I3 Energy Share Chat (I3E)

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
	+0.50p	+0.83%	61.00p	60.00p	62.00p	62.50p	60.50p	60.50p	281,285	08:15:48

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Oil & Gas Producers	0.0	-2.9	-25.0	-	25.02

I3 Energy Share Discussion Threads

Showing 4901 to 4925 of 4925 messages

Chat Pages: 197 196 195 194 193 192 191 190 189 188 187 186 Older

Date	Subject	Author	Discuss
17/10/2018 18:43	Issuing shares ATM is nothing short of a disgrace. This lot will never buy shares; why should they?	ziblot	Read Full Thread Reply
17/10/2018 12:55	multiple usually implies more than a couple..	tsmith2	Read Full Thread Reply
17/10/2018 12:46	From 23rd May RNS: "Development Funding As previously announced, the Company continues to progress numerous funding initiatives and is in advanced discussions with multiple potential Joint Venture partners regarding development funding that i3 believes would maximise shareholder value from the enlarged Liberator development which the Company expects will result from this 30(th) License award." Looking back, you wonder what was going on. Q1. How many was "numerous"? A1. 2 possibly 3 Q2. How many was "multiple"? A2. 2 possibly 3 nb., A1 & A2 are best guesses. Whilst that old RNS may have been accurate it was certainly very optimistic. Today's RNS seems more understated and realistic: "Liberator has received strong interest to date"	caters	Read Full Thread Reply
17/10/2018 12:19	Understood.The positive thing for me from today is that First Energy know the asset and people, they know others with money, they've done North Sea deals, and using their valuation metrics i3e is hugely undervalued.Whatever has happened in recent months, the future for i3e shareholders should be good - whether Liberator gets farmed out or sold.	mr. t	Read Full Thread Reply
17/10/2018 12:08	I'd agree and can't see an asset sale. Value is funding it and moving it forward. I only mention what I did in your post regarding GMP finding companies that want to buy it rather than farm in.	showme01	Read Full Thread Reply
17/10/2018 12:05	showme, i3e will only sell out if GH and NC think it’s worth their while. I’d expect them to want materially more that 3 or 4 times where we are now.	mr. t	Read Full Thread Reply
17/10/2018 12:02	It would be a huge shame to just sell the asset as the big multiples would be to drill produce, prove up reserves and then sell. Worst case is they would have to sell the asset and I'm guessing they would still get 3/4 multiples from where we are now. Thoughts?	showme01	Read Full Thread Reply
17/10/2018 11:57	One thing on my mind. It's very possible that GMP FirstEnergy will find companies that are less interested in farming in, but would rather just buy the whole of Liberator. If so, the next few months could be a great time for i3e shareholders.	mr. t	Read Full Thread Reply
17/10/2018 11:54	On p.70 of the Ithaca valuation report, GMP FirstEnergy show other recent transactions. At a mean Brent spot of $50.64, the mean valuation was $11.54 per 2P BOE. Ignoring the value of Liberator West a similar multiple would give a valuation of Liberator of $135m or about £2.50 per share. Add in Liberator West and $80 Brent then I hope i3e would be seen to be substantially more valuable than that. Most, but not all, companies in that comparison list were producing so it's not a like for like comparison. But then Liberator has other advantages - low cost, low risk, quick payback, large near term production.	mr. t	Read Full Thread Reply
17/10/2018 11:43	There's some good info in GMP FirstEnergy's Ithaca valuation: hTTp://www.ithacaenergy.com/sites/default/files/wysiwyg/20170314-ithaca-energy-directors-circular.pdf In their NPV valuation on p.68 using the future strips (which had Brent at $53.94 in 2018) they give Ithaca's GSA (Greater Stellar Area) interest an NPV10 of $855m. This methodology undervalued GSA by almost 50%. Using it, GMP FirstEnergy came to a valuation of Ithaca at C$1.01 per share compared to the eventual sale price of C$1.95. According to p.10 Ithaca's 2017 reserve report, Ithaca's GSA interest had 45 mmboe of 2P reserves: http://www.ithacaenergy.com/system/files/uploads/financialdocs/2017-reserves-report_0.pdf That's a similar NPV/2P reserves ratio as Liberator Phase 1. There are three reasons why I'd argue Liberator has further upside over GSA: - Over half of GSA's boe is gas, which is generally not as valuable as oil (especially Liberator's high quality oil) - P.15 of GSA reserves report shows CAPEX at $9.10/boe and OPEX as $25.95. In comparison, p.67 of AGR TRACS Liberator Phase 1 CPR shows CAPEX at 8.70/boe and OPEX significantly lower at $15.2/boe - Liberator will hopefully get 22 mmbo 2C resources upgraded to 2P next year, and has a further 47 mmbo of mid case prospective resources. Given the above - if GMP FirstEnergy significantly undervalued Ithaca's 45 mmboe GSA at $855m when Brent was $54, it doesn't seem a stretch for them to find people interest in Liberator's 11.7 mmboe 2p at $200m NPV or above with Brent at $80.	mr. t	Read Full Thread Reply
