Member Info for Rehauer

Well, what we PMs think and do will not change anything. We have not enough shares and most won't vote either.

It's the PIs that count - they have to say "we want more money". But being realistic: They jump in for some 15% in 3 month and will vote "yes".

As expected. Not only the weak oil-sector. They pumped the shareprice before the offer. Ridiculous. Can't we sack Management and run i3 on our own? (I know - i have a dream....)

Currently this ridiculous offer (without the divi which we would get anyway) values i3 at 12,87 - and declining every dy GTE slips further. The only thing that did not lose value is the Management-Package.

My vote is "NO"!

Given just the numbers that's true - buybacks would be superiour. But if you consider strategic topics liek desrisking two plays an book locations there and extract oil - it makes perfect sense for 2 reasons:

1. Getting a better Oil/Gas mix - we are currently too gas weight

2. Enabling a potetial sale of Simonette or Clearwater areas. You can only get a good price, when the play is proven.

At this point of development i prefer drilling. If we hat extensively proved all our plays I'd prefer buybacks.

Going all in at 9p

Well Tony - you know and I know and every financal educated knows that:

- RBL is part of the "Ressorces available"

- you do investment plans based on the forward curve and not on current pricing ("thats why we drill the gassy part!)

- you can't Invest more than your cash flow + pay taxes + pay dividend and keep debt flat

- drill and complete close to yearend and reap the profits/cash flow before oil/gas flows

But the wording (again) has confuses the private investors - who sell today. They mix up "ressources available" and "cash on hand". Wording could have been more precise here.

To be frank: If someone compares 2024 projection wir 2023 projection (and not real data) - there is nothing what i3 could do about that.

Last remark: Obviously nobody values the Q1 2025 plan to take the incoming cash to do pad-Development in Simonette! We can reap economies of scale there and the 2024 investment programm ist the perfect foundation. That's stategic, that's a clever way to do business!

Guys, calm down - anything fine:

2 Simonette Wells (is roughly 40% of the budget)

2 Clearwater wells (guess it is the earn in with Rubellite

thats almost half budget on pure oil

+ should gas prices stay depressed (which we will see at the time drilling starts) there is optionality to shift to more oil wells.

Seems prudend and well thaught. The modest net debt doesn't bother me. You should compare it to *real* year End 2023 figures.

But as always: "Communication error" - "fully funded from existing company ressources" is misleading - we're drawing on RBL thus "fully funded via available liquidity" would be right.

Right on track - arrested decline, future is bright.

Whether the purcheser will be happy with this buy - it is not that important. More important to me: When we spend the received money in new wells, we will generate much higher EBITDA than the Royalities would do. Thus very value accreditive. The ability to derisk our promising play further is a big (nofinancial) advantage and it's for free.

Again: Great Deal!

@Panamapete: My guess on the timing of that sale is: We sold to a "newly minted private Canadian royalty company". They had money and needed deals to show their investors activity. Thus they overpaid (and will name it "strategic" to their investors :-)

Perfect!!!! Prooved again: Majid is a superior dealmaker. And he is worth his salary.

I would question what is if AECO hits 0,50 CAD.

"we are now bound by Canadian reporting regulations"

In my view on eof the biggest catalysts in 2024. Enables comparison to peers!

The usual commplaints when share price is low. At 30p Majid was a genius.

just wanted to inform about the answer to my letter to i3 concerning the odd canada "special meeting" invistation. in my own words:

- in canada there are different timelines for invitations to agm

- the are new at this, did not know

- in future they will put an corresponding rns out in uk to inform every shareholder in advance.

my conclusion: yes, **** happens. but they learned theis lesson. and: reporting by candian standards could be a catalyst for shareprice (more information available + better comparison to our peer-group, especially for canadian investors)

Tony - as always - thanks a lot for the explanation. But again- good PR is the one that pushes Information to the shareholders. At i3 we have to pull the info out - not good.

Unsolved Mystery. It was Novermber 10th 2023 when they first put out the following "LTIP - News release"

"...

For employees of i3 Energy North Sea Limited and i3 Energy plc:

• 1/3 on FDP of Serenity or Kyle/Banff (if i3 holds a working interest)

..."

This Kyle/Banff was cancelled hours later with no explanation so far why it appeared first place.

Sure something is cooking - but communication is very poor and accounts (my opinion) forroughly on third of the losses last year.

Glad that we have to fulfil Canadian Reporting standards now!

Just contacte i3 about that:

"Odysee as you Agent filed for a "Special Meeting" on SEDAR. I can't find any RNS about this, so could you please give some colour:

1. What is this meeting about?

2. Are there any further douments

3. Why did you not put out an RNS(provided there is something "material" we shareholders should vote for)

Thank you and best regards

Rolf

P.S.: Just a Remark - I admire the operational oerformance of i3 - really! But PR is not appropriate - first the (still unsolved) mystery of the granted obptions recently - now a special meeting without topic and further information. There are reason for the depresses shareprice - I guess communication is one of them."

First the desaster about their options. Now a meeting that is not announced. Are you serious? Just out an RNS out!

Is Berenberg a PR and paid for that - or are they independent?

Seems to be very disproportional. Africa Oil retained 17% from 26,75% previous and we dropped from 20% to 6,25% really?

Can smeone in the know please confirm?

Honestly - what are you guys talking about?? What stories are you making up? Hedging is hedging. Some understand it, some don't.