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Started: tonynorstrom1, 5 Jun 2024 12:37
Last post: tonynorstrom1, Today 08:20
Pretty interesting article on Canadian Gas
https://www.reuters.com/business/energy/us-stands-lose-canadian-natural-gas-when-lng-canada-terminal-starts-up-2024-05-03/
We are the bottom of a sustained 36 month rise according to that.
With gas anyway, oil doesn't look as good over the same period.
Https://www.arcenergyinstitute.com/wp-content/uploads/240610-Energy-Charts.pdf
some good charts from page 5 on that helps explains whats going on with Canadian Gas.
Scary gas price.
https://www.gasalberta.com/gas-market/market-prices
I think trimming capex will be far less detrimental to the sp than trimming the dividend. If they drop the divi by 10% the sp will drop by at least the same amount. Given capex is back end weighted they have a lot more time to work out the best course of action without having to tell the market until year-end. Hopefully Winter will be blisteringly cold and LNG Canada will be pushing gas prices higher. Either way I see the sp going lower over the next couple of months. The only thing that can help is another non-core asset disposal on good / great terms. AIMHO GLA
There's the 9's then.
I’m pleased I bought raspberry pi in the ipo.
Started: Stas20, 10 Jun 2024 08:12
Last post: PanamaPete, 12 Jun 2024 20:06
Canadian Light Sweet / WTI differential should also close up.
Think we will hear more of the positive impact of the Trans Mountain Pipeline expansion re AECO pricing & feel some are focusing too much on the current spot prices. WTI looking strong.
Added 100k today at 10.24p.
Difficult to build a position here. Order just of 23800 shares at best price took 28 mins.
No offence taken Stas, but don't believe that's accurate. I've said where I think the sp is going for Q2/3 over the last few months. And I've said that I'll start buying again in the low 10's (people scoffed). I've also said I'll be buying then because I believe it will go back to the 12's by Q1 next year. It's simply playing out that way. The big problem for me is I wasn't clever enough to sell my 2m on the jump to the 12's or even mid 11's recently, even though I've been saying we'll get hit mid year by AECO. You live and learn. Thankfully I have a decent chunk of cash set aside so will wait and see. Also have a chunk in PTAL that I think will recover soon. And then my semi-gamble is TXP, which will hopefully re-claim 40-50p before this starts to climb again at year end. If still in the low 10's and TXP has delivered then I'll go 'all in' here as I think it will bounce back, just not before it takes another drop.
Holding 2.25m shares after my recent 250k buys at 10.5p average. Already made a loss on those buys :)( GLA
Started: 922941, 12 Jun 2024 08:18
Last post: 922941, 12 Jun 2024 08:18
Hmmmm
Started: PanamaPete, 8 Jun 2024 09:30
Last post: 3LittleBirds, 10 Jun 2024 08:01
Looks like there’s a new research note out from Zeus Capital today.
I3e's new borrowing facility is at 9.2% (Canadian Prime + 2%) & non-amortising, down from the amortising 9.5% with Trafigura. Not sure which bank the current borrowing facility is with is but RBC has cut is Prime Rate to 6.95%.
I'm surprised the SP hasn't reacted more positively to this rate cut which could potentially mean lower costs on any drawdown (Prime + 2% = 8.95%).
Added 100k on Friday having topped sliced at 11.48p recently.
https://financialpost.com/fp-finance/banking/rbc-cuts-prime-rate-after-bank-of-canada#:~:text=Canada's%20central%20bank%20cut%20its,first%20reduction%20since%20March%202020.
Started: tonynorstrom1, 6 Jun 2024 10:22
Last post: WCSBCanuck, 7 Jun 2024 17:03
BOE Report in Canada has picked up where T left off with an exposé of Logan Energy. This company has ramped up capex to $120M/year and is a 100% Montney pure play.
https://boereport.com/2024/06/07/spartan-delta-logan-energy-boe-intel/
SP getting eaten away. Concern is what happens when Q2 and Q3 results come out. They're not going to be pretty given AECO prices. Thankfully some decent hedges in place.
Very interesting Tony and thanks for your time in producing
Lots of upside .
👍
Tony, thanks for sharing your analysis. Very interesting comparison with Logan.
What happen to the UK held shares in that situation ?
Would they be bed and breakfasted into the Canadian system ?
If so would there be a forex cost to do that and then again when shares are sold to turn them into sterling.
A huge expenditure if that's the case.
