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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| I3 Energy Plc | I3E | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.24 | 1.90% | 12.90 | 15:00:58 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 12.64 | 12.64 | 12.90 | 12.66 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 08/11/2023 | Interim | GBP | 0.002565 | 18/01/2024 | 19/01/2024 | 09/02/2024 |
| 02/10/2023 | Interim | GBP | 0.002565 | 12/10/2023 | 13/10/2023 | 27/10/2023 |
| 17/05/2023 | Interim | GBP | 0.00171 | 25/05/2023 | 26/05/2023 | 16/06/2023 |
| 12/04/2023 | Interim | GBP | 0.00171 | 20/04/2023 | 21/04/2023 | 12/05/2023 |
| 15/03/2023 | Interim | GBP | 0.00171 | 23/03/2023 | 24/03/2023 | 14/04/2023 |
| 08/02/2023 | Interim | GBP | 0.00171 | 16/02/2023 | 17/02/2023 | 10/03/2023 |
| 12/01/2023 | Interim | GBP | 0.00171 | 19/01/2023 | 20/01/2023 | 10/02/2023 |
| 22/12/2022 | Interim | GBP | 0.00171 | 05/01/2023 | 06/01/2023 | 27/01/2023 |
| 02/11/2022 | Interim | GBP | 0.001425 | 10/11/2022 | 11/11/2022 | 02/12/2022 |
| 05/10/2022 | Interim | GBP | 0.001425 | 13/10/2022 | 14/10/2022 | 04/11/2022 |
| 07/09/2022 | Interim | GBP | 0.001425 | 15/09/2022 | 16/09/2022 | 07/10/2022 |
| 03/08/2022 | Interim | GBP | 0.001425 | 11/08/2022 | 12/08/2022 | 02/09/2022 |
| 06/07/2022 | Interim | GBP | 0.001425 | 14/07/2022 | 15/07/2022 | 05/08/2022 |
| 08/06/2022 | Interim | GBP | 0.001425 | 16/06/2022 | 17/06/2022 | 08/07/2022 |
| 11/05/2022 | Interim | GBP | 0.001425 | 19/05/2022 | 20/05/2022 | 10/06/2022 |
| 07/04/2022 | Interim | GBP | 0.00105 | 14/04/2022 | 19/04/2022 | 06/05/2022 |
| 09/03/2022 | Interim | GBP | 0.00105 | 17/03/2022 | 18/03/2022 | 08/04/2022 |
| 09/02/2022 | Interim | GBP | 0.00105 | 17/02/2022 | 18/02/2022 | 11/03/2022 |
| 27/09/2021 | Interim | GBP | 0.002 | 07/10/2021 | 08/10/2021 | 29/10/2021 |
| 17/06/2021 | Special | GBP | 0.0016 | 15/07/2021 | 16/07/2021 | 06/08/2021 |
| Top Posts |
|---|
Posted at 18/4/2024 22:55 by tonynorstrom1 Using the formula coverege = net income / dividendwhere net income = revenues - expenses - taxes - interest - maintenance capex I have the coverage ratio much much closer to 1 than the 2 you come up with. And if you look at the 2023 Capex budget - it was around $30m and increased the production by an estimated 3%. So very roughly $25m is stay flat / maintenance capex. Where is the spare money to increase the dividend ? my assumption here is that they will want to fund the dividend / dividend increases out of net income and not one off asset sales or debt although this does give them the flexibility to cover any very temporary shortfall. So in summary I believe the dividend is safe but the coverage ratio is low at current production and gas price levels |
Posted at 18/4/2024 08:44 by rockyride Genesis - I like quite a lot of your post 13 hours ago but re the move from AIM to main market, I have a few questions:-1 what do you see the pros and cons of doing this to be for i3E?2 do you know the latest 3 O&G companies who've do this?Things are looking a it perkier here now but AECO still remains a concern of mine. Having said that, I've been adding in mine and the Mrs long term ISAs (the ones we build dividend payments from) and rarely sell from these accounts. In fact most of the holdings in them are in FTSE350 companies, so i3E are privileged to be in there with them.For completeness and being transparent, I have been adding in our LT ISAs for the following 3 main points1 I see POO remaining relatively high for the foreseeable future, mainly due to lack of CAPEX spend and embedded supply / demand issues.2 China economy seems to be waking up even given their property issues3 I see the supply demand issues of hydrocarbons flowing through to gas within the next 6 to 24 months and then remaining strong4 I see i3E having better chances of acquiring production now that they are significantly re-structuring their finances5 I also see them organically growing their own production which I've not seen possible until recently 6 Great to see the reduction of debt and interest payments7 I now see this as a company that could grow share price and distributions of the medium to long term8 Im not buying for a dividend increase or buy back program increase as none of us can forecast those.All in all a far better proposition and am now a LTH - GLA |
Posted at 04/4/2024 10:59 by tonynorstrom1 Fanny - what do you think of this published a few minutes ago - oh my sides !I3 Energy* (I3E LN) 11.6p, Market Cap £139m: Declares 1Q dividend • i3 declared a 1Q24 dividend of 0.2565p/sh, which is equivalent to an annualised cash yield of ~8.8%. While the commodity price environment has weakened in the last 12M, we think i3’s robust production and improved liquidity position should be able to generate material free cash flows to support the capital programme, debt repayments, and ongoing dividend payments to shareholders. Shareholders will vote on the Company’s proposals for a reduction of capital at a general meeting on 15th April, which is seen as necessary to improve the flexibility of its capital allocations policy and continue to facilitate the payment of a quarterly dividend. I3 plans to report FY23 results and the 2024 capital budget in mid-April. *SP Angel provides research to i3 Energy |
Posted at 25/3/2024 20:40 by tonynorstrom1 This is simply not true – I think you are missing a few things here Mark:1)Debt restructuring – interest charges are halved saving just over £100k per month based on what is drawn as of today – hardly enough to fund any significant increase in the dividend. 2)“The £15M no longer going to debt amortisation”. This is not a saving – the debt still has to be re-paid and has merely been deferred. If you are going to pay a sustainable dividend – it has to be covered by cash flow and not by deferring debt re-payments. 3)Ref last year’s prices versus this years – gas is 30% below the level it was last year when i3e announced the dividend cut, NGL’s are also lower and Oil prices are only fractionally higher when taking into consideration the increased discounts applied to i3e’s oil versus WTI. Remember i3e don’t sell at WTI – they sell at Edmonton Light and WCS. So personally I am not counting on a near doubling of the dividend - more likely we get no dividend hike this year imo unless Oil and gas prices take off - but i've been wrong before ! |
Posted at 11/3/2024 11:55 by xongkudu Please put a sock in it Fandagle you annoying lying tw@t.There’s an interesting post this morning on LSE by Tony giving the following opinion.. “I was typing out an email to ask i3e the question and something popped into my head - why would they need to do another capital reduction when they have recently completed one for £51m as you state - that's sufficient for 3 or more years of dividends. The RNS starts with: "(the "Capital Reduction"), being undertaken to ensure there are sufficient distributable reserves to facilitate dividend payments in the long term" but goes on to say: "The Board considers it highly desirable that the Company has the maximum flexibility to continue the payment of dividends in line with its dividend policy and otherwise to return value to Shareholders." and otherwise return value to shareholders - could this be linked to a sale of non-core assets and a special dividend or significant share repurchase?…&# |
