Member Info for Jungmana

I think we will get over 2p this week. Little or no overhang imo , now funded for the foreseeable future with the big $100m funding deal news expected.
Most Placing shares in sticky hands.

Bought about 140k shares in total on Wednesday and thursday. I think this is ready to quickly double in the short term.
The Market cap of GBP 8m today is too low.

One good positive is that BOD and management options have performance conditions attached. Also can't be sold for 12 months when converted.

My estimate 2 weeks back of 150m warrants and options was right after all. Knew I saw it somewhere .
Anyway excellent buy at today's price imo.

From that Mirabaud analyst report;

"On a DCF basis, we value the Developed Producing assets at US$76m (6.9p/shr), which, after adjusting for forecast net debt, results in a Core NAV of US$56m (5.1p/shr). This assumes a Brent price of US$45/bbl in FY21, ramping up in steps over FY22-24 to US$60/bbl long term. We attribute a further US$108m (9.8p/shr) of
upside to the 2P reserve base, risked at 75%, which takes our 2P NAV to US$164m, or 14.9p/shr. On top of this,we value the legacy North Sea assets at a further US$54m (4.9p/shr), risked at 30%, resulting in a Total NAV of US$219m, or 19.8p/shr.

Our target price of 10.0p/shr is set conservatively at the mid-point between Core and 2P NAV.
As i3E demonstrates success of its Canadian strategy, and/or succeeds in attracting industry investment in the North Sea assets, we will look to rebase our target price, attributing more value to the Canadian 2P reserve base and the North Sea. Still, given that the shares are currently trading around 5.5p/shr, our conservative target price offers over 80% upside to the current price, and therefore we initiate coverage with a BUY recommendation"

Thanks Tony, very good read.

GGG, read the rns of 23rd June regarding the loan notes amendment. Is all in there.

Don't know the intentions of the 3 others but Bybrook and Lombard are holders who have been here for over a year . Long termers unlikely to sell for 10%

GGG, Just under 50m of warrants at 0.01p .

The 5 tr1s of last 3 trading days make up about 70% of all shares in issue.

The primarybid component of this fund raise was just 1.84%. Institutions and a few wealthy long term investors took the 98% of the subscriptions and imo institutions such as Bybrook, Premier Miton, Slater and Lombard Odier who together hold about 65% of shares are here for the journey. Bybrook have been here for over a year and sold not a single share. Then the directors and management hold roughly 3% then you have the hundreds of private investors like myself who have been here for over a year and will not sell at a huge loss but instead many are averaging down. Such private investors could be holding 10%+
Therefore imo the overhang here will be less than 30% of all the total shares in issue ((ie less than 200m).
I could be wrong but like anyone else here , no one knows the true figure of the overhang. We are all just stating our opinions and views only.
Reality is we are now producing 9,000boepd and valued at GBP 35m today. Add our valuable North sea assets and soon to be added toscana taking us to 10kboepd and you can see the undervaluation . Compare too to similar oil producers on the market which are valued about GBP 100 or more today.
Let the bashers and rainbow chasers keep doing their thing. Am holding tight and added about 200k shares in last 2 trading days.
Let's see where we are in a months time.

Austin, 400m + overhang? I disagree. The entire placing was about 580m and yes there will be an overhang but imo is a lot less than 400m.
Anyway time will tell and let's see where we are in a few months time.
We are insignificant in this game and big holders decide the fate .
Happy long weekend to all punters in Blighty :-)

Take a bybrook as an example , they are the largest shareholder here and have been here for a long time. Lombard and Miton are also familiar here as they were involved in the financing last year and hold some of debt deferred till 2023. Let's see what Tuesday brings. Slowly we will clear the overhang and hopefully see us move towards 10p in a few weeks.

Baybrook, Slater, Miton and Lombard are not going to sell so low seeing the value here.
I believe they want this:
"Prior to the end of Q1 2021, the Company anticipates it will begin paying a dividend of between 20 per cent. and 30 per cent. of free cash flow annually, progressively increasing this to 40 per cent. as i3's Canadian business expands"

Yes they bought in the placing and are new long term cornerstone investors. Don't be surprised to see them add shortly.

Tony - it's been a rough 2 years with i3e and at some stage I actually wrote this off. Now the future looks a lot brighter here.
Good luck to us

Added 50k today. My average about 22p now and hopeful of getting my money back over the next 6 months
Been here for over 2 years

I forgot Monday is August bank holiday in UK. Not a holiday were I live right now.

I wonder if the new shares have been placed today or is there a delay? 28th is the expected date but you never can guarantee anything in this market.
Probably get an rns later today or Monday.

Harel, the 14p is my own calculation based on current fully diluted issue of 760m shares.
When we had 108m shares in March would have been about 80p share price equivalent at that time.
Try harder next time