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Take your point. I’ve always thought they would plough through all 3 drills and still think that’s the case . Just their comment on fast tracking Serenity just made me pause for thought.
Because I’ve recently been of the opinion that if S1 comes in they would sell it , fund Liberator production and probably do a special divi . This would provide the company with a massive cash injection and enable them to deliver Lib production next year and the divi would give them opportunity to address their own personal balance sheets.
But first we need success . Fingers crossed !
I`m hearing from a private twitter group that the contract is not fixed for 94 days.
Also at both the recent GM & AGM it was confirmed that they contingencies for an overrun should it happen. They raised enough to cover all drills. I would of though the contact clauses will be there to ensure all 3 drills happens.
To whom it may concern,
Thank you for getting in contact with i3 Energy and for your continued interest in the Company. As I’m sure you can understand we have been inundated with questions over the past few days and are pleased to provide the below answers to the recurring questions which we are able to provide colour on.
Best wishes,
James Crothers
Associate Partner
Camarco
james.crothers@camarco.co.uk
Why were the Upper Captain Sands missed?
The southern boundary of the channel was situated further north than we’d mapped on our base case mapping.
Why not sidetrack the well?
As announced, the plan is to plug and abandon the well following completion of logging activity. The Company will integrate and interpret the data that it has received from the well before considering the next steps over this area of Liberator.
What was i3 targeting with this well?
The company was targeting a structural high in the middle of the channel.
With what confidence can you say that your geological model and seismic data is now accurate?
Missing the channel sands was identified as a potential risk. Furthermore, any further geological models will be supplemented by the data from the pilot well and VSP data gathered.
How has the well affected the junior debt facility?
The junior facility was raised for the Q3/Q4 drilling campaign.
How has it affected the senior facility?
The senior facility remains subject to a successful drilling campaign at Liberator and will be sized in accordance with well results and associated post-appraisal mapping.
What will the VSP show?
The VSP will allow i3 to calibrate the seismic data to the actual stratigraphy seen in the well bore. This will allow us to update the mapping of the Liberator structure.
When will the results of the VSP be announced?
The results shown by the VSP will be amalgamated into a larger seismic re-interpretation and the Company will release a new field map after all data has been thoroughly integrated and analysed.
How have the chances of success on Serenity and Liberator West been affected?
Serenity is a separate structure to Liberator main and therefore the geological chance of success is unchanged. On Liberator, the pilot well has identified a misinterpretation of the seismic data. This has to be understood before the Company can attribute a revised chance of success, but is likely to change once the field re-mapping is evaluated following the incorporation of data from the LPt-02 well.
Is the connectivity between Liberator main and Liberator West affected by this well?
We will await the re-interpretation of our geological model before we can clarify this point.
When will first oil be achieved at Liberator?
Liberator first oil timing remains dependent on the outcome of i3’s 2019 drilling campaign, access to capital i
Yesterday’s update was again very poorly worded. It’s does clarify a worse case situation if A3 is a duster , they still have AGREED funding to develop L1 next year as planned . I would ask do they actually have this covered. Bloody hope so ! This management team are inept and I do not trust them at all.
I really cannot see them raising significant funds going forward as who would have faith in them or their abilities ? Since they were awarded in March 2018 in the 30th round they have managed to turn the potential of this company to rat sh*t .
The asset is the prize here and I still believe in that . If these two In my opinion morons can pull the next two drills off , they will sell the company wholesale. That’s the only way the share value will be realised as the market simply wont reward us with while we have the clowns running it.
I’ve met all of the BOD on a few occasions, my opinion they will want to sell as well.