I3 Energy Dividends - I3E

I3 Energy Dividends - I3E

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Stock Name Stock Symbol Market Stock Type
I3 Energy Plc I3E London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-1.35 -11.34% 10.55 16:29:55
Open Price Low Price High Price Close Price Previous Close
11.10 10.50 11.35 10.55 11.90
more quote information »
Industry Sector

I3 Energy I3E Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

pretax2: Lower oil prices may pressure O&G companies the sell assets. I suppose I3e may prefer to acquire property than i3e shares.
tonynorstrom1: I don’t think that I3E have published a number for the cost. I’ve seen one or two posters here refer to a number which I assume is the result of a response to an email question to I3E on the same. However, if you go back and look at the previous drill program - it was about $42m from memory for 3 wells. Factor in the mob , demon costs which are similar whether it’s 3 wells Or 1 well and I would say that this confirms a ballpark number of about $20m. Not sure about your comment on Tain - however, the timelines look to me as though the projects would slot nicely together assuming that a joint project is being planned now.
goodday1: i3e TweetinghTTPs://twitter.com/i3energy/status/1463551205989257218?s=21
tonynorstrom1: A good series of posts / thoughts on Serenity. I think what it shows is that i3e has optionality including that they can do very well without the NS and just focusing on expanding Canada. However - I do think some here are missing the scale of the potential prize that is Serenity. Current production is just short of 19,000 boepd. However, of that about 9500 is gas , 4000 Oil & 5500 NGL's. On a per barrel basis Gas attracts about 33% of the price of Oil whereas NGL's attract about 40%. So converting the gas and NGL's to equivalent barrels of oil on a revenue basis (not thermal), the 19,000 barrels is equivalent to about 9300 bopd. As per recent presentations i3e have said that Serenity could produce at north of 30,000 boepd and its nearly all oil - that is a massive jump in revenue. In addition - the reserves associated with Serenity will also be that much more valuable. So potentially Serenity will boost revenues 2 to 3 x depending on farmout terms
tournesol: I've got a substantial holding in I3E and have been relaxed about the SP's stubborn inertia but my interest has been piqued by today's RNS. Borrowing at low interest rates to invest in productive assets/activity sounds like a no-brainer but I'm not sure about the logic of paying dividends whilst at the same time borrowing money. To my mind that is equivalent to borrowing the money being used to pay the dividends - which can't be a good idea. In the 1980's I worked for LASMO - a FTSE 100 listed North Sea E&P. They were always a jam tomorrow kind of operation and I remember calculating that over a period of some years the divis they had paid out had all been matched by their increasing borrowing. After years of poor quality management they eventually succumbed to a disappointingly low ball bid. My options - which had looked impressive on paper - expired worthless. I'll have to keep my eyes peeled here.
cashandcard: gusto,The way to remedy an share price which is way behind underlying performance is; increase the Divi, launch buybacks, clearer and better comms/PR targeted at the dwindling number of large II's in the nat resources space. I don't want to see more asset purchases in current environment as they will not be cheap. Cheap/foresale buys are the only reason this has ever made any money, so I think they need to be cautious on the purchase front now. Without doubt buybacks may not be palatable use of cash now, but they will at some point if the paper doesn't reflect the performance and cash generation. Buybacks make sense then as all the shares bought back can be held in treasury or even cancelled, thereby reducing future Divi payouts against the remaining stock float.Personally, I would go with clearer Comms and an increase in dividend, plus a timeline that puts an end to the Serenity saga. Frankly, I would be happy if they sold it for cash to the highest bidder - atleast recovering costs this far. Longterm, I3E in the NS needs closure, it's high cost and we all know high cost oil assets drag companies to their knees when in trouble. Potential partner and i3e management need to 'put up or shut up' on Serenity. It's starting to get the Liberator never ending 'data-room' type feel about it. Perhaps, it would help if management considered more concrete plans for Canadian insti's to get to involved. Maybe, just maybe it would be great if Magic Majid bought some shares.Cash
highly geared: At current share price , our annual operating income will be c.63% of the market cap! Even allowing for G&A and finance costs , still around 50%. Throwing off cash! Either the share price goes up or you invest for a possible 10% dividend yield..
