Member Info for tonynorstrom1

Https://www.lse.co.uk/rns/I3E/2023-budget-guidance-dividend-and-presentation-c4180nro5q0l5jc.html

https://finance.yahoo.com/quote/i3e.l/

Here you go GGG - i've done the homework for you. The dividend was hiked on the 22nd December which coincides almost perfectly with the the decline in share price - perhaps its time for you to go back to class and finish your schooling you dim wit ! I would suggest that i3e probably dont need anymore of your "great ideas".

Your such a Wolly - go pull up a chart and I think you’ll find that the dividend hike did very little / nothing for the SP and in fact started it’s long term down trend shortly after the hike - but don’t let the facts stop your whining!

Please repeat you “ great ideas” - I must have missed them amongst all the

Whining - and by the way - who the f@ck is little dog?

So they've bought shares and also commissioned WHI to produce another report to demonstrate the dividend is still affordable at $60 WTI and $2.50 AECO - so hardly sitting on there @rse doing nothing.

As if all Management had to do is talk up the share - wouldn't all AIM shares be sitting at Tesla valuations ?

It's worth repeating that GGG's last great idea - "pumping up the dividend" turned out to be a disaster in terms of share price appreciation. What's you next great idea - oh that's right - you don't have one !

I assume you mean Ryan and not Jason?

No - only resolutions 7&8 have been withdrawn which would have given the BOD the right to issue shares without offering PI’s the opportunity to buy in. They are standard authorizations BOD’s seek and coincidently ones that shareholders here have approved.

Canuck - perhaps you can explain this for us.

"......this BOD and management have failed to achieve synergies."

With regards to the current SP malaise - could it have anything to do with the following:

1) Dividend cut in June and scaling back of the capex program - effectively a 6-8 months drilling freeze

2) AECO at a year low in October and still only averaging around CAD 2.50 in November - slightly below i3e's budgeted number and remember gas is over 50% of production on a boe basis. Also winter bump still not evident due to record US and Canadian production.

3) WTI at a 4 month low with immediate future uncertain (US record production, demand fears and Iran and Russian Exports higher than expected)

4) NGL's near year lows and remember NGL's are around 25% of production.

5) WCS discount to WTI around $28 per barrel - year high.

So there are a couple of headwinds.

And the good news:

a) i3e should still meet guidance

b) 3 additional oil wells on production by year end (3rd one spud a few days ago - drilling on all 3 in progress)

c) Outlook for gas should improve next year.

d) Oil market still tight according to Nuttall

Hopefully better days ahead.

The questions and answers are now available - worth checking to see whether they answered all questions submitted - im not sure they have.

The answers to the questions raised during above meeting have still not been posted. If anyone is contacting the Company - perhaps they could raise this.

I received a response to the first email to say that LTIP’s have not been paid in 2 years and they risk loosing staff if they do not award as its standard practice within the Industry to issue yearly. My response was basically “fair enough” but I’m not talking about staff or the CFO - I’m talking about the CEO and Ryan Heath. This second email has not been responded to but I’m pretty sure it’s been seen.

"And because I don't believe my views will have any impact on the share price I feel quite comfortable in letting investors know what I think, rather than being duplicitous in what I post"

Yesterday the volume was just over 3m shares - there are several holders here that have more than 3m shares - so the idea that comments on a BB don't matter on a relatively thinly traded mico cap stock is nonsense. It is the reason that you have posters (with an agenda) such as Louis10 posting on the BB's of microcap stocks.

And you are correct - it's an Investor forum and bone a fide Investors are free to express their views (positive or negative) but you have to question the motives of someone who feels the need to constantly trash Management /i3e with the SAME talking points OVER and OVER AGAIN. At the very least - its not constructive from a shareholder point of view and at worst its duplicitous - in your case - I think it is duplicitous. You're certainly not doing fellow shareholders or potential shareholders any favours as many of your comments are half baked.

As far as me constantly supporting Management "no matter what" - its simply not true (and one example of your misinformation ) - I was just about the first on this BB to state that the options package (LTIP) was poor and unwarranted and I followed up with an email direct to Majid letting him know that in the case of himself and Ryan Heath - they were not deserved (in my opinion)

You’ve not really addressed the question - what are you trying to achieve with your obsessive trashing of I3E/management.

