Member Info for tonynorstrom1

GGG,

Your tone on this BB has flipped almost 180 in the last 2-3 months. Let’s hope that the BOD finally deliver.

GGG

What does fomo stand for ?

Oiler87,

Doorstop didn’t say that - but I think I3E said that some of these projects were important in reducing the discount to WTI.

Tonhuk2000,

The 125p peak was in around July 2018 - looking at the interim report for 6 months ending June 2018 - the share count was around 35m. The 108m shares was sometime later.

In addition they were confident of liberator and were targeting 10,000 bbl of production within 12 - 18 months ramping up to 30,000 bbl / day quickly with production of up to 120,000 bbl after development of liberator west and serenity. Non of this panned out hence the SP collapse.

Market cap at that time was about £43m (35m shares x £1.25). At £1.25 and 700m shares - we would have a market cap of about £825m.

In the Mirabaud report - they included a number of Oil Companies to compare metrics. By my evaluation - one of the closest matches to I3E with respect to production, debt & reserves was Pharos Energy. Current Market cap of Pharos is 82m - a couple of years ago - the market cap was about £270m.

If I3E get production up to 12,000 to 15,000 bbl/day with oil at over $60 with a reasonable out look - a market cap of 200m or more may be achievable in the next 6-12 months.

They were confident on Liberator and had a fully developed FDP scheduled to be producing Oil last year I think which would have funded Serenity without a FO. There was no FDP to produce oil from Serenity last year.

What is the wider acreage you refer to in the North Sea is we give up all the assets.

GGG - I agree but would the large shareholders agree - 160% up on there investment in less than a year.

Do we retain liberator west & Minos High?

JAdam,

I’m quoting facts - not your rose tinted opinions. Production in November stood at 9460 bbl now a target has been set at 9000 bbl for production in July?

As for the 5000 bbl of additional production - great - let’s see how they do it. I assume it will need to be by aquisition in the near term as drilling will take a fair amount of capex to add 5000 bbl.

I’m not going to put you on ignore - I will challenge you if you post rubbish but feel free to put me on ignore if you wish.

Nothing wrong with proper incentives / milestones - however the 2nd milestone of 9000 bbl / day is less than the previous operational update. Not very ambitious or perhaps and indication of wells still being shut in or decline in the field not being replaced yet.

“Such a brilliant Canadian Deal” - . From a long term shareholder perspective - the cost / dilution was eye popping 32m shares outstanding to 700m . Certainly not brilliant from a long term holder perspective. Also a further 50m options / warrants remain outstanding - this is a further 7-8 % on top of the 700m!! A glass can be half full or half empty but a spade is a spade!

13m options for Management. 1/3 vest immediately, 1/3 vest if production is above 9000bbl in July ?? - being rewarded for reducing production ! And balance if they add 5000 bbl or reserves.

JAdam,

How does the current gas price compare to 2019 averages where we have financials indicating the profitability or otherwise.

60% Gas 40% Oil approx

The only slight negative is the large number of options still outstanding. This I assume will create some drag on the SP.

It’s a sea of blue but the SP is going nowhere - can only assume a larger sell order is being filled.

Freshair,

The extract below from your post - I assume that that this is Grahams response to a recentbemail or call from someone - correct.

Regards

"We can't rely on Serenity since you seem to have been negotiating a F/O for as long as I can remember." Graham: "This speaks to the difficulty of the sector you’ve currently invested in by way of i3. We are making headway here and, as we’ve continued to publicly reiterate, believe we’re close to concluding a farm-out" Unquote.

I don’t see any big profit taking at the moment. I can buy at 5.55p and sell at 5.33p

Netanya,

Can you kindly provide the links to the multiple sources claiming a FO is imminent - I’ve not seen anything. If you talking about small cap picks on Twitter - that is nothing more than blatant ramping.

The most reliable information todate is surely from I3E itself - and the message there does not seem to have progressed much in 12 months. One assumes that Covid has impacted this and with a vaccine now available - there should be no excuses from the Company not to deliver.

Repeating what I have posted earlier - PHAROS Energy was listed in the Mirabaud Report as a peer group Company. Similar in reserves, production and debt. It doesn’t as far as I could see have the upside of an asset like Serenity. It trades at double I3E’s market cap - using that as a metric we should be over 10p now. Add in a FO, dividends and a good FCF - 12 to 14p.