Member Info for Parge

Where were at. You’ve been quiet recently.

Regards

Tony’s thoughts would be appreciated.

https://www.energyvoice.com/oilandgas/north-sea/395300/boris-johnson-oil-gas-ceos-north-sea-supply/?utm_source=Sailthru&utm_medium=email&utm_campaign=Energy%20Voice%20-%20Daily%20Newsletter%202022-03-15&utm_term=Energy%20Voice%20-%20Newsletter

RNS!!

Very constructive comment. Well done!

Tony
That is not the response we need or he deserves. Come on mate, your better than that!!

Gents. The past is the past. One unfortunately cannot change it, sometimes I wish we could. Why don’t we forget it and look to the future. Between the two of you; you would be able to further advise us long time holders and more importantly the new ones. It’s obvious you both have extensive knowledge of this market and company so please try to find common ground and push forward.

Regards both!

https://www.youtube.com/watch?v=mZXBEWQodLI

From about 1hr 34mins

i3 Energy
i3 has provided the following Q4 operational and financial update.

Highlights:

· Q4 2021 average production of approximately 18,229 barrels of oil equivalent per day (“boepd”), a 38% increase from the previous quarter, with current production of approximately 19,000 boepd

· Q4 2021 revenues of US$57.6mm (+64% versus Q3 2021), generating US$31.5mm of NOI (+75% versus Q3 2021)

· Full-year 2021 net operating income (“NOI” = revenue minus royalties, opex, transportation and processing) is now forecast to be approximately $66mm(1,2), and $150.3mm for 2022 assuming implementation of the Company’s approved and ongoing 2022 capital programme

· Dividend of £2.25mm paid in October, bringing total 2021 distributions to £3.41mm

· Concluded multiple non-core divestitures, realizing a reduction in end-of-life obligations while decreasing i3’s average opex per producing boe

· Four (1.5 net) non-operated wells were brought onto production and 16 (14 net) recompletions/reactivations were successfully completed to yield aggregate net IP30(3) rates of approximately 600 boepd (65% oil and Natural Gas Liquids (“NGLs”))

Majid Shafiq, CEO of i3 Energy plc, commented:

“We are very pleased with the progress we’ve made with the Cenovus assets since acquisition in August 2021. We spent the following months on an extensive integration process to optimise the portfolio and generate a development programme to organically grow our production and income base. The execution of these plans during Q3 and Q4 2021 allowed us to replace declines, grow production and enhance margins in an improving commodity price environment. I am pleased to report that this has resulted in significantly improved income projections for the coming year.

We entered 2022 with a significant working capital surplus and a disciplined hedging program, covering approximately 36% of forecasted 2022 production, ensuring the fully funded 2022 programme and a monthly dividend commitment. We are also very excited to have commenced our high impact 2022 drilling programme in January and initial results are very promising; we will update the market as we commence production from these new wells.”

Whilst I am still waiting for a meeting with management and technically don’t cover i3, as last time I am just noting another good update.

Malcy’s Blog – Oil price, Diversified Energy, Eco (Atlantic) Oil & Gas, i3 Energy, Block Energy & finally
Abm February 24, 2022
WTI$92.10 +19c, Brent $96.84 u/c, Diff -$4.74 -19c, NG $4.62 +12c, UKNG 285.0p +92.16p

By Malcolm Graham-Wood

Oil price
In the above only European gas has taken into account the Russian invasion of Ukraine overnight, this morning WTI is $98.01 and Brent is $103.57.

My hero Daniel Yergin has said this morning that ‘Washington is just catching up and recognising that American LNG- and the shale revolution- is a geopolitical asset. Without US LNG exports the situation would look very different in the tense stand-off over Ukraine’.

And he is of course right and it would do UK politicians a power of good to realise that upping the game in domestic hydrocarbon production, both onshore and offshore wouldn’t be a loss of green credibility but more a way to ensure that domestic needs are catered for. No surprise that UKNG is up nearly a pound a therm, look and learn and shame on those who needed to see that start of a war for it to sink in.

