Member Info for tonynorstrom1

Warrants / Options - refer to latest corporate presentation.

Jim / Louis,

Got a plug in again for your paid news letter again I see Jim - very deceitful - must be tough to look in the mirror you shill.

I'll give Timbo the benefit of the doubt and attempt to answer some of the questions though some are strange though as I don't see how they would affect your investment decision.

1) "How frequently does a turnaround for a facility occur e.g. every year/every five years? "

Typically every 4 years for major facilities.

2) If this turnaround is just for Central Alberta then can we assume there will be turnarounds affecting Clearwater, Wapiti/Elmworth and Simonette at other times?

All facilities require maintenance and will affect all area's. Some of the facilities will be small scale and shut down time will be much less and the impact on overall production will less material.

3) Do these turnarounds mean I3E have to halt drilling in those areas and is there a cost to the physical process of shut down and restart i.e. a cost other than not producing?

Its completely unrelated to drilling and there is obviously a cost. If its a 3rd party facility which I believe it is - the facility owners pay the costs which are recovered by levies on the oil and gas processed

4) Do we know if this lost ~5,000 boe/d is oil, gas or both?

No idea - they have not said - would be a good question to ask i3e the breakdown of the 5000 boepd - can you email them and perhaps also ask the name of the facilities affected. T

https://www.independent.ie/business/revealed-how-irish-households-are-being-charged-the-highest-prices-in-europe-for-electricity/a643287541.html

Perhaps another reason to develop Inishskea !

I also took a second look at the interview with Malcy. Will Holland comes across as very measured and with a lot more credibility than Oddie. He set out some time lines and if he delivers then it could be a very good year. The proof will be in the pudding as they say. Interesting to hear the new plans for wresttle - 2nd well in the Ashover Grit formation and 2 in the Pennistone.

Looking at Inishkea - 1.5 Tcf of gas is around 250m boe - so huge for a Company like Europa even if they only end up with a small slice after farmout. It’s not a slam dunk of course - $40m is not chump change for a well - so fingers crossed!

I think you need to bin the App - it’s lying to you !

Material announcements are always at 7.00am unless they are time sensitive .

Definitely not a Jim Reincarnation - the tell tale signs of that are a combination of comments such as:

"Interesting Comments from Jim "
"Institutions are selling"
"Perhaps Investors dont think the Dividend is sustainable"
"You should read Jims book - it explains how the AIM really works"
"The shares have entered a death spiral !"
"Enjoy your losses"
"I'm not Jim - you can find Jim on twitter"
"Thats not what the Jim and the other Industry experts on twitter are saying."

have I missed anything Stas ?

This is also the reason the dividend has some protection to the downside - they've only spent about $22m of the $64 -so they have the option of diverting this to prop up the dividend if oil prices were to take a turn downwards.

Bubble,

I dont want to burst your Bubble - but consider this:

1) Go back 1 yr, 2yr, 5yr, 10yr and January 2023 was the future. There's a few LTH's that have been on this journey and seen all the promises and the SP considerably higher than it is today - what have EOG delivered ?

2) Morocco Licence relinquished - not too long ago Oddie was touting this as a potential Company maker.

3) Serenity - still in play but Oddie previously announced that they hoped to issue news on this in early H1. Looks like not much progress on this since he made that statement.

4) Increased Production at Wressle - what increased production - I'm not seeing much in the numbers. I'm not sure of the decline rate at Wressel but onshore UK fields are typically in the range 4-7%. So I would venture to say that any increased production is barely offsetting natural decline.

$40m

Solid but nothing unexpected and perhaps some were expecting a little more. So if I were a betting man - then my bet is that its going to do very little for the SP - may even go down.

No its not logical - the Capex budget of $64m can be broken down into two parts - Maintenance Capex (Capex required to hold production flat - approx $34m) and Growth Capex (as the name implies - that required to raise production). Anything spent above the required Maintenance Capex will grow production. So theorectically they could cut the Capex budget to $40 and still grow production albeit not by very much.

It would only make sense to compare year end 2022 with year end 2023 if the Capex Profile over time or more precisely the commissioning profile of new wells are the same and they are not. So always better to compare production numbers over an extended period of time.

Bottom line is that average production in 2022 was about 20,900 boepd. On the same page that you are questioning, i3e tell you that they expect the 2023 Capex program to increase average production for this year to over 22,900 boepd. In 2024 you should see a similar trend of rising production all things being equal.

Check out the posts on the 6th April and the subsequent responses.

No concerns whatsoever - virtually the same question was asked several weeks ago and responded to.

not quite - he's saying that they could afford to pay a 30% dividend but more likely to be a combination of dividends and share buyback.

But there are a few very interesting stocks in Canada and cheap compared with the US market - its quite possible that Canada starts attracting more US investment funds hopefully driving up valuations.

https://www.bnnbloomberg.ca/video/massive-weekly-oil-draws-could-start-in-may-prospects-of-us-100-oil-or-higher-likely-nuttall~2669849

We remain bullish !

I did not get a response so far - if I do, I will share the feedback.

It looks like there is a little bit of exageration !

the only vesting condition that is interesting is the 5000 boepd by acquisition - the other two should be achieved by "business as usual" within a year or so after which 1/3 vest in any case.

i3e have no need for any further acquisitions unless:

1) they can be done on exceptional metrics
2) they are highly synergistic with exising operations
3) they come with large tax pools - there should be no real surprises in the full year results except perhaps to see the effect of running out tax losses on the financials so to get an acqisition with tax pools must be one of their objectives.

kind of explains why the full year results are not out yet - too busy sorting out Management options - good to see that they are laser focused on the real priorities.