Member Info for G_G_G

Tony, as usual agree with many of your points, but my argument is and always will be 'Great deal but doesn't change the fact they f@cked us over when they could have gone another way".

The only counter argument that can be made is 'they didn't have time', which is complete nonsense and addressed in my previous post. These deals take months of negotiations. The 500m share issuance was no doubt for this very deal. They've had an age to get a paltry £20m. Let's not dress up what has happened here. You're normally very good at calling bull**** and I respect the fact you don't see things through rose tinted glasses in every one of your investments, like me.

As for 11p being our anchor. I said yesterday and still hold that we'll be anchored to 12-13p range for some time. The f/o will give us a boost but we'll fall back afterwards because of this very anchor. It will be quite a few months before we see a climb above recent highs at 16p. Remember we've had another +350m shares printed (not counting all the FREE bod options), and PIs have been f@cked over again. It's 'new' PI money that drives the share price higher, not II money that provides the 11p floor. I think you'll find this will become a traders paradise for at least 3-6 months. Hope I'm wrong but pretty sure I'll be right.

Parge, it shouldn't have taken any longer than getting IIs interested in the raise. It's a very simple proposition for them - you give us £X at X% and we give you X of new shares to be issued. If you're not interested we'll go and speak to another II who will dilute your holding. I've been waiting for the 'maybe they didn't have time' sort of argument. That's b@llocks. You think a deal like this is done overnight? It's also why the 500m share issuance approval as part of the AGM was deceptive in the wording. It could have been voted down if they gave an indication they were going to dilute by that much for an acquisition because most investors, certainly PIs, would say no, go down the debt route. So I don't believe it's an argument.

Barnyards that comment you can attribute to me - "doesn't change the fact they f@cked us over when they could have gone another way". If I need to explain to you the differences between HUR fractured basement £250m based loan, and £20m for a producer throwing off tons of stable, conventional oil and gas, alongside fcf, then you're the one that shouldn't be investing. We'd even get an ultra low rate for our ultra low loan amount, because it's 'conventional and diversified production' and not 'fractured basement that will pay it off. The debt route was, and always will be in these circumstances the best way to go for all investors, especially PIs. We would still have very little leverage and the debt would be very easy to pay off with 18,000 boepd of steady state production at low b/e levels. You speak of 'clowns', the fact you even use this word in the same post suggests that you are a complete imbecile. It was a good deal, structured at the expense of PIs. You don't even know when your value appreciation has been sacrificed to IIs and the bod. So why don't you sit back and try to learn something.

Either way a good deal has been done at our expense. It's a significantly longer term hold for PIs for the same gains if structured differently. Biggest value appreciation goes to IIs and bod with their tens of millions of FREE options. We also benefit, but it will be sometime before we break 16p again. There's your reality. I feel most for the PIs caught up in the bod's best PR drive to date. They pushed the sp higher and are now nursing losses whilst the IIs get a huge chunk of the company. Well done bod. You really know how to look after your PI base.

You're definitely up there Tony :) I was referring to people arguing that it was a great deal for PIs. I've surmised from some of your posts that you are leaning the same way as my pov i.g. great deal, but should have been done differently. Is that the case?

You've been around here longer than me, which is quite a while. Given we were both talking of 20p being nailed on in a couple of months, how are you feeling about it taking significantly longer when this great deal still would have happened but done the RIGHT WAY? And the deceptive wording related to their ability to print 500m shares? And the fact this isn't the first time PIs have been shafted at the expense of IIs and bod? And the integrity aspect of the bod based on these actions? And the fact that PIs are likely to continue to undervalue us because of these actions? How you feeling about being anchored to 11p for the next few months - remember being anchored to 5p? How are you feeling about being far less in profit given current share price?

Levs read my last post. You're new here so obviously don't know the history of the bod shafting PIs. I'm guessing you also haven' taken the time (or have the ability) to work out how many other ways this great deal could have been structured. But what I do know is you'd still have your great deal, and great long term prospects, but a lot more money in your account if they chose the 'RIGHT WAY' of acting. There is no counter-argument to what I'm saying. Miss whatever her name was yesterday conceded that, and she's easily the most intelligible poster offering a different perspective from the past day or so. No need to respond, just think about it for a little while because you have less, and will always make less than the IIs who now own far more of your company. The bod didn't need to do it this way, but they did. It was easy and clearly shows they don't give a f@ck about their PIs base. I can see the two twerps sitting in interviews in a couple of months talking of the value disconnect when we're producing almost 20,000 boepd and can't break past 15p. Doesn't matter because they still get paid inflated salaries and picked up tens of millions of FREE options on this great deal they did the EASY WAY, not the RIGHT WAY.

