I3 Energy Share Discussion Threads

[jungmana] 30/9/2019 10:56

Added small with profits from iqai trade. Onwards and upwards

[shorterofdoom] 30/9/2019 10:51

“The poor result from the 13/23c-9 well, which was deemed to be relatively low-risk, exemplifies an inherent risk in the oil and gas business”. Classic extract from today’s interims. S1 will be a duster for this bunch of clowns

[shorterofdoom] 30/9/2019 10:44

My positioning is absolutely none of your business. You should concentrate on how this tin pot company will fund a rig at $436,000 per day once S1 is finished. Massive massive dilution ahead. No alternative

[muddyfox0151] 30/9/2019 10:37

You say you made money after the event ? So show your hold ....

[tsmith2] 30/9/2019 10:33

good buying volume - will move up very nice from here

[shorterofdoom] 30/9/2019 10:31

Hmmm call what exactly? The plain and simple fact they don’t have enough cash to drill A3 after S1. Rig sitting on $436,000 per day. Massive massive placing required to pay for a rig extension

[muddyfox0151] 30/9/2019 10:26

The thing is , he doesn't even call is short ? What your stake ?

[shorterofdoom] 30/9/2019 10:11

The rig programme is t extended to December. It’s the end date on the permitry. The rig contract is for 94 days which will be up at the end of S1 with a couple of days in the bag. They then need to a. Formally agree to extend the rig contract with Dolphin b. Raise a significant amount to cover the $436,000 per day cost of the rig. A3 programme is 40 day plus transit time to location, then back to Norway. You’re talking a massive discount raise of $15m - $20m and extremely likely before S1 results as they can’t wait for another duster before raising

[charlieeee] 30/9/2019 10:11

HBR

To release this RNS on a Monday morning, it would have been with the Nomad on Friday for approval and that was prior to the rig removal.

The expectation has to be that they will release a 2nd RNS to confirm spudding of Serenity.

Surprising that this has not carried on from the recent recovery.

Unlike the previous drill, few apart from recent traders, will be in the money: not the placement shareholders nor the warrants and so sellers should dry up.

I am curious about the disclose of the loan/warrants and about the extent to which warrants may have been sold short, but without either the dilution or cash showing up in the company accounts (if it was happening, of course, that would mostly have been post balance sheet and so minimal effect on disclosure).

Ultimately, the drill bit at Serenity is the next milestone and all else just peripheral noise.

[dancingbear] 30/9/2019 10:06

Thanks for the update!

[alexios1201] 30/9/2019 09:48

No mate rig programme is extended to 31Dec

[dancingbear] 30/9/2019 09:25

Re the 94 day contract how are they going have time to drill Serenity and the 2nd Liberator well in the time remaining. Will it be that they just drill Serenity and then release the rig?

[hairballradical] 30/9/2019 09:06

This is the section that has the key info

...... In order to allow time for i3's technical team to analyse the results from 13/23c-9, update our Liberator modelling, potentially re-permit an alternative surface location for Liberator's next appraisal well, and to minimise standby costs for the Borgland Dolphin (as the Company is on a continuous 94-day contract), i3 is preparing the rig to drill Serenity's SA-01 as the second well in the current drilling programme. Mobilisation operations will commence as soon as the consent to locate permit is obtained from the regulatory authorities and, once drilling begins, the well is anticipated to take approximately four weeks.

Most of it makes sense including the possibility of relocating Liberator wellhead but what I don't get is why if they've released this after the move to Serenity, why they're talking of this as being in the future? Surely this should have been brought up to date before release?

The other point is the the consent to locate permit. Does this give you consent to be in a particular location at sea level or consent to drill at a particular location on the sea bed? If it's the latter then we may still be waiting for the permit?

HBR

[muddyfox0151] 30/9/2019 09:04

Yep good RNS .. still positive besides being deep .

[jungmana] 30/9/2019 08:55

No surprise in that results . Fully funded for the 3 wells costing GBP 32m in total.Total funds raised about GBP 41.5m.Now next rns should be spud of Sa-1 well in a day or 2.Good luck all

[tsmith2] 30/9/2019 08:52

Volume churn over..