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When WTI hits $60 you may all Pay Homage to me as I was the only one in the whole World to predict WTI / Yes WTI to Hit $60 by March. We are within $1.25. My only Failing may be that it arrives in FEB !
World Inventories have been running at 60% Capacity. So the Stock is filling up. In any case I believe the World only has Capacity for about 90 days should Oil Tap be turned off and Consumption Rates remain.

How much STOIIP does Tain hold ? And has Tain been Fully Appraised ? For all we know / The Whoo Harr re i3 drilling beyond the recognised Boundary (But within their Jurisdiction) close to Tain / It was probably Repsol who gave them the thumbs up - Because Serenity adds to the Value of the Project and may be fundamental to de Risk the Project for Repsol. Just my thoughts.

TM should have got the £2.5m up front and Part Refund of £1m if AE pulled out. It was a Bad Deal and was too good to be true on paper. Due Dilligence ? Don’t make me laugh. Legal Action ? Don’t make me laugh. ARS simply cannot afford it. The Deal was a sham / a side show / from Start to Finish. Everybody knows it.

I’m not so concerned over the F/O. I am more concerned that the whole Project with Repsol gets underway. The driving force for that is Oil Price and so this de risks the Project. As does inclusion of Serenity - if indeed STOIIP can be proven.

You are right Austin. It gets to the Point that it seems BOD either purposely keeping PI in the dark / or Project Sensitive info is about to be released and close to Completion. If it turns out that no Sensitive info comes out / then - They will have kept PI in the dark. Oil has risen to $60 for heaven’s sake blowing All Guidance out of the Water. They should be clambering to the RNS booth to attract interest. The Show goes on nevertheless.

I am trying to Justify the Current SP / Given that we suspect it could be Grossly Undervalued and in comparison to our Market peers.

My take is this. What do we have ? 10 years at 9000 boepd - and then what ? If this was the case with all Decommissioning Costs would it not seem realistic to Value the Company at being able to Return some £40m in the form of Dividend to its SH ? £40m being the current MCap.

Of course we should have more than 10 years at 9000 and opportunity to grow from within current acreage and deliver Dividend from FCF.
We also have Serenity and Minos High with Oil in the ground, near potential existing infrastructure and Market / but it is not yet fully Appraised and monetised.

So perhaps our SP is behaving as such / until Delivery from the BOD occurs ? Step by Step this could be one of the best Growth Shares around.

I wish to add that Graham said that the Company was an “Energy” Company and not just restricted to “Oil and Gas”. I wouldn’t put it passed them to move the Focus away and Diversify away from Oil into “Other” Energy Markets (For Example - Solar or Hydrogen) 5/10 years down the line. You put your money in - They Invest it and deliver favourable industry metrics. I3E is the Vehicle.

Tony Montana’s Interview was poor. He looked tired and uninspired. Not good imo. But then again / A Tactic ? As he is not that daft to put a Fatigued performance in on video.

For GGG. Having re visited Aug Presentation I doubt I3 will Hedge much / if any / Oil production, as Graham said that their current 12 Product Mix (Crude Oil being one of them) gave I3 a useful natural Hedge against a Volatile Oil Price Market. The other Products thus benefiting from returning more Stable Prices.
I take this as a Positive given recent rise in POO situation.
Should they acquire or increase Actual Oil production, then larger dependancy on Oil may give rise to Hedging in the future playing a factor.
All good for current FCF IMO.

Excellent Tony. You now get my Point. Have a lovely weekend all and into another Week !! Hurrah !

Yes Apologies Tony I am getting carried away. I meant 42 at $60 / so it could only be more than 42 above $60 Pb but we know it won’t be. It’s how close we can be is what we are after in Next Report.

So I am meaning / If Brent is $45 then we get 42 FCF as all our Product Mix and Differentiating Returns are Factored in. Thus if Brent $59 we get more than 42 FCF Yes ?

So Tony. Are we of thinking that Mirabaud Factored all these reduced Returns v Brent Price to achieve 42 FCF at 45 Brent ? Because obv our Product Mix Falls way Short of Returning that Equivalent to Brent. We are not even on a Par with WTI. And given we are less than 40% Oil anyway / ?? ,, ?.?

Just my Curiosity and Mis Trust of all Things Financial. You’ve covered everything there and Brent is now $59 so I guess it boils down to how much they’ve Hedged and how efficiently they’ve Produced. $45 v $59 is like the Watford Gap !!

That doesn’t Satisfy my Q but Thank you Tony. We are a little closer.

So to get 42 FCF does WTI have to be 48 PB ? That’s what I mean.

Tony. Do you know if Mirabaud Factors in that we Sell at a 4-6% Discount to WTI due to Transportation Costs ? So if Mirabaud say $45 WTI do they Calculate that we probably achieve $42 ? And so is the 42 FCF estimate therefore based on Actual $42 PB or WTI $45 PB / Meaning the lower Price we get is Factored in. Easier to tell you what I mean in a pub.

Tony. You just know that somehow I3 will Not deliver $42m FCF lol. We just know don’t we ? Somehow..

This is Correct JAdam.

Oiler - But ENQ and PNP are still prepared to pay $375m for it !!

And if they can’t Move Forward in these condition / Forget it. It has to be Good.