Posted at 06/3/2024 07:26 by tonynorstrom1 Here’s an interesting Company to Compare i3e with: Pine Cliff Energy (lots of interesting info on Gas / Gas Outlook in their presentation)[...] Key Take Aways: Similar production to i3e at around 21,000 boepd, however 80% Gas Low-cost producer – SG&A less than 50% 0f i3e’s, Opex around 15-20% less Significantly lower revenues than i3e Low declines – less than 10% v i3e at around 15% Debt similar at around CAD 55m Highly regarded Management Market cap double that of i3e Reserves of less than 50% of i3e’s both on a boe basis and NPV10. March dividend CAD 0.005 = 5.5% running yield Lower Capex requirement due to business model/low decline rates Significantly higher (30-40%) long term decommissioning liabilities than i3e Conclusions I cannot understand why Pine Cliffs market cap sits at twice that of i3e – the numbers tell me that we should be rated no lower and perhaps at a premium to Pine Cliff. Whilst Pine Cliff have certain advantages such as lower costs (opex, capex & SG&A) – these are more than offset by i3e’s higher revenues, higher reserves and lower ARO’s - not to mention i3e’s higher dividend (which they can afford to pay - just). The only reason I can come up with is that perhaps their Management is rated higher by Investors. They also have their primary listing in Canada – should that make such a big difference?? All in my opinion - DYOR ! |
Posted at 26/2/2024 11:15 by ashkv Share Price: 9.25I3E Current Share Price vs 52 Week low of 8.25p on 7 Feb 24: 12.12% I3E Current Share Price vs 52 Week High of 21.45p on 6 Mar 23: -56.88% Brent Price: $81.50 AECO Gas Price ($CAD): 1.69 Shares Outstanding : 1,201,874,464 Market Cap (GBP) : £111,173,388 GBPUSD : 1.265 CADUSD: 0.74 Market Cap (USD) : $140,634,336 Net Debt (USD) Q4 Update: $23,000,000 Q4 2023 Average Production : 20,413 1W Feb 2024 Average Production Boepd : 20,042 Actual 2023 Average Production: 20,711 Decommissioning Provisions HY 2023 Results): $107,483,255 ENTERPRISE VALUE (EV = Market Cap + Debt - Cash) (USD) : $163,634,336 EV/Barrel (Q4 2023 Prod) : $8,016 EV/Barrel (1Wk Feb 2024 Avg Production Boepd) : $8,165 EV/Barrel (2023 Actual Avg Production) : $7,901 EV/Barrel (Actual 2023 Avg Production Incl Decommissioning Costs) : $13,091 2P Resources 31 Dec 22 (2021 YE 154mmboe): 181.5mmboe Enterprise Value Per Barrel / 2P Resources: $0.90 2024 Annualized Dividend Yield: 11.09% 2023 Dividend Yield : 13.80% |
Posted at 26/2/2024 09:30 by genises Broker note outToday 08:36I3 Energy Q4 Update – It’s a Cash Machine i3 Energy has provided a solid Q4 2023 operational and financial update. Production for the quarter amounted to 20,413 boe/d (WHIe: 20,236 boe/d) providing for an average production rate of 20,711 boe/d for the year (WHIe: 20,668). The company indicated that 2023’s net operating income (equating to cashflow in the field before hedging and taxes) amounted to $US 93m (WHIe: $US 94.6m). The company reported an unaudited year-end net debt figure of $US23m (WHIe: $US28.5m). We believe that i3 Energy’s production and cashflow figures tell the story: it’s a cash machine, reliably delivering production, realised pricing and costs consistent with our estimates. We cannot emphasise enough the quality of the operational delivery being provided by the company and believe that that is the key take-away from the Q4 update. i3 Energy paid a dividend of over £15m in 2023 and based on the current quarterly dividend of 