Member Info for tonynorstrom1

Estimates for the closing price today - I hope Royboy is right!!

RoyBoy 55p
Tomhuk2000 13.85p
Doorstop 12p
Cn100 11.5
Micgill 11p
Monkeymoo 10.4p
Tony 9.2p
Tiler 8.6p
Nomadinvestor 8.5p
Cafcb 8.5p
Petch82 7.5p
Oily87 5.5p
OMJ 0

I didn’t see the total number of shares available to retail investors published anywhere. I did enquire with Hargreaves Lansdown about subscribing and they advised that the “retail element was limited to the sterling equivalent of €8M” . If correct that means the retail take up was 12m shares out of a possible 144m !!

RNS out this morning - subscription complete and readmission today !!

RoyBoy 55p
Tomhuk2000 13.85p
Doorstop 12p
Micgill 11p
Monkeymoo 10.4p
Tony 9.2p
Tiler 8.6p
Nomadinvestor 8.5p
Cafcb 8.5p
Petch82 7.5p
Oily87 5.5p
Cn100 ??
OMJ 0

RoyBoy 55p
Tomhuk2000 13.85p
Doorstop 12p
Micgill 11p
Monkeymoo 10.4p
Tony 9.2p
Tiler 8.6p
Nomadinvestor 8.5p
Cafcb 8.5p
Petch82 7.5p
OMJ 0

Tomhuk2000 13.85
Doorstop 12
Monkeymoo 10.4
Tony 9.2
Tiler 8.6
OMJ 0

Oily86 - I know know your watching and want to have a go - what’s your prediction?

Monkeemoo,

Agreed and PMO will also have decom liabilities - however, they also have 75,000 BBl / day production and 60m bbl in proved reserves if I remember correctly.

You didn’t mention RRE - just sold for less than cash In the bank With 20k bbl/ day production. On the negative - they had nearly 1.2b in decom liabilities which is why the sale price was a lot less than many expected.

That why it’s not a straight forward comparison but I try to apply factors to adjust for the different variables.

I may have missed it but did anyone see what the maximum number of shares are available in this offer to retail investors?

No change - the calculation was the same. Looks like no one else is coming out to play.

Here’s my prediction along with Oil Man Jim’s for the closing price on the first day back from suspension. Anyone else care to offer their thoughts:

Oil Man Jim - less than 5p
TonyN - 9.2p

For sh_ts and giggles - I think we should take a shot at predicting the closing price of I3E on the 1st day back from suspension. Here’s my prediction along with Oil Man Jim’s:

Oil Man Jim - less than 5p
TonyN - 9.2p

Bolivianbank,

Again I agree with your comment except - bear in mind that the EBITDA I believe was based on 2019 Oil and Gas prices. Oil is still nearly $20/bbl below 2019 averages and make take some time yet to get to those levels. I suspect EBITDA will be significantly lower than $20M for the next year of so. I think it will be important to apply metrics to the right numbers and keep expectation realistic.

Bolivianbanks,

I agree with some of your comments - we would have been in a similar boat to Toscana had the new investors not come forward - no cash, no income and £18m in debt. Gain Energy whilst it adds a lot of value comes with eyewatering dilution. Immediately prior to the suspension - we were at about 107m shares. When we relist we will be at about 780M - means we will own about 14% of any upside compared to what we would have two months ago.

Looking at Serenity for example - this could quite easily have added 50-100p or more to the SP. Now with the dilution your looking at maybe something In the 15-30p range if they prove it up.

An SP of 50p would give you a market cap of £390M - compare this to other companies such as Premier of RRE and you can see that we are years away from this assuming that I3E’s execution is perfect. So whilst I think there is upside for long term shareholders, it’s going to be lower and take longer to realize than it looked like 8 months ago.

Cash was for the period ending December 2019 I think - they will have had billS still to pay from the drilling. From one of the more recent RNS’s - March I think - they stated they had about £2m in cash. With Graham’s salary plus the interest due on the loan notes - £1 m is in the ball park.

Google - Vox marketS I3E energy - and filter for videos - should be the 1st one that pops up.

Just sent I3E the following email - I will share the response if I get one - don’t hold your breath!!

Graham,

It looks like I3E are about to pull off some pretty impressive transactions especially considering the current environment. The deals looks good for new investors , I3E and Management but not so good for longer term SH who have just seen their holding diluted from 107m to 780m shares . Do you have a message for any of us longer term holders - the dilution was not really fully addressed in the updated presentations / Vox Market Interview.

Regards

No - your listening to the March interview - there was another one today.

Doorstop123,

Where did you hear that - just listened to the Podcast again and at 19 minutes approx - they clearly say Drilling Q1 or Q2 next year. Also discussion with one party ongoing for the FO.

It’s the strike price of the warrants not the re-list price. The additional shares is obviously a negative for the SP but hopefully will be more than offset by the Toscana & Gain Energy Deals (if they happen)

It’s the strike price of the warrants not the re-list price. The additional shares is obviously a negative for the SP but hopefully will be more than offset by the Toscana & Gain Energy Deals (if they happen)

1) what happens if the Toscana shareholders vote no. I assume that this would be a considerable setback I assume in terms of time and money.

“ The Toscana Board has had an independent fairness opinion conducted and, on that basis, have supported this transaction. You’ll also recollect that i3 purchase the rights to Toscana’s debt in March, meaning that we have security over 100% of their assets.”

I asked I3E the above question and this was Graham’s response - he did not quite hit the nail on the head. I sent a follow up and he did not respond.