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Why should the sp increase when we get closer to Ex divi? The sp drops because future investors do not buy with the benefit of the dividend.
Why should Repsol / Sinopac risk farming in to an appraisal. Its only pressure testing that has taken place on Serenity. Surely their Geo scientists would have been in the data room; did they recommend spending millions, or did they say come back after you've confirmation following appraisal.?
The NS personnel are a drain on the Canadian operating profit. To get things moving, offer Borgland Dolphin 25% to see if their eyes twinkle; if not offer them more. This is just to appraise Serenity or if their eyes twinkled, go for the whole of Liberator. If it's a good confirmation, go to Baker Hughes with an offer of 10% for all the subsea work or whatever it takes. Not forgetting Bybrook, our Hedge Fund who I'm sure will be falling over themselves to fund an independent development. That should take us to 30p or more. Incidentally, Bybrook have been taken over by another H/F. Don't see it affecting i3 relationship. Bybrook are well thought of from the other side of the fence ; they make good profits.
If this is news to you I will post the write up. Don't think it will let me give a link?
Share buy backs are merely being mentioned in the context, as another way of distributing funds to shareholders; versus dividends. Accumulated losses discourage potential investors
and make it difficult to obtain debt financing at acceptable rates.
Enbridge Line 5, currently delivers 540,000 barrels per day of oil and other petroleum products from Superior, Wis., to refineries in Sarnia, Ont. The pipeline is a part of Enbridge’s Mainline system that brings roughly 2.8 million barrels of oil — more than half of Canada’s total production — from northern Alberta to the U.S. Midwest every day.
All of the jet fuel used at Toronto’s Pearson International Airport is made in Sarnia, and distributed through Line 5. It also carries propane used to heat homes in northern Michigan and Ontario, and supports thousands of jobs on both sides of the border.
Enbridge have been ordered to shut down Line 5 by the 13th? Enbridge has said it would not shut down the line at Michigan’s request and has appealed the order in U.S. federal court.
The Michigan order would effectively revoke a 1953 easement that allows Line 5 to cross the Straits of Mackinac, a narrow channel connecting Lake Huron and Lake Michigan.
Canadian officials have readied a number of potential moves should the shutdown be enforced, including a plan to invoke the 1977 Transit Pipelines Treaty, an obscure agreement designed to stop either Canada or the U.S. from impeding the flow of petroleum products. The Michigan Governor is a close ally of Biden. Might think it's comical but this is for real and Biden not doing much.
Hedging is not cheap in a rising market. It should be done at different price levels and managed. Gas is hedged with AECO strips not Henry Hub. I have no problem and don't understand concerns with the dividend. I've been adding but would still add Ex divi as the market adjusts the sp for the divi payment, otherwise investors wouldn't buy Ex divi: would they? Market down 2% today on inflation worries.
It's not a case of skepticism, Serenity was discovered November 2019. Its estimated we have 197 mmbbls STOIIP. People have to go into the data room, look at the seismic and agree with i3 that the sands to the west may contain the quantity stated; taken into account the directors relevant history? They have to decide is it worth farming into a well that could cost £12mln just to appraise? So where are the takers? Plenty production assets in the NS for sale from the big boys, without risk. We should approach Borgland Dolphin and offer them 40% of Serenity and see if they bite? Pleased i3 opened up about natural decline of the Canadian wells; the Canadian team look as tho' they are doing a good job and should be allowed their head. I note Gear Energy has been mentioned. A little from their Q1 results concerning drills: Gear recommenced investment in the field through the drilling of eleven successful (10.3 net) wells including ten heavy oil single lateral wells in Paradise Hill and one (0.3 net) light oil multi-stage fractured well in Wilson Creek. A total of $7.9 million was invested during the first quarter. The ten heavy oil wells continue to be optimized, producing a total of over 400 barrels per day over the last 30 days. The light oil well has been on production for 33 days producing an average of 200 barrels per day on an inclining profile with the last few days at approximately 300 barrels per day (on a gross basis).
This in one quarter.
Well what can I say, I'm wrong again. Lets be honest the odds were against me. Any more warrants/options to come? One good thing, another share of mine Tlw managed to refinance yesterday. Always been a sucker for companies with high debt. I was going to sell some i3 for Tlw but this company needs to be given its head and see where they take us .