Refraining from trashing I3E at every opportunity does not equate to my constant support of Management nor have I stated that I3E are doing everything wirhin their power - these are lies / misinformation you are perpetuating to further your point - facts have never been your strong point GGG - keep blowing it out the other end.

I wonder whats going on in that tiny head of yours - what are you trying to achieve here by continually knocking I3E and repeating the same old points over and over and over again - presumably there is a purpose to it or is it simply to help push down the price and also promote your Gold Stock? I’m genuinely interested in what you think your achieving.

Give it a rest GGG - you're giving everyone a headache - hey, and how about changing the record.

No one has any idea what you are talking about Canuck - perhaps you would like to explain !

VernetLes,

At the end of this year, net debt is less than £17m - so not a big issue at all. My understanding is that Trafigura are very hands off and the Loan Covenants are pretty standard. i3e have a free hand in how they run the business with very little restriction from trafigura - that was not the case with the Loan notes where the Covenants required lender approval over certain decisions.

What's your concern ?

OlderandWiser - obviously my summary is not clear because your comments are not entirely correct. All the growth in 2022 is organic (drill bit) but how much growth its not immediately clear since 2021 is a combination of acquisition & organic hence making a year on year comparison more difficult. But they added nearly 6000 boed in 2022 by drilling and is the one of the reasons they had to cut back drilling 2023.

I expect that provided Oil and Gas prices are robust and now that they have strengthened the balance sheet and paid off some debt - the pace of drilling / growth should pick up in 2024

Canuck - No one understands what you are talking about - your comments don't seem to reflect whats happening on the ground. Here's some facts and figures for you:

2020 1000 boepd approx (toscanna acquisition)

2021 12,442 boepd (year closed out above 18,000 boepd due to Cenovus acquisition)

2022 20,317 boepd

2023 20,926 boepd*

*based on i3e forecasting yoy growth of 3%

Significant growth in production since 2020. Modest projected growth from 2022 to 2023 due in large part to the large Capex budget / spend / high growth in 2022 combined with the collapse in Oil & Gas prices in 2023. Its wrong to look at growth over just one year and draw a trend - I think you need to look at the trend over multiple years and its quite clearly significantly up. Not to mention the significant growth in 2p reserves. So your claims of not creating value are not 100% accurate - its true that the market is currently not recognizing the value yet buts its being created and just needs to be tapped.

3littlebirds,

Stas has pretty much answered your question but to add a little more detail :

i3e produces about 4400 bopd of which 4000 bopd is light oil and sold at Edmonton Light (MSW) which is basically WTI minus a discount of anywhere from $2 to $5 per barrel and usually at an average of about $3.5 for the year.

the remaining +/- 400 bbl is heavy Oil (clearwater ) and is sold at WSC which as per the article Stas provided trades at a discount of anywhere between around $12/bbl up to $27/bbl. The discount has rocketed up in the last month. The pipeline will help to narrow all discounts but primarily the heavy oil discount as the refineries that process this oil are mainly in the US - but as per the above - this is only about 400 bbl per day for i3e. So a positive for i3e but not nearly as much as for the Oil Sands Producers who's Oil is nearly all "heavy"

My understanding is that any out of round awards will only happen (if at all) - after the licensing round is complete and that it could be well after - so might not even be this year - let’s see!

Canuck,

If anyone follows your advice / philosophy - Canada would be pretty much univestable to foreign Investors which would push down Canadian valuations even further than they are now vis-a-vis the US. Fortunately - I don't think they are going to pay much attention to anyone that appears to have a screw loose.

In my opinion - not too much wrong with the strategy except a couple of missteps in execution. Lets hope they have learnt the lessons and do better moving forward.

With regard to Serica - its possible they may be interested in Tain/Serenity - would mean i3e need to get the Tain Licence first (no guarantee) but as far as them being interested in Canada - I don't think so.

Serica gave a Capital Markets Day presentation in July this year (available on their website) where they outlined their thinking as follows:

• M&A remains a key part of Serica’s strategy

• Focus on UK has worked well but area of interest being widened to outside UK in response to basin maturity and uncertainties in fiscal and licencing regimes

• Serica remains open to corporate and asset deals in UKCS but also looking at opportunities elsewhere in North-West Europe

• Competitive advantages deployable in and outside UKCS

o Well financed

o Track record of operating major facilities and wells

o Enhanced sub-surface expertise following Tailwind transaction

o Reputation for successful delivery of transactions and projects

So no mention of any diversification outside of North Western Europe - sorry Lads !