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Quite an annoying weekly chart. It was clearly the double whammy of H&M news and our f@cking NED selling (who should be bounced form the board). Next week we should be attacking 418p again. It's proving to be one hell of a nut to crack.

And where are the TR1s...? Incredible given the volume changing hands the past couple of weeks. Can only mean whoever is accumulating is continuing to do so (he says in hope). If that's the case the news when it lands should take us over the speed bump that is the 400's. GLA

Exactly Stas. They're giving conflicting messages at the moment and reading between the lines (rightly or wrongly) it's starting to appear they're priming us to get f@cked by them and their II / fund mates. As a extension of this happening it leads one to wonder whether the 50% drop in dividend and moving it to quarterly was designed to get the sp (and subsequent raise if it happens) into a zone where the IIs/funds have said they'd bite. It's also far easier to justify to PIs by saying '10-15% lower than prevailing sp', but ignores the sp has been destroyed by specific actions.

Tony, they still have development budget to cut that could have been put toward the dividend. You'd have a negligible cut if they put the £5m you've identified back into the dividend. And if the loan covenants say they can only borrow a certain % / multiple of NOI they should have gone elsewhere. But it also makes one wonder how companies have managed to secure so much funding when they're producing next to nothing, or still at explorer / development stage. So for a company that's pulling a much lower yet still substantial $80m NOI in a poor commodity market, producing 20kboepd, to not be able to drawdown on their USD75m loan facility is ridiculous. Remember they had already drawn down USD$55m of that loan facility as well, which has gone where...? So there's only USD$20m remaining.

Nothing makes sense from what they're telling us and from my pov I don't see why the divi got trashed in the way it did. They would know their PI base is strongly attached to it, so they should have left it as unchanged as possible, unless the point was to trash the sp and raise at this level with their mates. As I've said I could be wrong and hope that I am, but we'll find out soon enough what they're up to. AIMHO

tony, as i said they shouldn't have agreed to such loan covenants (if that's even true). and besides, i believe they did have the optionality (a word they love to use) to adjust the h2 development budget and maintain more of the dividend, alongside monthly payments. all investors are very aware of the lower o&g prices, and as a rather large pi i would say a mgt team that has our interests in mind would / should cut the dividend last / least after looking at all other options, of which there are many.

i believe a dividend that is maintained or decreased by 10-20% at most, and paid monthly, would have us sitting a couple of pennies higher. this would be less bad for us of course (because of the higher sp), but more bad for iis and funds if mgt are tapping them for acquisition cash and they want cheap shares and warrants even cheaper. but instead mgt halved the dividend, and went to quarterlies.

why? the untrusting pessimist in me says such punitive measures toward their pi base could almost be seen as a way to engineer a lower sp to let their banker mates pick up a lot more shares at 11-12p. if you're a fund / ii you won't mind the decreased divi and sp as much when you can supplement your position with tens of millions of cut price shares on the back of an acquisition. we of course don't have the luxury of bottomless pits of cash so will need to be diluted, and sit back and wait another 1-2 years for the sp to recover.

finally, how mgt can speak of acquisitions and protecting the balance sheet in the same breath is beyond me. how does one square with the other if they intend to take on more debt and dilute us further? also, if the intention is to keep growing production, but now by acquisitions, then why are we still assigning so much development budget and growing by 1kbopd (on the back of a record year of growth). surely keeping production flat, or even letting it decline by 1kbopd, and stating development funds will be put toward the dividend and keeping greater optionality for acquisitions would be better...? it would mean the sp is higher to begin with, which in turn means any raise price would result in less dilution. but that of course is good for pis, and not iis / funds.

it's because of these reasons and the bald faced 'priming' majid did in his interview that it's starting to stink of them having deliberately destroyed shareholder value to give their mates another round at the trough. if this happens then you know what kind of mgt we have here. let's hope it's not what they have been up to, but it's the only reasonable explanation for them having killed the dividend. the whole loan covenant excuse is either unbelievably sloppy (given their love of 'optionality) or they're lying. i've worked with snr mgt in listed companies for long enough to have developed a nose for duplicitous ****talk, and their words are starting to stink. get used to being in the teens for years people. the best ting that could happen now is a t/o offe

So I've just managed to see the recent interview and I'm starting to wonder whether my fears are about to become a reality. I've been asking whether this rns has been a way to get the share price low enough to entice some of their II and fund mates to come back and gorge at the trough for more cheap shares with an acquisition. It means they will have engineered an this drop to let their banker mates get another huge amount of shares at our expense. If any acquisition is fully debt funded then fine. But if they do a heavily dilutive acquisition with a sp at this level or lower then mgt are a bunch of deceitful dogs. I hope I'm wrong but I have a horrible feeling this is what's happening. Reckon the acquisition will land in the next 2-4 weeks if this is what they're up to. Don't be surprised if we get f@cked for a few hundred million shares at 12p people.

