Member Info for JoeSoap

Cc, It's already tee'd up:

For us related party transactions have worked very well and we should not be afraid to do others

where the situation merits it.

from the Prelim UR.

HTH

;-)

Of course, but it also allows them to sell upto c12M without needing a further notification.

Whereas Diverse Investment Trust last week went below 3% and can now sell out without any notification.

Overall it's disappointing that after two funded Analysts positive assessments, two longterm II decide to reduce. Are they connected?

Do I need to ask Gervais??

Yes, bed&isa imo. But the sell was reported here after the buy because of a mis-entered quantity (9 was missing in thousands position) which had to be cancelled and then corrected. Check the times, 9:33:31 and 9:33:43.

Smarty says:

News this week ? or do we wait til last knockings pre AGM ? Getting them out without a suspension would be an improvement on last year !

The Circular says :

As the audited accounts for the year ended 31 December 2023 are not yet available and will therefore not be with shareholders for the required period before the AGM a separate General Meeting will be convened to allow shareholders to consider and if thought fit approve these accounts when they are available.

Tyrannosaurus says:

Accounts being prepared and expected to be published at the end of June.

Before then we can expect an operational update on BNG and corporate updates on BNG, Block 8 and West Shalva.

..oOo..

Unless there is a sudden gusher [what are the odds?] requiring a material changing RNS, the update will likely be an AGM statement. I think it very unlikely that they will drop the AR before the AGM as that would derail their plan. Whether they dump them on the next day, [a Friday!] or wait until Monday 7am [July] to avoid yet another suspension but this time with new auditors remains to be seen.

Perhaps they will then bundle the AR into the August MJF GM. ;-)

jimo

joe

From 2022AR [July2023]

One further deep well, Deep Well 803, is required to be drilled this year under our new

work programme obligations. Our intention is to spud this well in Q3 2023 and complete

the drilling by the end of the year.

It must have got lost in the translation: 'end of the next year.'

from March update

Preparations for the Caspian Explorer's ENI drilling contract scheduled to commence in Q3 2024

remain on track. Significant pre-contract expenditure has been incurred with the bulk of the

associated revenues due in the current financial year.

Due, but not necessarily paid. So the 'significant expediture' and growing wage bill all need funding.

That $1M deposit was useful...

Smarty, noted that you included FY in your list of 'things to come' [yesterday 18:10].

Can the debacle seen last year be avoided this time?

How will the new Auditors address the 'going concern'?

This was from last time:

"Should it be necessary, the Board has the following actions to mitigate any short-term funding issues

· ...

· To sell all or part of one or more of the Group's assets

· ..."

Well, it's under way.

The next steps in the sale process were to create a Shallow NewCo, then transfer two licences from BNG Ltd to it.

aiui, In September 2022 Block8 was optioned: licence transfer is still awaited, yet this NewCo transfer will occur whilst Absolute Resources LLP undertake their DD, and then the licence and operator transfer to AR will be needed to satisfy the SPA before completion and full payment.

By August?

West Shelva has passed the Waiver hurdle and has to now be awaiting the outcome of "The Acquisition will also be subject to approval by the Ministry of Energy of the Republic of Kazakhstan." Tick tock.

But "with production expected from both Block 8 and West Shalva later this year" the BOD must be hopeful the Licensing department will grant licences imminently, as currently no oil can be produced from Block8 and WS has no mention of a producing well. How late this year??

2023 Annual Report should be interesting with further revelations; 2024 could be sensational or calamitous depending on events as the news unfolds.

jimo

joe

@Genesis, saw your question on ADVFN re wells drilled, remains unanswered.

You seem to be unaware that 2 of the scheduled 15 wells this year have been completed in Q1.

And the answer is 5 for Q123.

Are they in Dover?

Lots there apparently...

'The data you are quoting I assume is from the AIF - thats only available through SEDAR correct ?'

As I stated, it is all from the AIF: no need for you to assume!

And the AIF, although required by Canada and released through SEDAR, is on the i3E website.

Try https://wp-i3energy-2021.s3.eu-west-2.amazonaws.com/media/2024/05/i3Energy_AIF.pdf if you can't get through SEDAR.

@Tony re headcount on Advfn:

Although the ESG was released in 2024, the period covered is 2022. There is text 'Unless otherwise stated, this report presents data and information from the year 2022.'

(Wonder when we get the 2023 issue! Seems most of the info was in the 2023AR.)

