I3 Energy Share Discussion Threads

[pro_s2009] 02/11/2022 07:54

May upgraded to 241m and then August downgraded from 241m to 200m



Assuming the full implementation of the Company's previously announced Enlarged Capital Budget (as announced on 9 May 2022), full-year 2022 net operating income ("NOI" = revenue minus royalties, opex, transportation and processing) is now forecast to be approximately USD 200(1) million (based on current strip), versus previous guidance of USD 241 million, predominantly due to volatile near-term commodity pricing

[edgein] 02/11/2022 07:52

Great update, now exceeding 23,000boepd with the same target of 24,000boepd by year end. Looks easily achievable when you read the number of wells to be cleaned up or tied in for the rest of the year. That includes two long horizontal Simonette wells plus multiple other wells. Almost 10 net wells to contribute before year end:

"The Company remains on track to reach 24,000 boepd by year-end with contribution increases from five gross (3.93 net) Montney and Cardium wells, which are still being cleared up, two gross (2 net) Falher wells recently drilled, tied-in and commencing clean-up and seven gross (3.7 net) recently drilled wells in the Glauconite, Clearwater, and Belly River formations, all of which are expected to be completed and tied-in prior to year-end."

NOI still roughly translates into £153m approx going forward and that's a heck of a lot better than NOI for 2021. With NOI to be mainly focused on growth (we'll see that imo in the 2023 plans) we can all look forward to increased dividends and ops going forward.

This was another highlight as the company keeps on increasing its future upside:

"Additionally, i3 has continued to expand its Clearwater portfolio with the addition of 15 gross (15 net) sections of Clearwater rights within its core operating areas. Upon acquisition of these new lands, i3 increased its Clearwater position by approximately 16% to 109 net sections."

Can't wait to see the reserve audit at the end of this year as the company has met or exceeded expectations on these wells that were focused not only on production but also upping our reserves from 154mmboe:

"On 9 May 2022, following the excellent results of its initially budgeted drilling programme [and forecasted strength in commodity prices,] i3 announced an increase in its 2022 capital budget by up to 100%, to USD 97 million (the "Enlarged Capital Budget"). The Enlarged Capital Budget and expanded drilling programme had dual objectives - to increase production and grow booked reserves while demonstrating the upside from certain strategic assets in i3's Canadian portfolio."

I don't know about you fellas but I'm expecting the Q on Q growth for the last 5 Q's to continue into 2023 and beyond.

Regards,
Ed.

[inever] 02/11/2022 07:46

Comprehensive update. If I3E closes Q4 at 24k boepd it will start Q1 next year 33% up on what it achieved in Q1 this year. That is a very decent rate of growth to consider when forecasting NOI for 2023. The capex plan for 2023 will be very interesting to see.

[cb7] 02/11/2022 07:43

I'll have whatever gooday had..... possibly magic mushrooms in his cooked breakfast.

[goodday1] 02/11/2022 07:36

Just in case you missed it, we had 2 RNs.keep calm and keep collecting the dividend.The market has sellers and buyers.We are very happy with the BoD & i3e progress.Happy, Happy Days to all holders and well done for holding.Reserve upgrade later in the year should impact the share price as well as the North Sea bonus.Gl all

[sporazene2] 02/11/2022 07:34

@jungmana. NOI forecasts are going to fluctuate based on historic actual pricing and strip pricing. This works both ways of course and my personal opinion is that come 2023 guidance strip pricing for gas and liquids will be a lot higher and with 24k exit production and a capital programme to forecast production higher we may be looking at NOI guidance of $250-275m for 2023.

[the patriotic irishman] 02/11/2022 07:31

eh?

I can't remember I3E ever claiming a 2022 year end NOI of $250 million ?

anyway, who cares if it is down $28 million from their last quarterly estimate as they can do nothing about market pricing but (for me) the important bit is their stated 24k boepd production is still on target for year end therefore it looks like 2023 is going to be another bumper year for 'profits' subject of course to world events and that rather unpredictable oil and gas price fluctuations


as for buybacks err NO THANKS

keep paying the monthly dividends (as they are is just fine) and drill baby drill

production = profit 🥳


edit:

increased production = increased profit (inshalla) 😉

[jungmana] 02/11/2022 07:30

the BOD were over optimistic in their initial 2022 NOI forcast of $241m in Q1 which is now down to $170m.They should just focus on growing production and try to be conservative in their NOI forcast

[cashandcard] 02/11/2022 07:26

Very comprehensive update. Excellent operational progress in Canada. 24kboepd look achievable. NOI taking a further slight downgrade, but that will definitely change come next quarter when strip pricing improves.Cash

[sporazene2] 02/11/2022 07:22

Robust operational performance. I am sure eyes will be drawn to a reduction in the NOI but this outside of the companies control. Strip pricing being what it is. Looking forward to updates on the 2023 operational programme and a likely increase in monthly dividend. I think gas pricing going to look pretty different in December.

