I3 Energy Share Discussion Threads

[thegreatgeraldo] 12/10/2018 14:24

Eh? Unconditional options....

[che7win] 12/10/2018 14:21

Nice share options package.

[mr. t] 12/10/2018 08:57

kingivor, weren't you saying on the day of the interims that every minute they came out after 7am was a sure fire sign the JV deal was going to be done on that day, or over the weekend? It didn't work out that way.Just like the last minute interims had no significance, I think the fact it's taking time to appoint a JV advisor has no significance. Apart from investors should expect the funding to take time.

[kingivor] 12/10/2018 08:35

Another day and no advisor appointment is a day nearer the jv completing

[che7win] 12/10/2018 08:33

Like hens teeth to try to buy, a good sign.

[che7win] 12/10/2018 08:25

Tsmith, I agree, we shouldn't be below 100p under the circumstances in my opinion.Frustrating that I can't get a quote, arrrggh.

[tsmith2] 12/10/2018 08:22

we could get a very decent move up today me thinks

[coscos] 12/10/2018 08:21

Could be a decent recovery day here. Worm will turn as news approaches. Mr 5k sell will reverse to Mr 5k buy.

[che7win] 12/10/2018 08:19

Im unable to get an electronic quote to buy any.

[caters] 11/10/2018 23:32

We will hear anything by 18th Oct - a month since the bombshell RNS?

A month would be more than a reasonable time for i3 to allow the potential partner to sort out their 'structural issues' before seriously looking for new partners.

I've put it in bold for the staff from i3 reading this board. Please pass on the message to the BoD. Thanks.

[caters] 11/10/2018 19:58

I'll pass on that, but going back to corgies point, if this is solely a partner issue, why did NC go?

[shorterofdoom] 11/10/2018 19:08

Do you really think that 11MMbls of reserves and 22MMbls contingent which will be converted at FDP will not get funded? Of course it will. This isnt wildcat suggesting billions of barrels, it’s a proven field. By no means a dead duck. Serious opportunity at present

[fardels bear] 11/10/2018 18:57

This is either the top up opportunity of the decade or a dead duck. Trouble is that until we find out either way, nobody knows.

[mr. t] 11/10/2018 18:51

Thanks for the discussion, it's been helpful to read.

[che7win] 11/10/2018 18:33

Corgies, CEO change is not related to funding.

[corgies2] 11/10/2018 18:25

showme / che , I do hope you are correct and I am wrong ,
if the partner is solely responsible for the delay and could sign off once its structural problems were resolved , I don't understand why change CEO now , surely it would have been more appropriate to change when the deal was signed off or when it was completely dead .

[che7win] 11/10/2018 17:50

corgies,
the deal isn't needing to be rescued as such - it can be signed off at any time by the other party and I believe we remain on friendly terms with them.

We are right to insist on the assurances, we have to go down this path. I do genuinely believe that there is a willingness to get this deal done.

The deal is available for the other party to sign at any time. In other words, the door is open.
The interim results have been carefully worded as to ensure that - whilst at the same time we go talk to other parties.

The other party we have been working with will be under a lot more pressure now that they realise they can miss out on a great near term and near ready commerical prospect with significant upside potential.

The other party have intent - "During the exclusivity period, the joint project team formed between the parties constructively refined the Liberator field development plan and appraisal well location and agreed the commercial arrangements underpinning the completion of legally binding agreements. "

If this other party overcomes the "structural" impediment, things will move fast - they know their time is limited imho.

On the likelihood of funding - we will get the funding regardless.

There will be a lot more interest now because we can actively engage for the funding.

Remember that last year, I3E management deliberately limited their approaches in seeking funding. They wanted to secure the Liberator West licence and so were "opaque" on what the prospect was.
From interim results,
"The Company first considered engaging potential farminees in October of 2017. As this was ahead of the 30th Round's November 2017 bid date, i3 remained quite opaque about its intended bid target and limited the number of approached parties given Liberator West's strategic significance to us. Several showed interest and joint venture discussions were advanced across Q1 and Q2 of 2018. "

In other words - the funding net now opens up to a much greater audience than before.

The exclusivity is easy to look at in hindsight, the company we are dealing with made all the right signals. I don't think the market is treating I3E price rationally.

I personally believe this structural blockage can be overcome and a willingness for that to happen.

Things can happen fast, regardless, we won't be delayed imho.

[showme01] 11/10/2018 17:46

Corgies, it is nothing to do with trust. It's internal politics of the other party. i3e are in a far better position now. More advanced FDP and oil north of $80.One way or another, this will be funded in the next 3-4 months max and that is assuming the other JV partner don't sort their internal issues out and complete.

[ziblot] 11/10/2018 17:04

I don't expect a deal anytime soon; always said it wasn't easy raising finance. At the same time, not going anywhere so will look on from a distance. Some posters just dreaming without any idea of what's going to happen.

[corgies2] 11/10/2018 16:46

che ...the big issue is how do we rescue the deal? Do we drop the requirement for assurances ? Whatever the cost of the partners joint working , it will be a drop in the bucket compared to the amount of money required .Exclusivity was a mistake but enough to change the CEO ?
My guess is that it was trust that broke down and the swapping of assurances [ legally binding ? ] for trust may be the only way of reviving the deal . Why would anybody invest 200m with a company who didn't trust them ?

[che7win] 11/10/2018 15:36

caters,
the other party has been working alongside I3E all summer, the team working with I3E DO want to do the deal. They do not want to lose this deal and have been working with I3E in good faith.
Look on it as a restriction due to the internal workings within that other party IMHO.

The fact we are free to talk to other parties now will be a big incentive for that other party to do the deal. They do not want to lose this deal and know what they need to do before we run off elsewhere.

Would you want to lose a deal with payback front loaded as is the case here? It's obvious to me.

Meanwhile, we can go talk to a wider net of potential partners and with a better Brent price than H1, we should get a deal at least as good as before.

IMHO

[caters] 11/10/2018 14:59

My concern is that this deal doesn't really make a lot of difference one way or the other to the current potential JV partner.

There will have to come a point soon where i3 say 'enough' and go public about looking for new partners.

[che7win] 11/10/2018 11:24

showme,
your post makes sense. The JV partner will be feeling the heat to do a deal before competition is opened up.