Member Info for tonynorstrom1

Oil dropping 3% doesn’t help. Sill Mirabauds forecasts were done at $40 average for Brent in 2020 and $45 in 2021.

Yes Harel - please share. I recall you previously said that you had asked the question but the response was that Viaro don’t discuss the plans for individual assets. Maybe I’m confused with another poster?

Destitute,

I’m not sure of how much use technical analysis is with a share like I3E especially after a very recent transformation, however, a downward wedge has nothing to do with whether it is a scam or not.

I also looked at paragraph 29 of the readmission document - I’m not sure how you conclude I3E practically admit they will never pay dividends - they seem like all the usual caveats that Company’s need to include so they can tick the box and demonstate that they have informed investors of associated risks.

Destitute,

So you bought in at around 7p - what has changed since you bought to believe this is a scam ?

If you look at page 15 of the Mirabaud Report - they list a peer group of Companies. Just looking at the raw numbers - Pharos Energy seems the most similar to I3E. Production a little higher but debt is almost double. I3E 2P reserves a little higher. I don’t know anything about Pharos but looking at the metrics - I would suggest that I3E should be sitting at a similar market CAP. Pharos is at about 45m as of today which would equate to I3E at 6.4p per share. This of course ignores the North Sea Assets which Mirabaud values at about 5.5p with their assumptions which seem fairly conservative.

I3E’s SP has consistently disappointed. However, provided the POO stays above the $40 - $45 level - we should see decent cash flows and a proving of the business model. I would then Expect a re-rate.

3rd quarter results should be available by late October for the Canadian Companies.

Wonder what this means for further Canadian deals in the immediate future when the main man appears to be out of action?

On the positive side - POO has crept up and the largest Crude Trader (Vitol) forecasts inventory draw downs to the end of 2020 and into 2021.

Effective date of the RRE buyout was the 2nd September. The new owners have had their feet under the table a few weeks now. If ever there was a time to ex execute their aggressive growth strategy in the North Sea - now is the time!

For anyone wondering where Magnus is - he’s on Twitter pumping the sh@t out of SYME - using all the same lines. I’ve asked him back - we need a bit of a pump!

Loan not holders exercised about 7.6m warrants which were aquired for effectively nothing (0.01p each). So it is likely that some of these are being sold at a considerable profit.

Where is JAdam and Magmanus - it’s been awefully quiet the last week?

gheath@i3.energy

3 has completed the acquisition of Gain Energy for CAD$80m and the sale of Saskatchewan assets to Harvard Resources for CAD$45m. i3 has picked up two very cheap portfolios which should deliver a relatively low risk and low cost income stream and throws off cash to match the company’s intention to ‘pay a substantial dividend’.

On the subject of shareholders I am of the understanding that the company deserve plenty of praise for getting the deal oversubscribed and with institutions which gives at least arms length approval. With this deal they appear to have to a certain extent started over again which for someone like me who had some concerns about the past must be a good thing.

I like the idea that there is demonstrable potential as the deal works at these economics with ‘material upside’ should oil prices increase in due course. Accordingly it appears to be able to pay a ‘substantial’ dividend at these oil prices and with decent upside should they have success with the drill bit. If this works it is very much a deal to applaud, the jury is out but success is being gambled on by the market which makes i3 very much one to watch.

Mirabunds Report / valuations were based on an average Oil Price (Brent) of $40 in 2020 & $45 in 2021 - still seems achievable although if all the risks you highlight come to fruition - then we might not achieve the projections.

Good news is that Gain Energy produces almost 60% Gas. Gas Prices are a little more bullish than Oil at present and with winter coming - projections for gas prices are quite positive - so not all bad news. Although if you listen to Destitute / Oil Man Jim - all is negative.

There’s a couple of Broker reports out on I3E. The one from Mirabold is worth a read. The Gain energy closed today - I3E is not dead yet.

Pretty optimistic forecast given that Maribaud have a near term price target of 10.9p. Agree that there is
potential should Management execute and the POO recovers.

A couple of things that caught my eye from the Mirabaud Report:

1) Serenity valuation / assumptions. STOIP 50m, recovery factor 35%, chance of success 30%. Plenty of upside there if we get a farm out and development on good terms. I3E estimate the STOIP at 198m, recovery factors at up to 50% or more. Also nothing priced in for Liberator.

2) 693m shares issued with Warrants and Options of 143m. So potentially 850m shares in issue at sometime in the near future. I did not read the readmission document - so this must have detailed all these additional option shares. No wonder I3E Management are not as concerned about the dilution as we are.

I3E website.

Interesting Analyst Report by Mirabaud dated 1st September. It’s in the investor section of their website plus a link in to it on the I3E twitter account.

Can you highlight a couple of items in the readmission document that you don’t like.

Oil Man Jim said something similar in response to one of my questions - I asked him to highlight the offending paragraphs which he declined to do.

Well around 13m shares traded yesterday - 200m overhang = +/- 15 days.

Toscana’s 2nd qtr results till end of June were published pretty smartish in July. I wonder whether Toscana’s and Gains 3rd Qtr results will be available prior to the Shareholder meeting - these should give us a pretty good idea of what we have bought and what kind of cash flow they spin off in this mid $40s per bbl environment we are In.

Royboy - the voice of reason !? The guy that predicted a post listing SP of 30p - great call !