Member Info for JoeSoap

Two trades with identical price and volume could be account transfers, for example tax planning spouse to spouse, a bequest or similar. So new owners but neither bought nor sold...just a broker's fee. jimo.

Tony, You could well be right. However, it is starting to get very interesting now for long term business decisions in many sectors.
Tomorrow we have this:
https://www.shetnews.co.uk/2021/09/14/parliament-vote-on-future-oil-and-gas-projects-as-scottish-tories-show-support-for-cambo/
and this is from the ClientEarth mentioned:
https://www.clientearth.org/latest/press-office/press/banks-support-of-cambo-oil-field-operators-is-hypocrisy-clientearth-lawyers/

If it's ok to continue the off topic because of the long weekend, this chap, Alexander Stahel
preferred PTAL over HUR since waayy back!
There is a recent tweet (26th August) and a couple of retweets (26th& 25th) here:
https://twitter.com/BurggrabenH
The chart does not include ITE [i3E].

Tony, perhaps you may have misread my post.
The hot off the press data was for exiting July.

My comment was that the production for Q2 was now re-stated at a lower amount using a different metric.

Why bother stating something in an RNS if it has no meaning?

The July 2nd RNS stated:
"Production in the second quarter averaged 9,142 boepd, which included the impact of routine facility maintenance on third-party facilities. Production since the start-up of the Noel well on June 17 has averaged 9,353 boepd."
With Noel previously RNSed at 650boepd, the maths supports Magid's comment '... Q2 have consistently been above 9,000 boepd'. This is the volume needed at the end of July to satisfy the early vesting of some of the options.

This week the Operational and Financial Update states "an average over the final week of July of 10,031 boepd " and Magid commenting ".. resulting in the Company exiting July with a weekly average field estimate of greater than 10,000 boepd." Vesting box ticked.

However, it also states that "Q2 2021 average production of 8,905 boepd based on net field sales estimates .."

I note the use of 'estimates' (and by Magid) but is the message that they are not selling all that they produce and therefore Q2 revenues will be less than some are expecting?

Perhaps you noticed that the displayed price and the graphs here (and on Advfn) only take into account the AT trades and not the O-trades and the bid/offer spread , until the UT. And the AT trades were finished after 10 minutes of selling down today, so it sat at 10.40 for the rest of the day.
This, of course, is only possible since of the unannounced change from SETSqx to SETS trading service.

imo this RNS provides the clearest information they have yet issued.
I believe it was suggested on here that they should include the number of options issued.

This RNS provides the missing info from the previous one: the actual split of the director awards.

However, I note that Ron has apparently borrowed JA's RTG!
Not only are they not stretch targets, 1/3 was already satisfied before the RNS was written! And in three years they all vest, by doing SFA.

Moreover, iirc, the early vesting requirements of the 0.01p have been satisfied ahead of the 31st October 2021 maturity date and when this deal closes, they will have satisfied the 5p options for the Canadians, JIT for the divi, if they were so minded.

Of course, had they taken on debt to fund this deal, their largesse would have been limited for this tranche of options.
But fear not, when they take up some it will free the way for further tranches... without having to wait for the next placing deal: which of course they may need to advance this current set of options.

jimo
joe

Tony / Tom
Majid was specific with his 'pleased' list.
Perhaps more telling was his “Operations were performed very efficiently, and the experience will assist greatly in the programming of the second phase of drilling on this acreage. “ suggesting that something was not quite right and changes would be made for the second phase. But that is to be expected – aka 'learning on the job'.
Disappointing was that oil is 3 to 4 weeks away and that the promised July 'production' actually meant recovered drilling fluids. We await the '150bopd'.

And at Wapiti, "Operations are planned to conclude in early Q3 2021"....think they are using their ''Maiden Dividend calendar'?

ho-hum.

from Advfn:
Spangle93
29 Jul '21 - 09:12 - 19894 of 19895
0 2 0
Edge - hope you're right :-)

WH Ireland view this morning
i3 Energy’s growth is relentless and the pace of its operational progress is truly exceptional relative to peers listed on AIM and peers operating in Canada. The success of its drilling operations to date is highly significant given the company’s extensive drilling inventory.

