Member Info for Rocky500

I do think WTD is fair to question the BOD as an investor. Their exuberance and confidence of getting the deal wrapped well within the 90 days (as was said by both NC & GH) now suggests a strategic tone (for keeping the SP and interest steady over that time....which has been the case either intentionally or not...but generally good either way)...or a lack of control over the situation and a mere aspiration to get it done within the 90 days which suggests a lack of experience actually. Obviously we all want the same outcome but I personally think it is important the BOD either clear the deal by the 24th or give us some detail and put meat on the bone as like it or not they will (and with it SP) get bashed for it. Whilst the SP may recover going forward (assuming the deal is done) I'm not sure the credibility of NC & GH will recover quite so quickly...amongst PI's for certain when interacting with the market over timelines going forward. I've over £100k invested in here and do believe the macro and asset lend itself to a positive outcome but as WTD said the time for bull**** is over....

Graham indicated during the Vox interview they anticipate being able to update the market on the JV partner and terms during July. It would be good if that is possible since it will continue momentum and hopefully clear what appears to be a significant overhang of selling into any strength. Break through that and we are clear. Activity, whilst within a range has been dropping off quite a bit recently so if at all possible a reason to maintain and build on sentiment would be most welcome...

Not trying to be, timelines since 2016 have all slipped from expected. I would agree that many are not the fault of the board and perhaps in an ironic twist of fate these delays will ultimately deliver a better package to all...I've met Graham and he seems very capable, he said himself until they are funded they are not technically a 'business', more a shell with asset and therefore cannot communicate publicly (inc the PR flows) in the way an operating business can. I hope they do deliver for many reasons (some selfish, some not). The environment now is certainly more tipped in I3E's favour...we will see.

Noticed we have 99 posts and I'm not sure we have ever gone over 100 so here it is. I, like many LTH have waited a looong time for this moment and I truly hope it's what we all want for us and I3E. Whilst the board have been pretty useless at keeping to deadlines so far when they have communicated they have often thrown a curveball in for good measure so an earth shattering scenario would be most welcome! Nevertheless I am expecting a bout of verbal diarrhoea from the board over the coming days and weeks, either to mitigate the disappointment or to build on the success of the 30th round. We will see in the morning! (waited a bloody long time to say that!!)

Go to their site - the news is starting to spread...

OGA have just tweeted that the announcements will be tomorrow...

I also read the post on CLNR that suggested the announcement was 2 weeks although I took it as within 2 weeks...but also with it's usual scoop of scepticism. The link below however about Conoco does also mention the announcements are due this month so perhaps there is some mileage that between now and 31st we may in fact get some news....https://www.energyvoice.com/oilandgas/north-sea/171432/conocophillips-considering-north-sea-exit-report-says/

Best case scenario there will be just under 4.2m of the 26m shares available tomorrow (taking into account our 20% held back) which in reality is likely to be far less than that due to GWIK holders keeping onto their allocation by and large so if there is interest early doors then the sp is going to be all over the place, mostly up hopefully but we will soon see how much interest there is in I3.

Haha! Yes I was the one filling my bag with Becks at the end (I will point out on Amanda's instruction however) but I did pick you out from your meeting with Jaap comment. Didn't need the bottle opener (very tempted as a momento) but that may have been a bit too low brow of me. Good to meet the group and hopefully onwards and upwards from here.

As far as it is possible to say I3 is on the ball with this I do give them that credit. The methodology about this list was not plan A but for us locked in it may and perhaps should in time turn to our advantage. It may be partly down to the 2 buckets of beer they provided for the presentation...some of which I am now enjoying on the train home. That sort of hospitality goes a long way in my book!

I'm going along, it's quite a way for me but the train is convenient and the hotel is not far from the station so I can sit on the train and relax / finish some work. I do have it on good authority that we are listing Tuesday so this is merely a courtesy presentation for GWIK holders to brief us and enable us to put names to faces. Reasonably thoughtful actually dare I say it....

Well this is not exactly what was expected but hopefully the 25th is the date we will list....I work out the distribution ratio to be 0.08 give or take based upon a total shareholding of GWIK @ 2.46bn shares (taking into account the PRS grab at the end). The interesting thing will be if City Investment dump a large proportion of their holding (I assume they were the private raise a few months ago) or if they keep them to further down the line. It may be they have some form of agreement with i3 to that timing to squeeze the free float at the beginning. i3 I would suspect are looking for a sharp rise in the mcap after which they can start to dilute and raise cash......it does leave me thinking what have they been doing the past 3 months...

From what I was told (and this was around Easter time so could have changed) our pegging was somewhere in the middle of the strike range at 50% - so if you say our peg is at 0.4 and the strike range is 0.6 - 1.0 then if the list is at 1.0 then we will get 150% (1.5 x) the 0.4 peg. If it lists at 0.6 then we will only get 50%....and so on in between...

Although that last statement isn't particularly clear as you will pay more for each share but assuming they got the full allocation at the higher strike price it will depend on other interested parties and how their allocation (employees most specifically) are distributed....

Very much the opposite Miker, the higher the list price the better for Gwik as we have already been pegged. Also the higher the list price the fewer the shares so a bit more expensive if you want to buy in the morning.

I didn't but I also checked my ISA account and GWIK is still listed on there (albeit with a zero value rating). Not sure if we will be able to trade these on Friday as the wording from previous RNS suggests that the CLN will be converted once the IPO is complete. Could have misinterpreted that but they have written it like that a couple of times now.

I think we are looking at a strike price equivalent of around 0.11 based upon the dilution effect from Cora and our pegging value of around 40c against the suggest list price of $1. This would make our markup around 2.5 times the CLN value. This does not take into account any share distribution ratios that may come into effect when considering the list, previous holdings etc which may ultimately skew this value up or down. Only a few days until we formally find out though....

I'm thinking the price range being worked with is 50-80pps with the strike price falling somewhere in that range depending on the subscription. I'm hoping for a mcap of $100m or less (although I don't think it will be much less than that) with a view that once production is underway the mcap could rise to $600-800m (based upon price per barrel of $50 and mcap of 15x earnings on a $20 margin). We will see but assuming the raise price gets us to production then for this field anyway (assuming no raises for shopping) then there should be no unwelcome surprises.

From what I understand we are pegged so it all depends on the strike price. If that price is at the top end of the range we will realise a higher % gain than the lower end. It all depends on the subscription

He came across the consummate professional and passionate about the project. He even said for every share that left his hands he shed a small tear....whilst perhaps a little corny his tone was anything but sarcastic. The new, enlarged team look like heavyweights too so if there is success to be found then these guys are in a good position to find it. We will see but they, certainly on paper at least, don't look like a bunch of shysters...