Member Info for JoeSoap

LOL Cap'ain.
It may have changed, but this guy gave the HUR bit of their Investor Presentation.
David Craik, Novus Consulting
That video was here
https://vimeo.com/223760753

-=-
Re CA, they have previously suggested buying shares, then buying bonds, now a farm-in, which of course did not originally materialise for DrT et al, and lead to the go-it-alone route with shareholders and bond holders providing 'the largest funding seen'.
The bond holders want theirs back.

Most shareholders have lost theirs....

Oh and CA have reduced their holding by c 0.4% in Dec.

The payment of a dividend has been mentioned too many times to now suddenly be dropped. Everything would appear to have been in their favour since the deal and no qualifiers were mentioned ttbomk regarding the feasibility of a dividend payment, other than the need for a few procedural hurdles. The need to reduce the share capital required approval by shareholders and court sanction. If this needs two weeks for a GM and then around 2 months for the court process, achieving payment in Q1 is becoming tighter...
However, there is one question I have and that is whether the Bybrook Further Subscription Shares were taken up? As 'the earliest time that the Company could seek satisfaction of the Implementation Conditions would be during December 2020.' according to the Admission Document, and they have only commented on the Director confirmation which was also subject to procedural clearance.
The reason for the interest is that as their holding is close to 30%, without the undertaking being accepted by the takeover panel, their ability to increase further is capped.
Moreover, when the dividend is announced, it would seem daft for all holders not to convert their warrants at 0.0001p each to get the somewhat greater dividend.
Some option holders may also elect to convert...
jimo
joe

aduk
re Halifax. Suggest you check your feet for lead pellets.
They have updated their Licence acreage maps on the website.

The plan was 20,000b/d @ %60.
Unfortunately as neither metric has endured, it is no longer 'commercial'; despite your (and many others) generosity in part funding it, the Bond part now has to be satisfied one way or another.

Joyeux Noel

In the presentation the other evening it was interesting to see his obsession with delivering a dividend. There have been comments on here that the capital needed could possibly be better deployed getting more wells active in Canada to boost production and fcf, enabling better terms for any of the 'dozens' of small assets currently under consideration, provided the terms are good.(It may well be that the oil/gas price rise has removed any repeat buys at such advantageous terms and that higher prices will indeed be necessary if they really wish to grow.)
But back to the divi. It's almost as if someone has been promised it in the financing package, or it's an II's condition in order to become a future holder. I suspect it is unlikely to be so attractive to PIs looking for capital gain and a quick trading opportunity.
If it is to be announced in January and paid later in Q1, it would be a final dividend for FY2020. Approval by Shareholders and the UK Court is needed before payment as there needs to be a capital reduction to offset the retained losses and create surplus profits, so that there is some free capital to distribute.
If they are not planning monthly updates, what news will break first?
Another acquisition,
The farm out or
The call for a GM with details of the capital reduction and potential dividend that is to be voted on.

jimo
joe

They have at last updated, in line with the OGA, their Asset maps for Lancaster and Warwick/Lincoln.
Also the Halifax area, where the Licence 1st Term ended last month, retaining the Wellington prospect, that they initially dropped as " Only very minor oil shows were encountered in the Rona Sandstone so the well was plugged and abandoned."
See 205/24-1 on page 6
https://dataogauthority.blob.core.windows.net/external/relinqs/2020_02/P1368_205_21_205_22_205_26_Hurricane_RelReport_February2020.pdf

Perhaps the next update will include the 2nd Term commitments for these Licences and explain how it will be organised together with the diligently planned Lancaster undertakings.

B00ooom : bought some after reading the rns stating dividend of nearly 0.4 - 0.5p in early 2021.
Maybe your misread the RNS?
"Dividend Timing

The Company envisages the declaration and payment of its first dividend in the first quarter of 2021. As previously disclosed the Company aims to pay out up to 30% of free cashflow as a dividend to shareholders. Based on the current share price, the Company expects the dividend yield to be in excess of 10% on an annual basis."