17/10/2018 11:40	From today's RNS: "While some of these remain outstanding, i3 stands ready to consider the potential farminee's proposal at such time as their structural issues have been resolved." From 28th Sept RNS: "i3 remains ready to enter a legally binding Farmout Agreement with the potential JV partner at such time as these key assurances have been provided." My emboldening.	caters	Read Full Thread Reply
17/10/2018 11:24	There is evidence GMP FirstEnergy has recent, relevant North Sea experience. GMP FirstEnergy acted as financial advisor to DYAS when they sold their Dutch North Sea assets to RockRose: hTTps://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RRE/13653706.html GMP FirstEnergy acted as financial advisor to Oranje-Nassau Energie when they bought Sterling Resources UK North Seas Assets: hTTps://www.onebv.com/oranje-nassau-energie-agrees-to-acquire-sterling-resources-uk-ltd/ And, they acted as independent valuator when Ithaca was sold to Dalek. You can see their valuation analysis of Ithaca from p.49 of hTTp://www.ithacaenergy.com/sites/default/files/wysiwyg/20170314-ithaca-energy-directors-circular.pdf	mr. t	Read Full Thread Reply
17/10/2018 11:21	GMP FirstEnergy is i3 Energy's joint broker, alongside Canaccord and WH Ireland (who is the NOMAD). They were invloved in i3e's AIM listing, the £2.57m placing in January at 30p per share, and the £2.1m pacing in July at 105p per share. They will be familiar with Gaffney, Cline & Associates July 2107 CPR that gave Liberator's (at that time) within block 9.4 mmboe 2C a post tax NPV10 of $152m. The 2018 assumption for Brent in the CPR was $58.36. GMP FirstEnergy will also be familiar with AGR TRACS more recent November 2017 CPR that gave Liberator Phase 1's 11.7 mmboe (then 2P reserves) a post tax NPV10 of $200m (with Brent assumed at $53.50 in 2018). And they'll be familiar with AGR TRACS Liberator West CPR which added a further 22mmbo 2C and 47mmbo Mid case Prospective resources. Given GMP FirstEnergy's knowledge of i3E, it reassures that they've wanted to take this assignment on. They must have confidence they can sell the quality of the asset.	mr. t	Read Full Thread Reply
17/10/2018 09:39	Very good move. It puts the pressure on the potential farminee and I3E are now open to other potentially exciting, lucrative offers. They are also indicating they are prepared to do some of the work themselves, which I would be happy to see. The slow, drill-a-producer and get the cashflow going approach is not looking too shabby at $80/bbl+. nametrade, I see that you're not convinced. I have a number of issues in how they handled comms during the last couple of months. However, that's done now and they've had a change at the top from an oilman to a dealmaker. The clear indication now is they mean business a want to push towards development asap - its a 3 pronged strategy; leave the door open for potential JV partner, invite other parties to participate, and strengthen the companies own financial firepower. I am not going to hold to the deadline and am prepared for it to run for longer, But they are in the strongest position they have been, with a larger asset and oil price environment has improved massively since last year. If they cannot agree a deal in the next several months, it will be breathtaking failure - which I cannot entertain for the reasons above. Cash	cashandcard	Read Full Thread Reply
17/10/2018 09:33	I'm back in today. Happy with that RNS and happy with the price! It's interesting how different people read RNSes and also how my opinion of an RNS sometimes changes after re-reading it later in the day. In the most recent podcast it all seemed a bit flat and I wasn't all that convinced when they said an A&D advisor would be appointed soon but they have delivered on that and surely this appointment should give some leverage with the existing JV discussions too.	homebrewruss	Read Full Thread Reply
