Member Info for nomadicinvestor

The offer is by scheme of arrangement, it will be recommended by the board as they negotiated it.

I do hope everyone has taken the time to vote at the AGM and gone AGAINST for resolutions 6-9. The group need to put a solid message to the board that they have enough backers to help block the Ganfeng deal. Jamie Strauss and Andres Antonius are in favour of selling, therefore we should vote them down.

Dee - maybe a reminder email to the SaveBCN group?

Think it is quite interesting that RK deal has collapsed. Perhaps they don't want to work with Ganfeng or Ganfeng have advised they wouldn't work on those terms? Or the board have realised there is much better financing out there (the RK deal at the time was widely noted as not on great terms but was required due to the small cap nature of BCN). Interesting development...

I recommend we do a co-ordinated vote at the AGM to vote down resolution 6,7,8,9. Let's test the numbers we have in the group that are willing to vote and send a message to the board PRIOR to Ganfeng submitting an offer. If over 10% vote against reelecting two of the board members, it will make them think again in terms of recommending the offer.

Redroo - "special res 9. To disapply the statutory pre-emption rights on allotment of shares" means the directors are authorized to allot shares up to a nominal £12m (BCN nom value is 10p, so that is 120m shares). The special resolution, allows them to do so without offering existing shareholders the same terms or preemption rights (section 570 of companies act allows them to waiver section 561). Compare this to last year when the company inserted a special resolution to buy back up to 10% of it's own shares!

I doubt anyone would invest in i3e purely for the dividend. The price jumps on a daily basis by almost the yearly dividend yield. For general investors, it's a nice bonus and something that will mature to a sizeable payout in a few years. It works for the ii's as a way to hedge investment risk and return of capital, but for retail I don't think we will see people hang in to buy for divi. Dividend investors are low risk - not small cap oilers.

To be fair, Oilmanjim was laying into I3e a year ago and saying Canadian deal a sham etc etc. Sounds like he’s turned the corner, with a small comment to the past (which is fair and I do believe the past performance of our directors is still shadowing over the sp here). Watch the space, oilmanjim will be all over this in a couple months.

Agree JAdam - always said I was done buying after topping up heavy any dip under the 4p mark but there's just such great value being added since that, without the increase in sp. Where the company is now is a steal and there is only more positive news flow to come.

Really positive RNS. Highlights for me are -

- increased NOI of 42%
- doubling of Q1 21 dividend essentially by making Q1 a special dividend and then having a full H1 divi in September
- new Simonette has capability of 18k bopd and NOI of 1b USD (can be organically grown or farm down)
- additional two wells going to be drilled bringing production to 10k bopd

Dave - I’m fairly sure Lenigas sold out of BCN. He’s kept quiet until now but not one to avoid the limelight I suspect he’s bought in. Worst case scenario, the offers accepted and he makes 20%. Best case, it’s rejected and they up the offer. He’s a good voice to have as long as his intentions are aligned to yours. Made lots of money with DL in the past but it’s all about knowing his game and getting out before he does.

I think we need to be more realistic in our presentation (not disrespecting dee's hard work - well done). If we are to be taken seriously, we need to acknowledge that this is what happens in every business. Big players buy small ones before they get big, usually for an amount that doesn't reflect true value. That's just business. The atrocity here, is the substantial discrepancy in price versus value. We should not be saying we don't want to sell, we should be saying we will happily sell for a fair price and that's pounds rather than pennies.

If there's one person with a voice loud enough to do something then it probably is David Lenigas. Will be interesting if anything transpires from it.

The dividend strategy doesn’t quite align to setting up for a takeover? Hopefully they don’t, I’m happy having my money running in here. If i3e get production up to 15-20k with a good mix of liquids, then be happy to start thinking about takeover at much more attractive pricing.

Did anyone get to the bottom of who is the "independent board of directors"? Does it exclude Peter Secker and Mark Hohnen as they operate the company on a daily basis? This is my understanding and perhaps they may throw a curve ball when allowed to speak freely if an offer is tabled?

Great, well done for organising this Dee. Surprised Peter agreed to it but I guess he had to really when your essentially representing circa 5-6% of shareholders. I think there’s enough there to block the deal and just hope Robecco and Hanwa join pi’s. Suspect M&G will be aligned to the board.

Dee - anything of note said?

I just read your post again and understand your point now... yes, hopefully that happens but I suspect our board is happy with 67.5p and will just try to steam roll it through.

Fozdog - we will not see more offered unless the 67.5p deal is rejected. The Gangeng circular states no more than £190m can be offered without going back to their shareholders.

Chart looks primed - higher lows being locked in, looks set to pass the march high in a few weeks.

It's very clear here that it is the liquid/ gas ratios holding i3e back and it seems the board is acutely aware. When they get it closer to 50/50 mix, then the operations will be taken more seriously by the market and the bottom line.