The last sentence is important.
The current share price would be the previous closing, so much closer to 4 than 5.
10% on an annual basis would suggest 0.4p for the year, not in the 'first dividend in the first quarter'.

Moreover, there are several hurdles to go through before Canadian cash can be paid out.
Have a read of Clause 29. DIVIDEND POLICY on page 40 of the 574 page Admission Document.
The timeline of 'several months' suggests imminent news on the planned 'reduction of share capital' is needed.

As G_G_G says there is also the farmout, and there may even be further acquisitions...
jimo
joe

@ MaryMullins. Noted your comment 'sold in one lump'. Can I ask why you believe this to be the case when there is no TR1??

@ Elementary
just in case you overlooked this response, ~(accidently or on purpose, lol) to Transformer's 9.2p claim in the "Wake me up" thread, I repeat it here:
""Good post" - but it is simply not true.
And no matter how many times it is repeated on here and however many tick-ups it gets, it still does not make it true.

"Crystal Amber Fund announces that its unaudited net asset value ("NAV") per share at 30 September 2020 was 107.52 pence (31 Aug 2020: 117.90 pence per share).
The proportion of the Fund's NAV at 30 September 2020 represented by the ten largest shareholdings, other investments and cash (including accruals), was as follows:"

The 9.2p is the value the holding represents of the September month-end total asset value, of 107.52p. [The column adds up to 107.5, to one decimal place]
9.2/107.52 shows that c8.6% of their funds were tied to HUR going into October.

Their current holding, if unchanged, would be valued at around £7.5m and 'since investing in Hurricane, the Fund has realised profits of £43 million', so they can never lose.

Can you say the same??"

If you look at their previous Monthly Asset valuation you will see 6.8p for 6.9% and then they bought at 2.5-3p to hold 11.6%. Some would call that 'averaging down'...

I note that Planted once again made the same claim earlier as well.

Are you in cahoots?

HTH
DYOC

Quite a conundrum!!

Oct 30th RNS:
Admission to Trading of Enlarged Share Capital

i3 Energy plc is pleased to announce that, following the successful completion of its general meeting as announced yesterday, 4,399,215 fully paid ordinary shares of £0.0001 each in the capital of the Company will be issued to the shareholders of Toscana Energy Income Corp (following the expected completion of the transaction today pursuant to the Arrangement Agreement relating to the Toscana Acquisition) and will be admitted to trading on AIM at 8am on 2nd November 2020 ("Admission").

And
Nov 2nd RNS
TSX Listing

i3 Energy has received conditional approval from the TSX to list -> all <- its outstanding share capital on the TSX, subject to i3 Energy satisfying the listing requirements set out in the conditional approval letter issued by the TSX. The first day of trading on the TSX is expected to occur on 6th November 2020. [Emphasis added]

So how did it work out for the Toscana shareholder?
Oct 30th "Here is your I3E share certicate in exchange for your Toscana paper.
You can trade it on the London Aim market on Nov 2nd from 8am UK time."

Nov 2nd "You will be able to trade your newly acqired I3E shares on the TSX from the bell, which we will ring, on the 6th, with ticker ITE"

HTH

"Good post" - but it is simply not true.
And no matter how many times it is repeated on here and however many tick-ups it gets, it still does not make it true.

"Crystal Amber Fund announces that its unaudited net asset value ("NAV") per share at 30 September 2020 was 107.52 pence (31 Aug 2020: 117.90 pence per share).
The proportion of the Fund's NAV at 30 September 2020 represented by the ten largest shareholdings, other investments and cash (including accruals), was as follows:"

The 9.2p is the value the holding represents of the September month-end total asset value, of 107.52p. [The column adds up to 107.5, to one decimal place]
9.2/107.52 shows that c8.6% of their funds were tied to HUR going into October.

Their current holding, if unchanged, would be valued at around £7.5m and 'since investing in Hurricane, the Fund has realised profits of £43 million', so they can never lose.

Can you say the same??

