Member Info for Newanda

There are 2 companies taking big positions, spreadex and Intertrader. We know categorically the first is for the financial instrument John Story’s holding is in. It says as much in the RNS. So one is definitely not as MCB55 suggests.

Re:bybrook

From placing docs:
In addition, each of the Bybrook Funds has entered into a further conditional subscription letter
with the Company (the “Conditional Subscription Letters”) to collectively subscribe for up to
£[l] worth (the “Maximum Subscription Amount”) of new Ordinary Shares at the Issue Price
(such shares being the “Bybrook Further Subscription Shares”), which if allotted, would
result in the Company raising gross proceeds of £[30] million between the Fundraising and this
subscription. It is anticipated that the Bybrook Funds will on Admission collectively be
interested in just under 30 per cent. of the Enlarged Share Capital. Accordingly, to the extent
that allotting the Bybrook Further Subscription Shares would result in the Bybrook Funds
collectively being interested in 30 per cent. or more of the Company’s issued share capital
following such allotment, it will be a condition of such allotment that it be approved in advance
by both the Panel and the i3 Shareholders in a general meeting in accordance with the
Takeover Code and that Admission shall have occurred by no later than [l] 2020 (or such later
date as may be agreed) (the “Implementation Conditions”).

Found it apologies:

"In addition to the transactions discussed within this document, the Company’s management intends
to remain lean and cost efficient while the oil & gas sector continues to struggle under the impacts
of COVID-19, making access to capital more difficult for smaller companies such as i3. As at
4 August 2020, the Group had approximately £883,233.50 of cash in the bank."

Thanks cn100,

Where did you get cash of £1m now from?

annual report states: "Moving forward we will continue to manage our existing cash resources, which stood at £19,069,541 at the end of December 2019."

I can't find anything stating expenditure of £18 anywhere?

so:
£19m cash end of December
minus £2m for the debt of Toscana
minus £20m for the Gain assets
plus £30m from the raise

Leaves £27m (obviously some transaction costs to come off that as well)

So I reckon on relist (assuming 5p relist price)
1) £27m cash
2) Debt £16m
2) MCAP (780m shares at 5p) = £40m
3) EV £29m
4) EBITDA circa £20m

Anybody have a view? Looks pretty cheap to me....

DT - yes really.

I got some "free" shares as well, and the XCD shares that I had to exchange for my "free" 88e shares cost me a few grand.

Regardless - the point here is DW has 111m shares in 88e now. He is incentivised to get the share price moving more than any other single investor in the top 20 holders from what I can see.

In order to do that, you'd need to know how much he spent on his XCD shares.

Anybody else noticed the extreme tick up in buying yesterday and this mornin?

Flexmw,

Checkout the below, but yes, interesting commentary on conventional:

http://clients3.weblink.com.au/pdf/88E/01700073.pdf

http://clients3.weblink.com.au/pdf/88E/01698345.pdf

https://www.premier-oil.com/sites/default/files/presentation/200420-investor-pres-apr-2020-v2.pdf

Take a look at the above slide 11. It sets out their priorities. They have reduced Exploration capex for 2020 b y roughly 50% to about $60m. They state "Production capex with quick pay back prioritised". We are not that. And we'd have required approx 25% of their capex to farm in to B/C.

It feels like to me this was about prioritisation of a reduced capex pot, and unfortunately they have other prospects higher on the list.

A few hypotheses as to maybe why

1) preservation of cash in current climate - $15m required to fund 3D and whatever next steps required on Charlie
2) too long and too uncertain to get to next event (drilling next season earliest) and lower risk higher value short term opportunities for PMO
3) focus - with a finite management team and geologist team, just didn't want to dilute ability focus on other opportunities
4) the results were so horrendous they decided no point in flogging a dead horse

Although, PMO CEO narrative in their results was positive I though - declared it a discovery, just not one that they were interested in as not oil.

But it does beg the question - why are they not interested in Seabee when we are? Maybe too small for their investment criteria?

Some interesting info on Umiat: https://www.adn.com/business-economy/energy/2017/08/20/a-big-north-slope-oil-field-remains-alive-despite-bankruptcy-isolation/

And the current owners website with loads of great data: http://malamuteenergy.com/

Or the other way to look at is he now has about 86m shares in the company and is now the single biggest shareholder of 88e

Skin in the game?

From last quarterly results:

Prospective resource of ~1.6 Billion barrels of net oil entitlement (after royalties)
independently assessed by ERC Equipoise (ERCE) for Project Peregrine
? Four additional leases issued during the March 2020 Quarter confirming 100%
owned lease position of 195,373 contiguous acres
? All lease fees paid through to March 2021 with no further committed expenditure
in Alaska for the remainder of the year
? Two further discoveries and flow tests in the same Nanushuk play as XCD’s
prospects were announced by Oil Search Limited during the March 2020 Quarter
? No debt and cash at bank at 31 March 2020 of $1.2 million
? Cost reduction strategies being implemented across the business

This is probably the most relevant recent news:

https://wcsecure.weblink.com.au/pdf/XCD/02194308.pdf

1.6bn barrels prospective

Very interesting indeed Rabito.

Possibly for 88, possibly for PANR. Possibly for both.

Hey Rabito,

Did you catch Malcy’s podcast on Panr? Worth a listen.

Agreed,

I suspect we’ll hear some interesting stuff in the coming weeks, including:
1) where the optimal location for Lima is
2) one or two theories on the Torok and what we saw vs Maluguk-1, and possibly an optimal drill location?

It does make me wonder why PMO upped and left so quickly. Possibly Capex conservation in tough times, or given the obliteration of their market cap recently a zero patience approach to investments? Seems a tad premature to exit so quickly...

Interesting, you may recall we originally were planning 2 drills this year. I wonder if going after the Torok on the 1 drill meant we have foregone going after the other zones in optimal locations. And Sod’s law the Torok wasn’t what we thought, when the other zones might well have been had we have picked optimal locations for them. Seebee in particular...

https://www.asx.com.au/asxpdf/20200420/pdf/44h26dhnf16qd8.pdf