Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Yeah but you have to factor in that just under 18% of our production is actually oil. The average daily output when you average the first 6 months was ~1634 bopd out of ~9087 bpd.
Plus our oil is the cheaper stuff - i.e. Western Canadian Select and Canadian Light Sweet - way cheaper than WTI and Brent Crude.
Plus in the H1 update because of the management did huge amounts of hedges whilst the price of oil was flying we lost £2800000 in earnings. Our dividend could have been 35% greater than it was.
"Couple of comments:"
Couple of comments implies that you are going to make two comments. You mean you want to make a few or several comments.
"1) Your post makes little sense to me - you've obviously spent some time in in researching what appears to be in your opinion "dodgy behaviour" but then go on to say:" - No I haven't spent a lot of time - it doesn't take me much time to read a bunch of rns'. In my first post in this thread I mentioned that "I remember I read something about the management were dodgy in the past. Could that be like some cloud hanging over us?" - I didn't actually say that I believe that management are dodgy, my aim was to explore possible reasons why our share price is languishing behind literally all of our peers. When it comes to investment decisions shouldn't people explore all possible avenues worthy of investigation - and continously (re)evaluate investment cases? Things currently look good on paper and things will look even better for the second half of 2021 but some people have questions about the management and board of directors at I3E.
"If you think Management are dodgy - then pretty stupid to invest in my opinion."
Perhaps I chose to invest/gamble here because I like speculative and risky oil plays.
"The're not obligated to run planned operations past you in advance - there are certain rules about disclosure but this is not one of them !! And further is not an example of being less than forthright with communications -"
Be that as it may some investors might like to know how the companies (our) money is being spent? Some companies try to communicate with their shareholders as opposed to disclosing the absolute bare bones minimum and only when required to do so.
"there are several reasons why they may have chosen to do this for the benefit of all . They did offer a little bit more about Noel in the recent POD cast which you might have caught if you paid attention and probably provides some explanation."
Nah I haven't had a chance to watch it yet. Well does it? Does it provide an explanation?
"3) I did say that if you look at the history from 2 years ago going forwards to today - they have delivered on pretty much everything they said they would do an more. Pre this date is basically the failure of liberator and the consequences thereof which included the requirement for re-pricing of the loan notes ."
Yeah it was nice of the loan note holders to agree to cancel and reset management's options to "seek alignment between the Noteholders and management". Obviously that was the only way forward really. I'm sure I3e isn't at the mercy of the loan note holders now. I'm sure the loan note holders do not hold much sway over the company.
" - it also has to be noted that the CEO was changed at this time which was probably a result of this."
Majid has been the CEO since October 2018. David Knox was the Chairman and he left to join Snowy Hydro Limited on 1 Janaury 2020. So you are incorrect r.e. tha
Going to older rns' one on 3 June 2019 mentions "The Company is also pleased to announce it has executed a crude oil offtake and marketing agreement with BP Oil International Limited to market its crude production from the Liberator field. i3 continues to target first oil from the Liberator field in 2020 at approximately 20,000 bopd, initially from two development wells."
The January 2019 corporate update document also mentions under investment highlights - near-term production "Liberator Phase I expected to come on mid-2020 at circa 20,000 bopd from two concurrent producers, third Phase I producer to follow in 2021".
I assume reading that would probably have attracted alot of money from alot of investors. Yet an rns on 20 September said the well was plugged and abandoned. That might make alot of would be investors view what I3Es management say with a bit of skeptism.
I've only been invested here for several months and don't know the whole history but I am hopeful and have belief that we will do well - share price upside from here.
1) "I remember I read something about the management were dodgy in the past" - this accusation has certainly been made but not 100% accepted. If you go back about 2 years - most will say that i3e have delivered on what they have promised and more so I would say their reputation is ok / good though a very few might argue differently.
Well perhaps dodgy could be construed as incorrect by some but not 100% accepted by whom? Some may say that they are not always forthright with communication.
They released an rns on 23 February saying they flow tested the Noel Falher gas well back in December. They made no mention as far as I'm aware that they intended to do such a thing prior to that rns. What would have happened if the flow test was unsuccessful back in December?
Or how about that 5 May rns - "On 30th April 2021 i3 entered into a Participation Agreement (farm-in) with an existing Clearwater producer ("Partner")" - why are they being vague? Who is this 'partner'? Why aren't they disclosing the name of this partner?
I note that I3 energy acquired some land jointly with Cardinal Energy on 19 May
https:// content.energy.alberta.ca/FTPPNG/20210519PSR.pdf
But no rns in regards to that as far as I am aware? Are they the partner that the earlier May rns was alluding to?
