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Buying looks to have dried up. Still believe the Patels will come back with 15p closer to the vote date if we haven't received a better offer before-hand. Incredible to think this could go for less than 20p. GLA

Hi guys, sorry I didn't respond to a couple of questions the other day as to whether I'm fully out yet. The answer is no, I still have my 500k. I'm hoping to see some upward sp action post the next update and will re-assess if it's worth moving to shg with my last holding. Still waiting for a counter-offer over there. Guaranteed +5% at current offer price. Reckon the slimy Patels will up the bid themselves to 15p (nice round +10% from their current offer) in order to secure a 'yes' vote should no better offers arrive in the coming weeks.

Big question for me then is 'what next'. I'd be very tempted to dump the lot back in here for the dividend, providing of course it's not cut too badly this year. Although I don't see any real upward movement in i3e's sp over the next year it could be interesting form 2025 onwards. And if you can get a safe 8-10% divi yield then the downside is limited whilst waiting for gas prices to improve or a t/o offer to land. If they cut the divi too much this year then 8-10p could be the new range for a little while. Crazy to think but recent sp movements suggest it's possible, especially given gas prices are only going to worsen from now. AIMHO GLA

Disagree Tony. We would have been at +13p regardless of this t/o offer so don;t see the sp crashing. The company is making mounds of cash and most investors are well aware of this. The board showing a willingness to sell would only encourage more buyers who would know that anything near 13.65p will get voted down.

Imo if there's no counter offer the Patel's will likely increase to 15p to ensure a decent number of angry PIs get on board. This would still be a steal for them, and should safely get them a 'yes'. It's why I pointed out 15p being a nice round +10% from the current offer. Not just a coincidence imo.

The one thing that really bothers me is whether they will sandbag the Q4 and drill results. These guys are either trying to force an offer (no sandbagging), or we're dealing with a duplicitous, corrupt board. If the Q4 results are similar to Q3 then nothing to worry about and I have no doubt a counter-offer will arrive. If there's some kind of 'issue' that has been uncovered then we all need to get onto the FCA and start making things hard on them. The thought they're intending to steal the company from PIs who have supported it for years makes me sick to my stomach. I'd wish serious harm on these guys if that's what they're doing.

Hopefully it's a counter-offer ploy and we receive a 20% increase on the current 13.65p. Then release some stellar results and see where the offer ends up. AIMHO GLA

Thanks No2, good to know there isn't any other skeletons to be aware of other than a funding shadow.

Regarding a fund raise, in my experience mgt will always give the impression they're not going to do it as they need the sp to be higher to secure the best possible outcome. And then they more often than not do it. I'm not saying this is going to happen, but equally I'd be surprised if there isn't some cash element in covering the Selene and Penascola drill costs. Happy to sit on the sidelines until there's some greater clarity. I do however see this as a 3-5 bag from this level on drill success (depending on how it's all funded). GLA

Gold price getting smacked. Would be great to receive at least one counter offer in the next couple of weeks at the very least to get pedro off the board.

Nice thing here is we have a guaranteed 13.65p floor and much higher potential. I don't see the current bid getting accepted and fully expect the Patels to come back with a +10% bump should no counter offers arrive before the vote. Interestingly the +10% would be bang on 15p (13.5p +10% + .15p divi). I think they'll do it just before-hand to give themselves the best chance of success. Happy to continue accumulating in the meantime. Hoping to get up to 6.1m shares in the coming week or so (5.7m current). That's my entire AIM pot so will have moved a very large proportion of my wealth into this stock. Worst case I see as 15p. I'm hoping for 18p or better from a major. Something that will blow the Patels away and likely succeed in a shareholder vote. AIMHO GLA

HNY folks. Haven't been here for a little while as I'm almost completely out of i3e (500k remaining) and now b@lls deep in SHG. Not forever as I'll most likely reinvest here after the take-over shenanigans at SHG have been finalised.

I share many of the concerns of Stas and nomad. For me the biggest concern is the 2024 look-ahead and not the Q4 results. Even if Q4 just falls short of their NOI projections the numbers are very impressive for 2023 (versus current mcap), especially given the oil / gas price volatility and the Q3 fires impacting production.

As for 2024, I personally don't see gas prices improving until the lng streams come online in 2025 (if that happens). The world is also awash with gas and there's new production coming online constantly. There has also been an energy mix change away from gas by Europe. So gas is the quite large sp anchor for this year imo. Oil on the other hand I see as a safe +$70 WTI for 2024 thanks to supply / demand dynamics driven by OPEC+ manipulation and strategic reserve re-filling. This is why I think i3e should direct their development budget toward oil and certainly for any acquisitions.

