Member Info for pauldrayton

Anybody else get the sense they’re keen to get trading again because they have more deals lined up that they want to get over the line ASAP?

Yes everything going through as sells again today. Seller in the background again maybe.

Surely that would depend on the price that equity is raised at and therefore how many shares are in issue post acquisition.

I would like to see another acquisition or two this year, pushing production up to 20k+ boepd. Get a couple of appraisal wells drilled on Serenity & hopefully an exploration well on Liberator at the Minos High early next year. Then ramp up production in the rest of the Canadian acreage & fast-track Serenity & Liberator developments if successful. That’s the dream scenario alongside a nice rise in the oil price whilst production increases. It’s a lot to ask but you’ve got to stay positive!

The dilution is frustrating but was inevitable unfortunately. The interesting thing is that they seem to be very keen to pick up more producing assets quickly. They realise these prices are historic lows & won’t last forever. If they manage to secure Toscana and another couple of shrewd acquisitions it could get very interesting if oil prices rebound. I don’t think shale is going to see the investment it needs to get back to previous production levels so we could see a supply shortage in a year or two depending on OPEC and the world economy.

Adonis, I was there too.

The current development plan doesn’t include a large proportion of discovered oil - it’s in 2/3 phases. I don’t think lack of oil was the problem, it was a cash-stretched & debt-ridden operator coupled with a couple of major oil price downturns that explains why the share price is where it is.

I would really like to see the FIG help out in order to bring the breakeven price down further. Once Sea Lion gets underway the other developments will follow, but they have to make that first development attractive enough.

Oh and a positive Ombrina Mare outcome would be most welcome!

One well struck oil?!

There were plenty of other oil discoveries in addition to Sea Lion. Isobel looks like it could be even bigger than Sea Lion. It’s not a question of whether there is enough oil in the NFB, there is plenty. The mistake RKH made was getting into bed with PMO - they’ve been unlucky with oil price crashes since but being tied to PMO has exacerbated that.

It sounded like a farmout deal was fairly imminent. He said they are now in talks with “one party” following the farm out process, and talked about drilling late Q1 or early Q2 2021. I thought they might wait until oil prices recover a bit and they’re getting an income from the Canadian assets which would give them a bit more leverage. But they seem to be in a rush to get everything over the line - he did say the deal they’re working on would still leave them with a significant percentage though. We will have to wait & see how significant. Surely it would become part of the Tain development if successful.

I hope so Bolivian. If they continue to pick up producing assets at these prices and Serenity also proves to be what they hope then you never know. If oil prices can rebound to $60 average over the next few years then things could look a lot brighter for shareholders here. Lots to come together but at least there is hope!

And given i3 timeless that probably means Q3!

I thought they said late Q1 or early Q2 2021 but I’ve only listened once.

Another late trade today. 15k at 115p.

https://i3.energy/wp-content/uploads/2020/08/20200806-i3-WCSB-Acquisitions-vF.pdf

It’s a disappointing price for the raise and I still believe they should have secured Toscana first because the enterprise value would have been higher.

Now got to hope they get Toscana over the line, secure a farmout for Serenity/Liberator and the oil price rises from here!

Placing at 5p to raise £30m for the Gain assets.

Selling on a proportion of the Gain assets immediately to Harvard Resources.

Well spotted, just hope that’s not the relist price!!

Yes looking more positive today. Some chunky trades.

Let’s hope they get a deal over the line soon - the available opportunities might not be so attractive if Brent keeps creeping up.

Still a fairly big background seller then? I think there has been for a couple of weeks now. Either that or people were expecting news after the big rise and are now selling because nothing has arrived.