I3 Energy Share Discussion Threads

[rumobejo] 20/9/2019 11:04

Sbb1x, you mean 20p?

[flawlesskicks] 20/9/2019 11:03

saw89 - how is that any different from the situation when we were trading at 55p?

All we have done is drill a pilot well - the two main wells are still to be drilled and obviously, if they are dusters then teens but if they strike then £'s. That's oil for you!

Don't risk more than you can afford to lose but I like the prospect of the next two drills! I will remain invested for the results of both.

[begorrah88] 20/9/2019 11:02

Quite clear to see what the market thinks of today's very flakey RNSThey should have been open & honest with the market about why the JV collapsed & why not a single other party wanted anything to do with I3E after visiting their data room.

[hairballradical] 20/9/2019 11:02

Tournesol,

My thoughts exactly. Why wouldn't you always buy and use the latest seismic data? Granted you wouldn't expect too much change but as has been proven, metres out is costly. What on earth data were they using, Long John Silver treasure map? COS more like POS.

HBR

[flawlesskicks] 20/9/2019 11:01

I would look at this as the prudent move? Get as much information as you can and add it to the info you have just obtained and then work on the best way forward. The A3 drill is an important one and having the best location to drill is the most important piece of information. Surely they can't be criticised for making the next decision based on all available info?

While they do this, let us get on with Serenity as it is not linked to Liberator and has a very good upside for share holders.

Market having a wobble again over nothing. We knew they were either drilling Serenity or A3...lol

Personally, I'm very much looking forward to the Serenity drill!

[saw89] 20/9/2019 11:00

It wouldn’t surprise me if the price moves into the teens

[saw89] 20/9/2019 10:56

This is a total gamble now if this throws up a duster the company is totally stuffed.

[sbb1x] 20/9/2019 10:56

Rumbo, looks like you will get your 22p they you kept talking about well done lad.

[tournesol] 20/9/2019 10:53

...The Company has purchased a recently processed 3D seismic data set that will be integrated into its modelling ahead of drilling the LA-03 appraisal well at Liberator. This newly processed seismic has the characteristics necessary to allow an inversion process to be applied, enabling additional interpretation of the channel sand architecture. The processing and interpretation of this new seismic data will be undertaken while i3 is drilling the Serenity SA-01 well and will be integrated with i3's existing mapping to confirm that the planned LA-03 well, situated in the western part of the Liberator structure, remains at an optimal location….

This strikes me as quite bizarre.

If i3 did not have enough seismic data to build a robust and reliable model and to validate by cross referencing to multiple data sets, then why/how on earth did they decide to drill? If they did have enough, then what value will be added by the new data? If the new data was available in the marketplace why on earth didn't they use it? Measure twice, cut once is the basic maxim here. How much time and reosurce will they now invest in the interpretation of the new data and in its integration with the previous data and the derived model? Is 4 weeks enough? Will that activity be done by the same team of interpreters and modellers that did the work previously? Are they effectively being asked to mark their own homework? If Majid has lost confidence in the work of his in-house team (or whichever external contractors did the previous work) then surely he needs to bring in new people to work on the new data.

Sound to me that this is a case of i3 initially trying to wing it by doing the bare minimum of intepretation and modelling and then when the results are disappointing, going into a panic and trying to go back and do what they should have done previously.

The quality of the new interpretation will be compromised by the time pressure resulting from having a drilling rig on contract, having just had a major failure and having either a discredited team doing it, or else new people who are not familiar with the existing stuff. It all seems to me to be a mess.

This is not the way that serious and professional E&P's go about things. This smacks of rank amateurism at its worst.

[flawlesskicks] 20/9/2019 10:42

I have a 70% COS confidence. The sands look good and it looks connected to Tain discovery. Happy enough to wait 4-5 weeks to find out! The next two wells are the company makers. It's oil so is obviously a risk but a low one compared to most!

[rumobejo] 20/9/2019 10:41

tonynorstrom120, well if they don't have the money for 2 drills then it is a wise decision to go after the bigger fish with the money they got, don't you agree? give it a rest boy

[cashandcard] 20/9/2019 10:38

What level of confidence do folk have in Serenity? Is it really a continuation of Tain or just a test of a separate sand next to Tain due to separation by fault?


Cash

[flawlesskicks] 20/9/2019 10:37

They have contingency funds and also the £3million that they are not paying Baker Hughes so they have money if things do take a little longer. However, it is unlikely that this will be the case.

They have enough time at present to get everything done.

[flawlesskicks] 20/9/2019 10:32

Also - anyone having a problem with this being the way forward - what would you have done? lol. I still 100% believe that at £25million market cap and with the quantity of oil being targeted over the coming 10 weeks - this could be an amazing bet!

[tonynorstrom1] 20/9/2019 10:32

Will they have the money to drill the third well. Lets assume a 14 day delay to the program - that’s got to be $3-4m in additional standby charges. And some are saying it could take to the 10th Oct to get the permit which would be more like a months delay.

[flawlesskicks] 20/9/2019 10:27

Seems that way - It was the logical thing to do and many of us were already talking about that being the way forward. Hard to see how they could look over the VSP data and re-map the site in such a short period of time.

Looks like they will be triple checking for the sweet spot while we drill Serenity.

From a management point of view, I think they have very much made the right call there.

[muddyfox0151] 20/9/2019 10:26

Good choice serenity, strike oil , upside from here, bring it on .....

[rumobejo] 20/9/2019 10:26

keep going alexios. As lee, biggib, ci$co, ma$ter and Bel not happy with you...

[divmad] 20/9/2019 10:25

I3e also submitted their application to drill Serenity on Sep 8th and 9th, immediately before the Sep 10th RNS on the pilot well. So it does appear as if i3e quickly decided to go to Plan B on getting the bad news on the pilot well, although not stating their intention publicly until today.

[alexios1201] 20/9/2019 10:23

Thank you DivmadWill check BEIS site in a min

[divmad] 20/9/2019 10:17

Alexis, Petrofac submitted an oil discharge permit on Serenity a few days ago.

[flawlesskicks] 20/9/2019 10:15

Well,Im very much looking forward to the drilling of Serenity. I have looked over the maps and listened to the presentations and it is a very exciting proposition for shareholders! The current share price is already well off the mark imo and serenity is the drill with potential to add £2 to the share price.

Let them get on with it! I imagine we will be heading over to the new location within 10 days and then 28 days to complete the well.

Imo still plenty of time to complete A3 when they have gone over all the data.

[gisjob2] 20/9/2019 10:11

That's the risk of oil drilling, success = big gain, failure = big drop compounded by being second failure.

[jammydodger1] 20/9/2019 10:08

Disastrous if another duster comes up then we're looking at 8-10p