Jesus some of you are completely missing the point. It's not a matter of whether it was a good deal. It was. I've been praising these bods ability to do deals for some time. It's why I'm heavily invested in this company. What's not to like? How they did it. I'll work it through for some of you who are still tangling with what I'm saying. If they went down the debt funded route, even for 50% of the shares, they'd still have IIs lining up round the corner to give them the debt on decent terms so they can get the lion's share of the raise. And if the bod had some integrity (word that seems to be foreign to many on here), they would have offered a small part of the remaining 50% fund raise to PIs. Say 10% (5% of total money raised). Anything not picked up by PIs could be given to the IIs as is often the case. Equally if it was oversubscribed (likely to be the case) they could take the extra cash from PIs for 'working expenses' or a few extra drills in the now hundreds of drill ready sites we have across Canada. Very simple solution to finding £40m. We raise less than half the amount of money and no doubt it would be at higher price. Let's go with 12p for argument sake. This means we still get our great deal. We have very little debt, which is easily funded out of our now substantial operations. The IIs still get a bigger chunk of our company. The bod still get tens of millions of options. And PIs get a chance to participate on the same terms as IIs, just not for the same amount. And we have almost 60% less shares printed. What do you think happens to the share price in this scenario? Even crazier for some of you, think about what happens if they debt funded all of it...

This is called acting with integrity ladies and gentlemen. One of you was talking about how you run a bunch of companies. Well tell me this, when you have needed to raise capital have you gone to some long-standing shareholders and offered them a great deal for more of your company (for far less than current value) whilst giving your other shareholders nothing (note they also own the company)? Worse still, you don't even offer them the opportunity to participate. Worse still, you could easily have debt funded the expansion because of current and future guaranteed cash flows. Do you think this is good business? Acting with integrity? The very reason for the value disconnect with this company for so long was trust and integrity issues. IIs deliver a share price base (now at 11p). It's PIs that deliver the growth. And we only started growing after the bod delivered on their words on a number of things that made PIs believe in them again. It wasn't IIs buying into their recent PR blitz. It was PIs and those that bought in above 11p have also now been shafted even worse than lths.

Just a reminder for some of the people who can't read, it was a GOOD DEAL. It's how they did it that completely stinks, which is why I'm saying 'F@CK YOU' rather than 'THANK YOU" to them.

Justfencing, tell me when I was talking down the share price to get back in the other day? I traded 250k (out of 3.75m) for a bit of fun and was quite open about it at the time. So anything but deceitful or misleading, unlike the agm statement linked to the 500m share issuance. Integrity actually means something to me, which is why I'm so p!ssed off with the bod today. As for the oft used idiotic rebuttal of 'if you don't like it then why don't you sell up'? Why would I do that after the bod has crashed the share price for the near term. The company did a good deal, and still has great long term prospects, but that doesn't change the fact they f@cked us over when they could have gone another way. They have shown a complete disregard for PI returns, but made sure their mates and themselves were looked after. And not for the first time. There's no counter argument to this as Missgrey has conceded so don't bother with whatever you're thinking. You've missed the point enough times today, and it would seem yesterday as well.

Zazo, wtf has me feeling epic at any point the other day got to do with me being p!ssed off with the bod stitching us up but not their banker mates or themselves? What is your point exactly if you have one?

Bod has been talking about the disconnect with our share price versus our real value for quite a while now. Here's the reason fellas. No trust because of actions like this. IIs provide a share price base. PIs create the movements. Given I don't think any IIs will be added to our roster anytime soon, it's up to PIs to move the needle. It took quite a bit of convincing after the past fiascos, and now the bod do this to their PI base. On a personal integrity level, these guys are just like their banker mates so excuse me if I don't join their fan boy club. If the bod want to make amends they can take out a bloody big loan and start drilling dozens of wells across the hundreds of locations they've told us about in our now much bigger portfolio. It will of course benefit the IIs more when the share price moves north, but at least they'll be doing something for their PI base as well. Who knows, we may even get beyond where we were last week in 6 months time.

MissGrey, my point has always been consistent amongst the expletives (please take note harel et.al), the deal is a good one, but the structure isn't a good one for all. It's great for IIs. Great for the bod. Not great for PIs. But don't worry in 18 months it will come good and we'll be at a point we could have been at 12 months earlier. And you'll have made far less money than the IIs. And I'm meant to be happy with that?

You mentioned in a previous post - 'Why would a business look after or even converse with PI's when they behave like that'.

