Member Info for tonynorstrom1

Jolly - where is your respect for fellow posters ? Why dont we agree to disagree and move on !

jolly - this is what you posted on the 30th june:

“good post tony. i would prefer they do not cut the capital programme. we need to maintain (bearing in mind depletion factor) and try to enhance cost effective production. looking forward to a value acreative purchase. “

“you don’t know ****….everthing you post is non factual….”

a bit of consistency please jolly - beginning to sound like a spurned girlfriend!

dusted off the spreadsheet for you - with the new debt facility - i calculate that the breakeven price would be about $42 ish and cad 2.60 - just to avoid any confusion, this would pay off all day to day running costs and the debt facility but you would need higher prices to start accumulating cash to fund capex and dividends etc.

Jolly - my 8:05 post was in response to your 7:37 am post and hoped that would put an end to it - I didn’t realize that you had gone on another rant at 8:03.

"Why has I3E cut divis, cut capex, INCREASED DEBT. You know jack sh*t and non of what you post is accurate nor factual."

It sounds like a bit of a rant but i'll ignore the personal stuff and focus on the topic. So on debt for anyone that it not 100% familiar with balance sheets - net debt has only been increased very marginally i.e. the difference between total debt and available cash and only by the cost to set up the new facility. What is important now is that they have an increased debt facility (available funds) which gives them optionality on what they can do which they didn't have before. Many see this as as good thing and some have been calling for it for a while such as GGG.

Jolly,

This is what you posted here on the 8th July about Louis10:

"@louis10, are you invested here? If not then why are you here? Tony certainly is invested like the rest of us. Therefore by default you come across as disingeniously clogging up this board. Surely you would have better things to do or maybe sadly not."

I would suggest a little disingenuous to bring louis10 up now to back up whatever case you are trying to make.

"on multiple occasions you stated that breakeven is at $35 dollars and you cannot see a dividend cut. So if oil price has never hit $35. Why has I3E cut divis, cut capex, increased debt. You know jack sh*t and non of what you post is accurate nor factual."

Break even is based on the mandatory day to day costs to run a business including SG&A, finance costs and other miscellaneous items - it would not include capex or Dividends which are in effect discretionary. Back out Capex which is still $25m and dividends (approx $20m) and the break even cost is going to be pretty low and you're also ignoring Gas. If you talking about the subject properly then you should be putting a number against - gas - its half of the production.

Please feel free to repost any of my previous posts which you think are fake - I'll stand by them or if I have made a mistake hold my hands up and admit I got it wrong.

Jolly - I think most on here are probably tired of this schoolboy stuff - from both of us. Have you found the link yet ? Save your time - it doesn't exist ! Suggest to move the subject on to more constructive topics.

Pete,

Jolly is a liar - he's made statements about me being connected to i3e which he has been unable to back up. You've made statements about 5m missing shares which you are now you are walking back.

I don't care what fiddle you dance to - both you and jolly have been found to be peddling misinformation - i dont do that and neither you or jolly can point to where I have done that. You both have questionable integrity.

“… full commodity cycle.. ref dividends & capex..”

I think I understand it but please enlighten me if you think I have missed something - it may enlightening others also - so please share.

8% dividend is still pretty juicy especially at 13p when in my opinion you have a great chance of making significant gains on the SP.

If you think you have better investments - well good on you and have at it. Always safer to invest in good funds than individual shares - but do you think the SP will outperform?

Pete,

What part of lower oil prices = lower revenue dont you understand. Lower oil prices is beyond the control of I3E and does not reflect on the fundamentals of the business. Do you really think fellow posters here need you and Jolly to remind them of this - I think they already know.

Trust and sentiment are an issue as I said but it does not help with you and Jolly spouting nonsense.

The loan notes didn’t get forgotten about - this is your spin. - don’t confuse with fact.

Not sure about the 5m shares they forgot - please tell me what you are talking about and I’d be happy to comment. Given that imo - Majid has more integrity than both you and Jolly - I’m sure there is an explanation.

