Share Name Share Symbol Market Type Share ISIN Share Description
I3 Energy LSE:I3E London Ordinary Share GB00BDHXPJ60 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 31.00p 29.00p 33.00p 31.00p 31.00p 31.00p 139,000 07:39:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers - - - - 7.96

I3 Energy Share Discussion Threads

Showing 176 to 200 of 200 messages
Chat Pages: 8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
18/1/2018
13:56
Div Igas have 122m shares in issue and at 101.5p = £125m m/cap. Debt $30m with cash of circa $20m and net debt at circa $10m (June 2017) Their 2P is 12 mmboe. Production to half year 2017 was 2326 boepd and looking to exit 2017 around 2300-2500 boepd. While Igas are carried for shale explo it's still early days but you could possibly get a similar value for HNL in due course depending on how it's structured when it comes back to market. In my previous post 175 specific to i3e - i've gone for a £90m valuation and 150p price target here allowing almost 2.5 times as many shares as now. 11.7 mmboe 2P (10.7 being oil). Subject to expected success, production estimated for 5k then 10k boepd which would be 2 and 4 times that of Igas and thus pay down any debt we raise much quicker with the potential of that 2nd field which could change the future upside signifcantly.
zengas
15/1/2018
17:38
My mistake. I should have said 12mn 2P reserves, and 19mn 2C also. Better. Quite right, Zengas. They passed on Duyung for whatever reason and opted to concentrate on the Dutch N Sea gas sector instead. The Tullow deal may involve up to 20mn Euros in contingent liabilities depending on the likelihood of any well abandonment costs but none is payable until 2019 at the earliest and all payable out of cash flow generation. My take on their delay in re-listing is not because of this deal - it has already closed and is generating cash flow. I think they are eyeing another deal whilst they can still access the ENGIE funding facility until March 31st. Sorry for the O/T guys.
divmad
15/1/2018
16:20
At least i3e have secured at least one of their assets and have bided for second which they should stand a good chance of winning due to its location to the existing asset. The first drill needs funding only at this stage as cashflow from the first drill will support the second drill. I'm sure they have more than one option due to the price of oil and time to first oil so lets see how this plays out.
showme01
15/1/2018
15:54
To compare SAVP in Nigeria with here, well, I wouldn't be interested with the added political risk.I've been there with TPL, I look for stable places now to invest.
che7win
15/1/2018
15:31
It's Hague and London (HNL), the same company who were acquiring the Duyung PSC in September 2015 and failed to sort it out which then went to to Conrad and brought early success to EME last July. The acquisition is gas assets and may cost 30m euros to be paid over the next 3 years. This acquisition seems to be going on nearly as long as their previously intended Duyung target.
zengas
15/1/2018
11:40
hi Divmad, do you mind saying who that company is? SSE? Thanks all the best
debeege
15/1/2018
06:19
Good for you Div. I didn't use a 2C valuation.
zengas
14/1/2018
21:52
Oh. In that case, I'll go with a N Sea gas company, currently suspended but being readied to re-list with 24mn shares out, 2600 bopd, MC on suspension £2.4mn, 12 mn 2C reserves, no debt,.....and I'll gladly take your $12/bl 2C valuation yardstick.
divmad
14/1/2018
18:09
Div - Two totally different companies and areas. I wouldn't make a comparrison because there is none, nor try to square it as you say.
zengas
13/1/2018
21:37
Zengas, You are using a value of 2P reserves here of $12/boe, which you say is conservative given I 3's presentation numbers. How do you square that with SAVP's acquisition cost of its 2P reserves at $3.04/boe? It makes me want to simply concentrate on SAVP to the exclusion of anything here, or elsewhere.
divmad
12/1/2018
08:24
Scotty I agree. It's not a bad thing as without some selling, there is no liquidity. Allows new shareholders to take positions.
showme01
12/1/2018
08:20
euclid - My guess is city financial letting a few more go, they have been quite steady in providing a little liquidity to the market > 30p - 35p range.
scotty666
12/1/2018
08:06
https://www.thetimes.co.uk/edition/business/banks-ready-to-start-pumping-cash-into-oil-projects-as-price-rebounds-wdp9m3mk8
5chipper
11/1/2018
21:29
was that a sell of 200k at 30p, considering the bid was 30p for some part of the day, but also 30.5p on the offer, so hard to say but could of been a buy also!
euclid5
11/1/2018
21:22
Thank you Zengas for your response - yes it makes sense - just thought if they will require to raise the other £25m capex for the 2nd H Well costs along with the first one - I do see huge NPV value being created here also. Was there a risk on the basis of the well may have to stop producing in 2024 subject to the other field still producing or if i3E producing more than 22mmbls - I recall in the CPR - recall posting it here in an earlier post the extract that is. If their other field if one in the 1Q18 can produce 22mmbls 2C & Liberator is worth £250m on 11mmbls - 22mmbls is another £500m - so near £750m NPV - we can all do the maths as to what potential the NPV /share could be even with an extra 100m shs plus existing 26m. Surprised they haven't raised this all on reserve based lending, considering it's appraisal well with such a high NPV - 5 x capex at £50m
euclid5
11/1/2018
16:04
Purchased 18404 shares here, like the potential.
