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A second listing gives extra cash if i3 release further shares to the market, and of course dilution for shareholders. The y mentioned noteholders, this is a further avenue for large holders to trade their shares. We should concentrate on a farm in which is what everyone is looking for. Lets believe them. Renegotiating warrants does not help the shareholder; they have a four year life span and that's the way they should stay. If the warrant price was dropped and they vested we would have cash but not as much as the warrants are worth now; we would also suffer dilution so the best way forward is a farm in with Repsol who would be the operator. Aimo.
Well at least we have a drill date so something is going on. Doesn't look all that bad considering some one had to be screwed. If Serenity is successfully appraised I'll be happy. Majid should have been shown the door. He was given a million options wasn't he? It appears as if some ii's want to sell some stock but retain their warrants; that's the way I see it. I can't afford to go anywhere; too much to lose. We have Serenity and the Dana drill to look forward to; news will trickle out concerning funding/farm in.
We really need that news before any secondary listing.
When the time of the General Meeting is announced, we know it should indicate 21 days notice. Of course any news could come before the meeting, but at least we would have an end date for an update. I don't believe i3 can change there spots so probably the normal leak will occur?
Just let i3 get on with it. Their should have been a general meeting mid Feb but it looks as tho' negotiatings are still on going. Their might be too many pre conditions from Rre/Repsol; they are fully aware of i3's situation with no appraisal of Serenity. We really need the backing of the senior lenders, whether for the lib 1 development or appraisal of Serenity. As i3 have said, they now have collateral. I don't see why anyone should worry when it gets to March. Negotiations are obviously taking place; Im sure the ii's are making sure they have some sort of hedge in place, possibly a % of Serenity in return for further funding? Their will be a price to pay whatever comes next. The ii's coughed up when the sp was a lot higher, so they won't walk away now.
We have Serenity and a discovery by Dana so we have collateral to offer. We have to believe that Serenity was "transformational for i3." Everybody is jumping the gun assuming anything and everything. Even if Serenity wasn't part of Tain it wouldn't be the end of the world as it would still benefit RRe/Repsol if Serenity used the Bleo Holm. It also wouldn't bother me if the ii's forced a change in the bod's which they are capable of doing. We have the General Meeting within the next fortnight so why sell? Fascinating !
Any placing is the last resort and I don't think we are there yet, not by a long chalk. If its "confirmed" that Serenity geologically is part of Tain, Repsol might make a cheeky bid but as we know, we have ii's who paid 35p and upwards so we should be safe from any give away.
Don't think the sp means a placing; as was documented yesterday the coronavirus is affecting the markets. The market is just trying to pick up some cheap stock; ignore the sp. We should have positive news within two/ three weeks. If things go right a lot of money can be made here. I'm not talking of Lib west just Lib one and Serenity. We need some meat on the bone and these two can give us that.
I wish these directors would just say nothing and keep their heads down. Yes, they said 60% which takes some believing when the average for the UKCS is 43%. Not impossible of course, but with their track record they should put the Serenity CPR on the table before anything else.
Strangely enough, I also sold Pmo to fund an average down . You can't really average down when you hold a lot of stock; it hardly makes an impression to your ave sp. I hold 539,375 shares @
0.29282327p. Yes, I also look at the 35p paid by ii's but no doubt they will average down in a cash raise and the i's will just have to hold on. We should be alright with Serenity if the bod can manage to tell the truth. We should still seek funding to prove up Serenity rather than a farm out from a position of weakness.
They haven't found 200 mmbls at Serenity. They believe they have 197 mm bls of Stooip; they are not reserves. Recalibrated their seismic after the A2 debacle; we hope so. They are making the case that Lib West could hold 400mm bls. All lth's will hope so. Hanging on to your shares, good for you.
Thats the trouble , I don't think he is an expert. The only person choosing a drill sight should be a Geophysicist . i3 Have wasted money, its a simple as that. They did a drill when the seismic wasn't clear enough. I don't believe them, it was just sheer incompetence. What happened with the A2 drill? They gave us a load of garbage about how confident they were. I'm certainly not relying on their expertise .
That means nothing! We need to prove up Serenity first by appraisal. The Bod cannot go to RRe/ Repsol without real proof of Serenity's size and does the appraisal show Tain and Serenity as one? Look at i3 's. history and ask why the sp is where it is. We need Serenity to be an enormous field to get some credibility back.