Not me Bottomsup. Only saw a 1.6m trade yesterday. Have to say I was tempted in the low 11's though. Still holding 2m shares in the ISAs. Looking for a re-entry in the mid to high 10's (so hopefully soon).
GGG
Were the 2.6 million trade the last of your shares in I3e
Started: surprised, 29 May 2024 08:55
Last post: Jezzoo, 5 Jun 2024 10:43
Thanks Tony .
"so in other news" - translated - f@ck all to do with i3e.
and to compensate for the mortal sin of cluttering up this BB with non i3e related news (even though no one has posted here in days) - please see attached link that I think is relevent to i3e:
https ://boereport.com/2024/06/04/first-lng-canada-cargo-could-deliver-earlier-than-planned-shell-says/
(remove the space before the semi-colon to get the link to work)
I couldn't read it very well on my phone, will it have any bearing on I3E ?
Not much happening here at the moment - so in other news - take a look at the PANR RNS this morning !
Bl@@dy annoying that i can't view the report after registering.
I'm surprised this isn't up today judging by the trades.
Big seller in the background ?
I went a couple of years ago. There isn't a lot of space so yes they don't want the hoards turning up. The formalities don't take long and then Majid was very happy to answer as many questions as were asked, so I would go if you want and there was ☕.
I3 really give the impression they don’t want pleb shareholders turning up for the AGM. Has anyone ever been? What’s it like?
Last post: VernetLes, 29 May 2024 07:24
Oil back at 80
Started: tonynorstrom1, 20 May 2024 07:39
Last post: Jezzoo, 27 May 2024 14:43
it seems a tendency of many labour supporters to say a lot without saying much at all. they tend to spend much of their lineage with generalisation such as we will change things, we can't tell you what because the tories will pinch our transformational ideas. you'll have to vote us in before we tell you. meanwhile we'll fill the void with such gems as "14 years" every other sentence and "tory lies" without elaborating on such accusations. i've listened to both sunak and starmer these last few days, sunak mainly talks using facts and trends what his party aim to do, starmer mainly ****s off the opposition and paints a picture of the sunny high ground we are all going to enjoy without actually telling us how he's going to achieve it. he's fond of talking about himself. he won't engage sunak live once a week because he knows he can only say 14 years and i once ran the cps so many times. he's not statesman material, he's a post turtle ( look it up).
3LittleBirds, trust/presume /hope your post was not aimed at me??
Ummm. I’m not sure I want to engage with such extreme hateful views. I’m middle of the road and always feel slightly embarrassed by some fellow Labour supporters. I assume you are anyway.
You make out that corruption and waste is endemic in the Uk rather than a few isolated cases probably during an unprecedented crisis. A few is too many and unacceptable I agree.. but get a grip.
Try living in many many other countries where everyday corruption is real.
To$$er.
They should be unelectable, but strange things happen. Remember Gulpy Brown and that comment picked up when he yapped about a constituent? Hurt him. Even more so with Kinnock and his seaside event and then the U.S. style triumphantism stage appearance. Cost him.
They haven’t really delivered much, other than outrageous corruption and waste of public funds.
It’s laughable what a bunch of utter f&&kwits they are. They literally could have won election after election following the fall of the red wall seats. All they needed to do was be moderately competent, stick to their promise to spend money in the north and not enrich themselves through dodgy dealings. But the arrogance and total lack of self awareness of so many of their MP’s of what utter fn idiots they are leading to their hypocrisy, subsequent lies and constant infighting has made them unelectable.
Started: Mommur, 20 May 2024 11:32
Last post: Mommur, 20 May 2024 11:32
Serica have no assets in the Tain / Serenity area - Bleo Holm is nearest asset with contract extension to end of 2024 from Repsol on the Blake/Ross. Dana were wise to relinquish Liberator area as to complex a geology, anyone's guess on how Serenity/Tain transpires.
eventually
Started: tonynorstrom1, 17 May 2024 11:36
Last post: G_G_G, 17 May 2024 14:53
hi tony, interesting to know about pdp values. have you looked at them by key financial metrics, particularly - ev:ebitda? i know i3e will measure up very well against its peer group, but imagine it lags companies like ptal (which of course has higher geo-political risk).
reckon the last quarter has been the best i've seen in years for i3e from a coverage standpoint. many broker notes, alongside proactive coverage and interviews. it has been excellent, and think this has helped the share price quite a bit in this tough environment. hopefully it continues as we all know what happens in an information vacuum, especially if the next quarter is going to be even tougher. i'd like them to re-look at non-core assets / holdings and continue to scale down. not ideal in current environment from a value standpoint, but it you can do more with the money raised than what it will likely return in future, then bin it off.
nth sea is dead. not just for i3e, but entirely. never seen a government so inept and incompetent, and labour will be even worse for the industry. truly sad for the hundreds of thousands of people directly and indirectly employed by the industry, and for the economy as a whole. absolute ******s!
