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GGG
We look in such a better picture than last year. Iam already fully loaded and have my entire investments in here. A huge sum so between you and me we hold already several million .
My 33 rd trade went through two weeks ago and like you I will continue to top up .
Onwards to 12p
I think I will stick with my 9,10,11% dividend yield .
Think you need to pay more than low 10s for your 3 million share purchase.
It will be good to see another Rns this week .Canada up tonight at 10.78p
Agree 👍 💰💰💰💰
Majid Shafiq, CEO of i3 Energy plc,
"The fourth quarter of 2023 rounded off a highly successful annual capital programme for the Company, with a dozen wells drilled, and which like our 2022 programme, in aggregate exceeded pre-drill expectations and was executed safely and in line with budget. We are very pleased that this programme, combined with our robust, low decline, asset base and a razor-sharp focus on operational efficiency, delivered very strong financial performance, despite a challenging commodity price environment and ensured that the company met its production and net operating income guidance for the year. This is a testament to the quality of our portfolio and the skill, expertise and dedication of our staff. Our strong production and financial performance supported our capital programme, debt re-payments, and dividend payments to shareholders of over £15 million throughout the year, and our extensive drilling inventory provides multiple options to maximise return on capital deployment. As we enter 2024 with continued weakness in commodity price forecasts, in particular for North American gas, our business strategy remains flexible between high rate of return organic drilling and inorganic growth opportunities. The Company is progressing several initiatives which will be incorporated into an optimised 2024 drilling and capital programme, and we look forward to updating the market on this during the course of March."
Production Update
Production in Q4 2023 averaged 20,413 boepd, comprised of 63.9 million standard cubic feet of natural gas per day ("mmcf/d"), 5,180 barrels per day ("bbl/d") of natural gas liquids ("NGLs"), 4,155 bbl/d of oil & condensate and 429 boepd of royalty interest production.
Oil jumps on report that OPEC will consider extending voluntary cuts. Asian demand strong
WTI crude up by more than$1
WTI crude is higher by more than $1 after a Reuters report said OPEC+ will consider extending voluntary oil output cuts into Q2. More importantly, the report said the cuts could be kept in place until year end.
The report cites three unnamed sources.
Stas20
Director buying
Think you will find they can’t buy as more news is to come next month from the latest Rns
The Company is progressing several initiatives which will be incorporated into an optimised 2024 drilling and capital programme, and we look forward to updating the market on this during the course of March."
Looks to me we will have a new partner to maximise those oil wells in Central Alberta with the company receiving a royalty
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Hi all
On Advfn we have a journalist who has a team looking at Bnn and any link to what has happened at Tingo
If you have any info please contact her
Please contact Sasha at the FT as your information and more will be very helpful , the FT are happy to hear from anyone with there enquirers .. sasha.kay@ft.com they confirmed it is ok to put this email address to the shareholders
Situation is getting worse for shipping in the Middle East expecting oil to jump on Monday into the $80
An oil tanker is on fire in the Gulf of Aden, its operator says, after Houthis said they hit it with a missile.
From the Oak bloke
i3 Energy plc
is an oil and gas company with assets and operations in the Western Canadian Sedimentary Basin and the United Kingdom North Sea (Serenity and Liberator/Minos High). Its Canadian production asset base consists of approximately over 850 net conventional oil, natural gas and natural gas liquids production wells. Its key operating areas include Clearwater, central Alberta, Wapiti/Elmworth and Simonette.
i3 Energy has had a challenging year to date. Canadian wildfires. Downtime. A lower oil price and outlook. Last but not least a 50% dividend cut, along with a move from monthly to quarterly dividends to preserve cash. Cautious and with hindsight, possibly too cautious.
Its share price has been given a royal kicking.
Yet, it has continued its organic growth and averaged 21,000 boepd in 2023 (vs 20,317 in 2022). That’s after slowing down its investment budget.
Meanwhile oil today is up nearly 6% year on year.
And as every Stark knows…… yep….. Winter is coming. That’s positive for Natural Gas and NGLs.
i3e forecast FY23 EBITDA of US$80m-85m which is nearly double its capital budget (US$25m) and dividend payout (US$19m).
At the current share price of 13.6p/shr, i3 offers a dividend yield of ~7.5% which is well covered by earnings.
Some debt but this is being paid down and will be zero in 2 years at the current rate of paying down.
