Member Info for tonynorstrom1

Just a reminder of where we sit on valuation - refer to right hand chart from Nine Points Capital. Cheapest company on the chart is sitting at 26% FCF (EV Level). I calculate that we are sitting at 29% on the same measure. Taking into account - low net debt, North Sea Assets, tax losses and Clearwater Acreage - we should be attracting a better multiple. Assume then that we should trade at the median - 14% approx:

This would value us at about 18-19p - now

https://cdn-ceo-ca.s3.amazonaws.com/1g8uvtp-D5F429B8-5689-46E5-9FC8-EE6846F954B3.jpeg

Scot126,

Quite a complex story for a ordinary PI to unravel by going back and looking at old releases - thanks for the explanation. I'm assuming from what you've said that Bob Rosenthal is still a shareholder in GB (my assumption may be incorrect). I don't understand how Farallon's selling of PANR shares dilutes GB Founders - not implying it is incorrect, just stating I dont understand how it connects.

You appear to be remarkably well informed of all things Pantheon / Great Bear - are you able to reveal any of your bio here - are you just a Private Investor or have/had you any connection with any of the parties. You mentioned about an interest in taking over Farallon's shareholding - so taken at face value, you and / or associates appear to be Investors of considerable means. Seems a nosy question but really trying to understand your motivation here for sharing so much information and trying to put it into a context.

regards

Scot126,

What is Bob Rosenthals relationship to Farallon and GB ?

regards

"I don't normally post on shares I'm not invested in as in my mind it's not an honourable thing to do "

- I don't agree, nothing in the rules that says you have to be a shareholder to post and in addition, if what you post is factual and relevant, then whilst a few may complain, the majority of level headed shareholders will be quietly thanking you for the free research.

I am a little bit fuzzy on what you are trying to say - You mention Bob Rosenthal (Pantheon Chief Technical Director) - are you saying he is not acting in the best interests of i3e shareholders at large and if so - what is it that you think he is doing.

" However seeing as the 88e board is inundated with 88e bashing/panr ramping I thought I would share this" - I dont think this was the case at all. The bashing / ramping as you call it was a merely a comparison of 88e v PANR (market cap, resource qty, distance to infrastructure etc). Pointing out that one stock has 2 or 3 times the prospective resource of the other yet a similar market cap is not bashing or ramping if it turns out to be true -its a fact and I'm sure fair minded shareholders of either Company would welcome fair, fact based research which enables them to make more informed investment decisions.

"..............Stick to your own board.........."

What you are failing to understand - this is not your board, its not Scotts board or indeed any other individuals board. Its supposed to be an open forum for the free and fair exchange of ideas for the benefit of all.

"nobody here is interested in your cross ramps.........." Whilst the majority here you would assume are not interested in blatant cross ramping of a random stock, your dead wrong if you think no one hear is interested in relevant information from PANR that may be of benefit to 88e shareholders - I am and more than a few holders her also have expressed their interest. So please don't presume you speak on behalf of everyone here. Personally I would be interested in relevant information from any oiler in Alaska that may be relevant to i3e, the fact that it appears i3e now share a field with Pantheon just makes it a no brainer.

My only request to all would be to keep it on topic and be respectful - lets see if we can do that !

Pantheons website is suspended ? - or is it just my computer ?

BeanLade,

Thanks for the response - the number of shares is not overly important, i3e's SP is much lower - just means you can buy more shares for your money. More important or all important is the Market Cap of the Company and what percentage of the overall pie you own. Market Caps are very similar with PANR being slightly higher. However, some interesting debate been going on recently on relative valuations of the two companies based on the size of their prospective resources and other factors.

I note that the Doc is having a back and forth with another poster (@bobbywins) on his blog about late filing of results.

What i3e actual said was : "The Company intends to provide regular quarterly updates starting with a summary of Q1 to be released in the second half of April 2021."

So not "quarterly results" but a summary of Q1 - Bobby may be correct. It should not matter to SH's as long as its a detailed summary.

So Majid / Graham - its over to you. No pressure now, but if the summary is no good - you're going to need a thick sets of ear muffs

Newanda,

Thanks for that - now I've got to understand what im reading and how it translates to PANR. Initial read is that they bought 500 mmbbl of prospective resources (I'm assuming best case) expected to translate into 125mmbbl of proven reserves at $3.1 per bbl.

