Member Info for tonynorstrom1

Decided to return proceeds to shareholders.

This is good news albeit expected. Does not impact how they pay the dividend - this is determined by underlying distributions.

It does allow bigger distributions if for example they sold assets and decided ton

We now know approximately how many shares Cannuck has !

I'll post some numbers once we get an update - too many unknows at present to come up with anything meaningfull - mainly where production sits now and what the capital program looks like. Its going to have to be a significant program to avoid our 1st year over year production decline.

Oil is strong and looks to be heading higher but Gas is in the dumps - closed at CAD 1.16 / GJ last week !!! Prices softened a little bit by having some good hedges in place but it looks like we are only 25% hedged in Q2. Gas typically bottoms in May and should move higher from there particularly with Kitimat coming online by the end of the year.

It could still be a very good year but we need to see which direction the ship is pointed

Not sure what happened there but here's the link:

https://www.sharesoc.org/campaigns/shareholder-rights-campaign/#join

Anyone that complained here about this issue - there is an online petition as well as a form letter to send to your local MP.

Aimshare - thank you.

Here's the link to the site you mentioned:

And just for clarity - i'm not suggesting that an EGM be called - I think as others have said, Will Holland needs a little time to prove up his strategy. However, if we're sitting here 1 year from now and the only progress is additional directors and more Management options - what then ?

"You have to re ask the question for the long termers would you invest in the company now given the fundamentals or would your money be better placed elsewhere genuine question?"

that's an interesting question:

UK assets - difficult regulatory environment and takes forever to get permits / approval. Contrast to i3e where they can apply for a licence and be drilling in less than a month. Also the farce with the installation of the pump gives you cause to question the competency of the operators.

EG & Ireland - these are binary outcomes - the're either going to happen or they are not. In these kind of scenarios you would want to be backing a CEO with a track record of building companies and creating value - Andrew Austin from Kistos springs to mind - non of Europa's past CEO's appear to tick this box - Will Holland is still auditioning for the part.

So I think it safe to say there are better opportunities out there but then theirs always the carrot - what if Ireland or EG drops - the rewards will be substantial.

Trackman - your post is non sensical - what's all this rubbish about buying a penny stock, risk reward and shut up and enjoy the ride - what are you going on about and whats that go to do with the price of Tea in China ???

This is about shareholder rights and holding a Company/ CEO to account. As owner of a couple of million shares - I hope Will Holland succeeds but if he doesnt -shareholder rights should be respected and and EGM granted if requested. Its not even just about Europa - i'm sure posters here hold shares in other AIM stocks and want to have the ability to exercise their rights if the situation arises.

So in conclusion - sit in your chair - shut up - do nothing and keep on hoping - if thats what YOU want to do !

The fact that you brought up EnQuest I think demonstates that posters here should take any comments you make on valuation with a big grain of salt. So stick to your guns buddy but be careful not to shoot yourself in the toe !

Anyone have access to the latest Cannacord report and what did it say - any price targets ?

Just for information - i'm in correspondence with Hargreaves as to why they did not support Shareholders last year in calling for the EGM.

They initially seemed surprised as the "beneficial owner" certificates have normally been sufficient or at least this is what they said.

I made it quite clear that their letter / certificate was not sufficient and provided some emails from Europa and the former CEO to support this. They promised to review and get back to me. I'll let you know their response in case we want to do it all again in the slim chance that Will Holland does not deliver for us !

With i3e's record - im sure some will think highly unlikely ! But lets see - a Mondoy morning RNS would not go amiss !

I dont agree 100% with your analysis of Serenity - had it come in, it would have been a game changer and we would all be saying what a brilliant man Simon oddie was instead of now calling him a 2nd hand car salesman.

What you have to question with Serenity is why the reserve auditor was much better at assessing the field than the combined technical teams of i3e and Europa.

With regards to dropping Tain licence - this was more to do with Respsol wanting to exit the UK rather than the quality of the asset.

If i3e were able to get the Tain licence - Tain plus Serenity would be quite an attractive development with around 20m bbl of recoverable oil. There are fields of this size being developed in the NS so Imo its a bit of a free hit if anything comes of it.

What you dont appear to understand is that there are multiple factors driving share price - here are some of the reasons EnQuest are trading at a relatively low market cap:

1) Over $400m in debt - thats more than its market cap and high !

2) Nearly $700m in decommissioning liabilities - that's around 2x its market cap and extremely high.

3) Operations primarily in the UK - high taxes and lower profit margins than many other regions in the world

4) 11 years of reserves - not bad but not great either

Reasons for PANR's valuation - I think it has around 2B barrels in contingent resources which are set to grow significantly. No reserves yet and still a few question marks - but if they execute on their plans - they will be orders of magnitude bigger than EnQuest - its not all about BOEPD - valuations take into account resources / potential reserves.