North Sea (Tain) could be interesting but suspect this is months away from any news. And there's the fact the previous holders felt it was too risky from a geological standpoint. How much of this is true I don't know, and suspect it was more about it being a giant pain in the @ss to develop for a small return (for a major). And there's the id!otic UK government f@cking Nth Sea O&G every which way. Not sure it will do much to the sp, but could be a penny or two depending on how it's sold and how long they will take for any action in the fields.

As for 2024, my concern is there will be a dividend cut, which will lead to a drop in the sp. We know the market sees i3e as a bit risky, which is why a yield of 8-10% has been the norm. So if they cut the 2024 divi by 25% then I'd expect the sp to react accordingly. This would be a good time to get in as I think that will be the floor for 2024.

As usual I see a t/o as the best course for shareholders to see any decent return in 2024. Or, i3e pulling another rabbit out of the hat with an oil heavy acquisition. AIMHO GLA

No2 / Dr, am i correct in saying the only thing dragging on the sp is the possibility of a raise? Anything else you can think is an issue?

Why are you here Tiddler? It's laughable the garbage that you posted from your so called guru. And Tony, I have no idea what you're up to but agree with the_shareminator that you know full well that NL was funding Sing. Otherwise we've somehow magically made an entire mine build and exploration costs disappear. I look forward to an improved bid in the coming weeks. Barrick, Centamin, Chinese - I have no doubt there's a lot of companies that will be running the rule over us at the moment. GLA

Tibbles, you and your guru know f'all about this company. It's like he (and you) haven't researched a single thing. I'm struggling to find anything that is factual or accurate in the garbage that you (he) has written. You mentioned you wouldn't go near Shanta with a barge pole - so why don't you f@ck off then. You're a complete zero, along with your guru.

Tony, for someone who appears to be knowledgeable on this company I find it bizarre that you've given these posts the time of day, especially given then fact you should have seen the litany of inaccuracies and falsehoods contained in Tibbles posts. Care to explain why?

Hi guys, just looking at this company based on a few recs. I note the sp is in the doldrums, is this down to there being an expected cash raise on the cards? There doesn't seem to be any other reasons that I can find so would be good to know if there's anything else to consider.

Current valuation seems a bit bonkers given DELT has 30% of the monster Penascola field, which has just been given the green light on an appraisal well later this year. And then there's the Selene well that I believe has also been given the green light for a high impact well around the same time and where the company owns 50%. I also note the Selene well has a 70% cos - is this correct? And Shell is picking up 75% of costs up to $25m on the drilling and testing...?

Given the above I figure DELT will probably need around £20m to cover the appraisal well costs and Selene well (keeping mind they have £6m in cash still). Does that sound correct? If so then they would need to double the share count at current mcap. Or they could farm down further but that seems a bit silly given the success they have already achieved at Penascola, and the fact they only need to stump up 25% of Selene costs for the exploration well (so around £8m).

Even with a significant raise the value disconnect looks pretty crazy at the moment. In the success case of the appraisal well one would expect a doubling of the sp. But if they have similar success in Selene then £100m mcap seems pretty fair. I suppose the alternative would be to give away another % to Shell to cover the Selene exploration well and cover the Penascola appraisal well costs to maintain their share of the field. That would result in 50% more shares in issue so the upside could be quite a bit higher depending on what happens to Selene.

Thoughts / responses welcome.

Au price now regularly touching or beating the previous all time high. Once the Fed actually starts cutting rates the price is going to head upwards quite quickly. Expecting other bids to land or this offer to be rejected, which in turn will send the sp higher. GLA

Who is this h@lfwit analyst? Whoever it is they have gotten so many things wrong it's not even worth commenting. As for Doropo - you mean the big pile of dirt with indicated reserves and no mine...? As someone else mentioned the 'analyst' should get another job.

Hi guys, been offline for the Xmas holiday break. So you know my holding is now up to 5.7m shares. Still disgusted by the offer and voting 'No' if it comes down to it. Reckon we'll get a a counter bid though. I'm hoping this is a mgt inspired auction to bring out buyers, rather than a sneaky take-out. And the only way to kickstart the process was to get the Patel's to offer what they can afford. It's interesting that the bid +10% equals 15p as well, which could be their upper limit.

If indeed it's a mgt buy-out to flip it later then it stinks to high heaven. I'm still hoping the Chinese, Barrick or another mid-tier / major comes in and we get closer to fair value (at the moment) which I put at 20p. I'm happy to vote 'Yes' with my shares if we get 18p or higher. Still have a few more to pick up this week. I'll let the board know when I'm done. At the very least it's a sure-fire 5% gain so I'm dumping my entire Aim holding in here. I'll be amazed if we don't get another 10% at a minimum. Au price also very supportive. Forward 12 month EBITDA with Au averaging $2100 and 110k oz production is $100m. If we assume this translates to about $50m cash build after taxes and further exploration then we have an EV:EBITDA of 2 at the end of this year for a 20p sp. Crazy valuation and highlights just how silly this bid happens to be.