17/10/2018 09:30	Must be a very good buying opportunity at the moment given it was double this price a few weeks ago on anticipation of funding	maltby2002	Read Full Thread Reply
17/10/2018 09:28	Our A & D Advisor GMP FirstEnergy Majid was Managing Director Corporate Finance, FirstEnergy Capital Corp (November 2009 – February 2015 5 years 4 months) Now appointed CEO i3energy...... About FirstEnergy: Our team is technically focused and brings a combination of both real E&P industry and A&D advisory experience. This puts our corporate clients at a distinct advantage when it comes to assistance with financing, merger, acquisition, valuation and advisory services, or in divesting oil, gas or other energy sector assets. Our specialization enables us to develop a deep understanding of our clients' business and provide them with strategic, customized and innovative solutions worldwide. Since 1993, the inception of our predecessor firm (FirstEnergy Capital), we have been involved in a broad range and extensive number of advisory assignments. Since 2008 alone, our firm has advised on over 170 Corporate and Asset advisory transactions with a cumulative value in excess of $34 billion (Cdn). In addition, we participated in over 519 equity financings raising more than $73.7 billion (Cdn). GMP FirstEnergy's London team is recognized as a leading corporate broker to energy companies in the London market. GMP FirstEnergy is a prominent player in equity financings, M&A and A&D for E&P players active outside North America. The team has been involved in financing and advisory mandates throughout Europe, Africa, Latin America, the Former Soviet Union, Oceania and the Middle East with clients ranging from Super Majors to small private juniors. This is a serious appointment and does look like we are in capable hands. Watch this space!	broadbean78	Read Full Thread Reply
17/10/2018 09:20	For me I am confident the deal would have gone ahead except for the potential investor structural issues. The door is very warmly being left open for them but quite rightly we wont sit around and wait, so pressure is on them but now also any potential new player to try to move quickly, taking advantage of the situation.	scotty666	Read Full Thread Reply
17/10/2018 09:20	Pressure is on the jv partner then.	5chipper	Read Full Thread Reply
17/10/2018 09:12	Agree that this suggests they believe Repsol's internal issues WILL be resolved: "While some of these remain outstanding, i3 stands ready to consider the potential farminee's proposal at such time as their structural issues have been resolved". I also think they will be getting huge amounts of interest in the current oil price environment and appointing an advisor is a good idea to ensure they get the best deal available. Very positive news in my opinion.	duckdown	Read Full Thread Reply
17/10/2018 09:08	PIs will have sold and moved on. V tightly held so, will 'naturally' move up. Also big newsflow	tsmith2	Read Full Thread Reply
17/10/2018 09:07	I can see a slow recovery to 100p over next 2 months. Jv imo very likely to be signed in in early December or after the xmas/New year holidays.	jungmana	Read Full Thread Reply
17/10/2018 08:51	Caters, possible but unlikely imo. If it does not happen, it’s back to the original plan to raise debt to drill Liberator 1, use the $13m already offered to drill the appraisal and then either JV then or use cash flow to leverage more debt for more drills. It will take longer but we keep 100% of the asset.	showme01	Read Full Thread Reply
17/10/2018 08:51	I disagree, The potential farminee's proposal is still there, nothing to stop them signing up - it is up to them.They have I would suggest a few weeks before other interested parties catch up, so it's make or break for them over the next few weeks.I reckon they will be under tremendous pressure. You don't work with a team on the ground alongside us, agreeing the legalities and the well location without intent.Next few weeks could be very interesting, as after that this other party likely loses the beauty contest.	che7win	Read Full Thread Reply
17/10/2018 08:46	The downside from here is that i3 doesn't get a farm out.As time goes by, the expectation will be that i3 does get a farm out. The share price will slowly move up.Only if it becomes completely obvious that i3 won't get a farm out will the share price fall heavily. We won't know that for months.	caters	Read Full Thread Reply

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