Perhaps the bod should be the ones that behave differently? There's a hell of a lot of worse discourse that has been directed at the bod in the past, for the very same reasons as today. Or do you think it's fine for them to continually do this and say 'well PIs had some mean words to say about how we f@cked them over last time, and the time before, so we're just going to do it again...'

As for being a paid stooge, I genuinely couldn't care less if you're Graham himself. Your argument, although well made for IIs ad the bod, doesn't change or counter the argument I've made on behalf of PIs. They win. We win a lot less and in a longer period of time. Doesn't sound right now does it, especially if it's not the first time.

I'm not going to apologize for calling the bod any number of expletives today. They f@cked us over to the benefit of IIs and themselves. Good deal. But it could of, and should of, been done differently. Simple really. Their job is to look after the interests of all shareholders. Today they chose not to. Share price says it all.

MissAnnaGrey, as other have pointed out you sound as though you work for i3e.

In response, you'll note that I've mentioned many times it's a good deal. No argument there. What I have also pointed out is they have f@cked over PIs (again) whilst helping their II mates (again) and themselves (again). The deal could have been structured in a multitude of ways. And I have no doubt they could have secured debt funding for a significant proportion of the acquisition. This of course would mean everyone wins. But they haven't done this have they? Tell me, what do you think the share price would be if they debt funded half of the acquisition? IIs would still bite their hand off @ 12.5p for half the amount of shares. PIs would do the same. So less than half the dilution for very little debt load at record low interest rates. And you still get all the benefits of the deal. But I'm sure you're going to tell me they had no time to secure a deal. It was 'time limited'. They've no doubt been working on this for some time. They just haven't looked at a debt funded package as it doesn't benefit IIs. Not to mention the wording linked to their AGM resolution to print 500m shares. The wording was quite simply deceitful. Harsh word, but true. Read the wording again if you're unsure.

In summary, you've completely missed the point. And if you think the bod has acted in anyone's interest other than IIs and their own, then you're quite simply wrong. They could have done it another way that benefitted all, but chose the avenue of screwing PIs again. Perhaps if you took your head out of your backside you'd see this a little more clearly and the reason for the disparaging remarks toward the bod. It's not like it's the first time they've done something like this to PIs now is it?

Hi cash, hard to say as they have only ever given us forecast NOI, and haven't provided forecast fcf. So we don't have guide conversion of NOI to fcf. As Tony has pointed out we should (longer term) have a slightly better conversion of NOI to fcf due to some fixed costs being spread across a higher revenue base. But there's also the finance costs associated with this deal. So imagine NOI would go up but the conversion to fcf will be worse for the H2 payment this year. And then it should improve (in theory). Ultimately we won't get a sense of NOI : fcf conversion until we get the H1 results when they should provide a breakdown of everything. I would hope they also confirm how much they intend to pay of fcf toward the divi i.e. 20-30% is a big range they've given themselves. So to answer your question no idea but we'll find out soon enough.

I need to go and have a lie down now. So f@cking angry with the bod right now. Good deal. But completely f@cked us over (again). The only way they can redeem themselves in my book is they take out a $30m loan to finance a 25 well drill program in our best acreage to be completed in the next 6 months (plus additional wells funded out of cash flow). So 30+ wells in 6 months. They do this and land the f/o and I'll stick with my investment and give them a pat on the back. But any more heavily dilutive II raises and I'm going to find where Graham lives... :)

Harel, it's not about whether the deal was a good one. It was for the price. No argument. It's how they structured the deal and completely f@cked over their PI base again to the benefit of their II mates (again) and themselves (again). Remember all those free options for the IIs ad themselves last time round...? Remember all those free performance options now executed...? I really don't understand how people cannot see how much we've been f@cked over. Also, I couldn't give two ****s for 20p in 12 months when I could have 30p in the same time-frame. Again, anyone who thinks differently shouldn't be investing.

Ah special one. I own 3.75m shares to be precise. And yes I'm here to make money, which is why I'm so p!ssed off with this id!otic deal. I've mentioned some ways the deal could have been structured so as not to the detriment of PIs and the sp. I've mentioned ways they could catapult us to 20p without this acquisition. So it wasn't a good deal for anyone other than IIs, bid and anyone who gets to buy in for 10-11p, which is likely to happen btw.

Why am I sticking around? I've told you that I'm out on the next spike. I'm hoping these c@cksuckers announce the f/o soon so I can leave with a greater amount of money than 12p. I'll also take my £6k divi in a few weeks. But I'm guessing they'll completely **** on PIs and help their II mates by announcing the f/o a few weeks after this is voted for by the very same IIs who are benefitting from this smash and grab. As for your comment regarding 'added stability in terms of a longer strategy of growth and development'. Seriously? We had the best acreage in Canada, f/o about to drop, and we're hemmed in only by our lack of funds to drill more. Not enough 'stability' and 'growth potential' for you? We were also sitting at 15p, and not below 12p.

