Member Info for Rehauer

Not to forget: Majors and Regulators don't like too many small and undercapitalized players at the table. This consolidation enhances the probability of things going forward in Guyana at a greater pace!

Good move - everybody knows that we have to buy onece a year and that there has to be a raise. Now this uncertainity and pressure on the SP is removed early in the year. and our option on Kazatomprom is not wasted + G&A ratio will deteriorate since assets are higher.

Very good move!

Positive:

- I thaught Guyana is lost, now its not

- Something is finally moving

Negative:

- The only thing that is realy "funded" and not repayabel ist the initial payments (secures Gil's salary in the years to come).

- Anything else is just a loan

- It's not a carry til first oil its just for initial steps. If we were to go for oil we will will end up with something like 5% (guyana) and 10% (South Africa). Still having to repay the expenses.

- giving away 80% of guyana (proved oil and basin!!) in a first step ist a bit too much in my view.

Not topping up but holding my position.

I guess Orinduik is lost. If there would be an extension, we would have heard about.

Imagine the Govenment's view: Why would you extend a license to a company with no money, no drilling perspective that did NOT seal a farm out with a major in 2 years?

I'm in for Namibia and 3b/4B. And as a lucky shot: Maybe Sintana does a takeover-bid once they got the farm-out-money from Galp - ofc they should sack Jil then.

And to be honest: > 50% of the reason I still hold this loudmoth-driven company is: FOMO :-)

Did nobody attend Totals Investors day? They plan to send a Rig to 3B/4B in Southafrica in 2025, onve they finished South obf Venus. This should be good news?!

At yesterdays close GTE 8,61 CAD the deal is valued 13,00 GBP

At yesterdays close GTE 8,47 CAD the deal is valued 12,96 GBP

At yesterdays close GTE 8,24 CAD the deal is valued 12,90 GBP

Well I see the disconnect between World Market and candian pricing for > 10 years now. It's always the next Projects (TMX, LNG, ...) that should bring relief. But they don't. Kanada has chosen to give their valuable ressources at discount or donate them. I remember the AECO bottoming at the time when Henry Hub wert 9$+.

Thus i stay partly in Canada (Surge, SOIL) but will exit with most of the money. Nice companies elsewhere, I like AOI and Valeura. Good metrics and - compared to woke countries like Canada or UK - safe jurisdictions.

I took all the messages about how much % what party has in my spreadsheet and in a timeline.

I can see no new party taking a big position. I see that Milton on Fridaay finished the termination of their former 10% holding - which should give some reliefe to the shareprice.

Add to that that GTE bunkered the needed cash in their High Yield notes offer 2 Weeks ago. And add the current weakness in oil and the disaster in AECO Pricing (especially comaored to Hery Hub)..

If I sum these facts up:

- there is no doubt for me that the offer goes through

- almost no chance of a counterbid in the current weak enviroment

- I changed my vote to "YES".

To be frank. I could not Imagine that canadian oi-companies are so dump selfish to ruin the gas-prices first place and ruin their oil revenues in the years to come. I have to admit that one of the reasons I went in big for i3was the assumption that with LNG Canada the AECO Prices would align to Henry Hub. That seems to be wrong so I try my luck elsewhere.

Seems prudent to sell a minor portion of shares now and wait for the big payday (e.g. Something like 12,7 - 13) after the approval in the special meeting on Okt 7th.

Just my thaughts. DYOR and all the best!

At yesterdays close GTE 8,50 CAD the deal is valued 12,97 GBP

You got to understand the rationale about the shorts of the Institutional Investors. They want to stay in i3 til takeover to reap their 5-7% in on emonth. But they know, the will get xy GTE shares in one month. Thus they sell the xy GTE shares NOW (= go short on GTE).

They have a "neutral" position now, since they are not affected by further movements of the GTE shareprice. Ofc that causes a selling pressure on GTE at a time where the buybacks have stopped. Foreseeable (especially for Majid - he i smart). Perhaps he negotiated a hgher cash portion compared to GTEs initial offer. I'm quite sure they wanted to pay a higher percentage with own shares (= paper money).

Bots - if you add the 150 Mio to the current debt you are already at 750 Mio net debt with real interest rates like 10,5% (9,5% + Valued Discount). Then you throw in 200 Mio for development of simonnette - end up with shy of 1 billion net debt and like 10$ per barrel interest expense.

Unsustainable in my view - especially when you take their record of "cash generation". Not a company i want to be invested in.

Problem is: They balloned their shareprice in 2024 via not sustainable buybacks (adding 50 Mio debt in H1). Guess they wanted to "escape" from south americ and wanted to get good metrics on a takeover with their own shares as currency. As soon as the buybacks stopped the sahreprice tanked. Add some shorting from professionals (selling their GTE shares they will receive for their i3 shares in advance) you don't know where this dog will be when the GTE-shared will be delivered to us i3 Shareholders.

Got it in my EXCEL-Sheet, can post it regularly:

At yesterdays Close (GTE 8,25 CAD) we've got 12,95

Stas - no, liquidity will appear in UK for sure. But the Shareprice will be the same as in Toronto or New York. They are leading and still have more liquidity after the takeover. The UK price will be the same - it would be very easy to do arbitrage-trades within an second.

Will be a similar situation as our i3 dual listing. UK was in the lead and Toronto followed up with littlle deviations. If deviations were too big, then arbitraege would align the shareprice at the two trading places.

Stas - there are no deals at that price. Volume is in Toronto and NYSE - see:

https://w#w.wallstreet-online.de/aktien/gran-tierra-energy-aktie

Guess your share Price for GTE is Outdated At yesterdays 5,9 USD the deal is worth

12,84

Down from the 13.92 pence exactly one month ago! And factor in that this includes the divi, which we would have got anyway.

Disgusting

Oil up and up and GTE down and down.

Lets vote this deal down, sack Majid and see who will pay more (cash).

I'm in a mood to loose some money with a smile if I know Majid losses ar greater.

O.k., some additional thaughts from me.

I am quite willign to put the money from i3 takeover in Africa Oil. since the offer emerged AOI is down roughly 10%. At Stock exchange its always about comparative advantages. Thus the GTE offe rlooks like 10% sweeter to me, that it was at the beginning.

Guess other guys have other favourite oil companies to invest in - but they are more or less all down whereas it's only the GTE-share-component in our offer that goes down.

Not that I like that deal - I voted no mit 800k shares - but it gets sweeter as long as the other oil stocks get cheaper.

Still look very much forward on the conference call - why on earth did i3 NOT do an public auction or a public "for sale" sign???