Member Info for tonynorstrom1

strange goings on - cannot buy or sell anything at the moment !

Maestro,

Are you Canadian - what's with the Canadians will snap up your shares ?? Rule Brittania !!!!!!!

Maestro / Eringael,

Well I have to agree with both of you - I3E should be sitting on 13-15p now. Good news on Serenity should add a bit more. The fact that it is not seems to be because of i3e farting around with the dividend and updates. PR in the past has been consistently luke warm to say the best, hopefully that is about to change in the coming weeks.

Someone mentioned that they were in a "black-out" period - perhaps this is an indicator or really good things to come?

well the lower channel was 9.4p according to Zac Mir - lets see whether this holds.

JAdam - whats your latest reading?

Barnyards,

You ruled out drilling in the Summer this year - is there still any chance of an Autumn drill ?

its never really been mentioned before with any real substance - but I wonder whether Serica could be a potential farm in partner. There was a connection between Serica and I3E Management at one point in the past.

Baryards,

Well that's the point - they don't cover any historic loans. They were supposed to cancel out the loan notes and now instead can be exercised for the princely sum of UKP 5,500 whilst diluting existing holders by almost 10%.

for me anyway -its good to remember as a reference point until i3e deliver something for the long term holders.

refer to page 650. Only another 51m warrants left to issue!! Originally 65.48m warrants, 6.88m issued on 1st Sep 2020 and 6.88m issued now.

https://i3.energy/wp-content/uploads/2020/10/20201013-TOSCANA-ACQUISITION.pdf

lignumvitae,

You could be right but imo not. They would have to mention the strike price and the price mentioned in the RNS is the same strike price has mentioned previously and as listed in the re-admission document.

If you were cynical - you might think that it has been deliberately worded like this to confuse investors between the par value and the stike price.

I believe the exercise price is referenced in the RNS. This is one of the bits of business the Management didnt do so well in the last year or so i.e. being forced to reprice the warrants almost to zero.

ronrod1,

Well for someone who is not authorized to give financial advice - you're very good at shooting people down who don't wear the same rose tinted glasses as you - bravo !

rodrod1,

What is you advice after reading the last RNS ?

Fastfood,

Another set of numpties who have not read you paper on demand / supply.

https://www.cnbc.com/2021/04/15/oil-could-plummet-to-10-by-2050-if-paris-climate-goals-are-achieved.html

They are options - I very much doubt they will forego their entitlement or indeed change the parameters - why would they? Most Companies I have come across - it always seems to be Management (Executive Management) interests first followed by SH. The vesting criteria for the first 2/3rds I think demonstrates this - very little / no benefit for Shareholders. The criteria for the final 1/3 should be good for shareholders i.e. adding 25mmbbl of reserves or 5,000 boepd production should they achieve.

I would like to see an effort by Management to bring down the number of shares in issue to below 700 m and reducing. . We're currently at 700m and will shortly be heading north to a fully diluted share count of nearly 840m.

Quite why i3e would contemplate further equity raises is beyond me - I see higher SH returns via organic growth, aquisitions if funded through CF and debt and share buy backs particularly as Serenity is not yet significantly recognized in the SP.

your on the wrong BB dude - this is i3E.

Maestro,

I hope they do as well. Do you recall which interview Majid stated that ? I dont recall him saying that, but I don recall them talking about a 4-6 well program in 2020/21. This I think was in the March 2020 presentation.

We didn't hear about Noel until well after it was drilled - so hopefully we may here about additional wells in the upcoming update. It would also be good to understand better how long it takes to bring wells online. We have previously heard 4-6 weeks to drill and tie in additional wells. Noel is taking far longer - it would be good to understand the constraints.

Maestro,

Well its a rough calculation using the same Mirabaud model as for i3E i.e. similar opex, maintenance capital etc. The nice thing about it though is that it is basing off what someone has actually paid for "similar assets" rather than an estimation on what someone thinks the assets may be worth. You will note that i did use 9700 boepd to ratio the revenue ( i.e. including Noel.)

I did not include any further production for shut in wells - one of the reasons is that i3e have not done a good job of advertising what shut in production they may have if indeed they have any. You also need to remember they need to be adding 7-10% just to maintain production. I suspect this is maybe whats happening - i.e. shut in production has been added but this has only gone to maintaining the 9150 published figure.

Brombarb,

I think you referenced the "school boy errors " yourself ! Drilling is always a tough environment whether it be the North Sea, Alaska or anywhere else. On a multi-million $ drilling program with so much riding on it - you would be pretty disappointed to experience this level of equipment failure that seriously undermines the outcome - plus its onshore !!

nbul1,

People have to wonder about the quality of your research if you are talking about flow test results?

GGG,

Naughty boy - hope you've learnt your lesson !

Just playing around with the numbers to see what the Anegada Deal might tell us about a current market valuation for I3E.

Bearing in mind I3E is approximately 57%/18%/25% (Gas/Oil/NGL's)

Anegada - 29%/55%/16% (Gas/Oil/NGL's)

Assuming Gas at $2.60, WTI at $60 and total production at 9200 boepd then:

I3E-------------Revenue / FCF - is approximately $88M / $31M
Anegada-----Revenue/ FCF - is approximately $131M / $71M

Anegadas purchase price = CAD 494M = UKP 283M including debt

Assuming valuation on a FCF multiple - approximate EV of i3E = 283M x (31/71) x (9.7/11.8) = UKP 102M

Assuming I3E net debt of UKP 10m gives I3E a Market Cap of UKP 92M or an SP of approx 13p.

This ignore Serenity and the fact that I3E has slightly larger reserves than Anegada which should add to the SP.