Member Info for tiler1

Well lets see. Unfortunately we don't know. If the BoD knew they would have to update the market. Great thing for us is Liberators location is perfect for production so that alone ticks a lot of boxes. Its a shame the company has not released an RNS stating drilling going to plan , not had to re-spud, financially all good to complete all 3 drills and A3 will be drilled. For clarity I do not believe there is any financial issues and I know they don't have to do it.

Where did you get 15 mmbls for L1 from ? CPR states 11.7 . Which will surely be effected by the last drill result. Market clearly thinks L1 is not commercial

Completely agree Zengas. Only been here few months, will be adding at these prices .

You make a very valid point regarding the Liberator CPR .
Alexio posted on ADVFN the other day that our 11.7mm 2P reserves will / is being marked by 80% because of the LP2 Drill. Which made me re-read the CPR and check what is exactly on the table. Bloody hope I read it right lol ...

Opulentia, my mind was made up a long time ago. I wish I was just joining at these prices. I`m in and with a large holding. I refer to the ops changes highlighted yesterday. Surely if they have had to change the drill for ops reasons then they have to stop or re-spud ? I don't know is the truth, hence my reason for suggesting a delay. I would like to clarify if we have stopped or been delay . Thanks hopefully you or someone can help.

Opulentia, if we have stopped drilling, how can the results be a few days away ? I don't expect a long delay , but its a delay.

I see that earlier. There seems to be a I3 ramp crew on twitter at the moment

Surely they would need an oil discharge permit because they are entering the hydrocarbon area ?

Some posts on Twitter saying we have oil shows. Is that possible given we have only had 7-8 days drilling ?

No you just have to register. Private investors are welcome I went last year.

I see I3 are doing the 121 Oil and Gas Investment Summit in London in a fortnight. I`m registered so I think I will go along. Would you expect S1, LPT Data or Lib Dev news before that event ?

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 !

Now we are underway Silver are you still of the opinion that A3 will be drilled next year now ? As the RNS that Serenity could if successful be fast tracked for development .

That’s how I’ve interpreted that from the RNS as well. Also that RNS would have been cleared by the nomad as well.

Some very welcome news ! Thanks BBN.

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.

I thought P & A was meant to be completed end of this week ?

Given that this rig had been stacked for quite a long period, I’m pretty sure they will of negotiated favourable standby rates for these periods.

On Twitter someone saying the vessel Hermit Fight is docked next to the rig.

Easier to post the email in its entirety. Hope it helps.

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