I just put the following names on HL's intereactive chart:
Tamarack Valley
Pine Cliff Energy
Cardinal energy
Surge energy
Pertrotal
Gear Energy
Over the past 3 months - i3e has outperformed all these names by a minimum 10% ! I believe only Pine Ciff energy has a higher gas weighting and i3e are still the cheapest on a PDP per share basis. If you want to be in Oil & Gas - I would suggest that i3e is a pretty decent name to be in and the dividend is top draw also.
Started: Parge, 17 May 2024 06:37
Last post: Genises3, 17 May 2024 11:00
Good luck
Looks as if investment company is soaking them up may be from Canada
Forgot to say there must be a decent buyer here as that 2 x 250k was very easy to offload at the same price, which isn't normal at all. Knowing my luck there's a bid incoming :)
Full disclosure folks, it was me who dumped that 500k shares at 10.92p. I'm going to build again here but think the next set of results, risk of wildfires getting far worse, and very weak AECO prices are going to weigh on the sp in the next 3-6 months. There's also WTI below what they've forecast to hit their numbers. And I think there's going to be a mini market correction soon - overall market multiples are in bubble territory. Sitting on 2.5m shares here and 500k in PTAL. Otherwise have a big chunk of cash at the ready. If I'm right and it gets back to the low 10s then I'll start to add again and sit heavy for 2025 as the 18 month outlook is very positive. AIMHO GLA
Chris Wheaton, an analyst at Stifel, published a new analysis of the North Sea’s prospects on Wednesday, entitled “Will the last energy company to leave the North Sea please turn off the lights”.
It warned that windfall taxes risk accelerating the decline of North Sea oil and gas production so fast that output will fall by up to 70pc by 2030, leaving the nation reliant on imports..
Criticising the windfall tax, and Labour’s plans to increase it, he said: “Loss of investment means loss of jobs and skills for the energy transition.”
Mr Wheaton suggested 100,000 of the 200,000 jobs linked to the industry were at risk of disappearing by 2029, with the UK importing 80pc of its gas before the decade is out.
It coincides with warnings that wildfires in Alberta, Canada, are so close to the region’s key oil sands that they could halt production of 2m barrels of oil a day. That would equate to 2.6pc of global oil production – enough to have an immediate effect on world oil prices.
A government spokesman said: “No one is backing the oil and gas industry more than the government. Our annual licensing rounds are supporting around 200,000 jobs, giving them certainty to invest and unlocking billions in tax for our own transition to clean energy.
“The temporary windfall tax on oil and gas firms encourages investment to create jobs and grow the economy – the more investment they make the less tax they will pay
LEAD STORY
Share
US oil giant to quit North Sea after 55 years
Chevron says departure is not linked to Chancellor’s refusal to scrap windfall tax on industry profits
JONATHAN LEAKE
THE US oil giant Chevron has announced it will quit the North Sea after 55 years, the day after Jeremy Hunt turned down industry pleas for support at a private meeting.
Chevron said that it had decided to leave the region following a review of global operations to determine “whether assets are strategic and competitive for future capital”. The company insisted this was not connected to Britain’s tax regime.
It came a day after Mr Hunt rejected calls for respite from a windfall levy that has driven up the tax on oil profits to 75pc. Industry leaders told Mr Hunt there was “one last chance” to halt a “catastrophic” decline in investment in UK waters that risks reducing oil and gas output by at least 50pc by 2030.
However, the Chancellor is understood to have made no promises to change tack – claiming that Labour’s threats to increase the windfall tax by another 3pc and to cut investment allowances should it win the election were the key deterrent to investors.
The meeting was attended by most of the North Sea’s major operators, including Shell, BP, Harbour Energy and Ithaca Energy. Chevron was not in the room, but was briefed on the outcome by industry body Offshore Energies UK.
The company claimed the timing was coincidental. A spokesman said: “Chevron’s announcement is not related to recent announcements relating to the UK windfall tax. The announcement relates to assessing a global portfolio that provides best shareholder return.”
