Member Info for G_G_G

Fellas you can add 3.59m + 830k to the 'No' vote form my 2 x accounts. I'll get my wife's ISA shares voting 'No' tomorrow, but that will be an extra 1.25m. I may even buy another 350k for a No vote through her account. Can't lose and it's an extra few hundred thousand shares against.

Disgusted by the bod's actions, but still firmly believe we are going to get an enhanced offer or counter-offer in the next month. It's a long time for something to happen.

Also worth knowing the Barclays call handler I spoke with immediately recognised Shanta and said that she had spoken to quite a few angry investors. She estimated I was number 6 or 7, and over 20 people had registered via Barclays already to vote against. The more we get the more likely Patel either ups his offer or f@cks off altogether. Let's make this happen folks. GLA

Nope, not mine (yet). Will be locked into SHG until end of month February unless an enhanced offer or counter-offer lands. Happy to let you guys know when I'm buying.

Tony, any thoughts on what $70 WTI and CAD1.75 price averages for the year will yield in terms of NOI and fcf? Imo these are realistic bottoms for both commodities in 2024. I also think $75 and CAD$2.00 is perhaps the best we can hope to get this year for average prices.

Key things for me is whether an annual dividend of 1p is supportable with the above prices, alongside debt repayment, and enough remaining to keep production stable (not growing). If we have enough to do all these things when using 'car crash' pricing then anything below 10p is a steal. People need to keep in mind that we're paying down debt that we haven;t utilised as of yet, so there's a good chunk of cash available for an acquisition, Nth Sea development, or drilling more oil rich wells in Canada. If they cut the annual dividend below 1p the sp will react accordingly to the downside, so hopefully not something being considered. I think 10% yield is what the market will place on buying in here, so if they cut to .75p then roughly expect 7.5p sp. Quite ugly, but what we've seen to date as an average yield.

Usual pov about this company being a t/o target at this level. My SHG investment is voted on in 3 weeks. I'll start buying back here if it goes through or a counter offer is made (hopefully). Current holding 500k. AIMHO GLA

And don't worry, there will be at least 5.7m shares voting 'No' in the coming days. Feel free to add now if you like. If we're going to get a counter-bid, or an enhanced offer, then it will need to be in the next 3 weeks. GLA

I haven't seen anything from Barclays yet - anyone on here with BARC?

Pretty f@cked up how the sp is performing here. Anyone would think that WTI was in the 60's. Not sure what it's going to take for it to get back to the teens unless a t/o offer or merger is to happen. Will be interesting to see what they're doing / intending to do with the loan money as well. Time will tell I suppose.

Tony, did you see my last post?

Saw your post over on SHG Tony. The board is unlikely to answer the question and probably hasn't seen your email amongst all the abuse from shareholders. Are you looking to invest over there? Currently a bet on whether a counter-offer is going to arrive or the greasy Patel c@nts are going to add another 10% to ensure the vote gets passed. Reckon that was the game all along so a counter-offer is likely to require +16p should one arrive at all. Waiting game on who blinks first whilst they sort the offer document. Hopefully we get a counter and I can bounce out and into another goldy that I have my eye on.

Also have another one for you, have you checked out DELT? Absolute speccy but looks like one of the best stocks for a quick double / triple later in the year should they find a way to drill their 2 x wells and not give up too much of their fields. Alternative is they do a raise for the £20m, or combination of farm-down and raise. Certainly one to watch.

Still equally disgusted and amazed by this derisory offer and the fact it has even been lodged. Some gall these Patel f@cks and the bod have. If someone is truly interested I think we have until the end of the month before a counter offer is made. They'll need at least a month to do the numbers and work out what's likely to be accepted. Hopefully we'll get closer to 20p than 15p and we can all walk away licking our wounds (and for some with a profit). Still holding 5.7m and voting NO!!! GLA

Thanks for this Tony. I'm only familiar with a couple of the others in the top 10 and I wouldn't go near them with a barge pole in comparison to i3e. Another way of writing this is the top 10 most unloved (or untrusted) stocks on the TSX.

Tend to agree MattyBoy. I'm still of the opinion that in the absence of a counter offer they will increase to 15p to get this over the line. The equivalent of lubing us up before the inevitable :)

Worst case scenario they double the share count @ 20p but keep all existing % ownership of both fields (plus have $5-10m in cash remaining). I imagine they could do this quite easily. I'd dump some money in here if they go this route. The alternative is they're trying to minimise any cash raise by giving away % of the field(s). This is most probably what's happening and taking all the time. Otherwise they could just get on with things and tap the market for cash. Certainly has the biggest multi-bagger potential on AIM for O&G this year. All routes - cash raise or % giveaway or combination - will probably deliver similar returns in the success case. The best scenario is to raise cash for Penascola and give away % for Selene. You end up with 50% more shares but have held onto the % of the field that has a large discovery.

