The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
"I think its interesting that there is only a couple of wells slated for Clearwater - these are nearly 100% Oil - a question for the upcoming meeting me thinks."
Clearwater is not proven out yet.
" I3e being punished in the market by old news (lack of spend in 2023). "
Weird. It's like they are paying that money in the form of dividend to folks who got the shares for free.
You don't drill, you get punished, but enjoy your dividends.
Imma use "fatally floored" from now on.
"Canadian shareholders are currently not that important - are you going to pander to the 10% or the 90% that stumped up the cash when it mattered ?"
That's some fighting words right thar! Polus already doubled its money, their 235M shares are likely free, and yet they insist on getting a dividend which stifles growth.
Speculation for now. Let's see tomorrow. Ironically, this may push retail investors out of the big or midcaps and into small and micro. Tax pools will be important. ITE is taxable already anyway.
"Apparently C$232,649M were to be spent this year according to the 2022 Reserves Report...but just C$36,630M according to the 2023 Reserves Report. DYOC."
Thanks for doing the work of comparing '22 and '23 reserve reports JoeSoap. Kicking the can down the road has been the real business model of this company. Don't know why they keep boasting about their "total return" model. They stopped growing in 2023. No wonder investors feel they are treading water here.
"'m starting to think the low valuation is primarily the oil to gas ratio. Hopefully this is rectified in the 2024 capex programme."
The company has advised its reserve auditor it will spend between $36M-$43M in capex in 2024. That won't move the needle much. Looks like they will go "balls to the walls" in 2025, when they hope AECO will average $4 or so.
https://x.com/DerAchsenZeit/status/1776697198866280643
"The $234m that you are referencing refers to something else entirely - I'm not going to explain it to you - your going to have to use your noddle and figure it out yourself."
That's a capex program that has been disclosed by I3 to the reserve auditor. If they can't generate $234M themselves (highly unlikely), where is that money coming from?
Cannuck - whwre on earth do you get your figures from ?
I got them from the GLJ report filed with SEDAR
https://x.com/DerAchsenZeit/status/1776697198866280643
Further to IBB_INVEST rebuttal: the market is the market. You can't argue with it. We're being valued at a discount rate of 20% which is 100% more than other peers in Canada are being valued at (10%). The market is saying we're 100% riskier than everyone else? Why? The asset is fine. The balance sheet is OK, and just got better?
Is I3 a good operator? Well, it has an opex of $14.80 that's terrible compared to a best in class operator like Peyto
Plus, GLJ estimates they have to spend $235M in capex in 2025 "n to
convert proved non-producing and undeveloped reserves and probable reserves to proved developed
producing reserves". They better have a banner year in 2024 then...otherwise they will lose reserves.
"Tony wont admit it.."
Why Tony do that? This is very concerning.
"When is a realistic expectation that CAD$3-5 could be achieved."
As early as 2025. See the bottom of the Reserve Evaluation for more.
https://polaris.brighterir.com/public/i3_energy/news/rns_widget/story/xlj4vpr
"Being backed by a major bank in Canada (wonder why can't announce who it is?)"
In Soviet Canuckistan carbon financing must be kept secret, otherwise the Red Guard will be protesting at your in laws door.
What am I missing here though, were is the money we borrowed ?
It's being used to pay the divvy
"- just pointing out that Canucks assertion that i3e couldn't be bothered is factually incorrect."
Is it also 'factually incorrect' to say they couldn't be bothered to find a CFO for almost a year?
"What investors need to ask is whether we’re turned the corner on such things as PoO, interest rates, inflation, risk of recession; and whether the huge discounts in LSE/AIM companies are attracting investment (rather than opportunistic T/O bids)"
Don't know about UK, but in Canada nobody is touching small cap E&Ps with a 10 ft pole. Mid-large cap, quality names are much preferred. It is now a stock pickers market, and this management and board need to start thinking who might actually pick this stock among the plethora of other, higher quality names.
This is why Investor Relations is crucial. Other, smaller Canadian E&P recognize that their base is retail 'apes', and they go as far as to booze them up and provide free swag. Whereas this company couldn't be bothered to produce Canadian quarterlies until now.
Indeed Joe.
GBP 148M 'fair value' is 50% higher than where the share price trades today. So, I wonder if that's the 'baseline' from which this Board and Majid-ment wish add more value, or due they want to broadcast to Mr. Market that they think this is a GBP 148M co?
Pine Cliff will barely spend $10M in capex in 2024. That that 10% decline rate better be real.
Clearwater is the fairway: it has regions such as Dawson, Cadotte, and Martin Creek in it.
We are specifically speaking about Marten Creek.