Chevron is the world’s third largest oil company and is one of the last major players still in the North Sea. Exxon left in 2021 and others, such as Shell and BP, have sold off many of their assets.
The company is to sell its 19.4pc stake in the Clair Field, which is 50 miles off the coast of Shetland and is the largest in UK waters with an estimated 8bn barrels of oil. It will also dispose of associated assets including interests in the Sullom Voe terminal, the Ninian pipeline and the Shetland Island regional gas export pipeline.
The deal is expected to raise between $800m (£630m) and $1bn once a buyer is found. Chevron was among the first oil companies to drill in the North Sea in the 1960s, but has since pulled out of exploration and production after offloading its drilling assets in 2019.
Analysts say that the North Sea’s output is already in decline because the biggest oil and gas fields have been drained – so finding and extracting what remains is already becoming more expensive. They warn that burdening the industry with extra taxes is bound to be a deterrent to further investment, pointing to a similar cutback by Harbour Energy, the UK’s biggest oil and gas producer, which has halted all North Sea investment.
Chris Wheaton, an analyst at Stifel, publish
Last post: Genises3, 16 May 2024 23:45
Thanks Joe
I wasn’t aware 2 wells had been drilled.
My eye sight must be going as I didn’t see any announcement on drilling 2 wells.
I did know 8 wells were drilled(net)5.5 last year
If the person had put oil production is down compare to last year due to less wells being drilled I wouldn’t need to ask him for an answer.
Tongue and cheek I knew he wouldn’t post
@Genesis, saw your question on ADVFN re wells drilled, remains unanswered.
You seem to be unaware that 2 of the scheduled 15 wells this year have been completed in Q1.
And the answer is 5 for Q123.
From SP Angel this morning:
3 Energy* (I3E LN) 10.95p, Market Cap £132m: Solid start to the year
• i3 reported average 1Q24 production down 5% q/q to 19.4kboe/d generating $39.8m revenues, $16m net operating income and $8.7m adjusted EBITDA to end the period with $21m net debt as at 31st March.
• The Company subsequently sold the majority of its royalty assets (388boe/d) for $24.8m and its non-core Hangingstone asset (115boe/d) for $0.3m, which has moved the balance sheet back to a net cash position.
• I3 reiterated average FY24 production guidance of 18-19kboe/d (53% gas), which is based on a $50.9m 2024 capital budget to deliver 15 gross wells (10.5 net) with drilling operations weighed to 4Q24.
• The Company commented the financial restructuring supports delivery of production growth in 2025 and beyond and the continued payment of a stable quarterly dividend of 0.2565p/sh (9.5% annualised yield).
I3 first set of quarterly results show it was able to limit sequential production declines and post strong free cash flow of $15m, despite a slowdown in investment over the recent winter period in response to falling commodity prices. The Company’s balance sheet and liquidity position has subsequently been strengthened over the last few weeks following the $25m sale of a non-core royalty package and a new $75m credit facility by a major Canadian Bank. This enables i3 to ramp-up drilling activity going into 2H24, which sets up the business to provide funding next year to a high-impact Simonette Montney pad development drilling programme.
We think structural changes to North American natural gas prices and delivery on the objectives of its capex programme over the coming 12M should allow i3 to narrow the discount on its valuation multiples to closer in line to peers.
All in all I think this was quite a good update. The issue is the market simply sees the short term numbers, and has no appreciation of the turnaround happening later in the year. It's for this reason I think the sp is going to stagnate in the 10's for another 3-6 months. And why it could drop to the low 10's (and maybe 9's) after the next quarterly update.
The further drop in production for Q2 won't be a surprise for the more knowledgeable posters, but it will read worse than this update. There's also wildfires risk. And gas prices will decrease from these already historically low levels. All in all it will look bleak and people will react accordingly. The green shoots will be obvious for all to see in the Q3 report, with a significant step-up from Q4 report onwards. All going well it will be a stupidly cold winter, pipelines will be operational, and fires will have been minimal. The last point is the one that concerns me the most, as it will coincide with the Q2 update.