I note that they refer to 19 wells drilled so a lot of money spent in proving up the resources. Am I correct in saying that PANR only have 2 or 3 wells covering their acreage.

Interesting to note that the transaction was done in a lower oil price environment (and a Trump Presidency). On the negative side - I wonder how much impact the Green Agenda will have on development activities. I understand after reading on of Scotts posts that most of PANR's acreage is on state owned land as opposed to Federal Land, however, that's still no guarantee that development will be impacted. Exciting times for shareholders and a lot to ponder.

GLA

John389,

Flow tests and other testing is still outstanding to determine exactly how valuable any estimated resources will be - their last flow test on Kaparuk demonstrated that. The oil can be there, but unless you can extract it economically.........

Kaparuk though may just be this issue of "oil Wet" which doesnt impact the rest of the plays. So it will be interesting to see how much of a kick the SP will get once Pantheon update their resource estimates.

Scott - do you have a link to any metrics showing the value of a barrel oil in Alaska from initial discovery through the process of proving up.

regards

Scot / Newanda,

Thanks for the reply - appreciate it.

I did not realize that 3 or 4 flow tests were skipped - what was the reason for presumably running out of time?

anyway - have a good weekend.

Scott123,

I have now listened to the Webinar and associated presentations. Everything I've seen is very encouraging. The main questions I have is trying to rationalize the SP response particularly after the webinar. Everything about the talitha results appeared to exceed expectations (additional oil zone, thicker sands, better quality sands, prospect of a significant reserves update, high quality and qty of data obtained). The sole disappointment appeared to be the flow test result which was explained (oil wet reservoir) which I understand can be overcome by drilling techniques and additives. In fact I saw some information that Oil Wet reservoirs have some superior properties such as higher later life flow rates. It also get the impression looking back at old presentations - that PANR is making faster progress than some in developing their assets.

Questions

1) SP reaction does not seem tp match webinar sentiments. Market is obviously seeing some risks - what are they seeing that "insiders" are not. I think the profile of Pantheon along with the assets they are drilling are sufficiently known by the industry to ensure an appropriate response - where is the disconnect. I don't think "the market doesn't understand the results" is an explanation imo - I could be wrong.

2) They're talking about going back to Talitha and continue the testing later on - I don't recall seeing what this testing might be - is it flow testing ?

Yoyo,

What makes you think they are not following compliance requirements . If you are talking about filing of the quarterly results. In Canada - they have until 45 days after the period closing which would put the date around the 15th May.

So whilst it may be disappointing that Options awards seem to be filed in a timeous manner and maiden results look like they will be filled late with respect to Company guidance - there's no reason to suspect that i3e will not be inline with appropriate regulations.

In addition the options are in accordance with shareholder approved scheme's and include employees as well as Management. Lets hope that the upcoming results are outstanding so that everyone feels good about the awards including shareholders.

https://cdn-ceo-ca.s3.amazonaws.com/1g8o39d-filing-guide-2014-08-28-en.pdf

BeanLade,

I also had a holding in 88E and sold out for a small profit - now watching from the sideline, learning a little and thinking about jumping back in at some point. Also looking at PANR. What would you you highlight as the strengths of 88E that might cause you to favour this over PANR.

regards

cbaron,

Well said ! After have visited and read both boards and having been a shareholder of 88e for a short while - I can articulate why PANR might be a slightly better play in Alaska v 88e. I'm struggling to argue the reverse case in part because as you say - no one seemed to want to discuss valuations and metrics on the 88e board.

I assume you are a SH of 88e - are you able to highlight a could of area's where 88e might have an advantage ? I'm still learning about these Companies and looking to jump back in - i'm currently leaning towards PANR.

GLA and again - well said - bravo !

Well chin up and remember there is always someone worse off than yourself - imagine how you would be feeling now if you owned Hurricane this morning !!

6 minutes away from finding out if we get an RNS before Tuesday !

I havent worked out a valuation but looking at the SP a couple of years back 40p seemed to be a base. Divide by 20 gets you to 2p then factor in:

1) massive reserve down grade in the last year
2) Operational issues with production
3) Poor Management

then the SP has to be significantly below 1p

Wolf:

Dont know whether you saw previous response.

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

Kane,

You've been doing a great job of PR for i3e until recently. Take a deep breath, wind your neck in and get your question off to marketcall.

Kane - Have you sold out ? Do you need a hug ?

The Doc has just added a couple of hundred thousand shares - so he's still upbeat.