Member Info for tonynorstrom1

In the November Mirabaud report - they state 140m warrant and options outstanding !

On the positive side - Brent over $58. Each $1 rise adds over UKP 2m to the yearly FCF !!

Joesaop,

I think your comment on outstanding warrants is valid - undoubtedly this has been / is a drag on the SP. Also it is not ideal that one Investor holds nearly 30% of the shares.

I went back and saw your 10th January post - you made an interesting point on whether the dividend is an incentive for holders to exercise some warrants - I dont know. Who knows what the Institutional Investors have in mind?

JAdam,

A good post by the way - I agree with 90% of it but not the bit about the sustained high of 128p. The story around that is probably I3E's biggest failure todate.

Duster,

You have made that comment before - I'm sure that is some comfort to other investors that an Investor of you calibre remains positive.

I have mentioned before that your posts would have added credibility if you were to point out the errors / misrepresentations in my posts rather than just to say "deramper" or "winger". Do the genuine investors a favour here and post something of substance - I dare you !

recapping a few points from the Proactive interview dated 10/11 December:

1) Production around 9200 bbl as of 11th Dec
2) Majid confirmed that "the asset was what we thought we had bought"
3) The're looking at up to 12 possible deals in Canada and have bids in for a couple.

hopefully there have been no negative surprises to the Management Team since this podcast. Not updating the market on the dividend in January is a bit of a dropped ball imo.

that's not a share capital reduction : 2x6p = 1x12p

There are a number of ways of reducing share capital - I'm not an expert but I think what may happen is that if they are paying a 10% dividend, they will cancel 10% of the shares and payout the equivalent to shareholder as a dividend. The net effect will be a 10% reduction in the number of shares in issue as well as a 10% reduction in the number of shares held by each shareholder.

If this is the case and i'm sure I will be corrected if i'm wrong - I hope this would apply to all warrants and options so small shareholders are not diluted further.

As per the article below - there are a number of legal steps prior to "declaring a dividend" which have not happened yet so my assumption is that I3E are still some way from be "in a position to declare a dividend in January"

As per

https://www.qualitycompanyformations.co.uk/blog/reduction-of-capital-everything-you-need-know/

you are correct and this could well be the cause of the delay. you would think if I3E were on their game, they would have factored this in but my guess is they did not.

as per the article - 1st oil towards the end of 2022 - sooner that I thought. Oil was in the $58 -$62 range in the months before the article was published and around the time they submitted their FDP. If oil prices remain stable and with serenity - presumably the project still economically viable.

Oily,

How do you conclude " it means decommisioning the bloe holm fpso." Repsol's development plan was in place prior to the Serenity discovery so presumably was a viable stand alone project. Serenity if connected undoubtedly makes the economics better but not necessarily the deal breaker.

Unitization of Tain and Serenity if the OGA agree they are connected - this has not been confirmed yet to my knowledge.

https://www.oedigital.com/news/476674-repsol-sinopec-to-tie-in-tain-to-bleo-holm-fpso

What\s the odds on an RNS at 12:30pm today?

"For sure, but their divi structure is based around a serenity fo." - not calling you out but interested to know why you think this - I dont see it.

Also another of their stated aims was further Canadian aquisitions which coincidently is linked to Management Options. I think they would prefer to use the cash here to add production / scale rather than to spend all on Serenity which will take 2-3 years to add to production.

Doorstop,

Thats an optimistic take but not correct imo. They have already announced the "dividend structure". All they have to do now is to officially "declare" it. To now link it to the FO would be a change in there stated plans. I agree potentially they might have the cash to fund Serenity alone but I think it would stretch the balance sheet which I dont think they want to do.

Nomadinvestor,

If thats what you posted many times - then you have misquoted Majid many times. A more accurate quote is "We hope to be in a position to declare a dividend in January and pay shortly thereafter".

I dont agree with Dusterinmong that its a positive that they dont announce today - with I3E's track record, if you say you hope to be in a position to announce in January - then you announce in January . Also, if you dont announce today - there is no guarantee they will announce on Monday plus it will be late with respect to their target. Its certainly not a positive - lets hope its not a negative.

do you have a link - cannot see anything on the I3E or Proactive Investor website about a webinar today.

Who is Darren Hazelwood - not heard of him in relation to I3E

clucking bell !

what ever happened to the RKH court case against Italy for lost profits due to the govenrment banning offshore drilling on one of their projects?

https://www.cnbc.com/2018/10/24/technical-analysis-oil-price-continues-its-upward-trend.html

Kanonaiem,

ok you have caught my interest - what is the significance of this post ?