Member Info for freshair

@ fastfood,
Market wants then to get to 12000 boepd and then 15000. They need to get on with it. We should be at 12000 now.
I agree.
I wasn't expecting another proactive interview so quickly. They are now promoting the company but the pointer hasn't moved. We need to have hydrocarbons coming out the ground instead of telling us whats out there. I don't think we have enough working capital which differs from others on here. To share the cost for two drills was a no, no, for me. We cannot wait for FCF to build up before we drill. We need term debt to fund drilling. As long as we have incremental FCF as a consequence of any debt i3 will find legs.

Their may well be institutional buying before the record date. Normally the sp is expected to drop post the Ex date, because you are trading without benefit of the dividend. In this case things may be different because another dividend is expected late summer. Easy money for II's.
Don't see any low ball offer anytime. It will be the II's who dictate the future of i3 and they certainly won't accept such an offer.
Zak was pretty much spot on, i3 bought the assets cheaply; accordingly, we have been valued the same. We have excellent Canadian assets, including the Canadian staff who will have made the recommendations for the recent additions. I have complete faith their expertise will take i3 forward. I am one of those who advocate we should take further debt on our books and look for targets that are producing in their K's. There is one company who are not waiting around to export thro' the TransMountain extension. They are doing so via the USGC and in their words receiving $9.50 per bbl more than they get in Edmonton.

@ justfencing; I agree. The Hedge funds insisted on a dividend. I'm here for capital growth. We are paying Bybrook 11% interest as PIK on their notes. We aren't going to tolerate that kind of rate without using them in the future for a big deal, As I've said before, this is what they do, fund undervalued assets. Of course at the end of the day the institutions will hold enough power to dictate the future of the company. They will sell it!. By then we should be valued at par with our peers.

I added 169K shares, over 5 trades. toe rags

Does anyone use LSE for their share trading? Seems very cheap with no custody charge for Dealing or ISA. Are there any problems dealing. Pro's and Con's etc. My Eqi account has been sold to ii which I don't want to use. Advice appreciated. Thanks

This is from a previous message I posted which seems an eternity, I do not know if the schedule has changed.

The proposed Tain drill center lies in Scottish waters, approximately 72 km from the nearest landfall at Fraserburgh on the east coast of Scotland, and approximately 170 km west-south-west of the UK/Norway transboundary line. The Tain wells will be drilled using a jack-up drilling unit.

The drilling of the Tain development wells is expected to start in Q1 2022, with each well estimated to take up to 100 days including mobilization and demobilization.

The installation of the subsea infrastructure, including pipeline, umbilical, manifold, subsea isolation valve (SSIV), production and umbilical riser replacement, etc. is targeted to take place from June to July 2022. The necessary modifications to the Bleo Holm topsides are targeted to be executed from June to December 2021.
This gives us time for Serenity to be appraised.

First oil from the Tain field development is targeted for August 2022.

Are we talking of Repsol for the appraisal, I have my doubts; even then, it may come at too high a price? I still think Borgland Dolphin will have a say in the matter. Of course we would still seek to use the Bleo Holm facility in the event we developed Serenity ourselves.

Well done i3.

I'm sure Bybrook are taking note because a lot of hedge funds insist on a boardroom appointment. I've always said it was Bybrook who paid for Toscana, thats the way I look at it. Institutions with a large holding, hold a lot of power in a company. I have no doubt Bybrook insisted on a dividend, because Hedge Funds do not hold 29% stock and just sit, expecting nothing. If the company does not perform they will have something to say and it may well be to Majid.

There are two Canadian Geophysicist's that I know of. These will know whether the wells are Bitumen, oil or gas and at what level. Clearwater has a lot of Bitumen. It will have been these experts who prompted the drill of Noel and the Clearwater Deal. The Canadian team were put together because they had all worked together within WCSB. Majid offers nothing except they do things different in the UK.

Majid "Where will we be by the end of the year, I'm hoping to be where we are now or possibly better"
"Thats no good to man nor beast" We need to grow.
Just adding my opinion because of what I see .
It's the people in Canada who should be handed the funds . Its these people who know what they are doing , not Majid

I've noticed the frackers were able to refinance around the 5% mark. When we do pay a dividend, we will have a far better credit rating and should refinance at the best rates possible before inflation takes hold. We should take on board, term debt and use it to expand our oil drills. Clearwater is 6 months of the year; we need to crack on with building our oil portfolio. Gear drilled 10 wells in 1 quarter. Ok, the metrics were good with the recent Clearwater deal, but its 50% of what comes out the ground. When I was looking thro' the Gain portfolio there were wells already earmarked for drilling .? The management are saying nothing about them? There are other lucrative oil fields out there, Cardium, Dunvegan; deals being done every week . We have Noel Gas coming on line, with two oil wells before November (50%) probably earlier: Three before March. We also have to take into account natural depletion. I don't see a lot of growth. I think Majid said 10 wells within 6/12months, why not 20 ? If wells are costing a mln. we need debt to finance growth. We always have to account for natural depletion and we don't want to be caught out where we end up with no/little growth and take a sp hit.
TransMountain are still on track for completion of the export terminal end 2022, which will give us access to Asia for our oil. We need to take advantage of the deals out there.

Year end based on fcf guidance they will be net debt free..

i3 are not paying any interest on the Bybrook LN's. This to protect the Dividend. The debt as we know matures 2023. It will be payed as Payment in Kind, which can only be ATM options that can be held alongside their 29% stock holding. This is a good thing as it appears Bybrook, who "buy under valued assets" as a Hedge Fund, are here longer term and for me are will back the expansion of i3.

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.

Come on, let's be honest, where's Serenity making progress? Its the same old cry from i3, repeat, repeat, and lets have it one more time.

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.