Still keeping a core holding and have some cash at the ready should we move toward 10p. Def. see 2025 being the start of the re-rate back to 15p range providing commodity prices improve and the fires aren't worse than last year. Any further drops in the sp over the next 6 months should be no more than 10%. Another joker in the pack is a couple more asset sales that are non-core holdings. I'm really happy they've started to look at their portfolio and starting trimming. They have more reserves than cash to exploit. Better to find a nice balance between the two. AIMHO GLA
This is what WHI had to say:
i3 Energy
Q1 Results – Better than forecast
i3 Energy’s Canadian shareholding has increased beyond 10% and as such it has started to
provide quarterly reporting in accordance with Canadian securities laws. Today, i3 Energy
reported its first quarterly results. Production for Q1 2024 at 19,410 boe/d was a touch
better than our 19,331 boe/d forecast. The cash margin per barrel of oil equivalent (“boe”)
came in ahead of our expectations at $US 6.99/boe compared to our forecast of $US
6.31/boe. Details of the beat are provided in Table 1 below. Broadly, our take away is that
the Q1 results again provide confidence in the delivery of i3 Energy’s assets and
management team. We reiterate our 21p fair value estimate for i3 Energy. As a reminder,
our fair value estimate is premised a 5x EV/2025 expected debt adjusted cash flow (“DACF”)
multiple. We believe the company’s solid operational results combined with rising
commodity prices will further support the positive trajectory of i3 Energy.
Started: Genises3, 16 May 2024 20:31
Last post: Genises3, 16 May 2024 20:31
11.60p to buy in Canada
Looks as if we will see a correction in price tomorrow.
I feel so sad not to those who have been selling.
It pretty obvious someone is accumulating stock.
Onwards to 12p
Started: Jezzoo, 14 May 2024 11:20
Last post: FangKat, 14 May 2024 22:05
Had similar thing yesterday for 50000, did get them in the end but only after the trade request was rejected three times.
Results due tomorrow.
Certainly weird share price shenanigans going on today,tried to buy when it was 10.6 and was quoting 11.5 to buy on 100000 shares,then in the last few mins of trading it shot up.Didn't get my buy.
Nice holding. Try to hold up to 18p. :-)
Both 3LBs. I've still got 3m shares here.
Can someone explain if I'm reading it right?
So I3e in 2024 will have capex of $53mn but the production uplift by year end or after is going to be similar to what the current production is I.e. Around 20k-21k boepd. So essentially doubling of capex from 2023 levels just to stay more or less flat in terms of production. Does that imply the decline rates are big? How much would the production have been if capex was kept flat vs 2023?
"· £23.2 million capital expenditure in 2023 delivered 12 gross (8.0 net) wells, which were completed on budget in a high inflationary environment."
Started: VistaMan, 14 May 2024 00:19
Last post: G_G_G, 14 May 2024 09:44
Reckon Vista is on the wrong board and that was meant for PTAL - we are talking about GTE NYSE listing over there.
Nyse listing?
Was it not the case that they had to have a reverse split (consolidation) in order to satisfy the NYSE listing rules just like DEC had to do last year? Can't list with a share price less than $1.
Started: surprised, 13 May 2024 13:06
Last post: Genises3, 13 May 2024 23:14
Natural gas up 5% tonight
Trans Mountain Expansion: A Game-Changer for Canadian Oil Prices
MEG Energy sees the expanded pipeline raising Alberta's crude prices "for years" to come, executives said on the company's earnings call this week.
With improved access to global markets, Canadians can look forward to receiving higher value for our energy resources, meaning more money coming back into the economy," Lisa Baiton, President and CEO of the Canadian Association of Petroleum Producers (CAPP), said.
Alberta's government expects narrower discounts for Canadian crude and a surge in oil production in the province, thanks to the expanded Trans Mountain pipeline.
In its 2023-24 Mid-year Fiscal Update and Economic Statement at the end of last year, the government of Alberta said that "The completion of TMX in the second half of 2024 will help bring the differential to around US$14-15/bbl in the next two fiscal years."
Only two fires in Alberta of significant of which the fire department seem to have under control with light rain on one of the sites.
What size is Alberta compare to Britain??
Alberta (Canada) is 2.72 times as big as United Kingdom.
Very funny, good to see there's no concern from anyone here.
One forgets GGG doesn’t want to pay 10.8p a share more like 9-10p
Slater Investments accumulated in #I3E last year - amongst other noted fund managers.
https://twitter.com/edcroft/status/1790009918356869358
Started: nomadicinvestor, 13 May 2024 18:20
Last post: PanamaPete, 13 May 2024 18:26
Nomad, you may download the report from the i3e website:
https://i3.energy/investors/analyst-coverage/
Anyone got access to the new tennyson report? Called "out of the woods".
