Member Info for Phoebus

to cover non cash tranche of initial £8M payment. £3M / 275.99 x 100 = 1.087p per share issue price. They can now sell into the rise to get their payment.

According to p7 of the 2019-01 presentation initial production for Phase I is projected to be 20,000 BOPD rising to over 45,000 BOPD when Phase 2 comes online. Even if only 2 wells instead of 3 are used for Phase 1 the cash flow will be absolutely immense and 100% attributable to I3E.

https://i3.energy/wp-content/uploads/2019/01/20190115-i3-ENERGY-Q1-UPDATE-v1.3.pdf

so steady progress.

Thanks Badger. Here the Youtube link for the full interview.
https://www.youtube.com/watch?v=k2jp7Ch_ikM

Interview is up:

Liberator setback 'doesn't change upside potential' - i3 Energy's Majid Shafiq

https://www.youtube.com/watch?v=1Ba4SJtGuO4

It looks official that one has been recorded and is about to be released. The host has tweeted so here:

https://twitter.com/AndrewScottTV/status/1171434207085658130

Youtube page for Proactive is here so keep watch:

https://www.youtube.com/user/ProactiveInvestors/videos

Today's SP action rather reminds me of what happened to UJO on the Biscathorpe-2 result. SP dropped hard despite the pending West Newton drill being the one with all the upside. The negativity among UJO investors at the time was palpable. Look at what happened to their SP soon after.

Adrian, do some research. I3E has not gone tits up. The upside from the drilling campaign is all end loaded in the next two wells, which is what investors are here for. All still to play for. An excellent entry point.

Spike, I've traded UKOG a bit today also, however their valuation looks crackers for the little they have especially with all that pending dilution hanging over their heads. It's amazing how the sheep fawn all over that one regardless.

Ferret, my understanding is that A3 is targetting a different part of the Liberator structure and Serenity is targetting a different structure all together. I also believe that they are in a more 'crestal' position that today's well, that is to say they are not being drilled on the edge of their respective strutures, but in a more central location. Consequently the risk of a repeat of today's problem looks very unlikely. If we were looking at the A3 and Serenity drills with fresh eyes based on the COS, number of barrels net to I3E and the current market cap/enterprise value, the current SP looks like an excellent proposition in my opinion. I expect the market will concur, particularly after people have calmed down, crunched the number and Shafiq has put their minds at rest. I will be very surprised it this does not get back towards 45p in the next week to two. This offers far better risk reward that a lot of other drills currently available on the LSE.

Hopefully Shafiq will reiterate the huge upside and low risk nature of the two wells that we are about to drill and indicate what the implications of today's well result are for the overall prospectivity. Given the fact that it was a fishing trip drilled right on the edge of structure my guess is the implications will be rather minor. The market is a little confused at the moment and the extra clarity should see this rerate strongly. STRONG BUY.

consisting of 22 MMB 2C at 70% COS and 47 MMB 2U at 56% COS, which overall works out at 69 MMB at 60.5% COS. At $5/B that equated to £276M net to I3E yet current market cap is only £28M! This is far too low given risk factor. It is my understanding that A3 is not being drilled anywhere near edge of structure unlike today's pilot well so the same risks do not apply.

Following A3, the Serenity well is targetting P50 STOIIP of 197 MMB, which at the same RF of 35% as the rest of Liberator equates to an additional 69 MMB recoverable net to I3E.

Given the market cap, the size and risk factor of the 2 pending wells today's drop is looks completely absurb. STRONG BUY

Exactly. The appropriate response to today's RNS was a markdown in SP but not this order of magnitude. It's simply not warranted by the fundamentals. Huge overreaction. Should correct to the appropriate level over the next week or so. A good buying op for some.

From his Saturaday post, 'I3 Energy (I3E) is drilling its North Sea LPt-02 pilot well. Results are due later this month and this well is to be followed with two further wells over the subsequent two months. I3E is my current favourite.'

article on I3E by Gary Newman. Seems perfectly balanced and he doesn't seem concerned.

'Looking at the map showing the exact location of all the planned wells, this L2 pilot is shown to be right on the edge of the field, but based on the seismic interpretation it would appear to me that it was positioned there in order to maximise the potential of a horizontal well from there into the thickest part of the reservoir at phase one – although admittedly I am no expert.'

So basically this well was drilled as far to the edge of the suspected field boundary as they dared go to give an idea as to the maximum extent they could extend the subsequent horizontal appraisal well. Looks like they stepped out just a bit too far. Big deal. Massive overreaction today no doubt exacerbated by the illiquidity of the shares, the MMs having fun and the failure of many to realise the relative uniportance of this well. STRONG BUY.

I guess certain folks are still feeding. Great entry point.

With the huge amount of buying going on at these levels that would not be surprising. This can be very illiquid when it gets going so snap back could be very rapid indeed. Just need to wait for the great and the good to finish at the trough I guess LOL.

That was always going to be the case post drilling Spike. The actual testing of recoverable volumetric upside is still yet to take place, so all the upside of the drill program is still ahead of us. I3E could easily end up with 80+ MMBOE recoverable on a P50 basis, which is huge for the current enterprise value especially in the North Sea. It's amazing the extent to which the SP has overracted to this news. Don't look a gift horse in the mouth. Easy 30-50% from here.

Yeah. Drag it down to fill COIL's buy order before a ramp I wonder. No way this isn't heading back to the 40s IMO. Far too much on offer.

So this well was drilled in slightly the wrong position. It's a pain, but now we move on to the main drills. Far too much upside to play for to stay at these levels for long. I'm topping up while I can. GLALTH