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Latest updates shows that Premier Miton has completed sold out of i3. They owned close to 5% last month. They were selling it down this month. Could indicate that they believe that the deal won't go through, and they are getting out before the vote?

I think that you are correct Bots. GTE raising cash now for operational or drilling purposes does not make sense as the i3 acquisition will come with an untapped $75M loan facility.

IMO they are raising additional cash because they are lacking funds support for the deal (60% of i3 ownership) as GTE share price is down 40% and need to sweeten funds pockets to get their vote of approval.

Or, they have gotten wind of a competitive offer in the works and need to have cash available for increase their offer to fend off competition.

Raising cash now before a major acquisition otherwise makes no sense to me.

I have finally figured it out. This is a merger, not a takeover. However, the deal “must” be a takeover on paper in order for i3 management to benefit most. It’s well known in the Canadian O&G industry that written into Majid’s employee contract is that he is awarded a bonus of several million pounds in the case of a full sale of i3 Energy, less for an asset sale.

What I predict happened is that Gran Tiera knew this and took their chance submitting a low bid for the company even though they have a similar market cap as i3. Majid took the bate and even helped broker the lending with Trafigura, i3’ former lender, knowing they he would benefit massively. A merger would have made more sense to the market and shareholders but it had to be a take over for Majid to win.

Slide 16 of the new Grand Tierra presentation outlines that $GTE are funding the 0.2565p dividend ($4M of the $253M offer) that forms part of the offer to shareholers. From the offer:

"a cash dividend of 0.2565 pence per i3 Energy Share in lieu of the ordinary dividend in respect of the three month period ending 30 September 2024 (the “Acquisition Dividend”)"

It begs the question whether we should be getting two dividends, our normal Q3 dividend that was already committed to shareholders within the H1 / Q2 i3 financial results and this new Gran Tierra dividend. Instead, Majid has decided to not pay shareholders the Q3 2024 dividend which is instead being paid by $GTE. From Q2 2024 results:

"The Company remains committed to delivering a sustainable dividend as part of its total return model. The Q1 2024 dividend of £3.084 million (USD 3.890 million) or 0.2565 pence per share was declared and paid in Q2 2024. The Q2 2024 dividend of £3.084 million (USD 3.890 million) or 0.2565 pence per share was declared in early July and subsequently paid in early August. Subject to Board approval, the Company expects to pay the Q3 2024 dividend of 0.2565 pence per share in early Q4 2024, which translates to a forward yield of 11.5% based on the closing price of i3's ordinary shares on 12 August 2024."

Majid and this Board have told so many misrepresentations to shareholers!

For those wondering why Majid and Board sold investors to the first bidder, it is because he stands to make several million pounds per his i3 compensation agreement for full sale of the company. He put his own personal greed ahead of shareholders here. He also gets a full vest of his options that were undeservedly awarded to for several pence. He is making a killing out of this sale and he knows it. He does not care about sharesholders nor the price that he sells the company for.

I3 in advanced negotiations with Gran Tierra Energy to be purchased.

https://boereport.com/2024/08/19/possible-offer-for-i3-energy/

UK General Election called for July 4, six weeks away. Let’s see both party’ proposals on O&G windfall taxes. Do UK folks here think Labour might win?

Tend to agree as there is so much political uncertainty. Is the tax on O&G profits really 75% now? I would only support North Sea investment for i3 Energy if the windfall tax was scraped (will be brought back by Labour who are not climate change nutbar party) or if companies are walking way from income producing assets there (like Chevron announced) and Majid can acquire something for

It's interesting as their state that the Belinda development has 5 million barrels of oil in place (IOP). In comparison, Majid believes that the much smaller than initially thought Serenity has 8-10 million barrels of oil in place (IOP). However, they believe it becomes less risk if they can get a hold of the Tain license which they will find out on later in the year.

Tony, I do enjoy your posts and agree that I have been silly at times on this message board compared to CEO dot com and Twitter etc. I will virtually shake your hand and leave the silliness behind.