However, "As at December 31, 2023, i3 Energy’s UK operations had one full-time employee, three part-time employees and two consultants/contract operators, all located in the UK offices."[cf. 4 UK employees (4 FT / 0 PT), 2 UK contractors]

and 49 Canadian employees (49 FT / 0 PT), 75 Canadian contractors has become 53 full-time employees, one part-time employee and 73 consultants/contract operators.

All from the AIF: worth a read imo...

HTH

Final attempt

IBB_INVEST, the Hangingstone land was part of the Toscana assets, a minor asset less than 5% of the NPV, and was a 26% share of a large licensed area operated by Canadian Natural Resources producing gas.

HTH

Retry!

IBB_INVEST, the Hangingstone land was part of the Toscana assets, a minor asset

IBB_INVEST, the Hangingstone land was part of the Toscana assets, a minor asset

Bluemango, thought you had got to 4,976,923 yesterday ;-)

There is, of course, an art to this.

Q? Why would you agree to take shares at a premium to the prevailing price to settle a debt.

Why should you have to if the company cannot pay cash?

Q? Who would be owed exactly £145,500?

Why GBP, why not oil dollars or local tenge?

Q? Why did the price rise so quickly after the deal?

Have we miscalculated?

Or, perhaps they were the buyer of 500k on the 24th? A buy that started the climb??

There are some on here that play the crowd: these guys are experts.

The volume may well still be churning through to reach sticky hands.

jimo

[4,476,923 x 0.0325 = £145,499.9975]

Spike 12:32

"Serenity is worthless as it stands."

Except in the eyes of the BOD and the accounts:

"For its UK assets, management has considered the results of the 31 December 2022 impairment test which used a discounted cash flow model of a one well development of the Serenity field and has concluded that there were no developments in 2023 which would change the conclusions reached at the time, and therefore that no indicators of impairment were present. A one well development may be dependent on access to infrastructure at neighbouring fields which may not become available to the Group, and therefore the commercial development of Serenity is not certain."

From Sedar:

Annual General Meeting

June 27, 2024.

Today, I think someone is smoking camel and blowing the smoke up anothers Rs.

But who is which??

Further to Tony's AECO post@ 9:22

https://oilprice.com/Latest-Energy-News/World-News/Texas-Natural-Gas-Prices-Are-Negative-As-Drillers-Chase-Oil-Sales.html

CC think you are starting to confuse yourself or have I missed an RNS?

"I'd figured Kuat had handsomnly repaid himself for the cheap boat price by ripping $60m out for block 8, another unproven field with an expired licence and no firm production figures."

Hasn't Production stopped pending licence?

And the $60M is payable at $5/barrel produced, like a royalty. So nothing yet. That's 12million barrels, if...

I agree with the $5M CTS/CASP/Bank merry-go-round.

They also say the opportunistic nephew now works for Casp. He needs uncle's help clearly as he is a just a tad behind his cousin with his CASP holding. Or perhaps he is a new front for KO, who no longer owns any Casp shares, and appently just works there as the CEO.

"It's only a 25sqm block", I know that's a typo: it's not big enough for that camel!

Soon be back to the March 2022 conversion price. Is AO taking a salary yet, or still racking it up as the loan??

Re: Smarty @22:30

Yet another RNS that raises more questions with the information it provides!

The Takeover Panel "has reviewed the composition of these concert parties and agreed that there is now only a single concert party", suggesting that dialogue was had with revised information that led to a new conclusion at a time preceding this RNS.

The family concert party is now increased by one following the transfer of Daulet Beisenov from the Wider party to the family due to being a former business partner, but the others were not apparently.

Aidana is still in the family party but otherwise totally disenfrachised; no longer holding any interest in the Company.

The "Akku Investments" investment advisory company, (registered in Almaty, Kazakhstan that manages the Oraziman Family Concert Party's shareholding in Caspian Sunrise, which is owned equally by Aibek Oraziman and Aidana

Urazimanova with Kuat Oraziman as the sole director) appears to have joined the fabled Norwegian Blue parrot. It still appears in the CASP holdings table as a footnote but not connected. It is unclear whether AO, a NED, is in charge of his massive holding or not.

Being connected, AO didn't join CC and Shin to share their fair value thoughts.

But if you like Corporate Governance read the website, CC chairs 2 with AO, and AO chairs 1 with CC.

Principle 5 still embraces Edmund.

YCNMIU

wrt the deal, it's yet another bit being plugged in from the nephew, (is he the brother-in-law's son?). He was at 3AB, CE & Block8. Now he is employed by CASP.

So he stands to share handsomely in any cashing out of CASP for his WS input.

But will a sale happen?

Now that the Wider party is dissolved and the family cannot vote on the waiver, there could be a rejection, which may then prompt a TO...

jimo

joe