Jolly, best to re-read what Tony has written. He's right and you're just not seeing it. You'll come round when we're struggling to break past 13p (f@cking 13p!) over the coming months. You'll be asking why the share price is barely moving when we've just announced yet another 250bopd well success in Canada? And why didn't we break 15p on f/o news? And why we seem anchored to 12-13p with all this new production? And when will the IIs start loading up? We're not getting back to +15p for a little while now, and all the answers will have been provided here today. We were there already. Why the f@ck would I be happy about long term potential when we already had it plus far greater short term potential from a share price base that we'll now struggle to break in the next 6 months.

Tony, providing the thankyou card starts with 'F@CK YOU!' then yes I'm in. As for social media like twitter, I have very little profile on nearly all channels. Def for the best due to the reaction I can have toward deceitful pr!cks behaving in a way like this.

I'm still genuinely flabbergasted at this decision. To have the gall to do such a thing to PIs given recent history and trust issues. I'm even more flabbergasted by the fact that people on here think it's a good thing. Or willing to dismiss it by saying 'oh well we're bottom feeders'. Sounds like someone who has taken too much **** in their life and can't be bothered standing up for themselves. If you're thinking this way then vote against. It's easy and you don't even need to get into a fight. As for those people who think this is a good idea, either get your head checked or stop investing because you're likely to lose a lot of money. Oilmanjim will be having a right old laugh at what has just happened. His only argument was 'the bod can't be trusted'. Turns out the only thing he had to say was correct.

This is by far the worst thing they have done to PIs. One could argue that it wasn't their fault with the multiple leaks. They over-egged the Nth Sea chances of success and made judgement mistakes on where to drill. They saved the company in the last heavily diluted fund raise screwing PIs (I saw this was a good thing btw or the company would have been wiped out). But this is so unnecessary. It's so badly structured to the detriment of PIs. It's literally a complete 'f@ck you' to the lot of us. I'd be hard pressed not to punch these pr!cks in the face if they were in front of me right now. That's how **** the deal is in case you're struggling to see it.

Jolly, seriously wtf?

'undeniably the deal is good for I3E and all stakeholders. Pain for us Pi's, yes. We are the bottom feeders in these markets. I think we'll all be better off'.

No it's not a good deal. And no it's not a good deal for all stakeholders. We're a stakeholder btw. Look at the f@cking share price in case you need proof of this. Have you been in these situations before? Let me tell you how it plays out. The bod get tens of millions of options granted for heavily diluting PIs. The IIs get even greater ownership of the company for f'all. And the IIs with that ownership will act in concert with our deceitful bod to continue to participate in heavily diluted fund raises until PIs are left scratching their head saying 'wtf happened'. We have just lost over 30% in two days. We've just added 50% more shares to our already ridiculous count that we've only recently digested. As for us being bottom feeders, try being more than that. Vote against this f@cking ret@rded smash and grab. It will get us back to 15p for starters and send a message to the bod that this isn't ok.

I tell you this much. If the f/o is announced shortly after the new shares are issued then the bod are borderline criminals acting in concert with their II mates. Let's see if we get it a week or so later. Based on their actions to date I'm willing to wager they have already agreed the f/o and waiting to sign it once this is voted through. Just wait and see.

Disagree ff. A good growth strategy is one that works for all investors. For instance they could have easily taken on debt to fuel a 15+ oil focused Canadian drilling program. Or placed it with PIs. Still very little debt. More than doubles our oil output in 6 months. Proves up our acreage. And the share price would be where...? Or they could have taken on at least 50% debt for this acquisition and given PIs an ability to participate. Share price would be where? You seriously telling me this is a good deal for PIs? Of all the options they could have taken I cannot think of a more f@cked deal for PIs except them raising at a lower price. Look at the share price! Think about where it was. I'd rather they did nothing. But with a strategy focused on sp appreciation they could have us closer to 20p than 10p.

Seriously, if anyone wants the share price back above 15p anytime soon they need to vote against this deal. I'd rather the IIs don't benefit at my expense. I'd rather I don't share the next divi payment with the pr!cks. I'd rather the bod don't get their free options until they deliver against targets in a way that benefits all shareholders. And I'd rather not have to wait 12 months to get anywhere near 20p. In that time they could have awarded themselves another 100m shares for doing another heavily dilutive acquisition and printing another 1bn shares this time.

Btw, we just broke below 12p. Wondering when the penny will drop for people regarding this acquisition. Maybe when we drop below placing price...?

