Member Info for tonynorstrom1

For those that say I3E never respond to Small shareholders. This is a copy of an email I sent to Graham a few days ago:

”1) Are you able to comment at all on the Back Stop negotiations - the update is nearly 3 weeks overdue with respect to the 24th April RNS. The RNS started with "I3E is please to announce" so we were expecting a positive update.

2) When are the next set of Company results due - the last set I have seen is the 6 months to the end of 30 June 2019, next period must be due?“

kind regards

Jackbal,

Thanks for the reply - I don't think I am giving them huge benefit of doubt - i think I agree with your sentiments that to date they have not delivered and current shareholders are in urgent need of a positive update.

I just thought that the 24th of April RNS now seems very curious "I3E is pleased to announce" whereas the 1st May update on the identical subject starts "I3E announces". We're nearly 3 weeks past the due date stated in the 24th April RNS - anything less than a positive update would make the earlier RNS very strange indeed (to be kind).

Jackbal,

To be fair - I don't think they stated "pleased to report" in the Liberator RNS. I think they simply said "I3E Reports its results". Later in the body of the report - Majid trying to pick out the positives said he was "pleased to note a thick sand column" or words to that effect.

Oily,

Your post from the 19th March :

"Heard from a good source repsol are very keen on a farm-in and with this new agreement it lowers cost for them and the rig is ready to go for late summer :-)

Does this mean a 40% farm-in would be valued around the £30m mark?"

Any update from your source ?

Well Oily - tell that to the market.

Coldjoe,

Decommissioning liabilities are not a fixed cost - their and estimate. If the decommissioning projects were to overrun 20% on costs for example - that would be an additional $240M they would have to fund through cash flow.

If you are comfortable that RRE have properly estimated the costs - then the share could be a bargain. In any event - the bulk of the costs are sometime in the future so it will be a while yet before we know whether AA knows his sh_t.

what do you make of this fellas:

https://www.energyvoice.com/oilandgas/north-sea/240384/research-highlights-huge-concern-over-ability-to-pay-for-rising-decommissioning-bills/

I'm assuming that any farm-out terms would be subject to approval of the note holders.

On a slightly different subject - has anyone seen an up todate shareholder register for I3E?

archie66,

The most important news we’re waiting for is a follow up RNS to the last two ie whether an extension has been granted to the loan note backstop. They were supposed to update the market by the 30th April when the previous agreement expired. The silence is deafening.

Harel - "if we have a deal till the end of the month". Where does the end of the month come from?

no still here eating my breakfast.

gone a bit quiet around here - whats happened to the rumblings in the background ? Does the delay in the RNS indicate positive or negative news?

Oily87 - whats your good source say on the Repsol FO - still keen to get it done?

ZaZapoo73,

Had not noticed you on this board before - probably because you had not posted anything that caught my interest.

Talking about pointless drive though - I did go back and take a look at some of your historical posts - about the most interesting thing I saw was a discussion on “skeggy holidays”. Well I hope you enjoy it - and stay safe.

Oily87,

Wondering when you were coming out to play.

Clearly anyone that has been holding for a while is sitting on eye watering losses - that includes me and probably includes you.

Anyone that has paid attention to any of my posts will have noticed that I generally call out people that shamelessly ramp the stock which at times has include you.

Am I bitter - no - but if I3E do not turn things around - it will have been a very expensive lesson - one which I don’t want to repeat.

Anyone that pays attention to your posts will recall that you said this a few weeks ago - “I heard from a very good source that Repsol are very keen to complete this FO” - or words to that effect. I have been requesting you to update the board but you have gone strangely silent.

Anyway - time to get back to my crossword puzzle and a glass or two of the homemade wine.

Austin14,

:) !

ZaZapoo73,

Did not realize you were the self appointed spokesperson for the board. I’ll be sure to check in with you next time.

Wms,

that's changed now - I can buy my 75,950 share back but not at the price I want.

Onenose.

"sorry tony" - tell me more.

just for transparency - I added about 60,000 shares in the last couple of days as a small trading position for ****s and giggles as Carrie Bradshaws husband would say. Just sold out 15 minutes ago (75,950 trade). Hope I can get back in today - just for more ****s and giggles.

nomadinvestor,

Just for reference RRE:

300M plus in cash
no debt
20K bbl per day

market cap 100M

A year or two ago I3E - no debt, 32m shares in issue and planned production of 20k bbl per day in 2020/2021. Fast forward a year or two - 22m in debt, no production, 105m shares in issue.