GGG - your a scum bag. You should be plugging DELT on its own BB. You do this all the time plugging your latest stock on other forums - as I said - scum bag !

I think Mystic Meg has got her head up her backside - no bad news - just no "substantive" news..... yet....... on Vendor financing. On this front I would say strike one for David Hobbs although he is still saying that PANR will layout their full funding plans in Q2 -ambitious goal and if he manages this then game on !

The share price is holding up remarkably well considering its ex dividend and AECO is in the toilet. Below are the average AECO prices in CAD / GJ. The good news is AECO typically bottoms in May and rises from there though the end of the year. Storage volumes are way up but we also have commissioning of Kitimat in the coming months which will draw gas and LNG shipment before the end of the year.

IMO the SP should rally pretty strongly in the coming months.

9th April CAD 1.33 / GJ

April CAD 1.54 / GJ

Mar CAD 1.69 / GJ

YTD CAD 2.29 / GJ

2023 CAD 2.50 / GJ

“Regarding SHG, I'm not sure what your point is exactly? Mgt were universally considered to be fantastic”

This is exactly my point – Management was great until you and a couple of numpties cried foul – it does not mean they were great or they are crooks – merely your opinion and an example of you changing with the wind!

“Tony, if you're so clever why is the only reasonable return you've made in recent history been on a speccy?”

Any reasonable person here (and that excludes you) – I’m sure would question how you know what returns I’ve made in recent history and I’m not crowing about PANR – you asked me and Stas20 about why we were in PANR and 88E and I told you.

I also object to you misquoting me and spreading misinformation – I’ll give you an example which coincidently shows how little you know about Oil and Gas valuations

“you've also talked about financial metrics being the only true way to compare peers. but then you use reserves to try and make some point. try being more consistent tony.”

First off NPV10 values – i.e. reserves values are financial metrics – what the hell are you talking about ?? I’ve also never said that “financial metrics are the only true way to compare peers” – these are your words and by this I assume you are talking about one of the cash flow metrics – this is blatantly incorrect. If you go onto the internet – you will see that there are 5 or 6 commonly used metrics. Historically NPV values have been one of the most important which is kind of intuitive i.e. the total value of the oil/reserves you have to sell. What I think I said and a nuance you have apparently failed to grasp is that in recent years these cash flow metrics have assumed more importance (Imo and to analysts such as Nuttall) due to doubt over the value of long dated reserves i.e. potentially stranded assets. The narrative has changed slightly in the last year but regardless of whether we are talking this year or 2 years ago – reserves have always been important. There are examples of this in UK onshore where some companies have traded at not much more than cash on hand – why is this – well they have relatively few wells with high decline rates, little reserves and doubts about whether they can maintain cash flow beyond the next year or two – that’s the value of reserves – read up on it !

I think I’ve also consistently said that there are multiple factors you need to blend together to come up with a valuation.

GGG,

I no longer rate your input and haven’t for some time - so any comments from you certainly don’t inflate my ego.

Your problem is you talk off the top of you head. Very rarely provide any back up or reference for what you post and you’re too emotional - no perspective or context.

As an example - SHANTA GOLD - I recall you saying how great Management were and highlighting on this BB how much better they were than I3E - not a couple of weeks later when a cash offer did not meet your requirements - the Shanta BOD were all crooks.

You’ve thrown similar tantrums here when I3E’s actions have not met with what you think they should be doing - there’s a reason this is not the case - you need to figure it out.

Congrats on finding a bit of value in SHG by the way and the last question I’m going to answer from you - why PANR - up nearly 25% today and nearly 50% since I bought !

I know you struggle to connect the dots - but pumping up the dividend to an unsustainable level led directly to the dividend cut which crashed the SP - that's indisputable and you were at the forefront of calling for an increase. This time round take a look at AECO and ask yourself whether now is the right time to be increasing the dividend

I acknowledged that IBB backed up his posts and tipped my hat - so I did clock that Forrest -Its something that you never do - both acknowledging when you are wrong or providing any kind of back-up for what you say.

As far as anylyst coverage - I think I provided sufficient data to suggest that hiring 10 investment banks in Canada appears not to have done much good for some of i3e's peers so is not the magic bullet like you and some others think.

Finally - stop asking me to run numbers for you or give my views on random stocks you come across - something novel for you - how about running a few numbers youself !

"...or incrementally increasing the dividend payment." - have you forgotten already what happened when i3e previously jacked up the dividend as you had suggested!

"I think they should look to maintain a yield of at least 8% if they wish to remain competitive in the o&g space."

Unsubstantiated rubbish. i3e's dividend is already super competitive - It would also be super competitive if the yield was to drop a percent or two. I’m going to do something again which you very rarely do and that’s provide back-up for my comments.

Please review the following and remind yourself what a competetive dividend looks like!

https://cdn.ihsmarkit.com/www/pdf/1123/Global-oil-gas-report-final-for-connect.pdf