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And there we have it. Unless Hanno has been doing f'all he can update the market. It's not like there's a shortage of things for him to address. This really is getting silly now.

Hi Daisy, the share price and associated sells I wouldn't say are indicative of things 'not being as they should be'. We're in a downward drift pattern where promised news is overdue and the market believes it will take additional time before we receive the news. Hanno's track record of wildly missing guidance is seeing to this. I also wouldn't say the recent announcement suggests the main project is about to fall over. To me it suggests they're confident enough to appoint / pay consultants to take us through the next key stages.

The issue is Hanno hasn't acknowledged the news that is overdue, and consequently hasn't 'reset' market expectations. Often a problem for ceo's who regularly provide false or misjudged time scales - They get it wrong so often they stop providing new time-scales due to criticism. Hanno needs to update the market on the key pieces of news that are overdue (ie. EPC & O&M, tariff negotiations), plus provide a general partner update. In updating the market he needs to provide new timings for the over-due news and how that will impact other key milestones such as PPA, PCA, FC. This is basic investor mgt, which I don't believe he cares too much about as he has enough money in the bank to just get on with things. Again often a failure of light-weight ceo's - They update the market regularly before a capital raise, then very occasionally until realizing they need more money. In doing this the share price drifts lower as the market realizes they need to raise more money (and haven't heard a lot about what's happening), and the company has to raise from a lower base. Rather, they should give more regular updates telling the market what they've been doing, and what that will do for their investment. Hanno needs to release something soon or as you've rightly pointed out we'll be back in the 3's. This should be a source of embarrassment to Hanno and provide him with evidence of better investor mgt being required. Frustrating as ever. GLA

Well Canada has just broken new ground for highest daily volume. They're on track to beat our daily volume except they're currently valued at 9p. Reckon we'll see a nice +ve end to the week as fomo will surely start to kick in now. HTH GLA

Interesting. Canada is gong to have its highest volume day by a healthy margin. Divi news surely must be coming in the next couple of days - We'll be in the second half of March next week. GLA

hxulcolrdoh, I have to agree the same thing crossed my mind as AIM is full of sharks and con artists. Then I remind myself of the amount of work done to get us to this point, and milestones completed... The JDA with one of the world's leading companies in this field... The infrastructure being built between Moz and Mal for electrification of the wider area in which we're the only potential provider... The political importance of the project between national gov.t's... The amount of director 'skin in the game', in particular our new addition SF... The cash we have in the bank to take us to year end... And I start to relax a little. The issue here is the time it takes for anyone to scratch their @ss. I do believe this year will deliver a number of key milestones and inflection points for investors and I'd be very surprised if the main project fell over at this late stage. It's just a matter of when those key milestones will be completed. As I said in my earlier posts, I simply don't see the tariff being approved this quarter and Hanno may as well come out and say as much. The sp will take a bit of a battering, but so long as he also communicates the project is still moving ahead we'll drop into the mid 3's then rise back up to this point. Main thing is we have enough cash in the bank to carry the main project for the remainder of the year, so any drop will be short lived and not caused by fear of dilution at a lower sp.

For now, all that matters is tariff approval sometime in H1 then one or more of the other key milestones in H2 (PPA and PCA) and we're sitting around 15p by year end. I'm fortunate to hold a lot of stock in i3e so will transfer a modest amount of my gains into nccl at this level if we're still here in a few more weeks. My biggest criticism of Hanno is the bull**** timelines he provides to the market. I can understand that he needs to support the sp, but when those timelines are clearly going to be missed he needs to come out and say 'everything is still on track, key milestones have been delayed to expected dates of XXX'. The silence leading up to missed timelines then late notice tends to see a downward drift followed by a drop. Better mgt of such timelines can avoid too deep a drop overall. I do believe a generous amount of belief in the project going ahead and patience will be rewarded here. But I have no idea when that will happen, and often wonder if Hanno has no idea as well. AIMHO GLA

by the looks of things. We're also finding it very hard to crack 8.3p. Some news on the divi or f/o would be nice so we can start complaining about 12p being a hard nut to crack. GLA

