Member Info for tonynorstrom1

Rehaur,

I've written to Carmarco a couple of times - no response. The CFO however has responded to some of the PI's.

However - I very much doubt you would get a response to that question - I think that would be considered price sensitive and would be communicated through RNS.

I'll start this post positive before I ask my Contrarian Question - everything looking good, SP moving in the right direction with decent volume, upcoming news.

If you were scratching around for any indicator that may not be as positive - If I look at the largest trades over the last week - im talking the 2m, 2.5m trades etc. I've not counted them but it just seems there have been more sell than buys in this range. Working on the assumption that larger investors tend to be more informed than smaller investors (on average) - does anyone read anything into this?

Redmen,

I wasn't going to respond to this and leave it to others. The way the question is phrased almost makes the answer Investment Advice. I personally don't want to sway someone into making an investment decision that could loose money. So I will give a some what contrarian view.

1) the SP has doubled. As the price increases - generally the risk increases. However, more information is coming to light that removes some of the uncertainty and hence perceived risk such as the operational update / new well / oil prices with further news due.

2) If the SP was guaranteed to be 30p in 6 months time for example - then logically it has to more than 10.3p now. I think this just demonstrates that I3E is not without some risk. There are a lot of very positive posts (including perhaps even some of mine) and you get lulled into banking your 30p and think the SP cannot fall.

That said - i'm more positive today than I was say 3 months ago. The data just seems to be supporting the investment thesis though we are yet to see what the dividend is and get a proper operational and financial update.

Hope this helps

Maestro,

If you were referring to the Website then apologies you appear to be correct - WCSB is mentioned very briefly in the "who we are" section only.

However, unless my memory is failing me , they have taken it out of the section you were looking at - perhaps its under revision. I thought I recall clicking on Serenity and then it had subsections on Serenity, Liberator & Canada.

However - it has been covered in presentations, interviews & the admissions document. But agreed it should absolutely be covered in the website as this currently is the primary asset.

Its already recognized in the financials also - the third party revenue is im guessing is "third party oil" using i3E's pipelines and processing facilities

Maestro,

the information is there already and I3E have spoken about it. I guess you have missed it but pricked up you ears now that Doc has highlighted how this will provide leverage on new production.

Does highlight though that there is room for I3E to ramp up the PR a little.. I think though that they are a little gun shy after the Liberator disaster and dont want to over promise until.

Sorry - let me rephrase that. Can you kindly ask i3e why they are not drilling in Clearwater already during you meeting with them this week (if you have the time)

thank you.

can you ask Graham - wtf he's not out there with 10 rigs now?

I imagine rig rates and labour will go through the roof with presumably companies rolling out to drill drilling plans to take advantage of current pricing?

test

Doc,

Nice link. What would be the typical Oil /Gas/NGL mix in Clearwater (I3E's acreage)

regards

To be accurate - it was a 10% economic interest up to a maximum of $14.6m - not 10% of the license.

Does this make Serenity more valuable ?!

https://oilprice.com/Energy/Crude-Oil/UK-Considers-Ban-On-New-Offshore-Oil-Licenses.html

Doc,

One thing I noticed with the Mirabaud report is that they included royalties in with Opex / bbl. I think that Royalties are linked to revenues so if you've kept opex flat - you may not have accounted fully for Royalties.

Another difference in our calculations was the Production Split - based on the latest information I have it is 57/25/18. The 18% Oil obviously lowers the revenue slightly.

regards

Barnyards,

You wont win many friends on here questioning our Doc Jones - in fact your likely to get lynched. Two points:

1) totally agree with the point on confirmational bias. Its something as an investor you have to guard against and many fall victim to it. People tend to want to hear good news and dismiss bad news.

2) I can understand some frustration - and whilst i'm personally not in favour of pumping per se - nothing wrong in my opinion in pushing a bit of good research. I thought Docs report was solid.

AK47

Tony speaking of recommended ??

JAdam,

Have you managed to pull off one of our secret trades today ?

Doc Jones,

Do you agree with Metal Monkey that a farmout of Serenity is likely to be in the 90% range ?

Also - what are your thoughts on Rockhopper ?

Fastfood,

Wondering whether you had seen this. Not looking for a response unless of course you want to. Just goes to show the different opinions and potentially how quickly sentiment could shift.

https://oilprice.com/Energy/Energy-General/Oil-Bulls-Beware-This-Optimism-Is-Unjustified.html

Moses151,

I responded to your question earlier this morning. I would just like to add a couple of points to illustrate the FCF sensitivity to the POO and the importance of the oil component to the revenue / FCF.

I3E's product mix is Gas/Oil/NGL's 57%/18%/25% 5244/1656/2300 (boepd)

Based on above and $65 Brent & $3 Gas ($15.6 on a per barrel basis)

total revenues are about $90m

Of that $34m comes from oil, $28m from Gas and & 28M from NGL's / Condensate

When you look at the impact of an increase of say $10/bbl in the POO on the revenue and hence cash flow. The $10 is multiplied by the Oil Fraction which is approximately 1656 bopd and also $6 (60% x $10) multiplied by the NGL fraction which is about 2300 boepd.

This is why Majid said they need to add more oil to the portfolio as is is currently attacts much better pricing than the other fractions.

The revenue from the gas fraction (approximately 5244 boepd) is not impacted unless of course the price of gas goes up or down which of course it does.

The good news is that I think the Clearwater Acreage contains much more oil - so looking forward to hear I3E's drilling plans.