Member Info for tonynorstrom1

WTF............What has David Bramill / UJO got to do with EOG's company statements/cash on hand - I would suggest nothing - different Company, different cost structure, different cash balances - keep it on topic Mcfishy !

"Has the actual cash figure been released then?" - you know it hasnt - that's why it was estimated - what a strange question ?

"Selfishes figures seem far closer to reality than yours Tony." - In your opinion and you could be correct, but I dont think so, i'm pretty confident that the broker is in the ball park. We will get another read in the next set of results.

Anyway - this conversation has run its course - he said potato, I said spud ! My goal is to keep it straight not to argue - dont always get it right - but I try.

Selfish,

The discussion was clearly about how much Cash in the Bank in the Context of the reason for the loan. Couple of people asked the question - I provided an ESTIMATE and you jumped in with your numbers - it was clearly an estimate and i used the words approximate - this is what Brokers do all the time - they forecast - you dont have to know the exact numbers - a good estimate will put you in the ball park and tell you what you need to know - Yours just happened to be a bad estimate.

You asked me why I posted - I told you - dont get all defensive now that its clear you got it wrong.

And as far as attacking fellow posters - I'm that the one calling people divy's and cluesless - play the ball Selfish and not the man !

And don’t take my word for it – as I have previously highlighted, EOG have a house broker (Tennyson) to provide various promotional services including valuation reports which includes a profit loss statement (posted in the investor section of their website and link provided below). I would draw posters attention to page 9 and in particular the line titled Free Cash Flow.
https://www.europaoil.com/wp-content/uploads/2022/06/220609_EOG-The-full-package.pdf

Take a look at the brokers estimated FCF under column 2022 & 2024 (2023 is skewed by Serenity Capex) -average the two numbers ($2.1m & $3.7m = $3m) i.e. the broker is estimating that EOG is accruing cash at about $3m/12 = $250k or £200k per month.

A bit of a difference from Selfish’s £6.44m or £730k / month don’t you think!!! I’ll let others decide who is “clueless or trying to deceive”. I think this is what Simon Oddie thought as well and the reason he decided to prop up the balance sheet with a £1m loan.

I have a very similar sheet to the one above on excel only ignoring all the non-cash charges and adjusting for actual oil prices / realized prices along with the latest production numbers. I would encourage serious poster here to do the same – check the numbers yourself to allow better decision making and not rely on some of the rubbish posted on this board by people with agenda’s different from yours – FACTS FIRST!!

First thing to say is that using common sense – if EOG had £6.44m in the bank in addition to the £7m equity raise – why would need to borrow another £1m at 11%. The short answer is that they wouldn’t - the £6.44m is pie in the sky and a load of tosh and here’s why:

In your calculation you talk about gross profit – why ?? We’re talking about cash on hand which many would know is calculated by adding Free Cash Flow (money earned after paying ALL THE BILLS) to the starting balance which we have both agreed is £0.6m.

To get to free cash flow you have to subtract the following from Gross Profit which you have not done:

1) Tax
2) Finance Charges
3) Capex
4) Miscellaneous

I’m Not sure why you have done this – whether this is a deliberate attempt to mislead or a genuine mistake, but bottom line is your misleading fellow posters here.

draft - where are you getting that from. Is this from their presentation a couple of days ago (do you have link). Or is this an old reference ?

Strange - the presentations for Alchemy, Predator & Touchstone have all been posted separately - i3e is missing ! Can only imagine it will be posted shortly.

not seen it - IR said they were told by Proactive that it would be released this afternoon but it appears it has not. Poor show by proactive - a lot of interest to see it and they cannot pull their finger out.

I sent I3E an email - they just confirmed the presentation should go live this afternoon - so shortly.

Shelfish - not to mention that UJO has 40% of Wressle as opposed to EOG with 30%. Strange that you did not mention that - not !

Yanis - if you've been putting money in Angus from 20p all the way down to 0.6p for the last 5 years and you don't know the cash position of i3e - perhaps its time to stop investing in shares.

I think some on here have lost a little perspective - Simon Oddie has been in the job about 3 years - I think you need to judge the performance of the Company from then - mistakes made 5 - 10 years ago are history and is water under the bridge.

Graham Heath from i3e answered some shareholder questions in the wake of the Liberator Duster and the eye watering dilution to fund the pivot to Canadian Assets. The SP was 5p at the time and a disgruntled shareholder asked him whether he would ever see his 70p again - he was pretty straight, mistakes or unlucky outcomes of the past are the past - you've got to look at your investment today and figure out whether its a good investment proposition at todays price moving forward.

The RNS this morning was certainly not bad and should not come as a complete surprise to anyone who had looked at the cash position - in fact the RNS is prudent and forward thinking imo!

danwhite,

Care to explain - "stock down, while all other oil stocks arre up 4%.total scam "

This is not really true from what I have seen - I checked I3e against a few Canadian peers a few days ago including Surge, Taramack Valley, Gear etc and the SP has reacted in a similar manner to these companies.

All your posts are pretty similar - negative with little to no substance.

TDinvestor - thats your opinion and your entitled to it. But I think Simon Oddie would say the RNS is very clear and I think the RNS spells it out - extra liquidity / working capital for a side track or some other eventuality that might arise in the current period and the good news is that they didn't issue new shares - then you would really hear some whining this morning !

it is a very prudent move - it only takes a small problem during the drill and costs could easily escalate by a couple of million. EOG dont want to be in the position of facing a higher bill and then be scratching around last minute for the cash especially when they have other projects such as the Wressle expansion / gas handling.

the cash position is not difficult to figure out - as per the interim statement for year ending 31st December 2021 - they finished the year with £0.6m in unrestricted cash

They currently earn about £300,000 in profits / FCF per month x 8 months = £2.4m

They raised about £7m but lets assume that all goes against Serenity.

So they have approximately £3m in cash

GGG - good question -everyone else is assuming takeover of i3e which of course is a possibility but I'm also thinking buying complimentary assets with a large tax losses. I3e's profits are so big relative to its size that the current tax losses wont last all that long.

Didnt see the presentation - thought I had signed up for it but was obviously mistaken. Surely someone here saw and could post some highlights ?

Why are you defending Botox - everyone is entitled to their opinion - just not their own facts.

Botox has been deliberately spreading misinformation - which I won’t leave unchallenged. You may think it is ok to mislead other investors - I don’t !

I thank you :) !

Tain is not officially on hold - Repsol Sinopec have voluntarily pushed back FID to next year. I think you are right in that it was probably done to see what happens at Serenity and then determine the scale of the required development.

The process is that when they request formal approval of the FDP , a determination is then made by the parties including the NSTA on whether they are connected and whether they should be developed as a unitized development.

No - if you refer to previous presentations including the animation, i3e believe they were all part of the same field a long time ago with Tain and Serenity thought to be connected now.

Boltox,

https://wp-i3energy-2021.s3.eu-west-2.amazonaws.com/media/2022/04/20220404-i3-Energy-Presentation-vF.pdf

Refer to page 10 - typical wells pay off in 6 - 12 months - everything after that is pure profit. There is an accompanying graph that forecasts that this program will add over $500m in NOI by 2026 and this is only half the program !!!!!

Pretty much all your comments have no basis. You add no value here - be a good boy now and toddle off!

I was looking at some information on the Blake Field which many on here will know is right next door to Liberator / Serenity. In fact i3e thinks the fields were connected at some point in the past.

Blake had over 150mmbbl's of recoverable Oil / Gas (94% Oil) and produced over 40,000 boepd at peak.

Serenity could 136mmbbl recoverable as per i3e's P10 analysis and a 50% RF.