Member Info for tonynorstrom1

"What matters is a lot of shares have been dropped into the market recently and it's obviously not the best time to see such things with sentiment pretty poor right now."

Is this even true Stas - I montitor volume on Yahoo and despite the derampers talking about massive selling - my observation is that selling / buying has been on average to below average volume.

The other observation is that if you go onto the Eric Nuttal twitter page - there is a interview in the last day or so where he states that the whole Oil & Gas space has sold off 10-15% in the last month or so i.e. curret weakness / sentiment is not confined to i3e. He also states that in his opinion the curret weakness is not justified based on fundamentals and that he/ his fund is a buyer at these levels.

Finally - whilst gas is currently in the toilet, many analysts are very bullish gas and are looking forward a couple of months or so to where the futures are indicatingmuch better AECO pricing. For I3e at 52% gas - this could / should be very positive.

Pretty interesting article on Canadian Gas

https://www.reuters.com/business/energy/us-stands-lose-canadian-natural-gas-when-lng-canada-terminal-starts-up-2024-05-03/

Https://www.arcenergyinstitute.com/wp-content/uploads/240610-Energy-Charts.pdf

some good charts from page 5 on that helps explains whats going on with Canadian Gas.

"watch this space - more news to come" - based on this comment from David Hobb's in his last interview - I was expecting more which makes the RNS this morning strange yet interesting. This RNS could easily have been issued months back as there is nothing substantive in it . As mentioned - the reference to "farm-out" could be significant and I can only assume a more substative progress report on funding will be provided shortly after evaluation of options that I'm assuming are already on the table.

Also - I cannot remember the cost of the hot tap - I think it was $20m - why would that be done before FID i.e. why would you spend $20m on a hot tap if the outcome of FID could be negative ?

Https://oilprice.com/Energy/Crude-Oil/Standard-Chartered-Oil-Markets-Will-Soon-Face-Significant-Supply-Deficits.html

This is interesting and completely at odds with the IEA who seem to get it wrong more times than right.

I fear that you are correct Trackaman given that any material news needs to be issued via RNS and not dropped in a meeting. Anyway - lets hear what Mr Holland has to say.

Engineering and early civil works have already started. This is a much smaller project (1/4 on a BCF/day basis) than LNG Canada but should be onstream pretty quickly as these are floating LNG platforms that are built in Korean shipyards and floated over essentially complete. This is one of 2 or 3 other projects of similar concept that could be approved this year. FID on LNG Canada phase 2 is also due this year. This should be a no brainer as the Coastal link pipeline is already in place and sized to supply both phase 1 & 2

https://oilprice.com/Latest-Energy-News/World-News/Pembina-Close-to-Making-Final-Decision-on-LNG-Project.html

https://www.cedarlng.com/cedar-lng-issues-notice-to-proceed-for-state-of-the-art-floating-lng-production-unit-commercial-offtake-secured/

I think you are getting confused over the numbers in the report. The only Company in the report where a net present value (NPV10) is given is i3e. The only comparable metics that are given for peers are Enterprise Value per barrel of PDP reserves and Enterprise value per flowing barrel. Both of these metrics are flawed in my view because they dont take into account the value of Oil and Gas or the production ratio of oil to gas.

For example Cardinal Energy trades at an EV/PDP ratio of $11.2/boe where as i3e tades at $3.8/boe. Its not immediately obvious from these numbers which offers the best value since Cardinal produces 80% oil where as i3e produces 21% Oil - so 80% of Cardinals production is selling at $80/boe where as 50% of i3e's production (gas) is currently selling for around $6 / boe.

The NPV10 values for PDP (or indeed 1P or 2P) factors all that in and tells you what an average boe is worth and on that basis i3e trades at around half the value of peers according to i3e and also the graph I shared from twitter.

One set of numbers is telling you in effect the "market value" whereas the NPV10 number is telling you the "fair value". Market value is important but the question is over time, is i3e going to move closer to fair value. IMO it is and so offers better value and a higher chance of capital appreciation.

Your not comparing apples with apples - Zeus have run their own NVP10 model with various assumptions on prices, capex programs etc and come up with their own PDP value which is lower than the 18p / share reported in i3e's 2023 reserves report. Im sure that if they were to run their model on i3e's peers (which they havent) - they would also come up with lower values than reported in the Reserves report. So for example i3e trades at about 90% of Zeus's PDP value - peers are likely to be trading at 150-200% of PDP i.e. fair value is far higher than you state. As a reminder, this was a graph of PDP's based on 2023 YE reserve reports:

https://1drv.ms/i/c/0c8247dcfb29aa84/EW_aNief5m5Oo8EEeDJCyAcBOTKqD3ecypft1uW0ri6miQ?e=YE1OXU

So at year end 2023 i3e traded at 0.6x PDP whereas the mean company traded at 1.3x

If a deal has already been done, it would be material and would be required to be released to the market immediately. Also if there was any mileage in any of these rumours - i'm sure we would have seen some reaction in the SP which we have not.

Full report can be accessed via the investors section of the i3e website:

https://i3.energy/investors/analyst-coverage/

Keep it factual Leigh and i'll shut up - spread misinformation and I will call you out - simples !

Attached analysis. It will be interesting to revisit this again early next year after after the respection 2024 capex programs:

https://1drv.ms/w/c/0c8247dcfb29aa84/EWsc3u-_4pZEhDsaAuc_-yQBDioX_GFklXLu9kLN0ptYNA?e=2aQvOu

"Very unkind reply Tony. Not false rumours. Error in my post, but you already know that. "

I didn't know that at all - a couple of posters asked you to back up your comments - you didn't so I clarified your post accordingly!

"Your ego ensured a poor reply." - very strange, you post a misleading post (at best), I correct you and now I have an ego problem - what ever!

Https://www.gorozen.com/commentaries/1q2024

The research doesnt get any better than this !

Https://www.youtube.com/watch?v=CJ0ncyKFH7k

Https://youtu.be/CJ0ncyKFH7k

I like to keep it factual Leigh and call out anyone spreading false rumours!

"so in other news" - translated - f@ck all to do with i3e.

and to compensate for the mortal sin of cluttering up this BB with non i3e related news (even though no one has posted here in days) - please see attached link that I think is relevent to i3e:

https ://boereport.com/2024/06/04/first-lng-canada-cargo-could-deliver-earlier-than-planned-shell-says/

(remove the space before the semi-colon to get the link to work)

Why doesnt Mr Hobbs speak with some of his Saudi friends and convince them to innvest in the Alaskan LNG Project / Pipeline !

https://oilprice.com/Latest-Energy-News/World-News/Saudi-Aramco-Looks-to-Buy-Into-US-LNG-Project.html