Old news concerning Ns. Mind you Graham had said 6 to 9 month for a big jump in the SP. Lib west and Minos High will never get drilled, waste of money. Dolphin, that would be a surprise but you never know? We just need someone who agrees with the i3 interpretation that the west of Serenity is holding 197 MMbbls STOIIP. It's taking some time.
kingivor
I totally agree about the Loan Notes. A lot of the big companies have refinanced at just over 5% lately. I asked about refinancing as they are not paying off the LN debt. This is why I'm against the dividend. We have until 2023 to satisfy the debt but I've been told, the 8% we should be paying now becomes 11% if we roll the debt. What is alarming is the payment will be Payment in Kind. We must be hoping for a big increase in our SP to do this. We all know its Bybrook who hold just under a third of the shares; PIK , options/warrants should be out the money but I wouldn't bet my house on it. I believe they are banking on Bybrook to finance any deals but even if they are OTM they will still have to sell some shares or offer to buy the company somewhere down the line. If they are ATM I'm sure the directors will also give themselves freebies. Don't want to
instil doubts in Pi's minds because we should give the Canadian team time to do the job. We have Transmountain and the chance to export our oil Xmas 23 so we should be cracking on with obtaining a bigger weighting in oil. I'm a LTH, and they owe me money, how can you tell?
maestro
Already had that map. Knew about Nipisi but didn't know what exactly we had in Martin Hills. The ellipse which Graham drew, takes in a lot of the Athabasca area where the northern region holds oil sands; and the reason he said, Oilsands it is not. It touches the Cold Lake area to the SE.
I'm sure the Canadian team will already have made their minds up where we need to go?
Looks as tho' our Canadian cousins are right. Came with a png map but I can't transfer. The map isn't detailed as such, its only when you look at a more detailed one that you understand the scale. He has it marked with a green pen.
Hi R,
We’ve not disclosed the exact location previously, but our acreage is in the Marten Hills/Nipisi region. The Clearwater is one of the hottest plays in North America at the moment (within its sweet spot), but there are varying degrees of oil quality within it. Oilsands it is not.
Kind regards,
Graham
I asked as his brother was CEO within Canada, along with 2 VP's would they have carte' blanche for decision making. He of course replied, it would be the UK parent company. It still changed things for me because the 3 had worked together as a team in their previous roles; their opinions on expanding the company should go a long way. He only responded with what he wanted to say; news should be imminent concerning the divi . Nothing was said about Clearwater / Serenity or the infill gas drill, Lets see if there's any mention in the update? No point asking Camarco or Majid, they do not take notice.
I sent Graham an email at 17:29 yesterday; he replied, Tue, 20 Apr, 20:31 (18 hours ago)
He was aware of what I had said but replied in general terms.
Graham,
We’d stated publicly that i3 would be putting out quarterly updates, so the market should expect to receive news on Q1 in the near term. Covid: We are managing operations in a safe manner and in alignment with government guidelines. Ultimately, all decisions are made at the parent level – i3 Energy plc in the UK – but we have 40 highly qualified staff in Calgary, most of whom have spent their careers in the WCSB almost exclusively, so that portion of the Company is in very capable hands.
Hope you continue to stay healthy.
Graham...
Sorry wouldn't let me post a link. Just what we know.
(Bloomberg) --Total SE’s likely decision to proceed with a $5.1 billion Ugandan oil project will extend its dominance as the biggest spender in sub-Saharan Africa.
The French energy giant, poised to greenlight the plan within days, has been the largest investor in the region since 2012. Its spending on exploration and production there peaked at $6.2 billion eight years ago, and even following the latest downturn will be around $1.9 billion in 2021, Wood Mackenzie Ltd. data show. That’s more than double any other international producer.
Probably already been posted?
Https://mail.google.com/mail/ca/u/0/#inbox/FMfcgxwLtQVjdCXvRtJrCHvphptVzhZC
I just think its the negotiations taking place with the US and Iran. They say the Biden administration phoned Saudi before their meeting, asking them to keep energy costs low. Any agreement with Iran is bad news for oil price and Biden knows this. Next meeting Friday.