On the 1st June rns they announced that they amended the May 2019 Loan Notes. It says "In exchange for the amendment, all 55,981,044 warrants associated with the May 2019 Loan Notes had their exercise price reset to £0.0001 per share, and the loan note amendments also required the repricing of 16,157,612 i3 management and director options to £0.0001 per share."
How nice and convient is it for the management and directors to have their own options repriced to £0.0001. If they converted the lot yesterday they would have raised £1615.76 for the company and made over £2160000 in profit for themselves. If the noteholders converted all of theirs then they would have made aprox £7.5M profit and raised just under £5600 for the company. Its nice that some can enjoy substantial profits regardless of how well the company performs.
On 10 January a total of 88,350,610 options were issued in accordance to the companies employee share option plan redeemable based on certain production and reserve targets being met - it could be argued that the targets in Canada aren't even that ambitious. However those targets dont really matter because the last sentence mentions that "The options will otherwise fully vest on the third anniversary."
Is it just me or is this share just not performing as well as some people anticipated that it may do? I'm not sure what's up. I'm not as informed or knowledgeable like what some people here are - but I remember I read something about the management were dodgy in the past. Could that be like some cloud hanging over us? Is management's historic performance holding us back? I remember that there were some criticisms about how the Cenovus deal was funded - how is dilution maximising shareholder value? Seems quite contrary to that objective. Oil and gas prices skyrocketing and our oil and gas production has substantially increased ver the past 6 months/year - yet our share price is going nowhere. Why can't i3e release quarterly production and financial reports like what some other companies do? Is it because they are so busy and they don't have do to (legally)?
Hey all, I'm also invested here.
On 27 July 2021 363,700,000 shares were admitted to trading. In the 39 trading days since then not including today I3E's total volume of shares traded on the LSE has been 135,205,228. The total volume traded on the TSX in comparison is just 12,688,867 from 27/07 to 17/09.
LSE
Date Volume
27/07/2021 2099077
28/07/2021 5135429
29/07/2021 2381806
30/07/2021 1900337
02/08/2021 2658848
03/08/2021 1671695
04/08/2021 1239356
05/08/2021 1439182
06/08/2021 1761794
09/08/2021 2097783
10/08/2021 2184874
11/08/2021 4609984
12/08/2021 1896461
13/08/2021 834472
16/08/2021 7030097
17/08/2021 3173919
18/08/2021 12200177
19/08/2021 2739380
20/08/2021 3527356
23/08/2021 1483880
24/08/2021 1260061
25/08/2021 1755633
26/08/2021 2549086
27/08/2021 2208558
31/08/2021 2014256
01/09/2021 607034
02/09/2021 2991949
03/09/2021 1601981
06/09/2021 3818183
07/09/2021 22891563
08/09/2021 8216065
09/09/2021 2325200
10/09/2021 1870982
13/09/2021 182041
14/09/2021 1788355
15/09/2021 2138890
16/09/2021 1191070
17/09/2021 8415238
20/09/2021 3580378
TSX
Date Volume
27/07/2021 442607
28/07/2021 232999
29/07/2021 488176
30/07/2021 473084
03/08/2021 473293
04/08/2021 182227
05/08/2021 184390
06/08/2021 64533
09/08/2021 236338
10/08/2021 1291255
11/08/2021 76960
12/08/2021 292559
13/08/2021 110785
16/08/2021 540547
17/08/2021 363722
18/08/2021 755243
19/08/2021 398187
20/08/2021 218165
23/08/2021 116715
24/08/2021 173158
25/08/2021 176039
26/08/2021 72144
27/08/2021 123701
30/08/2021 232686
31/08/2021 245352
01/09/2021 338700
02/09/2021 30341
03/09/2021 379904
07/09/2021 818291
08/09/2021 534203
09/09/2021 281777
10/09/2021 128238
13/09/2021 167266
14/09/2021 495054
15/09/2021 517764
16/09/2021 371996
17/09/2021 660468
The 44 million shares that will be added to the already ~12.5 billion shares already in issue will be ~0.35% of the new total shares in issue.
The shares haven't be added yet, the RNS says the shares should be added this Friday.
Us long term holders have to be honest with ourselves. This is the oil exploration game and there is absolutely no guarantee of success - quite the opposite really most small cap oil explorers fail. So it could be argued we've done quite well to be where we are now. We have to take responsibility for our investment/gambling decisions.
But let's be honest in allegedly "the most oilest place on earth" 88 energy hasn't had the success we all hoped for after multiple rolls of the dice. Thus far they haven't been able to prove up even a single cubic nanometre of oil or gas.
But we do have inhouse estimates of '1 tcf of prospective gas' and other potentials. Lots of potentials and prospects but nothing proven as of yet. We've had suboptimal drilling positions, no horizontal drilling and power cuts (no back up generator?).
