Member Info for PanamaPete

In an earlier report by a person or persons unknown ( I can’t remember the broker or analyst) , 2023 was supposed to be a good year for i3e. It wasn’t. However, 2024 is shaping up in many areas to be a better year for i3e. Definitely happy to maintain a core holding. i3e have yet to deploy the re-financed debt. It’s been six months. WTF is going on. Still obsessed with the North Sea I guess. Whatever, merger, acquisition or Tain development, hoping to hear something soon. PS, why does analyst begin with anal.

Https://oilprice.com/Latest-Energy-News/World-News/Biden-Administration-Plugs-Away-At-Refilling-Oil-Stockpiles.html

Https://www.transmountain.com/news/2024/trans-mountain-receives-decision-on-variance-application

Https://www.reddit.com/r/mildlyinteresting/s/wcPDwEePDE

Trading update 18th January according to LSE.

Winter is here.

Dividend received today in AJB account backdated to 29th Dec.

Still not got mine & it's 9th January today with payment day supposedly on 29th December. I'm also with AJB. Is there an issue here? Will contact AJB if not in account by close of play tomorrow (10th Jan).

My expectations are that the dividend will be declared by mid-Jan, for payment in February. A little early yet.

Yes, you are probably right Tony. I've just sold them at 5% profit in a little over two weeks & bought one of my fav funds yielding 11% but that will do nicely. My portfolio was overweight in energy stocks.

Which articles would they be Tony? The ones that are supporting the recent short following the NYSE listing.

Meanwhile DEC is buying back its shares. Perhaps it really is time for i3e to start BB.

Meanwhile my dec & enog shares are racing ahead while i3e languishes in the gutter & publishes a 2022 esg report. You have got to hand it to these guys. I just hope the unused proportion of the loan drawn down is earning a decent bit of interest to offset the charges of 9% pa while it stagnates on the balance sheet, un-deployed. One day, i3e might surprise to the upside with an RNS that has positive connotations.

Polus Capital Management (London) reported its funds hold just shy of 30% on 22/12/2023

https://www.lse.co.uk/rns/I3E/holdings-in-company-ck17213bsymj3qk.html

31/08/2023 234,334,943 19.49%

22/12/2023 348,993,341 29.023%

Not sure about offer rules once the 30% threshold has been reached nor whether, as this holding is over five funds,

whether the rules would be applied but could be an interesting development for 2024. If i3e are going to include significant shareholders on their website, the least they could do is keep it up to date like they care.

Note the comment re Trafigura:-

https://oilprice.com/Latest-Energy-News/World-News/Londons-Mandara-Capital-Closes-Doors-After-13-Years-in-Oil-Trading.html

How long before Polus declare 30% ?

I have a feeling 11p is on the near horizon. This is slowly building. Shame no update today but then there are the Trafigura loan conditions to abide by.

The bid is jumping all over the place but there does appear to be buying strength. I recon the algos have been at the Christmas sherry.

G_G_G, congrats on your shrewd purchase of SHG. Easy to get fixated on one share when there are many opportunities elsewhere. I've sold down a few i3e & enog & purchased a small stake in DEC after watching for months. PS - I'd be very happy for you to buy back >8m shares in i3e, it needs a bit of a kick up the rear. GLA

Hedging Programme

"i3's risk management strategy currently protects USD ~51.02 million (CAD 67.86 million) of net operating income for 2023 with current hedges in place to cover 39%, 23%, 21% and 28% of the Company's projected Q1, Q2, Q3 and Q4 2023 production volumes, respectively. i3's 2023 hedges are shown in the below chart, with additional information provided below in notes 14 and note 19 to the H1 2023 Interim Consolidated Financial Statements:"

https://www.lse.co.uk/rns/I3E/interim-report-and-operational-update-for-h1-2023-se6cka07e6omd68.html

Market cap £107m for 22k boe per day equates to about £5000 per 1k boe per day. Could i3e buy 5000 boe per day for £25m deploying the unused part of the Trafigura loan & part of the concertina element available but not drawn down ?

This is what the market is pricing this company & it's oil & gas production at the moment.