che7win
11/1/2018
14:03
Zengas. Great overview as usual :-)
showme01
11/1/2018
11:32
euclid5 re your "Are you guys not too worried that part of the funding they require may be done on a placing also as well as the Loan they are getting from an Investor?" ============================================================= I have thought about it, and if there is a placing - at what price?, but to me the question is - what if it is all placed with institutions?, then how does one gain a decent position on the back of a still very small free float ? If funding is sorted this should see a re-rating as first oil then get's closer. No longer about 2C but 2P. The reserve report on the 3/11/2017 reclassified the 2C oil to 10.7 mmbo (plus 1 mmboe gas) = *11.7 mmboe 2P* At $12/boe = $140m or circa £100m+ value. (This is much less than the $16.52 and $18.46 per 2P boe on recent acquisitions given as examples on page 7 of the i3e presentation). There's 25.69m shares in issue and after the director holdings means there's just 9.18m in free float of which City Financial held 3.6m in that - so a very small free float. CF have sold some since ipo but may not be selling them all. Roughly $41m to first oil (pages 8 and 13 up to $43m in overall costs) and at least half of 10,000 boepd where it will become very self financing as 5k and 10k boed would throw of some $45m and $90m/year. $25m of that funding proposed via debt could work out at under $2.20/boe (still to be signed off but i expect it should happen). If no other debt financing achievable it might therefore leave a funding requirement of $16-$18m (£12.5m) and perhaps circa 60m shares in issue allowing any new issue at 35p roughly ?. Based on 60m shares that £100m value would be worth at least 150p ( which is £90m for a company heading to 10k boepd - but probably worth twice that value). My reason for buying now is that any share issue could be placed with institutions and thus no avenue to secure a decent holding given the already small free float so a few pence to me is neither here nor there and is worth the investment risk. Another point is that there may be greater reserves/recovery at Liberator as it says in the reserves report of 4/11/17 "for a phase 2 plan, potential reserves are not yet included in the" (11.7 mmboe 2P) "reserves report" The other step change is if they secure the field they are targeting in the 30th bid round - though this is not crucial imo to see a significant rerating and new value point. $13m has been secured for this. It has 22 mmbo 2C. If Liberator were to throw off an estimated $90m+/year there should be little problem in part debt/self financing the funding of the 2nd field and a possible step change to £250m+ value - so again my reason for taking a decent foothold now and not worrying about a few pence either way. They have a well pencilled in for the end of the year if they get this field. If they don't i'd expect them to target farm-ins or other alternatives given the expected Liberator cash flow. Page 7 gives an implied valuation target of $557m - $963m (£400m - £700m) so plenty of headroom should there be a further share issue in a years time or so and of course if everything goes to plan.
zengas
10/1/2018
15:26
Nice one. Glad you got your top up. I bought a fair few in the mid 30s thinking that was the bottom. Still managed some in the late 20s and a few grands worth in the mid 20s. Considering the price of oil and the oil in place vrs. recovery costs, plenty of upside at these prices.
showme01
10/1/2018
09:36
Some stock around so got 40k in 2 lots (15 & 25). edit and a further 29.166k at 13.50 but having to pay slightly more.
zengas
10/1/2018
00:00
Well they were able to secure $20m pre IPO at a premium to the 50p IPO price when oil was under $50 a barrel but decided to pass ( Graham Heath said this publicly at a presentation in Manchester shortly after the IPO ). I've met both Graham and Neill and they want as much of this funding to be debt and they both seemed confident in securing a good portion this way. We will soon find out. Higher oil price certainly helps.
showme01
09/1/2018
17:37
Euclid - I really can not see an equity raise here. If they did raise $25m then the new investors would end up with nearly 80% of the business and the ceo & cfo (who currently own a combined 50%) would end up with a combined holding of just over 10%. It is really really not in their interests here and with a 50% current shareholding they are running the show. In my opinion they will be doing everything they can do raise the funds via a debt facility. Key question there will be whether they can convince the investors providing the debt about their future revenue expectations and timescales. Hopefully we will find out, as stated, at some point during Q1.
5chipper
09/1/2018
13:21
Cheers CP!
igbertsponk
09/1/2018
13:15
no problem lgb funding is an issue for shareholders in every stock, I would just hope that if I3E were going for equity raise, the price is pumped substantially first
currypasty
09/1/2018
13:11
Would be helpful if the board had the market cap (Fundamental Data) in the header - any chance you can edit it Currypasty?
igbertsponk
Chat Pages: 8  7  6  5  4  3  2  1
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