Member Info for Rehauer

"is pleased to announce" - They're saving that for the news that they sold Central Alberta for $500 million...

Like Martin Luther King said - I have a dream...

Ty

Hi Tony,

thank you, much appreciated. Do you have a link, where you loocked up that info?

Putting it all together we are about to sell > 75% of our PDP. Reason: In former award of options there was just a “chancge of control” clause. This time, we’ve got that odd > 75% clause.

For sure it had to be Central Alberta. Less certain – and perhaps only parts - Waipiti. Would make sense since it’s the lowest IRR-Values and the longest payouts.

With the money we’ll develop Simonette an Clearwater faster, book new locations, add Reserves, etc.

Which means that all Canadian Options and Awards vest immediately.

So far so good – provided the sales price for Central Alberta is high. That’s something I can’t really imagine given the current gas pricing – but who knows. In doing deals Majid was always better than in doing IR 😊

BUT!!!!!

Somehow they decided to sink some more money in the North Sea. Seems they want to partner with Serica in developing each others asset. Really crazy given the political uncertainties and the poor assets we have in the North Sea.

If I am right there are two big questions:

1. Sales price for Central Alberta

2. Amount of Money that’s dedicqted to be sunk in the (North) Sea

Did not do calculations on both. Just sit at the sideline and enjoy the divi, the show and the guessing. And once more it reminds me in “spread your investments” – you never know, when management goes crazy….

Wrote them they should do a shareholder Q&A Webcast immediately. guess I won't (as usual) don't get an answer.

O.K., submittet with the contact form. Will inform public if and when they answer.

Despite i like the focus on debt reduction (gross and net) there is something that puzzles me.

From the Report, this is what we will drill in Q4:

2 gross (2.0 net) horizontal Glauconite oil locations and 1 gross (0.53 net) vertical Leduc oil well.

From Memory and the last Presentation (page 13), the glauconite wells are mainly gas and have mediocre ROR of 58%. If that was true for the wells to be drilled I'd not be amused - it would just show that i3 will not invest prudent.

Thus my questions to the Oil-Experts out there:

1. How much Production - divides in Oil and Gas can we expect from those gauconite drills?

2. What can we expect from 0,53% of a Leduc horizontal?

3. The 6 Mio USD don't add up when I take the numbers of the July Presentation (3,58 MIO$ per well), not accountinf for 0,53 Ludoc horizontal - any idea why the drills are cheaper?

Any insight very much appreciated.

Hi,

I guess it is something very emabrrasing to you. But not of interest to general public. Please try o fix your private stuff private.

Did we pick up something in the 33nd round? Tain perhaps?

WCSB - depends on timing - we were at some 34 pnot long ago. thus territory is known. I'm in for 50-60p.

It's quite simple and it's psychology. Guys sitting on losses are disapointed when they see other oil stocks rise when POO goes up. Some don't have patience and sell to jump on other O&G Shared that rise when POO rises - kind of FOMO.

That takes i3s shares further dwn and more FOMO-guys sell. Its a selffeeding trend.

Will stp when the old hands think it is time to buy big - or if we are running out of shaky hands.

i3 is the cheapest O&G stock by so many metrics. you can't argue with acreage, output and Free Cash Flow. This will translate in higher valuations sonner or later. My advice: Buy and take a 2 year nap. You'll be surprised.

Monica69: When I read your posting history I see you are very pessimistic. Do you have any links that the farm-out at 3b won't happen?

And: Orinduik is just announced, not even closed! How should we farm out an asset, the we don't own?

We are not applying for a license, do we?

Why is 13/23a interesting then? Could you please give some more colour?

Tax relief is irrelevent for us - we don't pay taxes in UK, sitting on old losses carryforward. All the "incentives" Sunak packed in the reaping-tax of 75% - all this incentives only apply for cpmpanies that PAY taxes.

UK is a very bad place to be - when labour comes in power situation for O&G will get worse.

Again- strange movements. Guess good news are imminent. If that's the case - another proof that PIs are the last to know.

Lets hope the large buys is from friends and fellows of a raider preparing a bid :-)

@Panamapete: True - but nobody (me included) thaugth it would be a big deal to get a RBL or a bulletloan. Lession learned. it shows how difficult it is for the "dirty" O&G-business to get financing. All the way. Greta's followers take Big Oil in front of court and give them bad press. Banks want wo avoid bad press and want a cheap win on the E of ESG in banning Oil investments.

We all knew that but overlooked how serious the situation is. Thus it is better to have no debt and some money in the bank. Lets pay down this loan and walk tall.

So many promising opportunities. And so little money :-(

Petience needed.

"Simonette wells are about $9-$10m on a one off basis, however, because of the high fracking costs - if you were to complete 4 wells at one time - this comes down to about $7.5m per well."

Given that it makes perfect sense NOT to drill in Simonette - unless we would prove a new play - but I think this work is done already. Out acreage there gets more valuable month by month, so no need to drill it.

Pullin gout clearwater wells, accumulation hoard of cash an then go to simmonette with economies of scale. We've got the options to do this, we have many plays.

The other possibility was a farm-out in Simonette. But I don't think, we get favourable conditions. But you never know - our BOD are really good dealmakers.

Aah, o.k., sorry for the fuss - my information was outdated then. But still running room for some extra holes in Clearwater. we should know somewhere in October. Guess they will be more cautious than last year and not spend every penny earned...

Target is 2,6 CAD - we are just at that Level.

At these levels we would reap roughly 22 Mio $ more NTM NOI than budgeted. Could play out in some additional clearwater-wells.

I copied the data from their July-Presentation if anyone is looking to do his own calculations.

2023 Revised Commodity Assumptions & Foreign Exchange (6)

WTI (USD/bbl) $72.00/bbl

MSW Oil Differential (USD/bbl) $3.10/bbl

AECO Natural Gas (CAD/GJ) $2.60/GJ

USD / CAD Foreign Exchange 1.33x

GBP / CAD Foreign Exchange 1.68x

Next Twelve-Month (NTM) Net Operating Income Sensitivity (7)

NTM sensitivity Estimated change to net operating income

Change in WTI USD 1.00/bbl USD 1.30 million

Change in AECO CAD 0.10/GJ USD 1.40 million

Change in CDN/US exchange rate CAD 0.01 USD 1.27 million