Member Info for Yanis2005

There is no excuse for the SP to be at 0.70p at this moment in time … first gas in sight.

Why is the SP stuck at circa placing price? Normally, with good prospects, gas so near, the placing shares would have been hoovered up. Yet they are struggling to get rid of them weeks after the placing.

Is obvious that the market has no confidence. The last two placings have killed whatever enthusiasm there was.

How can interest be invigorated? - with transparency.

We were promised months ago that we’ll have a week-by-week plan/update leading to first gas.

So where is this plan and when is first gas?

https://twitter.com/ruthhayhurst/status/1499478354034143239?s=21

Serif,

I was originally very annoyed because I believed that EOG with Wressle, Ireland & Morocco, and being cash flow positive, was already in a very strong position. With good news on Inishkea we could have easily seen an SP of over £1. Good news on Morocco would also see a substantial rerate.

Now, this new acquisition will definitely add value if successful. Simon is considering it to be low risk and transformational for EOG.

I haven’t got to know much about Serenity yet but is expected to produce in the region of 25,000 to 30,000 boepd. This will be 6,250 - 7,500 boepd to Europa. Quite substantial, indeed transformational.

After my initial annoyance I am now warming up to it.

I know the float has now considerably increased but with good news on either project we can see a very significant rerate of the SP. 88E now has an MCap of £400 million, so who knows how high the EOG SP can go.

Gideons, FFS those packages could slip in to April. Add installation & commissioning and is First gas May/June - look at my post below.

With no more hick ups, is all good.

PS: I do not post based on my position, when I sell I am gone and not post again. Never ever have I posted on a share I do not hold.

SO is saying that the Serenity deal is “Transformational” and “Low Risk” - sounds promising.

I just wish he held the placing back for another week or so and raised at a higher price with less dilution.
.

Let’s get the record straight.

First gas is December 2021 because this is what am RNS last year said.

Oh hold on, First gas is early January 2022 because this is what another RNS said.

Oh my, First gas slipped a bit and is mid-February 2022 because an update RNS said so.

Ooops, First gas is now March because an update RNS said so.

Oh dear first gas is now ??? … three packages arriving up to 20 days in to April 2022 because the answer to an IQ said so.

There is no need to pump! Nothing changes.

If all goes well first gas is now May/June. Equipment needs to get to site, installed, commissioned and integrated in to the overall system. It takes time.

If there are no more hick ups in all likelihood we’ll have first gas by May/June and the SP will rerate. Is as simple as that. There is no need to spout none sense.

Oktane, they are associated water.

At the vendor’s works being coated

https://twitter.com/angusenergyplc/status/1499350559106736132?s=21

These were originally supposed to be at site early January. However, the slip is not a big deal as we are now expecting gas later, May/June in my estimate.

Stas, at EOG we have gone from jam today and more jam tomorrow to an even more jam tomorrow situation with the SP getting knocked off and the float substantially increased.

Anyway, we are where we are and whether this was good or bad for EOG time will tell. I hope it comes good and my present worries are unfounded. GLTA.

Stas, I didn’t expect you to be sarcastic.

EOG as currently is has superb assets, is not just Wressle. Morocco is huge and even more huge is Ireland.

Inishkea - 1.5 trillion (yes trillion) cubic feet of gas, next to Corib. The situation in Ireland is changing, just like is changing in the UK making Serenity now feasible.

Inishkea coming good (chances now significantly increased) is enough to send the EOG SP to well over a pound (yes, well over a £1).

Now, we have effectively double the float, any success will be restricted in SP rise. And what if the Serenity drill fails just like ADV? It does carry a risk.

This deal is excellent is superb for I3E shareholders, not so for EOG shareholders.

Maybe this is the reason that we have a lot of new posters (I3E holders?) on this board today?

As the saying goes … “a bird in hand is better than two in the air”.

And the bird in hand is not that bad, quite good actually - Wressle with cash coming in, lights on plus save cash … Morocco & Ireland each of these a company maker.

According to last investor presentation a deal on Morocco could have come in as early as last December. The situation in Ireland is changing. The SP was finally relating.

Was it really wise to dilute the float by 69% (taking the float to 1 billion shares) for this acquisition which carries a risk?

Stas,

“ Suffice to say i3 have been sitting on Serenity as an oil discovery for years whilst they have concentrated on integrating 3 large Canadian acquisitions, Serenity is now just one of their assets, but its a big one!”

However, according to the I3E website Serenity was discovered by well 13/23c-10 drilled in 2019 - hardly years.

Good explanation. Thanks Paul.

Stas, do you know what the COS of this drill is?

Stas, thanks for the explanation. I can see that now from the I3E point of view. We know the oil is there but do we know what the COS of this drill will be?

Isdeer, apologies, I don’t wish to be negative I am just questioning the transaction. Personally, I never expected this - I was expecting EOG to be farming out Morocco or Ireland - not EOG farming in to derisk somebody else.

Here is a bit of research

Explain why if Sirenity is such a fantastic prospect I3E is farming it out.

From last I3E report: (NOI=Net Operating Income)

NOI Q4 2021 = $31.3 million
NOI Full 2021 = $66 mil

NOI Full 2022 projected to be $150.3 million

I3E pays monthly dividend

They have the money to do this drill themselves, but are farming out 25% of it for a mere £7 mil - WHY?

What is the COS of this drill?

Explain why if Sirenity is such a fantastic prospect I3E is farming it out.

From last I3E report: (NOI=Net Operating Income)

NOI Q4 2021 = $31.3 million
NOI Full 2021 = $66 mil

NOI Full 2022 projected to be $150.3 million

I3E pays monthly dividend

They have the money to do this drill themselves, but are farming out 25% of it for a mere £7 mil - WHY?

What is the COS of this drill?

Royboy, thanks.

Crocqman, a bid is another spanner in the works but I don’t yet believe that we will receive an acceptable bid. I am focusing on getting the gas out of the ground at SFB.

I agree with you in that 1st gas will be in Q2. We need, I am estimating, about 6 weeks installation & commissioning. With 3 of the packages arriving (as per last IQ) up to 20 days in to April it means that 1st gas is end of May/June.

For the draft EA approval expected up to a month from now (IQ answer) that puts it at end of March and then we have two months float to finalise it by end of May.

So end of May/June 1st gas is comfortably doable, provided the approvals are received and with two months float for EA finalisation seem feasible. I think I will add too.