Expectations are on the rise again, as the general mood has lightened with the rising SP .
We might have expected HUR to update their 'Asset maps' on the website to show their actual licence area since the Lancaster area was reduced before the TR RNS; but no.
We might have expected an update on the Lincoln/Warwick licence (P2294) when the Initial Term expired in September; but no.
However, the OGA maps have been updated.
The retained Lancaster field is smaller than that in the low case in the 2013 CPR, and no longer has the 'East' upside, and is no longer contiguous with the Halifax Licence.
The retained Warwick/Lincoln area in Licence P2294 is shown, but there is no information on the necessary work programme.
The Halifax licence First Term expires next month and half of the area will have to be ceded. Will they be tempted to keep sandstone Wellington, where they made their first drill?

Several references to 'much more proactive management now in place' and 'new BoD' or similar.
The CFO has been in place since February and the COO since Jun, both former number twos so hardly new and blessed with blue sky thinking. And the new CEO arrived when out of a job...

The fact that they don't know the difference between a 'broker' and an 'advisor' doesn't bode well. But as it was checked by the Nomad, (it was, wasn't it?) and they didn't notice, it puts them in good company.

Better hope the rise wasn't yet another opportunity to sell into a rising market.

We don't need another Friday 13th RNS.

jimo
joe
PS
fyi -
https://dataogauthority.blob.core.windows.net/external/quadmaps/Q_205.pdf and zoooom.

Perhaps it will be when the full terms are published in " the prospectus and shareholder circular to convene a shareholder meeting to approve the Transaction before the end of the year.", when the number of shares in issue for the Newco and their face value will be disclosed, which may then allow the market to guess at the likely MC and what the 5%ish for PMO holders is worth in Newshare SP values.
jimo
joe

Maybe you need to read your source document a little bit closer and get a better understanding...

No need to trawl, but if you do you might eventually find this....

https://vimeo.com/223760753
David Craik, Novus Consulting

HTH
joe

Genghis imo there are two events due: question is which will occur first, the tanker or the Q3 Production RNS?
By default, the RNS will give the September performance of #6 for all to see...

Previous note was
RBC CUTS HURRICANE ENERGY PRICE TARGET TO 25 (30) PENCE - 'OUTPERFORM'
DYOC...

He knows he was out of a job and he knows HUR had no CEO.....

I need to listen again I think, because I understood her to say that the sandstone was on the flanks of the raised granite ridge and the seal was by shale which was outside of these. The oil could move between the sandstone and the granite cracks and into the well.
Earlier explanations of how the oil got into the basement had it flowing up the outer edge and then fillling from the top, displacing the formation water to the reservoir: save for any that was perched....
We know there is oil in Lincoln Crestal and WarwickW. Do they have a similar sandstone covering as an oil provider??

aduk:
They have not (at least yet) given up Halifax licence. Yes P&A done.
They have now trimmed the Lancaster licence area back to just the closure, so not going to drill outside that for a deeper OWC.
The green blob on slide 12 suggests the shape but with an W ->E line as shown, probably better to look at a contour map, perhaps page 41 of the 2013 CPR . It's now less than that closure at 1380 and therefore no East upside.
joe

daltry yesterday 17:43 "It still concerns me no director has bought shares at these level?", and reiterated at 18:23.

Seems that Stobie was, perhaps, wiser than some on here credit him with being, keeping his brass in his pocket.
He would have been aware that "All directors are encouraged to hold shares in the Company. A minimum shareholding requirement has been introduced for executive directors of 200% of salary, to be achieved within five years."
Of course, with their VCP bonus system this would easily have been taken care of by the eagerly awaited EPS success together with all the other licences and merely 'locked-in' a smaller amount.

Now with a brand new suite of Exec Directors, they will need another scheme or a welcome pack, as it is very unlikely that they will spend their salary to satisfy the 200% of salary, either towards the end of the period (assuming continued existance!) or in advance at these 'low prices'.

Of course, there were some NED purchases earlier this year, notably the Chair 'averaging down', and most notably Beverley maintaining her zero holding...

Watch and wait for the new VCP as the newbies don't have one now!

jimo
joe

....with an invitation to fund it?