Member Info for jollygoodya

Https://www.politico.eu/article/britain-north-sea-decision-waning-leadership-home-abroad-felipe-sanchez/#:~:text=At%20the%20end%20of%20July,emissions%20and%20dependence%20on%20dictators.

I think uk gov will cave in further and offer incentives. Beggars belief you'd not want to secure your own energy means going forward.

NS is far from dead. Will need to bide time imo.

In the meantime, an update on the capital reduction is overdue!! WTI is climbing. Things looking good. However share price is an anomaly!

We are now mid sep. Capital reduction update was referenced end of Aug. If it is still in progress or pending court procedures/decision. Could at least tell us that the matter is to hand, even if via twitter/ X. Give some reassurance..

I would say that a below average Q2 should already be factored in, given the depressed SP. What I'm looking for is, any decent forward info Majid can provide as part a of Q2 update.

Sp down. Makes no sense.

Hi Whatcangowrong, last time Q2 released on 26/8. However no hard and fast rule being applied by BoD. Am expecting Aug end or early sep.

Https://www.reuters.com/markets/commodities/asias-refiners-face-profit-crunch-kuwait-cuts-crude-exports-2023-08-18/

Supply crunch inbound..

Https://simplywall.st/stocks/gb/energy/aim-i3e/i3-energy-shares/news/if-eps-growth-is-important-to-you-i3-energy-loni3e-presents-1

Thanks Vernetles, not speculating on what it might contain. Let's hope update is in August or at worst early september. Thus far update timing has not been great.

Last time was on 26/8.

So roughly end of the month to coincide with the capital reduction update?

Darteon, that's plausible given Sp action. However one would expect:

1/ raise price might be at discount to now (hoping at premium though)

2/ Any deal is immediately cash generative

3/ BoD give a nice update of our own too.

Let's see. Hopefully no need for tin hats at this joke price.

Agree Corry, my point was that they could have just (willingly) RNS'd that all progressing to plan. A bit of market reassurance.

Sorry 20 August 2023 is an error, rns just says August 2023.

Someone asked about date, this is the company timeline (dont know whether the company must update on each dateline, perhaps should have and has not, market hates uncertainty hence fall?):

Expected date for the directions hearing for the High Court to consider the Capital Reduction application

July 2023

Expected date for the hearing by the High Court to confirm the Capital Reduction

Late July / August 2023

Expected date that the Capital Reduction becomes effective

20 August 2023

Tony, years of being in aim co's has mostly shown not to accept face value, especially from insiders .

The delay/halt by the auditors was massive red flag coupled with the wholsale negative update, planning to flatline ops, cutting divis and moving to quarterly and the big facility and looking at new acquistions after saying we had acquired excellent assets which we should explore first imo.

But thank you for not being condscending, you come across a far better poster for it :)

Am waiting for action and lets park it there.

Given 75m cad drawn. Let's see how much additional cash build up has occurred..

I'd say that voting down ability to summarily issue equity is a strong hint, use facilities to grow organcially or show us a stonking deal prior to equity raise and let's see the cash build up too. We are way above $72.

Action speak louder than words. I want to see how much of the advance has been used for general working capital by BOTH UK entity ( which is loss making) and the canadian one (cash generative) and split of the usage for working capital. Then look at cost restructuring/tweeking in both but more in the UK...

Ask management what was the reason for the delat the? Come on Tony.

Correction:

delay then?

Tony:

75m (cad) out of a 100m facility drawn immediately, a very high 75%.

Then RNS of 31/5 states:

"The Company will utilize a portion of proceeds from the initial advance to redeem the outstanding Loan Notes. The balance of the proceeds will be available for general corporate purposes of the Company and of i3 Energy Canada Ltd., including working capital requirements, acceleration of organic growth (from i3's proven portfolio of development drilling locations) and to fund accretive acquisition opportunities".

Clearly there was an immediate need for working capital ( what portion, we dont know as it's smoked with the other good stuff). However, one would not draw down a whopping $75m, until there was a need for the acquistion purpose or organic growth (none of which have been clarified and radio silence atm (something they excel at i.e. keeping pi's in the dark as long as possible) A touch of smoke and mirrors by them imo.

You can accept at face value what they say, but I'm looking for action.

How you know what the current cash position is, I dont know. Unless you are speculating and trying to state it as factual.

Tony: the plan was always to replace the loan notes with a new facility - they have talked about it for several years.

Question: why not do it when the interest rates were rock bottom and not at peak? Is that good maanagement?

I believe their hands were forced to go the loan route due to insufficient cashflow generation to meet obligations. (They practically said so, in talking about balance sheet strengthening)

Auditors have signed off on the basis of the new loan facility to cover the immediate loans. Nothing more nothing less. Funny how the audited statements were signed off very soon after the debt facility lol. Ask management what was the reason for the delat the? Come on Tony.

Pleased to announce the successful settlement of the Company's outstanding £22 million Senior Secured Guaranteed Loan Notes (the "Loan Notes"), due May 31st, 2023, and the establishment of a CAD100 million loan facility.

So much bigger loan and drawn how much Tony?

Also you mean to say a mere £22m could not have been paid off from cashflow? Had to borrow and plug the gap, otherwise no Audit sign off. Quite dire imo.

Tony, see no evil, hear no evil eh?

1. When the oil/gas price started reversing and not reverting back and of course, consider gas would come down due to weather cycles. Also data points in I3E management system should allow you to check more accuratley (which I'm not privy to, maybe you are). How well do you know Graham Heath?

2. Clutching at straws arent you or deliberately ignoring, we needed a loan to plug the balance sheet. "Strengthening" was the word used.

Selective answering of my points not a good point. Note you do that a bit. Glossing over time frames not a good thing. I mean prices did not fall off a cliff overnight did they?

Tony:

I think they told you the time frame - "future".

Answer:

Future can be infinity, hardly a time frame?

Rest not even worth commenting on. Self evident, that they did not react intime. Until the audit showed a hole in the balance sheet..