Started: tonynorstrom1, 13 May 2024 12:16
Last post: tonynorstrom1, 13 May 2024 12:16
According to the BOE Report Website, I3E have just recieved their 1st Licence for this years drilling campaign - it could spud pretty shortly.
GLAUCONITIC SS WILLESDEN GREEN 12-33-041-05W5
Started: tonynorstrom1, 18 Apr 2024 10:32
Last post: IBB_INVEST, 11 May 2024 22:02
Tony, I do enjoy your posts and agree that I have been silly at times on this message board compared to CEO dot com and Twitter etc. I will virtually shake your hand and leave the silliness behind.
'The data you are quoting I assume is from the AIF - thats only available through SEDAR correct ?'
As I stated, it is all from the AIF: no need for you to assume!
And the AIF, although required by Canada and released through SEDAR, is on the i3E website.
Try https://wp-i3energy-2021.s3.eu-west-2.amazonaws.com/media/2024/05/i3Energy_AIF.pdf if you can't get through SEDAR.
Agree Joe that the EOG report is for 2022 but as 2022 was a boom year and 2023 was a bit of a reset / recession for i3e - I was pretty confident that the 2022 might overstate the numbers if anything for UK employees.
The data you are quoting I assume is from the AIF - thats only available through SEDAR correct ?
@Tony re headcount on Advfn:
Although the ESG was released in 2024, the period covered is 2022. There is text 'Unless otherwise stated, this report presents data and information from the year 2022.'
(Wonder when we get the 2023 issue! Seems most of the info was in the 2023AR.)
However, "As at December 31, 2023, i3 Energy’s UK operations had one full-time employee, three part-time employees and two consultants/contract operators, all located in the UK offices."[cf. 4 UK employees (4 FT / 0 PT), 2 UK contractors]
and 49 Canadian employees (49 FT / 0 PT), 75 Canadian contractors has become 53 full-time employees, one part-time employee and 73 consultants/contract operators.
All from the AIF: worth a read imo...
HTH
IBB_INVEST,
Your posts on CA CEO ITE have generally been pretty decent - for some reason you have decended to silly here !
You already told me which was question you submitted and seemed to be pretty chuffed with yourself that Majid ackowledged that your question was not just valid but "very valid". A gold star to you my friend !
I did not ask any questions on sharebuybacks , i3e's stance was made clear months ago. My podcast questions were on Serenity and the Capital Restructure and you are incorrect (again) on the Capital Restructure - the latest restructure is still in the court / company house process - i.e. not approved yet.
The previous capital structure as far as I know is approved though I dont recall seeing the final RNS confirming that it had been registered with Company House.
This did raise the even more "very valid" question why it was required as the previous restructure would have covered dividends for years to come. The nuiance here may have escaped you - so worth repeating here and as infered by the I3e response to the question - the reason for the latest capital restructure is to ensure they have sufficient distributable reserves in case they have to take a write down (impairment charge) on Serenity. If it was a full write down, this would have prevented the payment of dividends, this new restructure would remedy this.
Started: WCSBCanuck, 9 May 2024 15:18
Last post: IBB_INVEST, 10 May 2024 13:18
“50% undervalued, and not sure what catalysts this team has to get the market to give it the valuation it thinks it deserves.”
canuck, enough of the negative bull****. did you listen to the webinar earlier this month? montney and clearwater drilling campaigns are starting later this year and will be ramping up in 2025. please just cut your loses and sell and buy $cnq. $ite laid out some very clear and realistic catalysts. not to mention that they are hedging 2025 at $3.40 or 3x current strip!!
Https://1drv.ms/i/c/0c8247dcfb29aa84/EW_aNief5m5Oo8EEeDJCyAcBOTKqD3ecypft1uW0ri6miQ?e=rRjmRL
This graph supports what I said below - i.e. that PDP values are dependent on the assumptions / price decks you use so if your comparing valations against peers - calculations should be made on the same basis.
As per graph - I3e trades at 60% of PDP where as the median company trades at 130% of PDP. Assuming that we should trade at the median (+/-), this would put us a lot closer to the 20p valuation that i3e stated in the podcast
"50% undervalued " - Maybe, maybe not. i3e in their recent podcast stated that they traded at 55% of PDP whereas peers traded at 100%. On that basis i3e claimed SP to be worth 20p on a PDP basis. Tennyson have done their own DCF calculation so you you would have to check calculations / assumed Oil & Gas pricess vis a vis peers to ensure its a like for like comparison.
The chart is setting up very nicely IMO.
Interesting read.