Member Info for tonynorstrom1

Austin,

I think they will probably do that now that they have some meat to talk about. I would expect some webinars in the coming days / week. The land acquisitions / farm in have only just happened. The dividend is making slow and steady progress along with the Serenity - without the acquisitions and farm in - it would have been pretty thin gruel had they announced earlier (all with the benefit of hindsight). Onwards and upwards !!

It would be good to hear Doc's thoughts on the RNS - can someone wake him up !

Fastfood,

I think GGG has answered - 150 boepd per well so net 75 to i3E. or 675 boepd for 9 wells -hopefully mainly oil.

Bear in mind that we get depletion - I think around 7% which means they have to add about 650 boepd just to maintain production flat over the year. So unless the fields improve slightly in the summer - there going to need Noel plus some of these new wells to close out above 9200 boepd by July in order to trigger options.

In order to grow production meaningfully - their going have to drill/add additional wells and am guessing that they will announce this program in the coming months. Probably highlights that the ramp up might take a little longer than some expect and will require patience.

Scott123,

My last post on this particular topic because I think this is the kind of post that some of the decent posters have a problem with - they want to hear factual information on PANR that they can use and apply in their investment decisions - not who said what and so on.

"Where is your outrage.........."

1) I was the first one to comment on the inappropriateness of the Covid comment and shortly afterwards someone reported this and the offending poster was banned for a couple of days.
2) I was also the first I think to repost a selection of remarks from the same offender talking about mental health - I called it out as inappropriate and bullying and more than a few people agreed.
3) "And are you truly accusing me. of getting personal" - ".....calling Jofhoggit a liar when it's patently clear he is an actual liar? " - that's personal whether it is true or not. Calling it out once most might think appropriate, but to continue to litigate it some will think a bit much. If you have a real problem with it - take him to court !
4) With regard to Brombarb - I'm new to this board so I don't know him or his style of posting etc . from recollection of of a couple of posts he seems very knowledgeable, level headed and I don't recall him getting personal - perhaps he just wants to stay out of all this back and forth on alleged lies and you cannot force him to get involved if he doesn't want to; although if he has witnessed a grave miscarriage of justice - it would be nice for him to call it out if he deems appropriate.

I think that's way more than enough from me

Alaric,

With the exception of a couple of early cheeky posts on the 88e board where I tried to get a plug in with the Reddit crowd for my favourite oil and gas stock - I've been pretty straight. I try to not take a sides - I focus on the information. If someone posts some good stuff - I will let them know and ask questions. If they post some bad stuff including personal and abusive posts- I will let them know also where appropriate.

GGG,

Did you miss this from the RNS in addition to the farm-in:

"Acquisition of additional 17.9 km2 of Clearwater acreage through recent Alberta Crown Land Sale"

With regards to Canada - I may owe Maestro an apology if Canada takes a big bump up this afternoon. We have moved pretty muck in lock-step with Canada the last few weeks as the Canadian Shareholding has built up. However, I think Canada has a much higher awareness of the value of Clearwater, plus this release will increase the profile of i3E in Canada - so it is quite possible that Canada could lead the way up this afternoon.

Its quite rare that the PI's like us have an advantage in terms of information over the market. But perhaps with the torch that Doc Jones has shone on the Clearwater play - perhaps we do have a head start over the rest of the UK Market. Fingers crossed.

GGG,

So please give Majid the thumbs up in the post below.

Both me and you were speculating about a 10 well plus program and perhaps some progress on that. What we have is a 50% share in a 9 well program with a few spudding in May. Perhaps we were overly optimistic - but I like as you say and others have mentioned the cautious use of cash.

That remind me of one final point - previous two RNS's mentioned acquisitions which we had here, this RNS does not mention anything more - so perhaps they are concentrating now on existing acreage and Serenity. Any further acquisitions would be upside news and a cherry on top - so win win.

Yesterday the consensus was that Majid was incompetent (not my opinion) and should be replaced. I sense that sentiment has changed and many have done a u-turn including GGG who has just performed a triple backflip with twist and landing in the pike position.

Can we get a thumbs up if we think Majid is 'the man" !

Brombarb,

"The negative is the APPARENT lack of ambition in the scale of drilling - but I like the MEASURED use of cash ......." - I think we are in agreement correct ?

What do you make of the update on Serenity ? (I can imagine your response)

An good to see your post !

Fairdealer,

I think that's right - but I guess the expectation was that Management know the process and should be able to forecast. The fact that they have forecasted several times and not delivered does test the patience and start to raise doubts amongst some which I think is natural. These doubt should be put to rest now was my point.

Scott126,

I think you have misread my post (or I have not expressed myself properly) :

"Fascinating....prolix, dissembling and discursive....hmmm. Self-righteous perhaps ? " - this was not addressed at you - I was responding to Alaric which I thought was quite clear - perhaps not !

