Member Info for tonynorstrom1

Its being suggested on the ADVFN board - I know its been discussed here before with mixed views.

I think it's great idea and could be used as part of a PR campaign to promote how cheap the shares are and it would also offset this current selloff which is happening on small volume.

Would not have to be much - say £5m worth over the next 2-4 weeks. It could do wonders with an updated presentation and Q3 results.

Come on Majid - time to step up to the plate fella and show whose boss !

Stas20 - chart cannot look too good I think but relatively low volume considering the news yesterday. It says to me that the "smart" money is staying put and a few spooked PI's are cashing out - what do you think ?

7.5% dividend with production growth in Q3 to be in excess of 15% and more to come in Q4.

Feels like PI's are throwing the baby out with the bath water !

"P&D's involve syndicates of shareholders in conjunction with bloggers......." ---------- Hmmm.

here you go:

There are still options on the table for i3 Energy on the Serenity field, although a more modest concept is now likely in the works as it faces a “heavy downgrade”.

The Westhill-headquartered firm had hoped its appraisal well would firm up recoverable resources of 100 million barrels of oil, in turn requiring its own FPSO to develop.

However, hydrocarbons were “not present” at the 13/23c-12 appraisal, around 80 miles off Aberdeen, and the firm is facing it being “heavily downgraded”.

“This is a blow for the JV,” said Ashley Kelty of Panmure Gordon, “this reduces the potential upside for Serenity and the companies will now assess what is optimal concept for a smaller development.”

Dave Moseley, North Sea vice president at Welligence, said: “The result means the near-100 MMboe recoverable resources estimated pre-drill is almost certainly heavily downgraded.

“Options now are likely to be either further appraisal drilling to refine volumes or, possibly more likely, a low-cost development of a small area of proven volumes around the discovery well towards the east of the structure.”

The more likely option for such a development is a tie-in to the Repsol Sinopec Bleo Holm FPSO, said Moseley, which is stationed over the Ross and Blake fields, “potentially in tandem with Repsol Sinopec’s Tain discovery”.

There’s time for negotiation there; Repsol Sinopec isn’t expected to take a final investment decision on Tain until next year, having previously been expected in 2021.

Tain alone is expected to produce around 10 million barrels of oil equivalent.

Tennyson securities previously valued the field at $1bn in a recent note, and has been asked how yesterday’s announcement impacts that price tag.

Nomad - can you post the article?

that's a nice result Stas - not quite as nice as I was expecting, but pretty good all the same (its sister well produced at around double this rate)

We have another one of these Montney wells that was Spud on the 12 July so should also be coming on production in the coming weeks hopefully at between 500 - 1000 boepd

Is it actually money back or a deduction from their tax liability on Profits. The money back / tax deduction is great but in no way compensates for the dilution in EOG or the loss of a large development. It only works out at about 0.5p so really doesn't make EOG significantly cheaper imo.

The better news is that there is potentially some value in Serenity but it will be interesting to hear the details

Stas,

Can you let Simon know that we are pushing to have Gusto become the new CEO of i3e and his view is that no more money to be wasted on the North Sea effective from tomorrow - in fact he may be even considering closing the London Office.

Would not want Simon to be wasting any more money on Serenity with these new plans afoot.

I've almost forgot it Gusto but not quite.

I'm very interested to know why i3e said this in the RNS:

"Data recovered from the well will be integrated into further reservoir modelling to optimise a development plan to exploit the reserves, proven up by the discovery well, in the eastern area of the structure."

If they don't have "Proven Reserves" and a "development plan" - then I think they are potentially misleading Investors. I will be very interested what Majid has to say about this and if they dont have a Commercial Development - then maybe its time for Majid and the London Office go and Concentrate on Canada.

If the CEO spot comes available Gusto - are you interested ? It probably means a move to Calgary and you would have to cut out the swearing but I like you decisiveness and urgency.

