Member Info for tonynorstrom1

What is the latest on the Coup attempt ? All Paul what's his face had to do was present the requisition with the right supporting documents. He had the votes to force a requisition. I guess he figures he didn't have the votes to force through the changes he was looking for.

Https://videos.voxmarkets.co.uk/video/6957

i3e gets a mention from 48 minutes in along with PANR from 50 minutes.

Https://www.artberman.com/blog/beginning-of-the-end-for-the-permian/

where are the US going to find Oil to replace shale - Alaska perhaps !

Good article. In Goehring & Rozencwajg last article (Q3 update I think) - they were forecasting that shale would peak within the next 6 months.

That would be a tail wind for not only oil but Natgas also as a lot of gas is associated with Oil. Alaska is also mentioned in the article - I would think this is positive for Alaskan Oil and Companies such as Pantheon - where is the US going to replace shale oil from ?

Https://boereport.com/2023/05/30/boe-intel-q1-earnings-season-report-card-part-2/

I wish that were true but alas you're comparing Granny Smith Apples with Kiwano Melons and as everyone knows - you cannot compare Granny Smith Apples with Kiwano Melons.

The number you quote for i3e is OPEX and your comparing that with "Cash Costs" from a peer group. Did you not think to find out what they mean by "Cash Costs" - "Cash Costs" include SG&A and Interest.

If you're interested in a real comparison - BOEReport.com issued "report cards" on pretty much the entire Canadian Oil & Gas Space last year - you can probably still find them. The mean OPEX cost from memory sits at around S12/BOE whereas i3e sits just above $13 / BOE. So i3e is a fraction above average.

However, SG&A is another matter - i3e's cost at around $2.30 / boe is more than double many of its peers.

Do Shanta ever respond to emails - if they do you can ask them to address the question of whether the current offer represents value for shareholders during their Investor Presentation.

SpaceHoppa,

Not following the maths - maybe I'm missing something:

$1B finance - RKH share is $330m of which Navitas provide 2/3 via an interest free loan ($220m). Still leaves RKH to find $110m ? What am I missing.

I was expecting a much bigger SP reaction this morning. I hear they had to pull old Curly Hair off the 1st Tee this morning and get him back to the office to sign off on the RNS.

Canuck,

I think there were a couple of other factors at play there - the famous Doc Jones posted a couple of buys in the last week or so and was pumping the stock a few days before the dividend cut. It seems he's struggling a little from the early halcyon days of EMO which is not doing so great for him either since he was buying all the way up to CAD 3.00 and above. We've all had to eat a little humble pie from time to time - if anyone is in touch with him - maybe you can ask him what it tastes like ?

"Europa Oil & Gas ............................is PLEASED to announce an updated enterprise management incentive (EMI) scheme for directors and employees and the concurrent cancellation of certain historical options."

Who writes the RNS's ???? Surely the BOD should be sensitive enough to shareholders interests / views to recognize that ordinary shareholders are unlikely to be "PLEASED" that Management have awarded themselves FREE options whilst the SP sits in the gutter.

The last thing we need now is another dividend cut. One thing that has gone unnoticed is the historically high discount on Edmonton Light - it currently stands around $8-$9 to WTI and has done since November. This number is normally in the $3-$4 range. That's an extra kick in the nuts that i3e didn't need. The trans mountain pipeline is expected to narrow the discounts on Canadian Oils - hopefully line fill starts in March.

Kever,

What do you know about the real world and how would you possibly know about who would or would not be interested in asset based financing ?

Https://www.theglobeandmail.com/investing/markets/stocks/ITE-T/pressreleases/23319996/

https://www.barchart.com/story/news/23238022/i3-energy-top-10-undervalued-energy-sector-stocks-on-tsx-ite

A couple of interesting links:

https://www.coastalgaslink.com/about/approved-route/

https://www.coastalgaslink.com/whats-new/news-stories/2023/2023-11-28-november-construction-update/

I don't recall whether it was on here or the ADVFN BB - and asking what impact LNG will have on Alberta's Gas - Well here you go - The Nova Gas Transmission System (NGTL) has permitted a metering facility that will establish a connection between the downstream interconnecting pipeline and NGTL system. More information can be found on the CER’s website.

Not a lot of substance to your reply - I don't understand your hedge fund comment at all - anyone can go on the internet and look up the definition of hedge fund and see that the comment is nonsensical.

