Member Info for bottomsup

Divided 10% a year
High take over prospects.
Reserves
For those looking in or new investors

How good or otherwise the reserves report is, I think you need to compare against peers – refer to the numbers I put together below. These were the companies highlighted by WHI in their last report as the peer group – I added Surge Energy to the group. Tamarack & Headwater are held in Eric Nuttals fund and Surge is Shubham Gargs top pick so I would say they are amongst best in class.
So, these are my observations:

1) Relative to its size - i3e’s 2P reserves at 184m boe are substantial with an RLI of 22.8yr and only just behind Tamarack at 242m boe which is a considerably larger company, however Tamarack has a much smaller RLI of 10.2 yr. Bear in mind that there are some companies such as MEG that have considerably higher 2P RLI’s but I would say not too many. So i3e compares very well against the peer group and probably very well against the sector as a whole.

2) If you refer to WHI’s report – they calculate i3e’s EV/2P at $1.40 / boe versus $15.73 / boe for the peer group i.e. about 1/10th the peer group. You need to bear in mind that the peer group are oiler meaning that each boe is worth about x2 that of i3e at current gas prices, however, even allowing for this, it still indicates that i3e’s 2P reserves are valued at a fraction of its peer group. I have included this ratio based on PDP reserves below which shows i3e in an even more favorable light.

(EV = enterprise value and is basically Market Cap adjusted for debt – so the above ratios are telling you how much the market are valuing each barrel of oil)

3) I3e’s reserve replacement ratios were also very good - 176% (PDP basis) & 479% (2P basis) meaning for every barrel produced they are replacing it and adding a further 0.76 bbl (PDP) and 3.79 bbl (2P) to reserves i.e. not only can they increase production significantly year on year but will still be adding to reserves for quite a few years yet.

4) There are some nuances here including but not limited to unbooked drilling locations which are not included in reserves. Headwater for example have the worst numbers based on the above metrics but are one of the highest rated Companies on a EV/CF basis – why – because they have over 400 sections in the Clearwater play which as most know have the best economics in North America and it is lightly booked. Good news is that i3e also has a decent land position here along with Simonette and also Wapiti which i3e stated surprised to the upside which you can see from the well results and also why i3e are drilling so many wells there.

Bottom line is that i3e’s acreage is considerably undervalued and should start to be recognized as such by the market , I believe this will correct over time and also probably means as some have suggested here that i3e could well be a take over target

Both posts posted on Advfn and sharehouse(Canada)
Thanks interest is slowly building in Canada but most of the deals are done in London

Thanks to you and Tony.
Tony you should be the company PR officer.
The message would travel far

Stas should be $0.35 but $35.5 would be so much better.

Divided 10% should be announced this week

As evaluated by GLJ, the Before-tax Net Present Value ("NPV") of cash flows attributable to the Company's reserves, discounted at 10%, has been determined to be $511.0 million (CAD 689.8 million), $623.0 million (CAD 841.0 million), and $1,161.5 million (CAD 1,568.0 million) for its 2PDP, 1P and 2P reserves, respectively, being indicative of the Company's strong production base, successful 2022 drilling program and robust portfolio of economic development opportunities.

o 2PDP NPV per share, using a 10% discount rate, increased by 50% to GBP0.36 per share (CAD 0.58 per share), 1P NPV increased by 43% to GBP0.43 per share (CAD 0.71 per share) and 2P NPV increased by 56% to GBP0.81 per share (CAD 1.31 per share), as compared to the prior year.

Hi Tony
13 thumbs up on your post at Advfn
100 so far have viewed your post on Stockhouse (Canada)
??

Thanks for the posts which would had taken several hours to complete.I hope you don’t mind I have put your post on Advfn and Stockhouse (Canada)

I think it would be difficult if he was appointed as a director as we don’t know if he is doing consulting with certain oil companies.
Glad to see he has connections to larger oil companies.

Highlights

-- Successful Execution of 2022 Capital Programme Provided Year-Over-Year Reserve Additions Across All Reserve Categories

o Total Company Interest proved plus probable developed producing reserves ("2PDP") increased 9% to 65.7 million boe, total proved ("1P") reserves increased 10% to 93.5 million boe and total proved plus probable ("2P") reserves increased 18% to 181.5 million boe, compared to the prior year.

-- Strong Organic Reserves Replacement Ratio, Long Reserve Life Assets and Low Decline Profile to Support the Company's Total Return Model

o The Company's organic Working Interest reserves replacement ratio in 2022 was 176% on a 2PDP reserve basis, 214% on a 1P reserves basis and 479% on a 2P basis.

o 2PDP, 1P and 2P reserve life indices of 8.8 years, 12.2 years and 22.5 years, respectively, combined with our low base corporate decline rate of approximately 17% and our extensive inventory of highly economic development drilling locations, underpin i3's ability to sustainably grow production per share from our existing asset base and generate significant distributable cash flow for our shareholders.

Looking good for Monday .
Canada ended at 19.15 p

Canada ended at 17.85p

I see Canada exchange is trading at 17.5 p 29.5 cents with ask size has gone down to 13000 from 660000 in the last few days.

what happens when the Canada broker needs more shares does it go to the uk for more

Highlights:

· Average Q4 2022 production of approximately 22,757 barrels of oil equivalent per day ("boepd"), an 11% increase from the previous quarter, with current production of approximately 23,440 boepd

· Record corporate production exceeding 24,000 boepd achieved in December

· 2022 drilling programme completed, delivering 31 gross (18.4 net) wells, which met or exceeded management's expectations and completed approximately 5% underbudget in a high inflationary environment

· In Q4, 10 gross wells (5.7 net) brought onto production and 8 gross wells (4.3 net) drilled in its core Central Alberta, Wapiti and Clearwater assets

· Completed the 13/23c-12 appraisal well on the UK North Sea Serenity field, with a single well field development plan now being progressed

· Dividends of £5.098 million declared and £3.399 million paid in the quarter, with total dividends of £15.351 million paid in 2022

· Operations commenced on the 2023, USD 64.05 million capital programme ahead of schedule targeting 23 gross wells, with 6 gross (4.3 net) wells drilled

brought some more
dividend gone to 12% at Friday price.
news next week

Majid Shafiq, CEO: "We have completed the first phase of our 2023 drilling programme, with multiple wells now on clean-up flow and several Clearwater intervals tested, and we are now on course to deliver positive YE2022 financials and reserves data by the end of March."

Brought some more today at 16.99p
12% div
onwards and upwards.

Good article

https://www.forbes.com/sites/christopherhelman/2023/03/21/oil-is-on-sale-and-buffett-is-buying-should-you/?sh=1a0be33b39c4

Thanks posted on Canada i3e chat forum.

Hmm one can wish
oil to hit $140 by year end

yes Iam on a Canada share forum 3,500 members and ADVFN
139 hits on dividend 10%
120 hits major shareholderz
70 hits on white tundra review
50+ on all other posts.

Their were 37 trades from Canada .Just shows what a bit of info on div etc can do on a discussion board over the waters.
onwards and upwards .120 potential investors have looked at my posts since Sat.