Anything below 18p and my vote is 'No'. Anything at 18p or above and I'm happily out. GLA

Hi fellas, on annual leave so just checking back in at the moment. I've got 5.25m shares at the moment and will be voting against. I think it's a great idea to email publications like the Mail and Telegraph about this dodgy insider job led by our dodgy director Patel. I'll be sending the company an email outlining my grievances and utter disgust at what they are doing in the coming days. I suggest others do the same.

At a guess we PIs probably make up 40% of shareholders. We don't need to sell and can definitely vote this down if we band together. Fwiw I don't think this is Saturn's final bid, and I'm hoping we can find another buyer who is going to push the final value closer to 20p. The good thing is any would be acquirer now knows the mgt team are supportive of a sale. If my remaining shares in i3e climb a bit more in the coming weeks I'll add more here providing I can get them at 13p. I think I can get to 6.25m shares in total, so a pretty decent holding. Every 100k shares counts on this one. Hopefully we'll have one or two bigger shareholders take our side and we can safely see off this insult. Anything less than 20p should be rebuffed. GLA

thanks bottomsup. sadly it's pretty much a dodgy mgt take-over and they're completely shafting us on the deal. i'll be voting against as they're shortchanging us by about 6.5p at a minimum. as much as i like a 35% return i was looking for 100% in the next 6 months. hopefully a counter bid from the chinese entities or barrick in the next few weeks.

tony, i wouldn't be s********* too much - if the shg deal goes though for the current ****ty t/o offer i'd be able to buy back a total of 8.25m i3e shares at the current sp. so as much as i think shg mgt is f@cking us, it goes to show how much more i3e i can buy even with the current derisory offer on the board. so yes i3e mgt are clearly rubbish on that measure.

Are we able to get the company to disclose the values they knocked back 12 months ago? Does anyone know if this is something that can be raised with the FCA - the level of dodginess here is extraordinary...?

I just picked up another 115k for 13.01. Now 5.25m shares voting against. We need to get this really going fellas on the other boards, twitter, Reddit etc. At the very least we can look to force a higher offer from this c@nt Patel. I'm getting to the place that I don't mind if we end up getting taken out for something like 15p, I just don't want it to be by that greasy pr!ck.

Here's something for everyone, take a look at the broker ratings (and reiterations) by our house charlatans over the past couple of years. And this is before we had a second low cost mine, far more reserves, gold price at record highs, no debt... And now they're advising this deal represents good value...?

This is mgt effectively stealing the company from PIs who have carried the bag after Oddey got handsy. It's Patel paying off our mgt team. Our board and Chairman are crooks. And even our brokers are cashing in on the crime.

Will we get the overdue assays? Will we get the our best ever Q1 operational report? What would the sp have been when we get these things - 15p I would think at a minimum. The stench here is absolutely rancid.

Anyone with spare cash start throwing it in here. At the very worst you get a guaranteed 5%. At the very best we get a bidding war, or this derogatory offer gets booted and we start our climb from 13.5p with an ever increasing cash pile.

I just bought another 115k @13p. It's another bunch of shares to use to VOTE AGAINST.

This Patel b@stard is dodgy as f@ck. Talk about a fox in the henhouse. How can the board possibly even entertain such an offer from one of its directors. I wonder what he's paying them? It also makes you wonder just how dodgy this deal happens to be.

Broker notes at 21p (with Au @ $1800). Offer knock backs when the sp was higher than the current bid and we didn't have Sing (let alone its upside), nowhere near as many defined oz's, more debt... the list goes on. The current offer was only a 6% premium to the sp pre-offer ffs. We would have made 13.5p within the next couple of weeks. And they make us vote before we get any more assays, and before we get the best quarterly revenue report in the history of the company...? Never in my life have I seen such bald-faced corruption.

Please god let this get voted down or have Barrick or the Chinese come in and bid at least 18p. Anything less is an absolute insult.

To every shareholder, if you want +20p then you have to hold onto your shares and vote against. I'd also strongly suggest you write emails and make calls to the company and Nomad expressing your disgust and this as an obvious stitch up. And the fact we haven't received any assays that are sitting in a lab whilst the company is recommending an offer for less than our sp when the last 2 x approaches were made (ands we didn't have a second mine). By all means state that na offer for 13.5p has been made and rebuffed, but to recommend...? Absolute C@NTS!!!