Diversified Energy Company
Diversified has announced that on 23 February 2022 it closed a sustainability-linked asset backed securitisation (“ABS”) of certain Barnett Shale assets in North Texas. This financing represents the Company’s second sustainability-linked ABS and fourth ABS since late 2019 demonstrating the increasing depth of investors for this product. The Assets were previously pledged as collateral under the Company’s Revolving Credit Facility led by KeyBank National Association and represent the Company’s first ABS transaction involving assets outside of its Appalachia operating area. Diversified will use the ABS proceeds to reduce its RBL borrowings resulting in liquidity of more than $400 million pro forma as of 31 December 2021.

Transaction Highlights:

• Key terms

? ABS note amount of $160 million ($152 million, net of a certain transaction costs and $5 million restricted cash interest reserve for the notes)

? Fixed coupon of 4.95% (notes issued at par)

? Rating of BBB (Fitch Ratings, Inc.)

? Scheduled fully-amortised maturity of September 2030a

• Moody’s ESG Solutions has provided an ESG Assessment on Diversified. The coupon rate on the sustainability-linked financing will be tied to Diversified’s ESG Assessment from Moody’s ESG Solutions.

• Favourable hedge structure

? Long dated natural gas swaps at a weighted average price of $3.36/MMBtu

? Long dated NGL swaps at a weighted average price of $33.34/bbl

? Natural gas puts purchased in outer years; providing price floor and exposure to increased prices

• Assets constitute 9% of assets previously pledged under the RBL

? RBL borrowing base of $500 million (reduction of $50 million) on the remaining RBL collateral

? Leverage neutral – ABS proceeds reduce outstanding RBL borrowings and increase liquidity

? Pro

GGG has explained it below.

Thanks both.

Tony,
Why is there no H2 dividend. The company was profitable and we are due a share of that profit.
Thanks

I would still like to know about our missing H2 2021 dividend. It should be due mid March. The below refers to 2022 year.
I have mailed I3e but no response.

Thu, 3rd Feb 2022 07:00

RNS Number : 5372A
i3 Energy PLC
03 February 2022

3 February 2022

i3 Energy plc

("i3" or the "Company")

Monthly Dividend

i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to announce that it is moving from a bi-annual to a monthly schedule for its dividend payments.

i3's predictable, low-decline assets continue to outperform management's expectations, and the Company is forecasting robust cash flow generation from its production business following an intense period of accretive growth since its mid-2020 entry into the Western Canadian Sedimentary Basin. Upon review of its corporate dividend policy, the Company's board of directors has determined that moving to a monthly dividend payment will expedite the return of capital to its shareholders, enabling potential reinvestment and improved returns during a time of market strengthening.

As previously announced, during the course of 2022 i3 will pay a minimum dividend totalling £11.827 million, representing a 7.1% yield at the closing price on February 2nd. This dividend will be divided and paid in 10 equal increments. i3's board of directors will continue to monitor the quantum and scheduling of future distributions to ensure the Company remains aligned to its disciplined growth strategy while providing consistent shareholder returns.

i3 will declare its first monthly dividend during the first half of February for payment in March.

Majid Shafiq, CEO of i3 Energy plc, commented:

"We are confident in the predictability of our future cash flow, and a monthly dividend will appeal to investors seeking regular income and the option for reinvestment to improve returns."

END

Nice but of well thought out research there.

Questor

Update: I3 Energy

It is often trouble that comes in threes at small-cap stocks (or even large-cap ones for that matter) but, pleasingly, the opposite appears to hold true oil and gas producer I3 Energy.

December’s production update suggests aggregate output from the Canadian and North Sea fields continues to surprise; oil and gas prices remain firm; and as of last week the company is committing to monthly dividend payments. The targeted £11.8m total payout for 2022 equates to just over 1p a share, for a forward yield of 6.4pc.

The story is heating up nicely. Keep buying.

Russ Mould is investment director at AJ Bell, the stockbroker

Tony
Yes I get that but what about H2 2021. Where’s that dividend? Surely you can’t buy shares now and be rewarded for the last 6 months profits of 2021??

I thought the ( forward announced) monthly dividend was for the 2022 year. We haven’t had a dividend for H2 2021.

Dividend

Tony,
When are we due H2 divided confirmation?
Thanks

https://www.cityam.com/government-gives-the-green-light-to-new-north-sea-oil-and-gas-field/