They should sack the NED. Absolutely murdered the sp today. It's 2 x pieces of relatively unimportant news that has just f@cked us by 10%. It took weeks of great category data for us to go back to the 370p support. That NED shouldn't be on the board. He can live off his shares but everytime the pr!ck sells it kills the sp.

Wtf is going on here?

Sah, what I'd expect I've outlined. Reduce the capex further so we're flat or even marginally decreasing production on our recent record year (pending commodity prices where adjustments could be made). Or maintain guidance by utilizing some of the debt facility if mgt are confident commodity prices will indeed rebound. Keep the dividend largely in check, which should have been the last thing they cut. I think many on here, myself included, expected the dividend to be restated and the sp to jump from the declines we had seen in the past week. But to have a 50% cut is ridiculous, especially after the cancellation of the share premium account. Laughable they're talking about buy-backs as well in this rns. Quite the misdirection they gave their shareholders. And if they do a dilutive acquisition with the sp in the teens then it will be the height of deceitfulness.

'The purpose of the Company's cancellation of its share premium account is to create further distributable reserves in the Company to facilitate the future payment of dividends (in cash or otherwise) to Shareholders, where justified by the profits of the Company, or to allow the redemption or buy-back of the Company's shares (or other distributions to Shareholders).'

Tony, you're far more forgiving than me. They shouldn't have agreed those debt covenants if indeed that was the reason for such a brutal divi cut. I also don't believe it to be true as other O&G companies are paying more than 30% fcf with similar debt profiles. The quarterly move made this horrible decision even worse.

They had lots of options with development budgets and debt to play with. I'm interested to see what they're doing with the debt headroom. And, whether Majid thinks it might be time to put his hand in his pocket, the one that gets stuffed with i3e cash. This company was a safe and stable place to have money. Now it's not only a far weaker investment proposition, but one where trust has been destroyed to the same degree as the dividend. How incredibly disappointing. AIMHO GLA

broker note at 22.3p just means we'll be stuck at a maximum of 15p until we see a significant spike in commodity prices.

they have truly f@cked the investment thesis and pi trust here. as a fund i'd also be wondering why hold this company unless i'm about to get looked after in other ways. how can mgt have made so many good moves the past couple of years then land in this position thinking it's a good way to go. from the delays in announcing, and the clear inside information, to the decisions they have made on massacring the dividend and quarterly payments versus minor production gains. if they believe commodity prices will improve then decrease h2 development and increase later, and/or utilize the debt headroom. but you always avoid cutting the divi, especially when it can be absorbed and you're in such an inflationary environment. all majors know this and leave it as a last resort. it also destroys all trust in mgt, which was only just starting to be rebuilt. absolute amateur hour.

finally, if they now make a dilutive acquisition with their ii mates with the sp down here they're truly **** people. it means they will have deliberately destroyed the sp to hand over more of the company to some fund / banker pr!cks. absolute low-life's if they do this and screw hundreds of pis. i hope this isn't the case and they've just made some unbelievably stupid decisions.

Good to see we're probing and breaching the £500m mcap level. Some good news and we're 500p in a flash. And hopefully the news is a bid rumor.

talk of dividends is both a **** idea and a pipe dream given where things currently stand. we have a significant net debt level that needs to come down. and the economy is shaky to say the least. there's nice green shoots appearing but they can easily wither. they need to grow profit, and reduce debt significantly over the next 3 years. and by then asos will be private. dividend talk is plain stupid.

cmcc, that's of course what many of us thought when we had the extra headroom i the debt facility. one would expect they could simply utilize the debt facility to maintain most / all of the development program alongside the dividend. if they're instead going to make an acquisition then it will almost certainly involve a cash component if it's of any real value. what would the raise price be now? so we go back to a few years ago where they give away more of the company at 10-12p and have to sit and wait for the extra 400m shares to wash through at whatever the giveaway price happens to be.

i wonder if majid is going to stick his hand in his pocket for once i.e. not just take all his cheap / free performance options... the guys earns a **** ton of money for a company with £160m mcap and has never purchased shares with his 'own money' in any meaningful way. and by meaningful he should be buying at least 1m shares given he's the ceo and his exorbitant salary. poor old graham must be looking at the company and asking wtf is going on. if he's holding the same amount of shares as when he left he's lost usd$750k in 12 weeks and half of his monthly divi payments.

