I3 Energy Share Discussion Threads

[d1nga] 29/6/2018 08:41

Ssshh. I just keep adding on weakness , the 30th award was the game changer
I have a contact that works for bluewater but wont see him for a couple of weeks , need to find out the plans going forward for bleo holm

[ducati2345] 29/6/2018 08:38

Come on showme. Admit it you're in love with Graham and Neil. There's no shame in it come out of the closet.

[showme01] 29/6/2018 08:33

I expect i3e to start getting approaches once they have a mutiwell programme executed and generating huge revenues from anything from 25,000 to 40,000 bopd. Neill uses conservative figures on reserves and potential reserves as does Graham on production figures imo.
Expect companies in the North Sea with large tax losses to come knocking and if not in 2019, I expect 2020 and i3e will be part of something bigger and all still holding will be richly rewarded. That's my plan now after chatting with Graham and Neill.

On the subject of JCAM, they now hold 4.99%. As an institutional investor the cut off for notification is 5% not 3% ( private investor limit). From what I picked up yesterday, JCAM are holding now for the bigger prize as they have got their investment back. There is nothing holding this back once news starts to hit.
What a great company, run by very competent and cleaver management. It get's no better in my book and still so under the radar.

[5chipper] 29/6/2018 08:23

Yep, thanks for all of the feedback guys

[puppymonkeybaby] 29/6/2018 08:23

What an incredible price to buy in at, £40m market cap.

Once funding announced, these should move to £80-£100m market cap, we should be rising sharply here, a seller has given the opp.
Anyone with patience could make 100% over summer.

From presentation, each well they drill they expect 100% payback in 12 months, then it's a cash cow.

Working with this partner for 6 months, this is incredible value, a missed opportunity by market IMHO.

Quality oil opportunity in the UK.

[croasdalelfc] 29/6/2018 08:20

Caters and Showme thanks a lot

[croasdalelfc] 28/6/2018 20:01

They look like sells 2 x 200k - the sooner JCAM sell down the better

[hpotter] 28/6/2018 19:32

I'd like to thank the AGM attendees for their feedback. Really appreciated.

[caters] 28/6/2018 19:05

tgg, your post #2668

....To clarify.... that sounds like 2 dev wells into the main Liberator structure. then a poke into the current contingent resource (Liberator West). Then they put a dev well in there & critically well 3 turns the prospective 47mmbbls to contingent?

On Page 6 of today's presentation, there is an blue square 'DC'. That is the Phase 1 production hub. Two horizontal development wells will be drilled from there. The appraisal well will be vertical and drilled from the orange square 'A3'. This will aid the navigation of a third development well also from DC. I'm not clear on who is to fund the third development well - it may be from cashflow, etc., rather than by the JV partner.

The results from the vertical appraisal well, A3, will allow a new CPR and then, all being fine, a second FDP. This does the maturation of prospective resources > contingent resources > reserves.

I got a distinct impression of NC & GH getting I3E ready for sale, but I may be wrong. The plan *might* be:

* finalise JV funding
* submit FDP1
* drill D1 & D2 - get cashflow but also get an understanding of the reservoir's performance and potential recovery rates (believed by NC to be nearer Blake's 50% rather than the published 35%)
* drill A3
* get CPR then FDP2
* drill D3 (possibly)
* sell

That's just a guess, but big shareholders need to choose their exit point carefully and are maybe best advised to sell earlier rather than later.

[caters] 28/6/2018 17:55

Some large trades have printed. Big money. Hopefully buys rather than sells but it's a bit hard to see if buys or sells. Anyway, it's shares changing hands.

[fsawatcher] 28/6/2018 17:21

you aint gonna get foil until 2020 that obvious innit?

jv deal will kick this back 18 month

this gonna be like ghost town round here

bit like german world cup celebration party innit

ta daddd aa dd aadd a adda daa

[mr. t] 28/6/2018 17:09

Caters, good summary and nice to meet you today.I thought it worthwhile to go to the AGM. Things I got out of it are:- Graham, Neill and team are enthusiastic, competent, persuasive, and have interests aligned with shareholders. - I3e believe they've got a great asset, and they intend to exploit it for shareholders' benefit.- A number of firms (technical auditors, senior lenders, potential JV partners and their advisors) have looked at Liberator and validated management's view of its potential.- The JV discussions have taken longer than expected. Reasons include 30th round award timing, potential JV partner taking longer than they initially indicated, and I3e wanting to do the best thing for shareholders.If you believe i3e will close funding on reasonable terms, submit and get approved an updated FDP, achieve first oil in 2019, and get a good appraisal of Liberator West - then this should be an excellent investment. Clearly closing funding is a big step, I look forward to hearing more about this in the coming weeks.

