOD i3.
this is what they said:
"The Company intends to provide regular quarterly updates starting with a summary of Q1 to be released in the second half of April 2021."
Now I know we are all a bit like impatient kids at Christmas - but the wording does suggest that results are due now. They could have worded "released by the end of April" giving themselves a bit more wiggle room and the opportunity to beat expectations.
I remember that Toscana were able to release quarterly results 3 weeks after the close of the quarter.
Tony
They due all the way to end of april, still in there timeframe. Just need to see figures with the updated oil and gas prices.
Maestro,
Its called managing expectations. 2nd half of April means anytime after the 15th April..............up until the end of April. If you told your kid you were going to buy him the new iphone 11 in second half of April - he or she would be coming to see you on the 14th April and asking you have you bought it yet ! I would imagine they would be pretty ****ed off if you told them to come back and collect on the 30th April !
Agree they should have said by end of April not in second half as that implies it will be earlier as in this week which has not happened a bit like the q1 dividend
exactly - its not like there isnt any history here. Anyway - lets hope we get out easter eggs before the end of the month !
Maestro,
Can I ask how long have you been invested here?
ITE up 3% all the trades are buys with no sells
RNS Monday ???????
Tony
Not long..
To me its clear, second half of april means after 15th to 31st april.
Tssz
Me think wed or thurs... will be nice to see the plan for the year.
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
Maestro,
Well i have to say you are clearly mistaken as all long time holders would know !
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,
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 !
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,
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.
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
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
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 ?!
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.
Appreciate that Tony,
Fingers crossed for a positive update early next week!
Tony
Fair enough..
So as you are long term holder what will please you in the coming quartely summary?
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, your point 5) could be the answer
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.