Member Info for tonynorstrom1

Hey Canuck - from one of your earlier posts:

"Both WH Ireland (5x) and Tennysson (xx) are using multiples NO CANADIAN JUNIORS CAN EVER DREAM OF"

Using the figure you very kindly provided - 4.3 is not far off 5 so I would suggest that a multiple of 5 is not a pipedream in a market that is currently trading at a significant discount to historical norms. Granted that Kelt Management is highly regarded and Kelt trades at the upper range - however it just demonstrates the point that you like to take a more downbeat view on things.

Question for you Canuck - what are the multiples on:

1) Headwater

2) Kelt

3) Rubellite

On the previous Capital Reduction - the RNS was only issued after the Court Order was registered at Company House which was a day later that the court Ruling. If Stas20 had hand carried the Court Order to Company House we would have had the RNS already - but oh no, he had to rush off and be the first to deliver the news and be the hero!

So I cannot in good conscience second Stas20 as i3e's new Head of Communications - job only half done !

Canuck

Do you have any graphs / data to support you comment of CF / EV ratios's - can you kindly provide the link?

I agree the meeting was below par - Alister Stewart was particularly unimpressive.

Will Holland was better but didn't respond fully to all the questions - he also does not seem to recognize the disconnect between the increase in BOD remuneration and the fall in the share price. I think shareholders need to vote accordingly and if they see what many here are seeing - then the results of the AGM might be a rude awakening.

Canuck - "is clearwater a dud" - keep spinning it !

They addressed why they didn't drill Clearwater (access) and have decided to drill alternate "oil" wells instead. Given that the current discount on WCS is up around $28 - this sounds like a win i.e. Glautonitic wells will be getting $28 more per barrel on any oil produced.

Of course we don't know the percentage oil these wells produce but my assumption is that since they called them "oil wells" - the weighting will be pretty high.

You've just ruined Zongs day over on the ADVFN BB. He's just been busy telling everyone the SP will crash 10% if it was withdrawn / shelved hence his very smart decision to hold off buying any more stock.

Was it approved today or yesterday Stas?

Looking at the coordinates - these are in i3e's Central Alberta Acreage and are typically Liquid Rich Gas Wells. However, i3e seem to be specifically stating "Oil" wells. Liquid Rich Gas Wells ordinarily refer to gas wells with high concentrations of NGL's and Condensates and not usually Oil.

Glauconitic refers to the type of Sandstone and can contain Oil (including heavy oil) , gas or NGL's or a combination thereof. i3e's Central Alberta Acreage is huge so I wouldn't be surprised if there Oil reservoirs within this acreage - I think this is what they are talking about.

But if you do email i3e to clarify - please let us know.

TheA20,

From memory - some past i3e Pembina wells have come in with IP30's of around 200 bopd plus which is very economic. I took a look through a couple of past quarterly updates but could not locate a reference - I will take another look later.

"Might this news blunt the cutting edge of our investor rebellion?"

Lets see what the stabilized flow rates are first but regardless 950 bopd is not much good to investors if they don't see any returns. Costs need to come down and the BOD trimmed and be more in line with investors - so imo investors should cast their votes and let the BOD know what they think of the current status quo - I voted down the Director Appointments and the final two special resolutions.

Side note - i3e just issued their Q3 report - very brief mention of Serenity / Tain - no meat so will be interesting to see how Will Holland responds to Investor questions later today.

A solid report and not to different from what I posted on the 2nd November - Louis will be asking for a copy of the spreadsheet next !

"There are known knowns. There are known unknowns. But there are also unknown unknowns. "

That withstanding – this is what the spreadsheet is telling me:

NOI for the year of around $94m

Q3 production 21,400

No new i3e operated drills to come on line this year

Maybe a couple of partner wells drilled or to be drilled in the remainder of the year in Clearwater

As far as trying to figure out what the hell is going on - AECO averaged around CAD 2.26 / GJ in October - pretty much a low for the year although its showing signs of strengthening now. Interesting comments from Eric Nuttall this week on gas - he still thinks it a little early for gas but he has a longer term bull thesis with new LNG plants coming online in the US and Canada in 2024/2025 - he also mentioned that Kitimat may come online earlier than many think - patience !

Another one of Louis’s high value insights - 😂

That's exactly right cbarron - PANR believe that they have sufficient well / field data in order to discuss finance with lenders. Its not just a flow test but other parameters including but not limited to fluid samples, PVT tests, pressure data, Seismic etc that are required by lenders (although a flow test is one of the most important parameters). From the data they have - they are able to model unconstrained flow with some accuracy and Jay gave indicative numbers in the recent podcast.