“50% undervalued, and not sure what catalysts this team has to get the market to give it the valuation it thinks it deserves.”

canuck, enough of the negative bull****. did you listen to the webinar earlier this month? montney and clearwater drilling campaigns are starting later this year and will be ramping up in 2025. please just cut your loses and sell and buy $cnq. $ite laid out some very clear and realistic catalysts. not to mention that they are hedging 2025 at $3.40 or 3x current strip!!

Ha! I do regularly email IR and several of the questions from the webinar were mine! I bet that the stupidest question about when is a share buyback starting now that the capital reduction program was approved was from Tony!

Ah Tony you fell for it. A long essay explanation to show that Tony is always correct in response to my tongue in cheek joke to you. Some mistakes in your rant below:

- Majid said that my question was “very valid” not just valid.

- he said he really hopes that National Bank does pick up coverage as they have been lobbying them. He said he there is another UK analyst coverage pending, not that he hoped for more UK coverage.

Have a cup of tea and chillax a bit and be happy that i3 IR & shareholder communication has improved immensely from IBB_Invest’s instance to management from Tony’ prior status quo low expectations ;-)

Thanks Joe. Do you know if CNRL ever developed their Hangingstone asset?

IBB_Invest, in its argument with 'Know It All Tony' has been vindicated in the debate over Canadian coverage by none other than i3 Energy CEO, Majid Shafiq. Recall Tony' position that Canadian coverage is the result of low Canadian ownership and not the other way around. IBB' position is that Canadian ownership is low is because no one in Canada knows who the hell i3 Energy is even though 100% of revenue comes from Canada.

During yesterdays Investor Meet Company webinar, an excellent question regarding Canadian coverage was asked and Majid has this to say:

"Look, obviously we want trading in our stock. We want more liquidity. All of that liquidity at the moment is in London. The question around research in Canada IS A VERY VALID ONE as we would like more liquidity in Canada and hopefully that will happen".

Thanks Majid for the support against Tony!

Found another Easter egg regarding Hangingstone. i3 board chair, John Festival, is also on the board of Hangingstone producer, Athabasca Oil. Would you look at that

Wow, what happened to Canuck?! He provided some good info and opinion that didn’t include a factually incorrect rant about Polus!

Regarding i3 Energy being land speculators, my take is that Majid sat on this thermal oil Hangingstone land waiting for the perfect moment to bring it to market to extract maximum value. That moment is now with Transmountain Pipeline opened since May 1st with Canadian heavy oil discount narrowing and signs of US shale oil declines becoming more evident which makes Canadian thermal oil with its ultra low declines very valuable going forward. Investment is ramping up in the oil sands and i3 management know this. Will be very interesting to see what they get for this.

Tony, fully agree. My takeaway notes from that excellent presentation too. Have to hand it to management, we are seeing a step up in investor and IR engagement both in terms of frequency and quality.

That was my question to management regarding the N.E. Alberta land which they indicated is Hangingstone. No one knew that they had a land position there so this is another freebie. Hangingstone is heavy thermal oil (oil sands) which needs SAGD for extraction. I3 Energy is not a heavy thermal oil producer so completely non-core and, by management comments that they cannot talk much on it, an asset sale is very likely underway on this. Hangingstone is a core area of Athabasca and Greenfire so these are two candidates likely in the process of buying i3’ acreage there. Value is unknown as it’s non-producing however heavy oil pricing has flipped and very very valuable now so fingers crossed there could be some good cash coming to the balance sheet soon with this non-core sale!

Why should Tony or any longer term i3 Energy investors show GGG respect and kiss his feet. He knows little about the company or the Canadian O&G industry en large. He trades in and out of this company on a weekly basis posting his trades like investing is some kind of genital measuring contest. He’s not an investor and warrants little respect from those that are investors and do the homework like Tony.

Tony, you just love to be always right and argue for the take of arguing. You have zero knowledge that Shubham doubled his position in i3 Energy. He may have however it could also easily because of confirmed losses in other holdings. You are misleading investors by saying with surety that he has doubled his i3 position and it’s a seal of approval etc etc. Happy to be proven wrong if you want to contact Shubham and confirm.