Jezzo,

Its certainly an away goal at least - not sure a home / own goal is 100% fair - this drill was always a 50/50. Lets see what Majid has to say - I'm not optimistic to be honest but the news can only get better from here.

Anyway - your not a Manchester United Supporter are you?

Clucking Bell Paul - why didn't you give us your read before some of us piled into EOG !

I think some investors here are a bit like Mancheter United Supporters - they win a game and they are the greatest Team in the Premier League. These lose a game and the Manager and all the players are all Crap !

I'm not talking about you Barclays by the way !

Barclay - that's you opinion - not sure I agree - in fact I completely disagree:

1) It was an appraisal well - by definition they have to step out from the original discovery well to size up the field. If they knew 100% for sure their was oil at the SA-02 well - they wouldn't have had to drill it.

2) The plan forward is not clear at all to me - what do you think the result tell them to do ?

IMO there are a number of options some of which might depend upon what additional information SA-02 adds to the CPR if anything. This we wont know until i3e tells us.

I'm not sure that that is how everyone may have calculated - some i'm sure will have been banking on a result and factoring in a lot more in the SP than the 5m spent on the drill.

I'm pleased that the fall has not been more than it has and also the volume ihas been relatively small for the magnitude of the news. I think it speaks to the quality of the Canadian assets / cashflows and we should shortly be moving higher with the Canadian Drilling results.

"They drilled in the wrong place!!" - I didn't think that needed to be explained to anyone - maybe it did !

I was talking about additional details on the drill and what is the potential development and next steps.

Barclayshare - what was my question ?

"I3 Energy (I3E LN) 25p, Market Cap £295m & Europa Oil & Gas (EOG LN) 1.3p, Market Cap £12m: Serenity dry • I3 (75% WI) and Europa (25%) have announced the Serenity SA-02 appraisal well is dry, with the targeted Lower Cretaceous Captain sand not present at this location. • The data recovered from the well will be integrated into further reservoir modelling to optimise a development plan to exploit the oil volumes in the eastern area of the structure proven by the discovery well. This is clearly disappointing news, especially for Europa which farmed-in on promote terms to gain access to the potential ‘company-making resource’ on drilling success, and certain of the shareholder base are clearly looking to exit their positions. Nonetheless, the well came in significantly under budget and both companies have access to positive cash flow from their existing production operations to soften the blow. THIS IS UNLIKELY TO BE THE END OF SERENITY ACTIVITY. "

This was from SP ANGEL - they claim to be a Broker - Never heard of them but I thought the last sentence was interesting.

Majid - where are you - stop hiding ! Come and tell us what's going on !

This from SP Angel:

"I3 Energy (I3E LN) 25p, Market Cap £295m & Europa Oil & Gas (EOG LN) 1.3p, Market Cap £12m: Serenity dry • I3 (75% WI) and Europa (25%) have announced the Serenity SA-02 appraisal well is dry, with the targeted Lower Cretaceous Captain sand not present at this location. • The data recovered from the well will be integrated into further reservoir modelling to optimise a development plan to exploit the oil volumes in the eastern area of the structure proven by the discovery well. This is clearly disappointing news, especially for Europa which farmed-in on promote terms to gain access to the potential ‘company-making resource’ on drilling success, and certain of the shareholder base are clearly looking to exit their positions. Nonetheless, the well came in significantly under budget and both companies have access to positive cash flow from their existing production operations to soften the blow. This is unlikely to be the end of Serenity activity."

I think we need to wait until I3e come out and explain the result and the likely hood of a development.

If there is no development then I dont see the need of a UK Office. This was the second item in the Interim results that I thought was less than stellar - i3e's SG&A is significantly higher than Canadian peers on a $/bbl or % of revenue basis. I think they could easily save $5-7m by shutting down UK operations - why do you need 2 head offices? The SG&A cost was roughly 50/50 between the Canadian and UK Office if I recall correctly.