As an investor, it all comes down to whether you have faith in what the Company are telling you including Industry Heavy weights like David Hobbs or whether you listen to a faceless blogger who writes a thinly followed news letter.

David Hobbs said they expect / hope to update the market on financing activities in the coming weeks / months - so the proof will be in the pudding.

Number of shares and shareholder equity remain unchanged. If you go to i3e's balance sheet you'll see:

1) Assets

2) Liabilities

3) net assets (difference between 1 & 2)

4) Capital & reserves (also referred to as capital structure)

the value of net assets = the value of Capital and reserves.

In the capital reduction - there is no change to 1, 2 & 3

capital and reserves is just a break down in terms of where the net assets derive from. In the capital reduction - they are just shuffling value from a heading called "Share Premium Account" to "retained earnings" so just a reclassification and the total value of "Capital & reserves" remains unchanged and still equal to "net assets".

the reason they are doing it is that as per Company Law / accounting rules - shareholder distributions (which include buybacks and dividends) can only be paid out of "retained earnings". If the "retained earnings" is negative - you are not permitted to pay dividends (or buyback shares). Retained earnings is not the same thing as cash - you can have negative "retained earnings" but still have cash as shown in the "assets" or more accurately "short term assets" section of the balance sheet.

"This will move up fast on any leak of Capital Reduction approval." Its a bit of a foregone conclusion, is an accounting exercise only and changes nothing as far as the fundamentals / balance sheet goes - why would it move ?

Well this is topical and coincidently Europa Oil & Gas have an "Investor Meet the Company" event tomorrow. It might be worth signing up to hear more about the plans for Serenity / Tain. I've posted in a question which I have shared on the EOG BB.

Investor Meet The Company - Tomorrow.

Pre-submitted questions need to be in by 9am today otherwise can be asked during the meeting - better to get them in now. I have asked a couple on BOD remuneration but also a chance to ask a couple on Tain Serenity. Would urge fellow investors to get the questions in. On Tain / Serenity :

Q - A 4th of October article by Energy Voice indicated that Repsol had allowed the Tain Licence to lapse due to concerns over recovery rates and the potential remaining lifespan of nearby infrastructure. ie3/EOG have highlighted both expected recovery rates of up to 50% and the availability of nearby infrastructure as key reasons why a development would be commercially viable. With the Operator of Tain now casting doubt on both these key points - can you please comment on why i3e/eog are still planning to move forward with the project.

If you interested in hearing the response to the above - please ask - more people that ask, the more chance of a response.

Jim - Here's a link that better explains the result. You should not be posting on stuff you don't understand.

https://www.energy-pedia.com/news/usa/pamtheon-resources-provides-alkaid-2-re-entry-update-193013

If you have any questions - i'm sure there is someone here that can explain it to you.

But they have a flow test on Alkaid 2 - you really don't understand this stuff at all do you Jim.

Here's the link to the RNS - ask someone to explain it to you.

https://www.lse.co.uk/rns/PANR/validation-of-frac-design-and-fluid-sampling-tcrx4qvdikio0t4.html

“Tony's back on the PANR board with his Oilman Jim fetish again. Hence his inability to focus clearly here. Thought it might be helpful to provide some context.”

Jim – do you really think anyone here thinks you are being helpful by talking about posts made on another BB about subjects not related to i3e or are they more likely to think you are just trying to mess up another BB.

However, since you’re talking about Context – I have posted twice on the PANR BB since the start of the month – I own the stock. You have posted 35 times and you don’t own !!! – and most of your posts are arguing with other poster offering little to no insight on PANR. This is a little like your posting history here – 62 posts here on the i3e BB in the last month and I bet most on here would struggle to remember a single post providing any real insight on i3e.

To add further context to your posts – you had a whole bunch of them deleted last week for including links to your paid newsletters. Looking at your posts over the weekend – you have now resorted to making reference to your other paid news letters (Exploration News and Trading Keys) on multiple other sites. Both are rubbish imo and not worth even a free read.

And one final bit of Context – you were bragging to me on the 88e BB (2 Nov):

“ I notice on his Substack (Oilman Jim) that he's introduced a new premium tier at £1,140 a year. Let's face facts, it's not really for the likes of you, Tony, is it.”

It certainly isn’t Jim – the rubbish you write is only good for putting the cat litter on imo!

But interesting that at the same time as introducing this new tier – Jim’s sending out emails to subscribers / potential subscribers offering a 75% discount on new subscriptions. Why the heck would he be doing this – if you’re selling the latest iPhone and there is a 1 month waiting list then you jack up the prices surely? If your selling junk – then yes – it makes sense to slash the price 75% (or more !)

Anyway – that’s my Jim rant over for today !