[showme01] 28/6/2018 14:59

Caters . Good to meet you and well written summary

[thegreatgeraldo] 28/6/2018 14:52

Still happier when a resource is proved by an oily drillbit, but I'm a miserable old git.... as some may have noticed

[thegreatgeraldo] 28/6/2018 14:47

Caters
28 Jun '18 - 14:35 - 2665 of 2666
0 0 0

Appraisal well will be 3rd well of campaign and is vertical. It serves two purposes: a) it will define the top to that section of the reservoir to optimise a third development well, and b) it will confirm or otherwise the geological model. If positive, it will turn the 47mm banks from prospective to contingent resources. ( To then turn those into reserves will involve the submission of a second FDP in addition to the one about to be submitted for Phase 1.)

....To clarify.... that sounds like 2 dev wells into the main Liberator structure. then a poke into the current contingent resource (Liberator West). Then they put a dev well in there & critically well 3 turns the prospective 47mmbbls to contingent?

[begorrah88] 28/6/2018 14:42

Thanks CatersMuch appreciated

[caters] 28/6/2018 14:38

Sorry about the typos - I'll edit them when I get home as I can't do that on my mobile.

[caters] 28/6/2018 14:35

Okay, on train now. Warning: I couldn't hear everything as I am going a bit deaf so I could well have misheard a few items.

BoD were aware of LW at time of purchase of L but clearly weren't singing from the rooftops about it (pre award). Said previous licensees appeared not to have studied the seismic with a wider view (or something along those lines)

Potential JV partners had to be able to fund two production wells as well as an appraisal well.

Terms not disclosable yet but in alignment with previous guidance.

Appraisal well will be 3rd well of campaign and is vertical. It serves two purposes: a) it will define the top to that section of the reservoir to optimise a third development well, and b) it will confirm or otherwise the geological model. If positive, it will turn the 47mm bbls from prospective to contingent resources. (To then turn those into reserves will involve the submission of a second FDP in addition to the one about to be submitted for Phase 1.)

The change in firms doing CPR was due to the first also working for a potential funder and so a second was needed. Another potential funder has also used yet another team to assess Liberator. GH commented that L has now been 3rd party checked many times already.

It's not entirely clear whether the current JV potential partner was the lead contender back in Jan.

The current JV potential partner has been working with i3 for over six months now.

There was no point in announcing a deal prior to the 30th Round award. It wouldn't have made any sense and we all just had to wait for the OGA, frustrating as that was.

It strikes me that the BoD and staff of i3 are working hard at moving this forward as fast as they are able. They (NC & GH) were both extremely knowledgeable and personable too. NC & GH have a lot of skin in the game and GH said how much they wish to avoid dilution. The quality and size of L is the 'currency' that enables avoiding dilution wherever possible.

It looked like some IIs were at the AGM as well as about six PIs. GH & NC were busy talking with them - quite rightly - as we PIs headed off to the pub.

I have a feeling that the JV partner may not be a household name, so to speak, but we'll have to wait and see.

I'll post some more bits & bobs later but I did get a clear sense of purpose and a complete alignment of interests between NC, GH and all shareholders.

Gla, dyor, imo, etc

[caters] 28/6/2018 13:52

I went to the AGM this morning and it was good to meet Graham and then Neill. These guys are so focussed on getting Liberator producing, appraised and proved up.More later but I'm very comfortable with what I have and will be buying more.

[croasdalelfc] 28/6/2018 12:40

iis are waiting until JV is confirmed. gH alluded to this yesterday. They are essentially de risking before investing. Presumably it was discussed during the two week roadshow. JV news in July and iis buy in on any summer weakness.

[cashandcard] 28/6/2018 12:25

A year is a short time frame in this business so I am holding all mine, but I won't be adding anymore until the outcome of the appraisal well is known. Lets be frank, one could move off to pastures new, but the news & activity in the next few weeks and months is substantial and we know there are several catalysts that could take us much higher than current price.


Once details of the JV/Funding are announced, the analyst notes will be out in force and then you'll see a rerate backed by solid fundamentals and industry validation. Why would anyone selloff now when that process is a matter of weeks away? Think about it, subject to concluding this JV, I3E to receive a full carry on Liberator development (to first oil) and Full carry on the Q4 appraisal well of Liberator west - as stated at bottom of todays presentation.


Cash

[begorrah88] 28/6/2018 11:00

I think we may have to wait until some details of the JV are announced as we have no idea what the terms are.

The FOIL moving back a year is a concern as that doesn't really go hand in hand with the previous declarations of urgency and desire to crack on. If that is something dictated by the JV partner then those are the sort of things we need to know

Maybe the seller has known that sort of thing?

[coscos] 28/6/2018 10:54

Think everyone is forgetting the price of oil is still rising which makes i3e's reserves more valuable by the day. I believe once this pesky seller has cleared, these will rebound strongly.