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You even got the continued GRADUAL rise bit wrong but it does seem that Mr Hobbs is set to deliver !

Not much happening here at the moment - so in other news - take a look at the PANR RNS this morning !

To be accurate - what I think WH said was the "farm-out process" will begin shortly i.e. the process of trying to find a farm-in partner not that the farm-out would be completed. Two completly different things.

Mr Hobbs has brought a bit of focus and credibility to PANR and backed it with significat share purchases, however, it should be remembered that he did tout a substantive update on vendor financing by the end of Q1 . Some may disagree, but it was not very substative in my opinion.

As far as "zero expected bad news on the horizon", whilst this may be true though you would only expect anything if you were able to read the tea leaves - if Mr Hobbs does not layout the full financing package by the end of June, whilst not fatal, will clearly not be good news either - tick tock !

Do you have a link to confirm a farm out is imminent - I have not heard a thing - in facts its been deathly quiet !

Well a big month for PANR and David Hobbs personally - didnt he say he would have the full financing package laid out before the end of H1 - tick tock !

Any interesting questions posed last night ?

Its completely different and probably not a good indicator at all - Marathon's production is over 370,000 boepd

I have a little bit of research myself on Logan energy which is referenced in the report below. @IBB_Invest shared some good research he did himself which prompted me to take a closer look and do a side by side comparison with i3e. Logan has three seperate Montney assets, 2 in Alberta and 1 in British Columbia (all its assets are in the montney). They all appear to be good, but the best of the 3 looks like the one at Simonette in the very same location as i3e !

I will share shortly.

Best report i've seen yet - not because of the forecast SP but because of the detail on the assets and the macro. well worth a read.

I'm not sure that is correct - I believe the tax deductions are applicable to capex spent developing assets in the North Sea and not overseas.

Aimshame,

I think the important point here is that Hargreaves Lansdown is prepared to sign a requistion in support of shareholders which was previously disclosed to this BB. Your post comes across as nothing more than patting yourself on the back for an issue that others resolved with Hargreaves Lansdown weeks ago.

Aimshame,

Your a bit late to the party here - I posted (here) the drafted requistion from HL several weeks ago and was lambasted by you and a couple of other nit wits here.

Now you are posting something that is old news wanting a pat on the back ???

Https://www.investegate.co.uk/announcement/rns/serica-energy--sqz/approval-of-belinda-development/8206950

Well thats interesting - Serica obviouly believe that the development is commercially viable and its only 5m bbls. A combined Tain plus Serenity is has more than 3x larger. A key maybe the availability of nearby infrastructure which is not certain in i3e's case

I just put the following names on HL's intereactive chart:

Tamarack Valley

Pine Cliff Energy

Cardinal energy

Surge energy

Pertrotal

Gear Energy

Over the past 3 months - i3e has outperformed all these names by a minimum 10% ! I believe only Pine Ciff energy has a higher gas weighting and i3e are still the cheapest on a PDP per share basis. If you want to be in Oil & Gas - I would suggest that i3e is a pretty decent name to be in and the dividend is top draw also.

From SP Angel this morning:

3 Energy* (I3E LN) 10.95p, Market Cap £132m: Solid start to the year

• i3 reported average 1Q24 production down 5% q/q to 19.4kboe/d generating $39.8m revenues, $16m net operating income and $8.7m adjusted EBITDA to end the period with $21m net debt as at 31st March.

• The Company subsequently sold the majority of its royalty assets (388boe/d) for $24.8m and its non-core Hangingstone asset (115boe/d) for $0.3m, which has moved the balance sheet back to a net cash position.

• I3 reiterated average FY24 production guidance of 18-19kboe/d (53% gas), which is based on a $50.9m 2024 capital budget to deliver 15 gross wells (10.5 net) with drilling operations weighed to 4Q24.

• The Company commented the financial restructuring supports delivery of production growth in 2025 and beyond and the continued payment of a stable quarterly dividend of 0.2565p/sh (9.5% annualised yield).

I3 first set of quarterly results show it was able to limit sequential production declines and post strong free cash flow of $15m, despite a slowdown in investment over the recent winter period in response to falling commodity prices. The Company’s balance sheet and liquidity position has subsequently been strengthened over the last few weeks following the $25m sale of a non-core royalty package and a new $75m credit facility by a major Canadian Bank. This enables i3 to ramp-up drilling activity going into 2H24, which sets up the business to provide funding next year to a high-impact Simonette Montney pad development drilling programme.

We think structural changes to North American natural gas prices and delivery on the objectives of its capex programme over the coming 12M should allow i3 to narrow the discount on its valuation multiples to closer in line to peers.

This is what WHI had to say:

i3 Energy

Q1 Results – Better than forecast

i3 Energy’s Canadian shareholding has increased beyond 10% and as such it has started to

provide quarterly reporting in accordance with Canadian securities laws. Today, i3 Energy

reported its first quarterly results. Production for Q1 2024 at 19,410 boe/d was a touch

better than our 19,331 boe/d forecast. The cash margin per barrel of oil equivalent (“boe”)

came in ahead of our expectations at $US 6.99/boe compared to our forecast of $US

6.31/boe. Details of the beat are provided in Table 1 below. Broadly, our take away is that

the Q1 results again provide confidence in the delivery of i3 Energy’s assets and

management team. We reiterate our 21p fair value estimate for i3 Energy. As a reminder,

our fair value estimate is premised a 5x EV/2025 expected debt adjusted cash flow (“DACF”)

multiple. We believe the company’s solid operational results combined with rising

commodity prices will further support the positive trajectory of i3 Energy.

"I’m not impressed, the cut in capex last year means production is down around 15%"

What are you not impressed with - they cut the capex because they had to ! i.e. protect the balance sheet (pay down debt and build cash) while at the same time maintaining the dividend.

What were the options - maintain capex, increase debt and run out of cash - that doesnt sound like a senible option. I think WHI referred to 2023 as a "reset" for i3e. They've done it, put the ship on a more sustainable path and the skies appear to be getting brighter!

Flombino - I thought you were going to put me on ignore - why dont you stick to what you said you would do !

Gerry - dont flatter yourself - I had actually forgotten who you were. The reference to Gretta Thunberg was completely tongue in cheek - not meant to refer to anyone here let alone insult anyone here - so if the hat doesnt fit dont wear it !

The intent of my original post was just to share with fellow sharholders (not necessarily Europa shareholders) that HL appear to be willing to support shareholders in signing any future requisition - simples nothing more

What investors need to keep in mind is that i3e have only drilled 3 wells since Q1 2023 and these were in Q4 2023 - so three wells in 14 months.

thats a double edged sword - production down since the entire portfolio declines at 15% in aggregate, but extremely low capex expense which means they have been able to shore up the balance sheet, pay down debt and fund the dividend. Now i3e have zero debt and are in position to fund a significant drilling program which will kick off in the coming weeks.

Free Cash flow was also pretty decent due to limited capex spend and it should also be noted that whilst overall production is down compared to Q4 2023, Oil and Condensate production is actually up around a 100 bopd. As everyone here knows - Oil & Condensate is by far the highest proportion of revenue.

Investors should expect a similarly unexciting Q2 update as production will be down on Q1 due to the absence of any new wells. Q3 is where things should start to tick up.

The other small positive in the report is the small reduction in ARO's

I suspect the market will react slightly negatively due to profit - but this should be old news and in large part due to non-cash charges ! It will be interestng to see what WHI have to say - they may even big it up and say "Solid Execution". And as others have noted here already - brokers have already factored this in and SP forecasts have actually moved higher !