Member Info for tonynorstrom1

Ark,

I provided a link to the CPR a week or two back - in there they detail the cost for a liberator phase 1 development - that should put you in the ball park. There are two options here - one is a tie back to the Bleo Holme - cheaper and smaller development but should produce oil in 12-18 months from appraisal. The larger and more expensive option (dedicated FPSO with up to 5 producer wells and a water injection) will take up to 30 months to 1st Oil.

You might be right gusto but I’m going to give you the Gold Medal for whining anyway.

The only thing I would add is that Liberator East was always a much smaller field than Serenity - the numbers below are from the 2017 CPR and represent STOIIP. You would like to think they have a much better chance of hitting a bigger target!

Low 18.4
Mid 38.0
High 58.2

remember that i3e's definition of FCF is net of all Capex both maintenance and development.

Tennyson have not deducted development capital for 2023

They don’t think that - its just an assumption they make until I3E announce what the budget will be.

in the interests of balance - there were a couple of area's in the financials that were not A+ - nothing exceptionally bad but not A+. I can highlight a couple of these if anyone is interested, otherwise i'll leave it to PI's to go through the interims find these themselves.

https://oilprice.com/Energy/Energy-General/Wall-Street-Is-Increasingly-Bullish-On-Energy-Stocks.html

1) With rapidly expanding Canadian production
2) Ability to pivot towards Oil or Gas or both as the market dictates
3) Net Cash and ability to fully self finance low cost low decline wells
4) Serenity
5) Amongst the bottom 3 or 4 cheapest stocks in Canada on a free cash flow yield - for no reason that I can see.
6) 6% dividend (paid monthly)

Is there a better place to be invested - there cannot be too many surely?

https://ceo.ca/@Drjimjones/10-bagger-in-oil-youve-never-heard-of-i3-energy

Very good actually - I will need to reread thoroughly again

Couple of other things to bear in mind when evaluation the value of acreages:

As reference below -nearly all I3E’s acreage is not yet developed yet whereas as with Deltasteam there is a lot of PDP acreage and did someone say 22,000 bopd. On a revenue basis - that is around double I3E.

Also in Clearwater - the acreage is classified as Tier 1, Tier 2 & Tier 2. Most of I3E’s acreage is tier 2 - still good acreage but the thicker payzones are Tier 1. Doc Jones did a very good research report that covered I3E’s acreage - a year and a half out of date but still an excellent read.

Mattybuoy,

It’s 94 net sections as Ark pointed out so not that small. Each section can put between 2 & 4 of these lateral wells.

129 Gross Sections / 94 net - so my understanding is that some are operated by Ruberlite but most will be I3E operated - I could be wrong - do you have a source ?

We’re not extracting much at all from Clearwater at the moment - I think the wells drilled over the last year are the first for I3E - ill have to tot it up but it’s something like 5 wells net x 100 bopd so maybe l 500-600 bopd.

My expectation is that a big chunk of the remaining 15 wells to be drilled in Q4 could be in Clearwater with perhaps another one in Simonette.

Interesting question - let me get some input from my Canadian expert and I will get back to you.

Do you think the Taramack purchase has a particular connection to I3E or are you just talking about splitting the Canadian & UK assets as a Concept?

Paul - thanks - Where do you get the info on the anchor handlers by they way - I cannot find it on the internet.

What's the latest on the rig?

Stas / Jolly - totally agree.

Didn’t agree with the negative sentiments of some ref regurgitation of old information in the H1 report. Of course some of the headlines are regurgitated including post period notes since we’ve only just recieved the Q2 update which covers essentially the same period. How could it be new information unless they made **** up or reported on Q3 events.

I thought the ref to current production of 21,600 is new and is a biggie when coupled what Majid revealed in the recent presentation - i.e. 8 wells cleaning up. I believe these 8 wells include 3 from the Glautenitic Formation (the two sister wells drilled in Q1 flowed at around 750 Boepd each ) and 1 well from South Simonette (existing adjacent well flowed at up to 1000 Boepd). This should mean that within a matter of days or a week or two at most - we should be at 23,000 Boepd. I hope they don’t wait until Q3 to release - I hope they issue an updated presentation shortly with this and the latest on Serenity - perhaps at Serenity Spud in the next week or so.

We already new that the Q2 update was a little below expectation so how could H1 be any different. I still think it was a Q2 blip and with supportive oil and gas prices - the news flow for the rest of the year could be very strong..

Also no great surprises in the detailed financials
- although nice to see Decom provisions come down and confirmation that cash generation is strong despite the heavy capex spending. Interesting that they took a provisional tax charge.

Interesting chart from Rockcreekfreak on twitter:

https://twitter.com/rockcreekfreak/status/1568362643714617344/photo/1

I respect Parge and quite a few other posters here so I want to respond and give my thoughts a little later after I have read the full report again - I dont think it is as disappointing as some allude to and in fact I think there are some new snippets and positives that some have missed.

With 7 wells clearing up and another 15 to be drilled by the end of the year - a lot to look forward to even ignoring Serenity!

what a load of tosh Gusto - I thought you were leaving and I was about to say dont let the door hit you on the way out - must have misread your post - what a pity !

Parge - care to explain ?

Selfish - play the ball not the man. Not everyone has to have the same opinion. Presumably if he had said 10p by next week you would have had no problem with that whether it was right or wrong.