If the appraisal well comes in near what they've suggested you're looking at a 2-3bag instantly (with 50% more shares in issue). If they strike a similar resource in Selene then you've got a minimum 5 bag on your hands. I don't think the 10 bag numbers are realistic unless both come in as the biggest discoveries of the past decade or two.

I'm biding my time here as I have a significant amount of money tied up in SHG that is going through a t/o process. Hopefully a counter-bid lands there and I can drop a decent chunk of money in here.

My concern is these funds and unknown holdings are acting on behalf of that greasy c@nt Patel and will receive another 5-10% in 'fees' to vote in favour of this smash and grab. Anyone have any views on whether this is legal, or whether any of the other major holders could be doing such a thing? Still hoping for a counter bid of at least 16p so I can leave angry but at least not wanting to bury some of our dodgy board members. Counter bid will need to arrive in the next couple of weeks to put an end to this shameful t/o.

Agree on the hedging Stas although I'm not sure what sort of future price they will be able to lock in. I think we will need a quite long cold winter for i3e to average the year with their guidance assumptions. I do believe we can expect poo to stay in the $70-75 range due to Biden's willingness to re-fill the strategic reserve whenever prices dip to $70. There's also the willingness of OPEC to restrain production. So no problems there. It's just the gas price that's the big question mark for me. GLA

Canuck, are you invested here? I can't remember the name of the OMJ muppet that Tony was sparring with for a while, but you sound a lot like him.

Fwiw I think IC article was a very good piece of PR (if the company was involved). So great to see for once. It's also difficult to argue with the investment thesis here. Even with O&G prices at this level the company is still only valued at circa 2x NOI, and paying a 10% divi if maintained.

Small sp catalyst could be news on Tain - does anyone know if this is part of the next licensing round? Otherwise I think i3e will drift up and down with commodity prices. SP range imo will be 8-12p depending on average 2024 commodity prices where I see AECO averaging somewhere between CAD$2-2.50 and WTI USD$70-75.

On a personal level I'm hoping a counter-offer lands on SHG in the coming weeks and this is still 10p. If so I'll be back for a lot of shares. At these levels i3e has t/o / merger written all over it.

Looking forward to seeing the Q4 results. These results are going to tell us just how dodgy our board and directors happen to be if they attempt to sandbag them after all the things Eric has said about production rates. We've got 1.5 weeks to see if they're a bunch of crooks.

yep absolutely disgusting by eric and the board. the only saving grace is if they're genuinely trying to flush out an offer. the concern for me on this point is the way eric and the company have started ****bagging shanta in the press and downplaying results such as today. i have no faith at all that everything has been released. and i'm also expecting them to somehow tarnish the q4 results, which were meant to be the best in the company's history. some bull**** like equipment failure etc. i honestly don't understand how eric and the board sleep at night with what is happening here. there would be a huge amount of pis that are under-water at 13.65p having held and supported the company for years. the patel's are just another slimy indian / african raiders that have made their money from stealing assets with the help of governments. but for our board to be in cahoots with them is truly shameful.

the only way to stop this is for the offer to be voted down. and in the event of this happening i have no doubt the share price will remain the same or increase. there's been too much movement around 13p for people to start selling their stock for less. the patel's won't dump their stock, and even if they did you'd have a long line of investors willing to buy their shares for less than 13.5p. what a bunch of c@nts these people happen to be.

i've got 5.7m shares voting no!

Anyoneforcricket, I think the main reason why many are not jumping back in yet is they don't know the forecast 2024 divi payments and numbers backing it. They also don;t know anything about how the company intends to use its debt. Or whether there will be a significant amount of dilution and/or hedging in the event of an acquisition. The company has done a great job from an ops and deal-making standpoint. But this hasn't made up for the number of disappointments along the way, which is why the sp is where it is. Once the company provides some 2024 guidance I expect a few more people to enter here (perhaps even myself). GLA

Well there's the divi confirmed. Currently paying out a +10% yield. To be honest if this company can be trusted to pay out a dividend at 10% yield (@10p) then I'd be happy to move everything back here post SHG t/o. This would of course mean limited development unless they start utilising debt. I'd be more than happy for them to do this provided it's pointed at oil heavy wells with high IRRs (using $70 WTI). Use just 50% of our available debt and re-assess at year end what be best imo.

For this year I see no sp catalysts other than t/o offer or expanded war. AECO will be horrendous this year. WTI I believe will be range bound between $70-75. Key is to keep shareholders happy in a depressed market such as this, which to my mind is by paying a safe, and industry leading dividend whilst aiming to maintain production. No-one will reward us for an extra 1kboepd production, but they will care about being paid a reliable income. That's my views at least.

Absolutely shameful by Eric and the bod unless the whole point is to drive out another bidder, or they know Patel is going to increase his offer to +15p. I will only them if we get a +18p offer on the table.