0.2565p/sh (1.0260p annualised) is expected to pay £12.3m of dividends in 2024. Valuation disconnect: i3 Energy’s dividend yield has grown inordinately in 2023 – creating a disconnect between i3 Energy’s robustness as a cash machine linked to commodity prices. We believe that that disconnect is further compounded by the improving balance sheet strength of i3 Energy. On balance, our high conviction belief is that i3 Energy is a premium company in terms of its i) management ii) assets, and iii) delivery; however, that is not yet reflected in the company’s share price. Although that disconnect can be viewed as a frustration, it is also a tremendous opportunity: for reference, an 11.5% dividend/cash return over 5 years generates a compounded rate of return of 72%, and that ignores the significant reductions in i3 Energy’s debt and the exposure to a potential normalisation of US gas prices – the disconnect is truly exceptionally attractive in our judgement, the valuation gap has grown inordinately creating, in our view, an exceptional attractive opportunity. (Onwards and upwards comes to mind) |
Posted at 23/2/2024 15:35 by ashkv What is up with I3E - appears way too low!!!Share Price: 8.67 I3E Current Share Price vs 52 Week low of 8.25p on 7 Feb 24: 5.09% I3E Current Share Price vs 52 Week High of 21.45p on 6 Mar 23: -59.58% Brent Price: $81.75 AECO Gas Price (Canadian Dollar): 1.75 Shares Outstanding : 1,201,874,464 Market Cap (GBP) : £104,202,516 GBPUSD : 1.265 CADUSD: 0.74 Market Cap (USD) : $131,816,183 Debt (USD) 30 Sep 23: $49,335,800 Cash (USD) 30 Sep 23: (No Q3 Update) $21,775,800 Net Debt (USD) Q3 Update: $27,560,000 Q3 2023 Average Production : 21,156 SEP 2023 Average Production Boepd : 21,380 Guidance 2023 (Updated 29 June 23): 20,500 Decommissioning Provisions HY 2023 Results): $107,483,255 ENTERPRISE VALUE (EV = Market Cap + Debt - Cash) (USD) : $159,376,183 EV/Barrel (Q3 2023 Prod) : $7,533 EV/Barrel (SEP 2023 Average Production Boepd) : $7,454 EV/Barrel (2023 Mid-Guidance) : $7,774 EV/Barrel (Mid Guidance + Decommissioning Costs) : $13,018 2P Resources 31 Dec 22 (2021 YE 154mmboe): 181.5mmboe Enterprise Value Per Barrel / 2P Resources: $0.88 2023 Present Dividend Yield : 11.83% |
Posted at 07/2/2024 11:52 by ashkv AECO up today / Brent up and I3E new 52w lows :(What is going on with I3E. All was well per last update and I was surprised that share price went south. Surely investors deserve to be updated as to what is transpiring? On the face of it share price seems way oversold... Share Price: 8.37 I3E Current Share Price vs 52 Week low of 8.37p on 7 Feb 24: 0.00% I3E Current Share Price vs 52 Week High of 25.45p on 22 Dec 22: -67.11% Brent Price: $79.00 AECO Gas Price (Canadian Dollar): 1.98 Shares Outstanding : 1,201,874,464 Market Cap (GBP) : £100,596,893 GBPUSD : 1.26 CADUSD: 0.74 Market Cap (USD) : $126,752,085 Debt (USD) 30 Sep 23: $49,335,800 Cash (USD) 30 Sep 23: (No Q3 Update) $21,775,800 Net Debt (USD) Q3 Update: $27,560,000 Q3 2023 Average Production : 21,156 SEP 2023 Average Production Boepd : 21,380 Guidance 2023 (Updated 29 June 23): 20,500 Decommissioning Provisions HY 2023 Results): $107,058,420 ENTERPRISE VALUE (EV = Market Cap + Debt - Cash) (USD) : $154,312,085 EV/Barrel (Q3 2023 Prod) : $7,294 EV/Barrel (SEP 2023 Average Production Boepd) : $7,218 EV/Barrel (2023 Mid-Guidance) : $7,527 EV/Barrel (Mid Guidance + Decommissioning Costs) : $12,750 2P Resources 31 Dec 22 (2021 YE 154mmboe): 181.5mmboe Enterprise Value Per Barrel / 2P Resources: $0.85 2023 Present Dividend Yield : 12.26% |
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