Tiler, Bybrook will have taken up 30% of the allocation. That's why they're on-board with it. They get more cheap shares like last time. You'll however will need spare cash if you want to benefit from the cheap shares on offer. The bod could have made the share price fly in a ton of ways. And instead they do this. Nice easy way to pick up all their options - give away more of the company whilst ensuring you reward yourself along the way.

Yes jolly they will have bought in for the longer-term. They will double their recent money over the next 18 months (adding to their 5p money). We however will not, unless you have a lot of spare cash lying about to add around 11-12p. We will also have our H1 divi decreased by 50%. And the IIs will sell the extra stock they took up in the heavily discounted placing. This is how these things play out.

Let's put it another way. If our key II didn't participate in this raise, would they vote for it? I mean, if it's such a good deal, then surely they would be in favor as well right? Answer is pretty obvious. You want the share price to go up. Vote against it. We'll lose because the II that owns 30% of the company no doubt has kept their proportional allocation. But others will deleverage a little and we'll be lucky if we stay above 12p until f/o news lands. But that will no longer get us to 20p. You'll have to wait until drills are turning in the Nth Sea for that to happen, which could be 6, 9, 12, 18 months from now. We had 20p nailed on in 6 months. You telling me you're happy about this? I honestly cannot understand how anyone could be happy with this, except maybe for new PIs who are able to get in around the 11-12p range. Bod are a bunch of pr!cks. Always have been, they just delivered on some of their words recently.

My thoughts exactly Catterham. It really does sound like one of those things a mindless bureaucrat has let out of the bag. Let's hope not. And let's hope it will become 'official' soon. And that CMEC are comfortable with losing the tender to an Indian competitor. And that everything was 'above board'. And that Hanno will pull his finger / hand / entire arm out of his @ss and get some **** done on the main project. He could start with following up on this tender award. At least it will provide a good excuse to speak with EDM about the tariff situation.

All going well it's a good thing. I'm just very uncomfortable with the 'unofficial' nature of it (again not offence Hammerphil I think it's incredible that you've been following up on this and speaking to contacts in EDM). AIMHO GLA

'Lots of people talking i3e down to get cheap stock. They’re struggling because the deal’s a good one. The rest of us will have to put up with their bullsit bingo until they decide to buy in again or simply pisch off'

Bots, remind me of what rock you crawled from under recently? Or are you one of these lth's that's been here forever but never commented. Your (recent) posts show no idea of the history of the company, bod's actions, or even an idea of what this acquisition and how it's been structured means for short term share price appreciation. If you did you'd be talking of voting against this action. And guess what, the share price value would go up if we were to win that battle. Problem is the IIs who got these cheap shares got a whole lot more even cheaper only a year or so ago. That was for the survival of the company. This is now a smash and grab on PIs aided and abetted by our bod. No de-ramping. Just facts. In case you're uncertain, look at the share price. And guess what, when Serenity drops we'll be lucky to get back to 16.5p, and not 20p.

You want the value of your stock here to be appreciably higher, then vote against this acquisition. Send the bod a message they cannot keep f@cking over PIs. If this goes through, then IIs will have effective control of the company so the bod can keep giving themselves tens of millions of FREE options, whilst continuing to make acquisitions for the IIs and diluting PIs holdings into oblivion. Unbelievable that people cannot see how this works.

So yeah, we're going to be down here for a while. And our f@ckwit bod will talk about 'value disconnects' because the IIs will be slowly selling excess stock, and PIs won't trust them to buy in (again). This deal goes through and its lights out for PIs in the near future. Our bod are simply using PI money as a means to deliver value to themselves and IIs.

is the bod has been talking of the share price disconnect for the past year without recognising that PIs are the ones that will re-rate us to market value, and not their II mates. This took an age to happen because of trust issues. You telling me this action today is going to make PIs add more at the moment? Will we push up to 20p anytime soon if PIs are always wondering when the next massive raise at heavily discounted prices will happen to help their II mates whilst giving themselves tens of millions of free options? This deal was completely unnecessary. We could have been in the 20's in 6 months guaranteed on the back of Serenity and Canadian drilling. They could have raised $15m from PIs at a higher price for Canadian drilling and it would have ended up over-subscribed and they'd be able to add 3000 bopd (oil) plus prove up more of our Canadian acreage, whilst taking advantage of the infrastructure we already have in place. Or they could have taken on debt for the same result. Is someone going to tell me that we'd be sitting on 12p in these scenarios? They have completely f@cked over their PI base. Rewarded their II mates. And given themselves a ton of options. I'm hoping they announce Serenity soon. I'll take the spike then I'm out. These guys simply cannot be trusted.