We haven't proven up anything yet. So how valuable are our assets? How much would any interested party be willing to pay for these potentials and prospects that they will have to prove up themselves? (These are genuine questions and I am very interested to read people's thoughts on this)
At the moment I lack confidence that it would be for many multiples of the current market cap but then again I'm not privy to the data & I'm no oil and gas expert. I'm happy to be proven wrong.
On the plus side, this time around as of yet we haven't collapsed to sub 1p share prices. Then again past performance is not indicative of future results. I do wonder if the market is giving us a fairer valuation compared to previous years. Perhaps 1.xxp is the new suppressed share price.
The US market adds a new dimension to things and I believe they have the potential take us to the next level. Perhaps they already have. Of course us lay people don't know whats going on in the background. We still may be greatly rewarded by holding onto our 88 energy shares - or not.
(2/2)
I put my share trading days behind me and very rarely checked the share price over the past 3 years. I'm not up to date with all the goings on with 88E anymore - it's a dangerous game to own shares in a company that you're not familiar with. I gotta do some research over this long weekend. I sold a bunch of shares at the tail end of this week. No free ride for me - but I've derisked a fair bit, made up for my Brexit loses and got a chunk of cash now. Not too bad considering at one point I was down ~90%. I still hold a couple hundred thousand shares.
(1/2)
I like hearing people's stories, I got into share trading in early 2016 because I thought what use was having a bunch of money in my bank accounts earning pretty much no interest. My first purchase of shares was Glencore when it was at 95p. People were telling me that I am risking huge amounts of money and that I should be investing 80-90% less into the stock market.
I first bought into 88E at 2.5p at the end of February 2016. Around that time I decided that I was going to quit my dead-end 9 to 5 office job to travel and experience life in other countries. I had caught the travel bug and I thought what was the point of all of this. I could continue to graft in London and maybe in a couple of years time have a deposit for a box room or some studio in a less than appealing ?area - but even then I wouldn't be able to get a mortgage because my income was low. I could never afford to buy anything in the area I grew up in.
Two weeks before I set off I finished up at work, the week before departing the UK we had the Brexit vote. On the day prior to the Brexit vote my share positions were up ~£7000. I didn't sell because sentiment was that we would remain and I would be up even more. I am a bit of a gambler, obviously greedy and have no idea what I'm doing! I was under 30 at the time and my thought was that I could afford to go broke and it wouldn't adversely affect me later on in life - as the Aussies and Kiwis say: "She'll be right".
To cut a long story short my shares were down alot and my cash was worth like 30% less abroad then it was the month prior. I've never been up in my share positions since that day (until this week!). I never added more money into the stock market due to disillusionment and being somewhat cash poor.
Fast forward some more time I eventually sold out of my positions at a loss and decided to gamble the lot on 88E (I pretty did everything investor's are advised against). My average is in the 2.xxp range.
I decided to do the Working-Holiday visa in Australia and absolutely loved it over there. To get another year you have to do 88 days of farm work - at first it was hell then I grew to love it. You get to make some amazing friendships on the farms. I told three German mates that I'm going all in on 88E and that if they strike oil I'm going to be rich.
They were impressed enough that they bought a few hundred euros worth of shares on the Stuttgart exchange before the 2017 drill. I didn't even realise 88E were on the Frankfurt exchange. I spoke to one of them the other day and they all still holding.
It didn't work out and I wasn't able to retire before the age of 30 and spend the rest of my days drinking beer and ****tails on a beach in some place like Thailand or Samoa.
Corrosioneer - yes you are right. Say there was bad news released whilst the LSE is closed (so when the Australian market is open) then your stop loss would execute upon market open at the market open price (or the next available price).
So using your example - your shares would be sold for 1p not 3.8p.
So it sounds like they have a large liability atm. I suspect a fair few people use Degiro to short 88E, Degiro would be liable for the lent out shares. I recall someone on lse forums mentioning counter measures to prevent our shares from being lent out - by setting a sell order for £1. Degiro have a counter measure against doing just that! If I recall correctly when the share price was 1.55p it wouldn't let me set a sell order at £1 - it said the maximum I could set the sell order was 2.55p!
Glad most of my 88E shares aren't with them.
https://www.reddit.com/r/DEGIRO/comments/mbognp/question_about_buying_stock_from_88_energy_ltd/
"Our risk department has closed further purchases in this product because the internal position limit has been reached. As soon as DEGIRO customers sell parts of this product, there will be more room for purchases and our risk department will reopen the product."
Is that a good sign or evidence of the limitations of using that platform?
I feel that should things go well and we receive positive news in the coming weeks and months that we shall become a company with an MCap of �1 billion. 18 pence a share come late August/early September time.