[jungmana] 02/11/2022 07:22

Is an excellent update but how will the market react to this:"i3's full year 2022 NOI is forecasted to be approximately USD 170 million based on current strip prices. This is a reduction of USD$28 million compared to the Q2 Operational Update guidance and is primarily due to the recent softening of liquids and AECO gas forward pricing. "Traders didn't like the last reduction to $200m

[goodday1] 02/11/2022 07:18

Brilliant & Comprehensive update.My major highlights.- Record corporate production exceeding 23,000 barrels of oil equivalent per day ("boepd") achieved in October- The Enlarged Capital Budget remains on track to deliver peak production above 24,000 boepd before year-end 2022.- Additionally, i3 has continued to expand its Clearwater portfolio with the addition of 15 gross (15 net) sections of Clearwater rights within its core operating areas. Upon acquisition of these new lands, i3 increased its Clearwater position by approximately 16% to 109 net sections.Much more to come from this BoD, well-done i3e.Gl all

[pro_s2009] 02/11/2022 07:05

NOI reduced down from 250m to 200m and now to 172m




· ............Assuming the full implementation of the Company's previously announced Enlarged Capital Budget (as announced on 9 May 2022), full-year 2022 net operating income ("NOI")(1) is now forecast to be approximately USD 172(2) million based on current strip pricing.........

[goodday1] 01/11/2022 19:47

Off-topic but still shares, someone shared this with me and I love this tweet, who would have thought?hTTps://twitter.com/wa7ermelon/status/1587511753105195012?s=46&t=USn9NNikrz71x22sEQcdIwThat is a big bet of big management vs minor Aim.LolGl all

[goodday1] 01/11/2022 17:52

Never mind Trudeau, let us wait & see what happens here on 17/11!Everywhere is shafted with the elevated energy prices & government debt repayment going up & they do not know where to get the money to balance the books.Anyway, it is what it is.Let us see how close the production from the new wells is to the 24K b/d.Brent heading to 2 per cent up on the day & Canada is up 1.299 per cent on thin volume.Gl all

[spawny100] 01/11/2022 17:42

Thankfully I sold KIST at a small loss a while back. It could easily happen here with that WEF lunatic Trudeau in charge imo.

[goodday1] 01/11/2022 16:34

We picked another 32,847 at 16:24:57Let us look forward to 24K b/d very soon.Our thoughts must be with Kist holders. hTTps://twitter.com/garyntrader/status/1587472497007628288?s=46&t=USn9NNikrz71x22sEQcdIwGl all

[gusto01] 01/11/2022 11:57

Q2 we were producing 22kbpd Q3 will exit above 22kbpdWe have coming up: 2 Simonette Wells2 flare Wells fracked and cleaning up2 belly river wells2 clearwater Wells1 Glauconitie well.All these to come on line end of October or thereabout. I guess you can say we should easily achieve 24kbpd, maybe 25/26..GLA

[edgein] 01/11/2022 10:14

Red Rook,

Good point, the new wells should be included into production now (7 in October). Also the winter months also allows them to more drilling areas as they freeze over. From memory that applies to Marten hills etc. MS did let slip what current production was during the Serenity autopsy interview so I'm looking forward to the Q3 and seeing what the drilling plans for the next two months look like ahead of the year end reserves audit.

Regards,
Ed.

[goodday1] 01/11/2022 07:55

Hahaha, that cheered me up.Good Morning.The result will land when they finish gathering all the information.Gl all

[36redhill] 01/11/2022 07:40

To be fair to him. He did say end of October but he didn't say which year.

[goodday1] 01/11/2022 07:27

The Giant, BP just declared its quarterly results.BP have an army to get those results out, grant you, they have a very much bigger production than i3e.Some people say our results are delayed!In more important news I understand we are there about hitting the 24K b/d production.Happy Days.Patience is a virtueGl all

[markstevenkirby80] 01/11/2022 01:21

Same today

[pro_s2009] 01/11/2022 01:19

Decent end to the day....nice to see the offer at 25p again.