So Jolly said that I3E should have hedged at higher

Prices like him and a few others said on this BB and presumably with the benefit of his expertise all would be ok.

If anyone is interested - I can walk them through the hedges in 2022 and then what the current hedges look like in 2023. What the numbers will show you that I3E have hedged pretty well in Q1 and Q2 2023. In 2022 they lost £20m which comes directly out of CF - in other words had they not hedged in 2022 - they would have had an additional £20m in profits to go towards Capex / Dividends. So not a straight forward subject and very easy to be an expert in hindsight.

A question for you Jolly - what were I3E’s hedging losses / gains in H2 2022 - you have the interim and final reports - so for an expert like yourself - it should be a pretty easy number to come up with.

GGG ,

My thoughts :

No one knows whether a bid is imminent but imo the II’s believe there is deep value down at the current SP as I do.

So if there is value - doesn’t matter if there is a bid or not - value is value.

Nothing has change fundamentally with the Company - only sentiment and trust. I would also say the institutions look at things less emotionally than some PI’s crying in their soup - they look at facts and figures, oil prices, production and reserves etc and then make a decision.

So to me - funds buying seems to indicate there is value to be had at 13p. John Festival seemed to think so as did the CFO when his options were set at 20p.

Personally - if we accepted a bid of 20p - I’d feel that we have been sold far below intrinsic value even though the market values us at 13p currently. The market might be right but often it’s and ass!

Jolly - your comments have resonated with a couple of people though I’m not sure why - you’re not able to back up what you post and you talk in generalities which is always difficult to counter - all your specific comments I have responded to. If you have any more - I’ll be glad to give you my thoughts. Fair minded posters must surely note that you were unable to back up your comments. I agree we should not clog up this bb with rubbish - so if you have a sensible question let me know. The amount of time you’ve spent here obviously means that you don’t have paid employment like myself though I am considering going back to work. Hey - and have a good weekend !

What negatives am I ignoring?

“Trying to deflect” you dumbell - if you cannot find it on Proactive - find it here - provide the link where it was Mentioned - you made the accusation now back it up.

And you know what makes you an even bigger tool - talking down your own stock especially when many of your talking points are not fact - just your generally misinformed opinion.

Your a liar jolly - provide the link ! It’s certainly been mentioned on this site - by me!!

Ive answered pretty much all your questions even the ones that don’t make sense. Let me know which ones you think I have dodged.

Your comment on hedging - I’m not sure you understand how they work - you don’t get to pick the price at which you hedge - prices are set by the market. The only way you can consistently make money on hedges is if you can correctly forecast the POO and as you have seen this has been extremely difficult over the last months as virtually everyone got it wrong. Also the hedges they had in place for Q1 were great and made money and as price drifted lower over the course of H1 - so did the price at which you are able to hedge. So nonsense your talking Captain Hindsight stuff again.

"So Tony, am 100% sure it got a mention on proactive" - provide the link Jolly - i'm pretty sure you are lying.

We can all have different opinions and we can be right or wrong but when you start spreading false rumours - that's a real pity - a new low for you. Stop trying to join the dots and stick with the colouring books and crayons.

Part 2:

"refinancing of the Loans notes" - the settlement date of the loan notes was prescribed when they were taken out 3 or 4 years ago - the timing is just very unfortunate with respect to oil prices, budget etc. Also given the ability to make payment in kind - it was probably not in i3'e interest to settle them early. The terms as I said before are pretty good and in fact the interest rate is lower than when the payment was made "in kind" under the old loan notes. So imo - its all very Captain Hindsight when talking what they should have done and when. I dont recall you making any comments 6 months ago (or at anytime in fact) about settling the loan notes early.

turning to the full year results - so obviously late compared to to when they originally indicated they would be released but not late as per the AIM reporting requirements - and in fact a few companies reported after i3e. Several PI's here and on the ADVFN BB emailed the Company about the delayed results and the response was that there were no issues with the results and the delays were due to a longer that expected standard auditing procedure. I3e were also asked whether there were audit issues with the loan notes and they said no but they did come up in the audit and they were requested to provide additional information - so all pretty standard stuff imo and the results were signed off by the auditors with no issues.

