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Correct Luckyman. Not looking good. It’s took them 2yr to do 3 drills. Cash burn. £40m raised. £22m Loan Notes. Nothing proven.

“Imminent”. March is another Month.
The Market has no confidence in them proving up 60m recoverable barrels at Serenity. Sub 8p coming to a Town near you soon baring a miracle. Nobody is buying.
Their cash position is one Big Secret.
Why on earth did they push to the edge of the channel on First drill ? They have never explained their thinking on this. Hence 8p.

I think a placing is inevitable. Check out their History over past 2 years demonstrates this. I suspect the lowball 8p has been engineered to allow a Farminee to also participate in part Farm / part Equity deal. Set your price.
Only good news I can see is that Tain will be producing Oil by 2021 / but will Serenity Tag on ?
This BOD are already a year behind producing Oil as was their initial Selling Point ala Neil Carson £6.5m Shareholder along with Graham Heath.

Davie Knox (now gone) spent £100k last year upon Equity Raise for 3 Drill Program. He will be looking to re coup some of that in the Free Market. Obv we won’t know when he Sells.
It’s a very thin theory but you’d expect he may start to cut his losses if i3 made it to around 20p ? ? ?
Meanwhile / RRE silence continues..
Bybrook’s inc to 14% must be head in the sand for them.

Motch. If there was no oil. Everything would be made out of wood. Perhaps you are confusing Oil with its only use to produce Power ? Hydrogen is the future but is Decades away from filling the World Power gap. We’ve had hydrogen for years on the back of Fork Lift trucks in basic form. Try putting it into a Rolls Royce engine on a Jumbo Jet ?
Almost every Product ever made has Oil in it. Take a look around your house. It makes the World function. How are you going to make a Car without any Oil ? Back to the Flintstones then.
Main constituent of Plastic is Oil. Almost everything is made of Plastic. If it wasn’t. You’d be watching a wooden TV.
In the future they will look at ways of breaking down plastic to re cycle Oil. Being a Finite Resource and all.
If Oil is Dead we go back to the Flintstones. Trust me. You do the math.

Oiler. If everything you have said was True / or to become Reality / then we would not be at 12.5p ?? But then again ; maybe you are right and I am wrong.

Media on LSE 7/9/17 Neill Carson Targets 10.000 Bopd by end of 2018. So far ; I3 have 1 Drill that has yet to be Appraised.

No chance harel. They’ve been promising Oil Production from 2018. Here we are 2 years on with 1 Well Drill that is not nearly fully appraised and no funding (Failed with the Funding previous). Completely Corrupt BOD with Leaky News. “Missing Edge of the Channel” just doesn’t add up.
Debt on Balance Sheet. £££ rinsed through this Company.

All the Gains made since FRI 4pm have sunk down the plug hole, to a level now below when the BOD came on Pro Active Interview to remind everyone about Serenity. And we’ve since raised cash at Multiple SP. Next Please...

Thank you for that Gary.
Personally I believe Serenity will be producing a Year from now. So plenty of upside on current MCap of 2 to 3 Fold Pound for Pound / Dilution Factored in of course. It gets messy with Dilution but they hold the keys at the moment with 100% Ownership.

We’ve already had Dilution / Hence the current MCap is below what they originally raised or thereabouts. 100% still there and Serenity discovery so this is a Perfect Investment Opportunity imo.

Yes Gary. But what do you Value the Company at ? As it stands of course ...

Do you know what.. I think you’re right. I could not Buy. I could not Sell. Again !! Embarrassing.

Final Thought. 1 Year from now they will be producing Oil from Serenity.

Marty I agree. It is my Opinion that the Money Men Connected have assigned a £200m Pot of Cash to what i3 have. Thus we have seen the BOD ability to raise cash at Various Steps when it has been required. They keep dipping into the Pot when the Project de Risks at each stage towards the End Game.

It is my Opinion that the BOD ability to retain the 100% in the License up until this Point / is undoubtedly their Biggest Success. At some Point it may Reduce due to a Step Change in Operations / but the longer it retains Intact, means that Potential Value is at its GREATEST Right NOW for anyone Buying a Share.
Somebody Tell me I’m wrong....

(Proven In comms). Typo.

The BOD have demonstrated the ability to raise cash at the appropriate time in order to progress to the End Game. How ? Because every bit of Cash Raised is from the belief that a £200m Pot to throw at i3 will extract Value based on what they have.
Enter Serenity. A Simple structure. A “Transformational” Discovery at Serenity and better still is all but agreed that it has a Connection to a field in another Block that is owned by a Cash Rich Company who are formulating a FDP as we speak. This further De Risks i3 own FDP.
Whilst ... I hasten to add i3 Retain a 100% Ownership in the License. Hello !!

And Oil Man Jim and co forget to mention this. Focusing on the potential Negative and Offer no Commitment on the Valuation of the Company whatsoever.

The BOD are Conservative by Nature (Proven In comes) and their Assumptions of STOIIP are based on an average Thickness of 40ft. One would think potentially more. And that is Conservative also !

All they have to do is Prove Up Serenity. That’s it.

Oil Man Jim is dreadful. He commits to Nothing. Throw away comments that turn out to be meaningless.
So Oil Man Jim. What is your Valuation of i3 ... as it stands of course.
What ?? No Comment ...

So what does Garyn Value the Company at ? As things stand of course ...

Surely they are now going to Get in Motion the Full Serenity Appraisal (Which will further De Risk Liberator to the West ;) ... ). The Window is still there to use the Borgland Dolphin if a Deal can be struck.

If i3 Demonstrate Progress / then maybe RRE come in as they may see their Hand loose potential ?
This could move Quickly..

Black Gold.