Sack the CEO - maybe a few agree but by no means everyone, with the exception of the dividend cut fiasco - I get the sense that many think they have done a solid job.

Review the Incentives - although I didn't agree with the latest award of options - particularly to the CEO and Ryan Heath - I'm not sure that they are any worse than your average Oil & Gas Company - would have to do a more detailed comparison.

For all the Complaining you do - you've not offered much substantive in the way of outlining a meaningful path forward. It also appears that you have backed away from advocating an aggressive drilling program.

On drilling - it was interesting to hear what Phil Hodge from Pine Cliff Energy had to say on this - in short there are multiple ways to skin a cat and dictated by the current Oil & Gas Environment.

The Trans mountain pipeline (both the original line plus expansion) doesn't pipe gas - however, the expansion is is designed to pipe heavy oils (and lighter oils if required). Heavy Oils is the one of the largest if not the largest user of Nat Gas in Alberta at 3bcf/day. The pipeline is expected to boost heavy oil production which in turn increases Nat Gas consumption. So all good !

Canuck,

You could have bought shares at 5p the same as Polus if you had the foresight - in fact you could have bought them cheaper than Polus at closer to 4p - but you didn't. You could have bought CFD's if you wanted - you didn't. The fact is without the money that Polus put into i3e - they would have gone under. Why are you pointing fingers at them just because they are more savvy than you?

Anyway - regardless of this - I asked you what strategy you think i3e should be following. You didn't answer but no problem - I've put the pop corn on reheat - please give it another go!

First off Gear is not a great example - yes they are undertaking a strategic review but zero evidence that it has worked so far - early days I know but I suspect the end result will amount to not much other than spending a fortune in fees at your favourite investment bank.

Gear Energy's financial performance has been very similar to i3e's over the last several years - perhaps a fraction better - but given that they are nearly 50% Oil versus i3e at 22% Oil - this indicates to me that their operational performance has been considerably worse than i3e's. Had i3e been 50% Oil - there would have been no dividend cut and the SP would be be considerably higher than it is now.

Looking at where both companies sit now - I would argue that i3e has considerable more potential. Its reserves including reserve life index are considerably higher as is overall production i.e. it has more scale than Gear and unlike Gear does not need to add to reserves. I3e also has more gearing to gas which has been a considerable drag on performance over the last 18 months but the macro looks considerably better going forward.

It is not representative to look at a discrete period (which you are doing) which happens to be the same period as Gas crashing from multi year highs 18 months ago (CAD 7.30 / GJ) to multi year lows in December 2023 (CAD 1.80) and then judge Management / Management Strategy as a failure. Increase the window to when i3e pivoted to Canada (just over 3 years ago) and it tells another story i.e. a company with zero revenue, zero production, zero reserves and over $30m in debt - compare that to what i3e is today. Something that I think gets overlooked is that i3e are in a stronger position now than they have ever been - lower net debt than the Liberator days, more cash, strong earnings, an untapped debt facility and 22 years plus of 2P reserves. The only real thing that has changed over the last 18 months is softer oil and gas prices.

Exactly what strategy are you advocating - previously it was drilling out the acreage as are the authors of this article you are peddling. Most in the industry including Nuttall (and Phil Hodge - recent CEO article I posted here) are saying "drill baby drill" is a poor idea at current valuations and low oil and gas prices and that investor returns are the way to go. So please outline the strategy you think i3e should follow - I'll go and get the pop corn and get ready for this interesting read.

Canuck - you keep posting old stuff - these guys are crap just like half your posts. I hope your not paying for this rubbish - i've already highlighted a couple of inaccuracies in the piece which you are aware of but you continue to post.

"They are just keeping the lights on, and paying a forced dividend"

Their paying down debt by £1.2m each month, their paying out just over £1m in dividends each month and at current Oil & Gas Prices they could afford to drill a clearwater well each month. So their doing a little more than keeping the lights on.

I would suggest a pretty uninformed comment but perhaps not as comical as the "forced dividend". Its not forced - it has been i3e's policy all along and is in fact consistent with your gurus philosophy of prioritizing shareholder returns over growth. I like the dividend, Management like the dividend and I dare to say the vast majority of fellow shareholders like the dividend. You keep banging on about the dividend but you knew this when you bought into i3e - it sounds pretty dumb to be complaining about it now. Its a bit like buying a red Ferrari and then complaining you don't like red Ferrari's after you bought it.