"the debate" when it sticks to barrels of oil, cost of extraction, DRT's, oil wet fields these are the "facts" and this is what i'm interested in including relevant shareholder information / holdings. When it get to misinformation, litigating the facts, going backwards and forwards - this is what I think some find a little tedious especially when it gets personal which it has. You have made your point with reference to the Great Bear Founding Holders and made it quite well - is there anything more to be said - I think this is the point I was trying to make.

I still appreciate your expertise in the technical / commercial stuff and hope to hear more of your insights.

Another couple of observations:

WHI - kept their previous valuation in tact but indicated that they are reviewing the impact of Clearwater which I have taken to mean that very little if any valuation is accounted for in their calculation. MetalMonkey did quite a detailed NPV calculation (see link below) which he calculates can add 23p to the SP which he claims to be on a conservative basis. NPV values always seem to be above market valuations in the current environment - so I will chop that in half and say 10p. Majid also said that Clearwater was on the same scale as Serenity - so given that WHI currently values the North Sea at about 9p - 10p seems a good ballpark number to work with until we see more data.

https://ceo.ca/@metalmonkey?b2754e5c79d3

We can also expect an update from Mirabaud / Tennyson shortly which hopefully includes Clearwater

A further positive was the inference that they have creditor approvals for the dividend which should go someway to allay any fears in that regard.

The negative is the apparent lack of ambition in the scale of drilling - but I like the measured use of cash and perhaps this update leaves room for upward revisions in the coming months once they have completed a thorough review of their acreage.

Alaric,

Fascinating....prolix, dissembling and discursive....hmmm. Self-righteous perhaps ?

Its a good report. Share Price Reaction indicates that either the market has not absorbed or understood the update yet or that they think as I do that the ball has not been smashed out of the park or at least not yet. Was expecting a little bit more detail on the financial performance for example - cash balance.

Was expecting a little bit more in terms of forward guidance on where production is heading. I was a little surprised that production is "better than expected" at 8856 boepd, yet is less than the 9150 & 9200 boepd spoken about in previous presentations / interviews. It is certainly less than I was expecting - can only attribute this to declines rates not yet being replenished. Not sure about the oil yield being better than previous - it looks similar to what was being reported before - I need to take a closer look at what JAdam was calculating.

Farm out news met or exceeded expectation - the language was positive - and we could hear something very positive soon. "The farm-out process for the Serenity appraisal drilling in the UK continues to make progress and we remain confident that we will achieve a successful outcome"

The farm in news to additional acreage in Clearwater was very positive as was the aquisition of additional leases.

Tie in of Noel is a month ahead of previous guidance and should trigger the second tranche of options for Management - "exiting July 2021 with production at or above 9200 boepd".

Goldstinger,

I agree that this debate has got a little tiresome and personal for some.

"The debate about which is best doesn't interest me as both will track each other higher and help each other eventually."
I can understand the sentiment as you own both Companies and also agree that they will track each other to a certain extent but probably not to the same extent - Unless both Companies have the same market cap and very similar assets then the SP of the company having more barrels of oil, lower costs of extraction etc is going to move higher over time (which i think you probably agree with but its not quite what you have expressed). As an investor its perfectly sensible to be doing these comparisons and figuring out which company offers the best risk / reward for your money. Therefore in my opinion the initial debate was perfectly legitimate and beneficial to many - its just gone on too long and got unnecessarily personal.

so this was a complete fiasco. However, shortly afterwards we had the Toscana and Gain Transactions which were life savers for i3E albeit with eye watering dilution for existing shareholders.

Now we're in a waiting game, a bit like the Loan Note negotiations. News this time round hopefully is good but you cannot blame long term holders being a bit anxious given past events and that I3e are meeting dates given by themselves.

Giltedge,

Price collapse was due to a couple of things that were connected:

1) Disappointing drilling results at Liberator which meant it became apparent that they were not going to be able to get a farm-out or a reserve base lending facility.

2) This lead to a breach of the loan note terms and as a result I3E were forced to reduce the exercise price of the warrants from 45-55p to 0.001p.

This by the way - this was one of the events that led to a little erosion of trust between management and shareholders. When the issue was first raised, Management advised that negotiations to extend the warrants were proceeding well and they expected to update the market shortly. SEVERAL MONTHS LATER the announcement was made and it was apparent that the negotiations had not gone as well as planned and that the extension was at a cost of effectively giving away the warrants for free. This meant that the loan could no longer be paid off by the warrants.

Ddraig,

Well that's progress - it seems you are now acknowledging the expertise. Now we just need to arrange for a group hug.

Are you now invested in PANR ?

Fastfood,

tbh - i'm still trying to figure out how your forecast works ($64 - $72). When oil is $66 the forecast is correct, when its $62 its correct and I'm waiting to see whether its still correct when it goes to $73. Its like a coin with two heads!

Does not necessarily mean much - but just noticed that Canaccord Genuity have a 100p speculative buys rating