The year end results do have a section on post period events and settlement of the loan notes and new facility were post period events - is it possible that they decided to delay the results to figure out how they would address some of these in the year end report (which were only finalized in end of May) - yes its possible but again I don't see anything nefarious. One of the jobs of i3e is to manage PR and putting the Company in the best possible light - I see some of what they have done as managing the fallout from a difficult situation.

So all in all - I think you've joined up the wrong dots - IMO only of course but each investor is responsible for making their own call.

I’m an investor here so its in my interest to correct misinformation when I see it. My spreadsheet did not get a mention on Proactive and just another example of your misinformation. It got pulled off twitter by Shubham Garg and he has zero connection with i3e other than he is a SH. Provide the link or you should apologize for spreading false rumours. I don’t mind the fact that you incorrectly mention Proactive, I do have an objection to you not being able to connect the dots and implying this backs up your claim I’m connected to the Company.

“NOI has been consistently cut” – I don’t think this is a surprise to anyone apart from you it seems – Oil and Gas prices moved down steadily over the last year. Prices move down – NOI moves down - simples and in direct relation this reduces budgets for dividends, capex and other spending.

Delays in reporting – lets start with the Q1 update which was about 6 weeks or more later than most of us were expecting. I3e provided an explanation in their podcast - So what they said was that Oil and Gas pricing used in their budget assumptions was based on strip (Industry Experts) and the numbers that 12 or 15 of their peers were using – so no mistake there and in fact I would say diligent. The budget guidance was given in December via RNS. So the mistake if there was one (Captain Hindsight) was made in December by setting the Capex and Dividend too high – now everything after that is how best to manage the consequences of those decisions. Also remember that the expectation was for higher Oil and gas prices – the market was supposed to tighten and prices go up – they are still below original budget estimates with AECO massively below. So obviously at sometime between the budget and when they finally issued the update – they will have recognized that the price assumptions were not supporting their budget. Now what do you do ? Well they said they waited for as long as they could to see where oil & gas prices were going but when they stayed low – they had to make difficult decisions. I would have done exactly the same – had Oil and gas prices started to move up significantly earlier in the year as many expected – its quite likely that they would not have had to cut the dividend. So nothing strange or nefarious there imo.

It's not really a loaded question at all Jolly - you've jumbled multiple topics together, seem to suggest that something strange or nefarious has occurred that you have picked up and that I have missed. I'm simply asking you what you think I missed

I'm telling you you that i'm aware of all the subjects you raised including the "delays" and i've heard or read the Companies explanations and I see nothing strange or nefarious - so tell me what you think I missed.

Also I'm an ordinary shareholder with no direct ties to the company - must be that strategic thinking getting the better of you. It might seem that I am close but it is not the case other than I do send regular emails to i3e with various comments, questions and criticisms. I have received responses back to my most of my questions which I have largely shared here - many of the responses were sent back to me by Graham personally when he was CFO and I've had about 4 or 5 emails back from Majid more recently.

Shell is completely different - production and reserves have been in decline for the last 4 or 5 years and this trend looks set to continue. Unless they can replace the Oil side of the business with profitable green ventures - then it could be that Shell are in terminal decline.

i3e by contract has grown production every year for the last 3 years and are set to grow again by 3% this year (and it could be higher if they expand the Capex program). In addition as things stand i3e look well set to grow production for the foreseeable future.

"I also dont think you get what happened with the delay in audit and then sudden loan facilities re-jig all coinciding and lack of reserves build up and lack of updates on any meaningful wells."

I think I did , however, please tell me what it is you think I missed - any sensible comments welcome, i'm not too old to learn - let's hear it please.