Member Info for tonynorstrom1

Oiler87,

Just to keep it real - if you look at the last RNS / funding update - they did not talk about a phase 1 development. They spoke about ongoing discussions with senior lenders to "develop our assets". Also if you refer back to there last interview with proactive investor - they talked about a phase on development still being possible but would be smaller scale (single producer well) - i.e. not 20,000 bbl.

I think the last RNS is telling - i.e. no phase one development this year and certainly not at 20,000 bbl.

Fairdealer20,

It seems i'm not alone in thinking you talk rubbish. With regards to the "guesstimate " - perhaps I should have used another word "assessment" As a shareholder - I think you should have a view on what impact the funding package would look like - its not rocket science. Look at the cost of the drilling program from last year - calculate how many new shares you would have to issue to pay for that and in my opinion all else being equal - that would put you in the ballpark for either issue of new shares or what percentage I3E would have to farm out. There are obviously some variables not all working in the same direction including possible renegotiation of existing warrants.

Also - just because someone doesn't have your rose tinted view of the world - it does not make them a de-ramper.

Fairdealer20,

Had you paid attention - you would know that I have been a shareholder since January last year. Whether the game has changed or not does not affect the funding requirement - a 3 well drilling program is going to cost the same whether I3E pays for it or Rockrose. The only difference is whether I3E pays for it with £30m of new shares or RRE or someone else pays for it and gets £30m worth of I3E equity.

In my opinion Oiler87 guesstimate of having to give away 60% for a free carry is in the ballpark although I think there is a danger it could be higher.

Fairdealer20,

OK a couple of questions for you:
1) How much do you think the drilling campaign will cost
2) Hows it going to be funded .
3) If there's a farm in - how much do you think it will raise and what % of the asset will we have to give away.

cheers.

Fairdealer20,

I think you have been smoking something - your posts are not making a lot of sense. You asked (admittedly not from me ) what the total required funding would be. I stated "cost of previous program would put you in the ballpark - $42M". So there's my qualifier. - Your talk of drilling costs post oil price crash is nonesense - I'm making reference to I3E's last years drilling costs. You should also bear in mind that these costs were based on a 3 well program -whereas you are referring to up to 5 wells. Makes absolutely no sense whatsoever - 5 wells are going to be cheaper that 3 wells.???? Further - I was not aware you were now the official spokesperson for the board - i'm not sure what the average reader thinks - im just trying to keep things real - people that ramp or deramp withou t any basis get right on my tits - I just enjoy trying to pop there balloon.

Fairrdealer20,

The costs I have quoted are as stated by I3E - I do not know where you got your numbers from.

"To virtually pluck a number out of the air without knowing the Company's negotiating position can be at best misleading. Some would think scaremongering." Does not make a lot of sense - I would add though that the SP indicates there is still substantial risk and perhaps I3E's "negotiating position" is not all that strong.

Fairdealer,

Why use the Historic costs you quote when you can use the costs publicized by I3E and the actual durations - these indicate a total cost of about £250k per day.

"Have you factored in the proposed Farm-in, which blows a significant hole in the cost projections stated?" - I'm not sure what you are trying to say - a Farm In reduces potential costs to I3E but does not come free - I3E will have to give away a piece of the pie - effectively diluting g existing shareholders / potential returns.

cost of previous program would put you in the ballpark - $42M

Harel,

I don't think so - the schedule for a phase 1 development was tight and was based on Senior funding secured last quarter. It did not happen and logically will negatively impact procurement and contracts for this year meaning almost certainly that construction, commissioning and 1st Oil this year is extremely unlikely.

Harel,

Bit of a provocative post from myself to see how you would respond. This is the additional information I know - I sent Graham Heath an email and asked him two questions:

1) I asked when is I3E going to update the market on the final results of the last drill - I had understood that the RNS on the last drill was preliminary (maybe mistakenly). He confirmed that the results were inal - there would be no further update.

2) I asked when would I3E be updating on the Phase 1 development. Graham did not answer this specifically and said that I3E are planning on next years appraisal program. I have logically taken this to mean there will be no phase 1 this year.

regards

Harel - phase 1 is not on plan - why would you state that???

Countdracula,

I think your post makes no sense - they have enough cash to keep their lights on until end of year. They also have conditions to meet on the Junior lending by April. The're burning cash - excellent BOD with skin in the game - the SP suggests otherwise. Go and take a look at the SP in relation to the various placing prices.

No placing required ??? They need fund to develop there assets - this is why the SP is depressed - how do you know no placing is require. If you look back to the loan notes - one of the conditions was a placing.

Justbe,

I believe your calculations are spot on - mine says the same. Also realtively easy to check working from the cash flow statement on the 30th June

Bigcamera,

Based on what ?

end of June interims

Jungamana,

You obviously have not run a spread sheet to estimate their current cash position - had you done so you would know you are talking rubbish - take a look at the cash flow in the 6th June interims and work from there.

garyn,

Do you see any chance of a smaller Liberator Phase 1 development happening next year or has time run out.

Also, if there were anything positive to come our of the final analysis of the test results on the last well - an RNS is due now?

regards

Carrefour,

Stick to groceries - its safer. What's the placing price got to do with the price of potatoes in any case?

Carrefour,

Take a tablet and lie down - I think your sleep walking !

archie66,

Your joking right - do you really think take over talks on this board mean anything?