goodday1: hTTps://www.share-talk.com/share-talk-weekly-energy-sector-news-31st-october-2021/#gs.ejz29dOil prices extended pre-weekend gains on Monday to hit multi-year highs, lifted by tight global supply and strengthening fuel demand in the United States and beyond as economies recover from pandemic-induced slumps.Goldman Sachs said a strong rebound in global oil demand could push Brent crude prices above its year-end forecast of $90 a barrel. The bank estimated gas-to-oil switching could contribute at least 1 million barrels per day (bpd) to oil demand.i3 Energy plc (AIM:I3E) The third quarter of 2021 continued with an intense level of activity across all fronts. Majid Shafiq, CEO of i3 Energy plc, commented: closed the transaction with Cenovus which added circa 8,400 boepd of production to our portfolio and, together with ongoing optimisation of our pre-existing asset base and some smaller transactions, we have managed quarter-on-quarter production growth and are currently producing circa 19,000 boepd.We are now finalising our capital programme for the rest of this year and for 2022, following which we will commence deployment of free cash flow into an active, operated development drilling programme, which we expect to materially grow our production base into a very positive commodity price environment.We are also extremely pleased to have commenced dividend payments this quarter and look forward to completing the payment of our H1 2021 dividend on 29 October
tonynorstrom1: Well you have to look at peer valuations to figure out where i3e should be sitting else the metrics mean nothing. I dont know whether anyone follows i3e on the CEO website - there is some good stuff on there. Someone mentioned KELT as a good bench march to measure the value of i3e against. It is almost identical in terms of Cash Flow, Reserves and production including product mix. It does have some advantages over i3e such as zero debt (net cash), lower costs and a highly regarded CEO etc...... However, the market Cap is over 3x that of i3e. On the other hand there are one or two Canadian Producers sitting at similarly low valuations as i3e. In my view i3e is undervalued somewhere in the region of 50 to 100% - it will depend on i3e's delivery on larger projects such a Clearwater, Simonette and Serenity plus ensuring i3e's cost are competetive. Superior Performance = Superior price multiples as WHI have stated. GLA
the abbot: WHI Upped to 30p - nice and pretty much in line with their previous guidance, they have been pretty spot on.... i3 Energy Interim Results - Solid i3 Energy announced its interim results for the period ended 30 June 2021. Reported production of 9,095 boe/d was marginally better than what we had modelled, 8,950 boe/d, and resulted in free cash flow generation of £2.2M, marginally better than what we had modelled, £1.9M. We were surprised by the strength of the dividend i3 Energy announced in respect of 1H 2021 of 0.2p/sh or £2.2M – a clear statement by the board that the return of cash to shareholders will be a priority. Economic vs reported: We estimate that the company’s economic production inclusive of effectively acquired but non-reported barrels amounted to circa 13.2 kboe/d for the period. For reference, we estimate that i3 Energy’s October 2021 production will be pushing near 19,000 boe/d following the completion of the company’s acquisition of assets from Cenovus (20 August 2021) and the better than expected operational update announced on 9 September 2021. In line: Reported revenue of £26.5M (WHIe £27.3M) and net operating income of £12.5M (WHIe £12.2M) provide a reasonable degree of confidence in our forward-looking projections. We will await more financial data before making changes to our forward looking estimates, which remain largely aligned with company’s competent person’s reports. 2 surprises, 1 related to cash: Depreciation (a non-cash charge) amounted to £4.2/boe, relative to our somewhat arbitrarily chosen £3.0/boe assumption. The change will lower reported earnings, relative to our prior estimates. i3 Energy’s 1H 2021 dividend is a strong statement that the board is prioritising the return of cash to shareholders. We leave our 0.25p dividend estimate for 2H 2021 unchanged (which estimate is premised on 20% of our reported FCF estimate). Not including the 0.16p/sh special dividend paid on 6 August 2021, the 0.45p/sh (£4.9M) 2021 dividend estimate equates to a yield of 3.3% (4.6% inclusive of the special dividend paid in August 2021). We model 2H 2021 FCF to be multiples greater than 1H 2021 FCF, in which period the capital expenditure burden was heavy. Changes: We are taking the opportunity to square up our valuation relative to the positive operational update announced on 9 September 2021, resulting in a fair value uplift to 30p, from 29p. Conclusion: Producing over 18,000 boe/d following the completion of the Cenovus acquisition, i3 Energy offers it all: growth, value, dividends, exposure to rising oil prices and exposure to rising natural gas prices – supported by a base of solid production and cash flow. We believe the three key takeaways are as follows: The company’s interims reflect a period of i) solid delivery, ii) growth relative to nil revenues in the comparable period of 2020 and iii) the board’s commitment to returning cash to shareholders. We retain our high conviction positive outlook for i3 Energy and anticipate the company’s share price will continue to outperform on the basis that i) the company’s management team is growing value on an accelerated basis ii) the stock is undervalued relative to our fair value estimate iii) commodity prices are rising iv) we see very obvious beats relative to our estimates coming down the track due to the conservative approach we have taken to modelling (only including growth from announced drilling plans) and the extremely strong natural gas price outlook for this coming winter coupled with oil prices racing ahead of our estimates.
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