Member Info for Rocky500

That's unfortunate (and quite funny) but I knew he was in Canada when I spoke to him a while back. Now we are going public he is concentrating on matters in hand but it was good to connect with i3 and get a sense of what they are trying to do. Many of the team have been in this since 2014 so there has been much planning to date. If they can make first oil without additional fund raise -which is their expectation (unless for shopping purposes) then it will be a coup for AIM and positive for all shareholders.

We can subscribe to the listing (had some previous contact with i3 and just spoken to Cantor) but typically my broker Halifax don't do this service so I am setting up a new ISA acc with HL to do it through there. They are not sure what the list price is yet but working to a range which is the norm.

I see i3 have launched a new website with new people and head office. Looks professional if only on the surface!

We will have a raise as part of the IPO but I understand it's not necessarily about creating loads of cheap shares as money is available in various ways. Need to wait for details but book filling starts soon I think. We will know soon enough...

There is an article in 'Herald Scotland' from the 10th that indicates the fund raise was 'significantly oversubscribed'. Less detail overall but good to have another media outlet giving space to our story.

I do look to check periodically for new pieces and this one looks good. Nice amount of detail. What is intriguing is if the £6.2m raise is it for the IPO and any further funding would be done post list at a presumably higher sp. If this is the case then the effect on our stake changes considerably from when we thought they needed to go for $45m from the off. I think the wraps might start to come off in the coming days and weeks and we will know more.

There is a news piece about i3 on Energy Voice - https://www.energyvoice.com/oilandgas/north-sea/133780/north-sea-newcomer-i3-energy-raises-6m-liberator-field/ Looks like we are moving forward...

My unsubstantiated thinking was possibly Bentley as that is currently going through the liquidators to an unnamed 'party'.

I think i3 are in the 'quiet period' sorting out the prospectus and back room conversations before they are sanctioned to list a IPO date and kick off the official funding period. That I think lasts around 4 weeks so I would expect some meat in the next 2 weeks

Correct if a little frustrating as we had an alternate deal on the table which would (most likely anyway) have completed back in November. That I understand may not have been as 'big or glamorous' as this one and would have had its own challenges but I'm just hoping AVD is not chasing a pot of gold at the end of an illusive rainbow. I also understand we can RTO post delist (this can only happen after IPO) so it's anyone's guess all round!

Unfortunately it's not as simple as that. We are waiting on the OGA approval which I believe was expected back in October but the changeover from the DECC to the OGA on Oct 1st screwed that up. My thoughts have been why did they assume the process would be quick and easy when they knew this transition to a more rigorous approval process by a new agency would throw up uncertainties. We still don't have the OGA approval officially so ultimately we still have the IPO process to complete (marketing, money raise and admission) which I understand takes around 10 weeks. We are looking at a March IPO at the earliest. We can delist as GWIK but still receive shares in i3 when it lists so the date of March 5th being final is a red herring. Whilst I'm enthusiastic about the deal (assuming we do get the OGA approval) and its eventual outcome I think we have been misled (can't say if it was intentional or not) when the chances of a Q4 IPO were virtually nil from the start. There are gaps in my knowledge but I have extensively researched this both directly and indirectly and I think I'm pretty close.

Hear, yes...possibly before Christmas if all goes our way but otherwise Jan as you suggest. However the OGA is only the next hurdle (albeit the biggest of which we have least control over). Then onto the next phase of the IPO itself. This may take until March (again assuming the OGA approval comes through soon). I'm a firm believer the end game could and should be fantastic but I think we are about 3 months behind (on top of all the other delays this year)....not overly chuffed considering the false starts we've had but hopefully it'll come good in the end...

Indeed but they may apply for an extension if they are within grasp of something. IPO is different as technically not connected so could well be March (which reading between the lines of the last RNS is partly why the two have been split) Not happy about either tbh but starting to be resigned to that thought as it is looking more likely now.

Assuming GWIK do actually rto I think we are looking at completions around the same time - March. This also assumes the OGA give their approval for the i3 venture soon so the IPO can be started.....

I think there was £85k left at last notification and I would imagine some of that has been used up. What's not particularly clear is if we will be able to trade from day 1 or if our allocation will come shortly after. There is a piece in the news section which suggests funding is still to be sorted but one would assume that has been agreed in principle.

If it's half price (which sounds familiar) then it'll be 0.1 as the cash invested represented 0.05 and not the 0.06 share price. But hey ho just semantics - hopefully they have been able to queue up the admission documents behind the UKOG approval unlike an RTO which very often prevents much work to be undertaken before the exchange approves the deal in principle...would be nice to see a pre Christmas IPO due to market movements but perhaps that's a Christmas wish too far!

The way I interpret it (correct if wrong) is if i3 list and we get issued shares in proportion to our existing holding in GWIK and the shell then does not go onto RTO then the company is wound up and us shareholders are left with our i3 shares via the dividend and that's it (as there is no money left in GWIK). If however any gains from i3 are reinvested into an RTO which should then subsequently fail, the company is wound up with anything left over after the RTO and wind up costs being distributed to shareholders at some point after that. Hence my personal view with the time available and information to hand the risk rises substantially to a point where it's just too risky.

It's all about timing and risk. Whilst I believe the i3 project is very positive and ultimately a relatively low risk endeavour (assuming it completes the red tape) it looks like the timing has already slipped and could slip still further. To expect any proceeds to be flipped into another rto within what will probably be a 6 week period is increasing the risk substantially and in my view not worth it as a reasonable sum of proceeds from i3 would be used for admin anyway. To split the two and look to rto the empty shell as a bonus....well that's different and I'll be happy to cheer them on for trying that.

Frank question: stick or twist. Take your investment to the 11th hour without a say and a spoon full of blind faith or cash in sooner and take back the initiative? I think they have lined up a blinder with i3 (assuming they complete) but taking it to the wire all in is too much for me.

Frank question: stick or twist. Take your investment to the 11th hour without a say and a spoon full of blind faith or cash in sooner and take back the initiative? I think they have lined up a blinder with i3 (assuming they complete) but taking it to the wire all in is too much for me.