What do you mean Ideas and The Works?

I see the Sp has taken another beating today. We're now at the last solid base level. After this it's just darkness. My portfolio has been destroyed by AIM amateur mgt today. I've got over 3m shares in i3e - take a look at that sp over the past couple of months and today if you want to understand pain. Really need these f@cks to get the ESIA and do their bl@@dy jobs.

Tony, thoughts? Would be good to get your feelings on the matter given the size of your holding. I'm ready to start smashing things :)

firstly the sp is down 18% so a lot of those 'massive 2.5m buys' are going to be sells given the direction and scale of travel today.

as for any future acquisitions, this would be one of the worst things they can do if they're intending to dilute shareholders further with such a depressed sp. so that is either off the table, or they are truly working in concert with iis and funds to f@ck the little guy.

why they cut the dividend by so much and moved to quarterly payments is beyond me. the market would not be too bothered if production remained flat or even slightly less this year with the option to increase with higher commodity prices. the cost to grow by a couple of % is the same as maintaining the dividend. and we'll remain above 20kbopd regardless. so it's not in the short or long term interests of shareholders to decrease their returns by such an extreme amount. i believe most of the drop today has been created by the dividend decrease. and this has been exacerbated by funds / iis getting an early warning. if they announced this news out of the blue weeks ago we'd probably be a couple of pennies higher after dropping from 18p. mgt have truly screwed their pi base so its little wonder that investors like lseo are bailing.

also ironic how much pr we get when we're doing such ****ty things. hopefully this winter the sp will get back to the high teens, but i'm not holding my breath. they'll probably now purchase something down here, dilute us by +50%, given it all to their ii/fund mates alongside lots of options and warrants for their mates and themselves. this is how little i trust these guys now. production levels are not driving / supporting our sp, it's the dividend and shareholder returns that have been providing our base. i hope we get a t/o offer in the coming weeks / months. providing it's above 25p they can have all my shares no questions asked. if we get back to 18p i'm out.

suffice to say i'm furious with the way this has been managed and the decisions made. clearly some in the know were able to exit before this complete clusterf@ck of bad news. and this isn't the first time they've had their city mates back over pis.

i also believe punishing pis with far, far lower dividends shouldn't have occurred. they should have kept production flat (or reduced even) and guided they would increase development only if commodity prices improve. that's the benefit of being on-shore - speed and flexibility. this would have decreased the dividend by far less (or even kept it flat) versus what they've done. the divi yield is the basis of our new sp so if it was higher we would be sitting a few pennies higher than we are now. instead we get a ****ty yield (for the risky / untrustworthy company that is now i3e) at 14p. blue-chips offer the same yield at the moment. and to then move to quarterly payments (less friendly to pis) is even worse. so need to sit in their **** for how long now?

they're not blue-chip mgt in a small company. they're typical aim mgt. all we need now is for an acquisition to be made where they dilute us by 50% (probably more now), award their ii mates even more shares via cheap warrants, and then give themselves lots of bonus options.

if mgt have real shareholder interest in mind, and by that i mean pis, they should sell the company for anything above 25p. stop the rot, take a cushy job in a bigger company and leave pi money alone. they clearly have no interest in the sp, so sell up and go somewhere else. this won't get above 15p again for a while. if anything they could f@ck us even more - but not iis - with a highly dilutive acquisition. it appears they're that kind of mgt.

the only thing that makes this better is i now have 3m shares rather than 4.75m. and when i move my money from my other assets i can assure you it won't be back to i3e. i thought they were mgt that took care of their investors, but it appears they flatter to deceive.

F@ck me another +2.5m volume day. When the TR1 lands on who has been accumulating this could go bananas. We're looking v.good for 500p in the next few weeks. How I'd love a t/o rumor to land.

The £500m mcap (418p) is a hard bounce. Every time we've touched it we've lost 15-20p shortly aftwerwards. As Knowbody has said we're going to need something concrete to get over this level. Once done, it's smooth sailing for another 20% to 500p. GLA

Sadly that's correct regarding AECO. The Canadian government are such clowns they export one of their greatest resources to the US for peanuts so the US can then export at a huge premium to Europe. You really couldn't make it up. LNG etc won't make an impact for Canada for years. Rising tide lifts all boats, it's just t will rise a lot less in Canada. Best way to look I imagine is to plot the relationship between AECO and HH, and then future charts based on this.

That £500m mcap figure proving very hard to get over. When it goes it will be pretty easy run to £600m (500p). One piece of excellent news and that's where we'll land first. GLA