Hi Tony, I agree the read across to Zennor has little relevance to us unless we hit a reasonable amount of oil with Serenity. It may then become a somewhat useful reference point for valuing i3e's Nth Sea assets. Regarding 15p jump if Serenity appraisal is successful, I do think this is possible, however it would obviously depend on our sp at the time (for instance if we're still quite under-valued), and how much oil we prove up. If we're sitting on 12p, poo is in the mid to high 50's, and they hit +100m recoverable (and we retain 30%), then I do see this sort of a re-rate initially. As for any bid by Bybrook, I simply don't see it happening first of all. And if they did make a bid I highly doubt they could get other IIs and/or PI support to accept 10p when we're grossly under-valued at 8.2p. As you've pointed out this is my opinion, but it's certainly not something that I'm thinking could happen now or in the near future. I do however think a lot about the divi and how much longer we need to wait for a f/o agreement. The former I wonder about how much they'll pay for the maiden dividend, and hope they decide to reward their long suffering PIs with a generous first payment. I tell myself the latter is taking more time because i3e didn't want to give up their acreage for peanuts, and now with poo so strong they're playing hard-ball. For all Graham and Majid's flaws and past mistakes one cannot say they're not good deal makers. I'll take off my rose tinted glasses now. GLA

Tony I agree that mgt probably wouldn't hive off the Nth Sea assets. These assets give them another safe jurisdiction, but more importantly a lot more oil to balance the portfolio. I also agree that Bybrook could cash in for the right offer. But this offer would have to be upward of 20p for them to consider it. If we're paying a strong divi, plus we secure a f/o that strikes oil our sp will be sitting near 20p so any offer will need to be north of this number. As for Bybrook offering 10p and convincing other shareholders to go for the offer, are you kidding? Who the f@ck would agree to that when they know they can get at least double the amount? Let's be serious here, once the divi is announced we'll be 10p. If it's a generous first divi we'll be closer to 12p. Once we agree a f/o we'll be closer to 15p. Once we start drilling we'll be closer to 18p. and if we strike 100m barrels of oil we'll be closer to 30p. At what point would shareholders agree to an offer of 10p when our current sp is over 8p and sp accretive news is over-due on multiple fronts. We often align on our thinking but I just don't see a Bybrook take-over happening, and if it did it would be for double what you're suggesting (which is still only £140m).

Tony, firstly every time a f/o is announced by a junior partner their sp jumps. Secondly, if we negotiate a free carry on 3 drills that's worth about £35-40m, which provides an actual, immediate value that can be placed on the f/o agreement. If we use 50% of the drilling value this is equal 2.5-3p to our sp. Thirdly, a f/o with a major partner indicates drilling is actually going to take place, which in our case will be far sooner than most agreements and potentially as early as the Summer weather window. The earlier the more immediate value can be ascribed to the f/o as shareholders don't need to wait long to find out whether there's a significant amount of oil in the field. Finally, if the f/o is targeting upward of 100m recoverable boe it means a success story could double or triple our sp. Quite a good risk : reward play if you already have no debt, free carry, 10,000boepd throwing off fcf in a safe jurisdiction, and paying a divi.

Tbh I'm not sure why you don't think there will be an immediate jump...?

Overall I see this as positive and agree with extrader that it implies we're getting closer to important de-risking / inflection points. Having said this the rns also implies these inflection points could be some time away. Hanno's timelines are up there with the most unreliable on AIM. I don't see this rns changing that view, so I don't see us moving away from the low to mid 4's until we get something of real value, and I don't mean any 'in principle' bull****. I think the market has had enough of nccl's ridiculous timelines so if we want to see a re-rate they will need to deliver an actual de-risking event. We know the most important next step is tariff approval, where I maintain my position that approval in H1 (not Q1) should be seen as a huge success.