The company had previously indicated that it expects to achieve next-twelve-month “net operating income” (revenues less opex, less royalties, less tax) of circa $US75m. We anticipate that the company will clearly beat that estimate because i) i3 Energy’s estimate is based on the oil & gas futures curves, which are exhibiting backwardation – we believe this is an anomaly related to structural dynamics in the futures market vs. an indication of where commodity prices are heading and ii) because the company’s net operating income estimate is premised only on announced drilling/acquisitions/workovers. The newly announced Elmworth wells are additive to the company’s $US75m net operating income estimate.

Importantly, the company’s drilling is oil weighted and self-funded with rapid paybacks (less than one year in general based on our estimates and commodity price assumptions excluding initial farm-in related additional capex costs).

We anticipate providing the market with our forward-looking projections in due course, which we expect will be materially higher than the company’s estimates

HTH

So no-one saw it then?
I note the abbott on advfn also commented viz:
"the abbot
26 Jul '21 - 12:49 - 19850 of 19852
0 3 0
We also seem to have moved to SETS trading as I have never seen AT trades on the book before. Did I miss the announcement?"

lol

However, some knew because they were busy trading!

What was that word, .. perfidious?

Did I miss the announcement that they were moving to SETS trading (with 'A' trades) or did I overlook it?
TIA

Tony, the answers to your questions are within the ReAdmission Document.
Their discretion on terms stated, with up to 15% of shares in issue.
You will note that the most recent award scheduled for next week (aka gift) was for just under 15% of the new shares to be issued.

wrt Qs:
How will the placing be accounted for in the Financial Results to avoid re-establishing the share premium account which was just cancelled to allow dividend payment to proceed?

Pedants' Corner.
The presentation says "Serenity Discovery – – farmout expected Q3 2021"
So, H2 as you say.
:-)

Are you overlooking the payments on the debt to acquire said stake?
;-)

It was quiet on here last night – I thought that the contributors had got keyboard induced rsi but they've recovered!

I cannot see any contribution from investors recently lured in by the PR assault who are in a real negative situation following the discounted placing. They may have to wait for some time to get back into positive territory, maybe by further purchases to average down or perhaps the lth will try to ape the ii and hoover up some of the 'float', otherwise it's just waiting for fresh blood.
Was there consensus that the slice of the NS-pie would now be smaller per existing share?
Or did some still think that as the terms are unknown it could now be that they retain a larger piece of the field and thus the pie slice is the same or bigger?
So why was it necessary to advise by RNS that the Company had entered a Letter of Intent
to acquire a mere 230 boe/d of Wapiti production, yet surprise the market with the Acquisition of 8,400 boepd , subject to placing and GM vote? Why does the circular not name the seller? Why has the seller not updated its shareholders?

How does “The Placing Shares to be issued pursuant to the Placing will not be admitted to trading on any stock exchange other than on the AIM market of the London Stock Exchange. “ work when ITE trades all the stock currently? Do Canadian holders get to vote because the information cannot be distributed there, according to the circular?

Meanwhile, the SP has sunk with little regard for the dividend and the dichotomy still exists, I believe.
jimo
joe

Does this, from the 17May2021 RNS suggest there will be a cash payment involved in the farm-out?
"6. At such time as the Deferred Payment Invoice Balance is required to be settled in full by i3 (the "Payment Date", expected to be concurrent with consideration being received from potential partner(s) for the Company's Serenity farm-down), the DPIB will be reduced by: "

Freshair says:
'To share the cost for two drills was a no, no, for me. '
&
'Why did they share the cost for two wells.? '

imo there is still much to learn. We only know some things. They were talking about the dividend for a long time, teasing the PI along, and flagging the impediments that had to be overcome before any payment. But at no point did they share that there was an additional blocker until the BHGE RNS landed with the resolution baked in.

We know (as in they have not advised to the contrary!) that they have not executed a farm out to share the cost, and we also know 'There are thirteen revenue generating field areas in the North West Package. ... 55% of Gain's production is operated with an average working interest of 75%. [pg 55 of Admission Document]'

But we do not know if this drilling is in a Licence operated by i3E or the partner and they are honouring their share of the Capex to get their assigned production share.
Using the phrase “i3 Energy has elected ...” provides no clarity and indeed could be said to purposely obfuscate.

Jimo
joe

That's correct.
The BoD have followed the suggestion to rebrand the initial or maiden or Q1 dividend as Special, first aired by Tennyson in their analysis...

Does the 'p' stand for pounds, G_G_G?

RE dividend strategy, saw this and wondered whether i3E were in the article...
https://www.proactiveinvestors.co.uk/companies/news/950735/dividend-diamonds-on-aim-950735.html
and where they would be in the table come July-ish?