Tennyson suggest a risked valuation of 37p (so nearly a 3 bagger) however it’s worth pointing out that’s based on a future $60 barrel price. This grows to 53p a share at $90 oil. WH Ireland point to a much lower 25.6p but that’s because they believe the North Sea is worth zero.
Where’s the risk?
A general collapse of oil price
A wild fire wipe out in Canada
Labour Government in 2024 - no new North Sea development
Where’s the upside?
Tain-ted love? Next door to Serenity (a 6-7mmbbls worth $102m) is Tain a (10 mmbbls worth $140m) field. Tain would add about 10p a share (unrisked) if a deal could be done - and provide improved economics for Serenity.
Liberator West and Minos High these are monster 217mmbbls and “worth” 112p unrisked. But would require a big chunk of change to drill and invest into.
i3 Energy holds 537 or 940 net undrilled well locations in Canada depending on which broker you read. Assuming its 537 that’s a lot of growth and projecting based on the historical average of 300BOEPD each, if you drilled them all at once that’s 7.5X current production! Taking account of the 17% depletion rate, it probably means a gentler 5% annual growth, but that’s 5% growth for the next 38 years without any further M&A. Once that fact sinks in, your next thought should be where is that in the price? Or in the WH Ireland or Tennyson valuation? The fact is they speak to it but don’t put a penny of value on it. Hidden value.
M&A - clearly the business have skill in acquiring assets. I rate the management team.
Conclusion -
I3 Energy: 11.25p Target 20p Stop Loss 8p
While there is plenty of huff and puff in the small cap resources, it is still the case that there are relatively few significant, well run producers in the space. Ironically, the market in its current mode is relatively loathed to give the few like i3 Energy (I3E) that stand out. We have been reminded of this in the wake of multiple director share purchase over the course of the autumn. The last notable one was from CEO Majid Shafik in November. All of these have been close to the 10p level. One can understand why given the way that shares of i3 were trading at more than double this level at the beginning of the year. On an operational basis, the company has got over the Q2 disruptions, so much so that for Q3 it was able to increase production enough to meet previous guidance. There is now little excuse for holding down the shares near 10p any longer.
hTTps://www.share-talk.com/week-in-small-caps-24-stocks-for-2024-zaks-traders-cafe/
Gl all
Translated
An oil discovery in the North Sea has long held the attention of two British companies, although another deal for a nearby discovery has failed.
The British company Europa Oil and Gas and the British company i3 Energy are considering plans to acquire the Tyne discovery, which was abandoned by the Spanish company Repsol earlier this year (2023), according to what I learned. It is a specialized power platform.
Europa's chief executive, William Holland, said the North Sea Transition Authority (NSTA) had indicated the two companies might make an off-round bid to discover oil in the Moray Firth.
This comes at a time when the two companies were seeking to join the nearby Serenity discovery with Tyne, via the floating production, storage and offloading vessel “Plio Holm†belonging to Repsol.
However, these plans appear to have collapsed, when Repsol and its partners abandoned the Tyne project.
An attempt to save an oil discovery
Europa and i3 insist that the discovery still needs to be saved, even with the exit of Repsol and its partner Viaro, according to what was reported by the “ Energy Voice †platform.
“There are a number of options we can do,†Europa CEO William Holland said. “There is a discovery adjacent to Serenity called Tyne, which is an open square.â€
He added: "The North Sea Transitional Authority indicated that we can apply for it through an application outside the round... Therefore, we are currently analyzing the matter with our partner i3, and looking for ways to develop it, and there are a number of options."
Holland also said: “If Serenity had succeeded, we would have discovered 70 million barrels of crude oil, and our share price would have been much higher. We are in the oil and gas game, and we have to take risks.â€
He expressed his regret that the discovery failed, saying: “It is unfortunate that it did not work out, but it was a calculated risk... We, along with i3, thought it was a very good opportunity... A lot of investors thought it was a good opportunity, because they invested "There too, and it didn't work out...it's the nature of the game."
Floating production, storage and offloading vessel "Pleo Holm"
The floating production, storage and offloading vessel “Plio Holm†- photo from “Energy Voice†platform
Options for developing oil exploration
Europa Oil & Gas had revealed - in October 2023 - that it was continuing to move forward to acquire a minority stake (25%) in the Serenity discovery, despite the setbacks that occurred last year (2022).
Operating company I3 Energy (with a 75% stake) praised the discovery for its potential to produce 100 million barrels, but disappointing evaluation results indicated that hydrocarbons were “non-existent†in the well.
Despite this, the partners confirm that there is still a way to move forward with the project, perhaps by uni