I also noted that EPC & O&M contract agreement are included in their advisory services. These were meant to be agreed with our partner 6 months ago and don't rely on EDM. Yet another example of a wildly inaccurate timeline from Hanno. Also suggests he never knew what was required to get there...? Market seems to agree on timeline expectations so back to sleep and as ever 'it's a great time to top-up for the believers' (as we continue our gradual downward drift). GLA

It goes to show what a f/o could be worth just on announcement. If we retain 25-30% then I'd suggest we'll see at least another 3-4p added to our sp. If they succeed with the drill bit and prove up 100m boe recoverable then what is 25-30m of 2P reserves worth on its own? I'm thinking an immediate 10-15p when one takes into account they will have 10,000boepd production to draw from, which will effectively pay for our share of development costs. So with divi and f/o news I see us being 13-15p, plus near term exploration upside of another 10-15p. If they find and prove up 25-30m recoverable then we're looking at circa 10kbopd for a decade. Hopefully not long to wait for the first news to land. Looks like our buyer yesterday appears to have filled their quota just in time. GLA

There someone had to say it :) It's funny how people will call leak when you're looking at 5m volume at a much lower sp. Then you get a 12-15m volume day out of nowhere at near 52 week highs and no-one says a peep. Anyway, that's enough of a wind-up from me - Some of the twatter crowd may pick this up and run with it.

I don't care if they go after an acquisition providing it's a good deal and it's funded through debt. They get one go at grossly diluting PIs, then awarding themselves and their banker mates lots of free warrants. I understand it was necessary for the company to survive, but this isn't the case now. I would also think they have plenty of leeway to borrow up to £100m based on current fcf projections, plus what the new assets will deliver. I'd also rather they don't think in terms of multiples of fcf at this current poo. We need assets that will still be generating fcf at $35, which is why I think we should be increasing production through our current assets and pushing for low cost reserve and production increases from the Nth Sea acreage. They should also start a hedging program, even more so if they're looking at acquisitions. Imagine 1p divi (10% yield @ 10p), which is underpinned by hedging of say 4,500boepd current production. You still have upside in the other 50% production, plus at the drill bit. Main thing is fcf and divi are protected, even if oil and gas prices halve from our current $35, which seems highly unlikely now. This is an opportunity for good, responsible mgt to build a company that could be generating 20-25,000 boepd in less than 5 years from Canada and the Nth Sea assets with little to no downside risk. But this scenario requires a hedging program, and what better time to start one than now...?

I agree there's probably some apprehension to the sector regarding poo. I also think there's still a trust issue and the market is wanting to see proof of the initial dividend payment. We're now 1 week into March. I really hope the bod don't leave it to the end of the month to manage something that was meant to have been announced by now, and paid in 3 weeks. The f/o can wait. Bod needs to get that divi sorted and put the PR machine into over-drive. If they're drilling more Noel type wells then tell the market about it. It's depressing to think that TLW has provided a better return than i3e over the past few months. Actually a lot of heavily indebted companies that don't pay dividends have outperformed i3e. Trust still needs to be addressed. Hopefully divi news soon. GLA

In the meantime, will we break 4p? It's all getting a bit silly now.

Really cannot understand why this share continues to under-perform. As you've said Oiler it would be good to see a proper PR push from the company next week. Hopefully on the back of divi and/or f/o news. If we can be sitting on 8p before the news lands at least we're a good chance of finally getting back to double digits. GLA

I'd be surprised if those quarters are familiar with the history (and current reality) of Hanno's timing plans. Given we continue to move toward 4p (not 10p), it would appear those quarters also aren't putting their money where their mouth is. Even better top-up opportunity for the believers (he repeats each week).

Well this is depressing. At this rate we'll be back in the 3's by the time we get some news on the main project. Sadly the interview did give the impression that we won't be hearing anything for a little while. I really don't understand why EPC & O&M contracts are so overdue (over 6 months by my reckoning), or any other partner updates for that matter. As for the tariff, if we get approval in H1 it should be considered a win given the missed guidance we've had to endure over the last few years. Good time to top up for the believers. GLA

Yes do share Nibj

Hi ArK, I'm not sure poo will help HUR all that much. They have a significant amount of debt about to mature, which means they need access to funding quickly. On top of that, they need additional funding to extend their current production base. So funding as a going concern and to cover maturing debt. The fact they've mentioned 'convertible noteholders' as a means to raise the needed funds can only mean massive dilution for PIs. In other words poo being strong now would only help if their debt was to mature in 2 years, as they'd be in a better position to restructure their loan. It will however help the vultures who will no doubt take more than their pound of flesh from HUR when they negotiate terms for extra funding. Incredible the naivety of some investors.