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From my (too many) years of following oilcos on AIM, I am grateful for wh0sthedaddy's realism. One point of interest is the impact of the new licence on the economics: A) liberator within the old licence (13/23d) is a small field and possibly hard to get partners on board. B) liberator - phase 2 east in the new licence (13/23c) makes the economics a lot better and that has a high gCOS. I think that makes the whole lot easier to fund. Clearly a bit further to go if the BoD are on a roadshow.

I think everyone is correct, tbh. Wh0sthedaddy is supportive of i3 but a little wary or sceptical - and quite reasonably so - as NC & GH have promised this financing deal but it hasn't yet appeared. Many thought that the complete package would appear shortly after the 30th Round award but instead we hear rumours (and probably correct) of a city roadshow. Road shows are pretty much about raising money and the IIs will want in cheap. What stops any placing from becoming too cheap are the funding packages already agreed but not announced. i3 may not need to do a large placing. NC & GH won't want to hand out equity for the fun of it and one alternative could be to generate cash from producing from one well if needed. I believe they have a number of options and a large, discounted placing isn't one that they need to take. It strikes me that there could be a huge amount of produceable oil in Liberator West and it's just a question of being patient and let these guys get on with it. If there is a placing, I reckon it would be tied up with a funding package - this will move the price up further. We've been here before with small oilcos trying to get funding - it all looks dreadful, no one will lend/join, etc, etc. i3 is a bit different in that (i) PoO is good; (ii) proven reserves are there; (iii) infrastructure is nearby; (iv) the gCOS for Phase 2 East is 70% (what's the size of the oil there?), and (v) the gCOS for Phase 2 West is 56% (is this the same sands?). It will be okay, imo. It's just the usual nerves as a small oilco makes its way forward.

All good points. I think winning the 30th Round block has bought the BoD a bit of time... many people, myself included, will be thinking that Graham Heath's Vox Market interview was truthful in that winning this block clears the way to funding. Funding news will be needed by the AGM at the end of June, imho....otherwise the crowd will get more than restless.

Hands up those who think it will get funding.... Hands up those who think it wont.... Good. That's carried then ;-)

The exploration/appraisal well on Phase 2 West is going to be really exciting. Probably Q1 or Q2 2019.

Late reported trade .... Someone had a limit order that got filled earlier on today but the broker has just posted it.

* buy back the loan notes

Oh! that's a tad harsh. I3E signed up to that deal and I quite agree that now it's painful to watch. I3E could pay off JCAM (ie, but back the loan notes) but there are several reasons why that's unlikely.

Interesting posts by caters & tgg over on a d v f n re strategy

trading won't have been extended beyond 4:35pm but some pretty chunky late trades have popped up now (mainly buys, but some sells too).

Have there been many UT trades at the close of play on this share? Looks a bit unusual ... and promising as it's clearing away more overhang.

A tweet from I3 HQ.... things must be looking up ;-)

Looks like more people are topping up this morning.

Possibly, but no sells were above 59.5p during the day. The last few buys may have allowed a sell to creep through at 60.5p. Any small amount of buying allows JCAM to offload a few more. It can be hard to nail down these mid-price trades. It may have been a late print trade, so from buys earlier on, but as you say, it may have been a sell. If it's a sell at 60.5p, then that's good news as the bid is rising a bit :-)

I think the 25k printed after your post, so yes, some interesting buys at the end of the day.

*this

Hi Revoy, Other O&G shares are pulling ahead and this one, after a promising Jan & Feb, is now treading water. I'm overweight in this so it's not helping monthly portfolio stats at all, but I just have these sense that it will come good and when it does, it will do very well. There can't be many AIM O&G tiddlers with 11million+ barrels of ready-to-flow, quick-flowing, next-to-infrastructure good API oil....in a safe jurisdiction. This one is testing my patience, but I've been in shares where I sell down to chase action elsewhere and, boom, action happens where I've just left! Patience, I believe, will be well rewarded.

In the past, I've noticed that even if some posts are deleted, they still figure in the day's post count. (This happens a lot on boards where some posters always have a go at each other and descend into acrimony!) It looks like LSE has had a bit of a glitch today (it had other software issues today). The post count now looks correct. Thank you for your help :-)

Morning all, LSE's post count for I3E is showing 4 so far for today, but I can only see one post (Revoy's). Does anyone know if some posts have been pulled/deleted ? Thanks

Printed today but from yesterday. Looks like a 50k buy and a 100lk sell but I could easily be wrong. Anyhow, I think that's more overhang cleared.