I3 Energy Share Discussion Threads

[jungmana] 26/11/2019 05:23

What value for serenity which is completely independent of liberator;Majid Shafiq, CEO of i3 Energy commented:"The discovery of the Serenity oilfield, a potentially very large oil resource, is a transformational event for i3 Energy plc.We now have proven oil in a second structure on our licenses. It is the culmination of three years of detailed geological and reservoir analysis and validates our regional model for the Liberator and Serenity oilfields and neighboring structures. We will now integrate data from the 13/23c-10 well into our geological modelling as we develop an appraisal and development plan for Serenity, which we believe is connected to the undeveloped Tain oilfield.

[glavey] 26/11/2019 04:59

"A no brainer at 30p imo."

Handy for you then, Phil.

[jungmana] 26/11/2019 04:41

The leak by a mole was this liberator well was a duster like the first pilot well and happens the mole was wrong.They found oil but had to rush an rns without completing the logging as were forced to . The preliminary results is very similar to the results of the original well drill by Dana petroleum. Imo the share price should be a lot higher as we waite the final results.We also already have an exciting find in serenity which is worth multiples of today's market cap.A no brainer at 30p imo.

[tsmith2] 25/11/2019 22:44

Genius. Give the lad a biscuit Is such a fall remotely merited is the question? By How much is the sand thickness less? The numbers we have is 50 feet of relief sands was expected but one would suspect not 100% of relief sand would have oil.The market is pricing Serenity at next to nothing.

[nametrade] 25/11/2019 22:38

molatovkid.

Facts....from the RNS

Majid Shafiq commented "We are pleased to have encountered a thick Captain sand at this location including oil indications in the upper Captain sand above the oil water contact.Initial interpretation is that the sand thickness above the OWC is lower than anticipated.Definitive results will be determined and the market updated in due course."


As I said......MY TAKE is that if he says

Initial interpretation is that the sand thickness above the OWC is lower than anticipated

then its not as good as they were expecting..

[molatovkid] 25/11/2019 22:32

In the oil industry, if there's oil, there's usually a way.
Financing gets easier I would have thought.

'This well result is not as good as they were expecting therefore funding is going to be a problem.'

How do you know what they were expecting?

Their own website said 24 feet had been found previously, todays news isn't that much different. So let's concentrate on facts not what we think the board think

[jimmy143] 25/11/2019 22:20

so it's worthless?

Billions worth of stuff underneath and it's worthless.

what else can you tell us?

Maybe you could tell me what comes out the other side of black hole e.g singularity?

[nametrade] 25/11/2019 22:12

My take is that they were already up against it regards funding.
This well result is not as good as they were expecting therefore funding is going to be a problem.
Serenity is not worth much if you cant afford to get it out the ground. Not in a great position regards negotiations....
A shame...

[honestmarty] 25/11/2019 22:03

Molatokid

Hold your horses.

We need to see the wire logs, before knowing net pay.

It could be more!!!

[molatovkid] 25/11/2019 22:00

From the i3 energy website:

'Located in Blocks 13/23d and 13/23c, Liberator was discovered by Dana Petroleum in November 2013 with well 13/23d-8.

It is immediately adjacent to the Blake Field and only 2 km from Blake’s producing drill centre.

Liberator was found to have 24-feet of net pay at the top of a 316-foot thick high-quality Lower Cretaceous Captain Sands reservoir with super-high permeability greater than 2 Darcy’s. The reservoir was fully logged with extensive fluid sampling and PVT analysis proving the 30.3° API, 1.9 cP discovery shared similar fluid properties as the immediately adjacent Blake Field.'

So 20 foot today is not that different from found previously.
The Blake field produced 98 million barrels

[gisjob2] 25/11/2019 21:03

Coin flip tomorrow !

[tidy 2] 25/11/2019 20:31

It was a preliminary RNS rushed out. An oil shows RNS

[tsmith2] 25/11/2019 20:23

If I was rockrose energy I would try a cheeky bid at 50p.. Serenity itself is worth considerably more

[tsmith2] 25/11/2019 20:22

the fall came before the announcement?

[gisjob2] 25/11/2019 20:12

There is no way this can be classed as a discovery from this RNS. 'Oil Indications' are not a discovery, it's quite possible to have 'oil indications' without having any quantity of oil and then there is the issue of whether it flows and the quality even if there is enough to make it worthwhile.

This isn't to say it won't be a discovery but that facts at the moment are that 20ft is much less than expected, 'oil indications' do not represent any quantity of oil whatsoever and doesn't mean it's enough to be developed or even flow.

Another RNS is needed to confirm this, but without anymore detail, carefully chosen words like 'oil indications' and the massive drop in price tend to indicate a negative result and should be a concern to holders.

[captain stock] 25/11/2019 20:05

i3 Energy sold off hard today moving from 37-38p in early morning trading as low as 19p in late afternoon trading as fears that the Liberator Well 13/23c-11. was a duster.

At 4.20 pm the company finally issued a long-awaited RNS to tell shareholders what on earth was happening.

“i3 Energy plc, an independent oil and gas company with assets and operations in the UK, announces its initial data regarding Liberator Well 13/23c-11. The 13/23c-11 well being drilled by the Borgland Dolphin rig on i3 Energy's 100% owned Liberator Field has reached total depth (TD) in the Valhall shale as planned. The well has drilled approximately 220 feet measured depth (MD) of sand in the Captain reservoir. Initial evaluation of the Measurement While Drilling logs indicate that, at this location, circa 20 ft MD of the Captain sand with oil indications has been found above the expected oil water contact (OWC) of 5270 ft total vertical depth subsea (TVDSS).Wireline logging will now be carried out as per the planned data evaluation programme.

The Company will provide further updates once it has acquired and analysed wireline logging data."

Majid Shafiq commented "We are pleased to have encountered thick Captain sand at this location including oil indications in the upper Captain sand above the oil-water contact. Initial interpretation is that the sand thickness above the OWC is lower than anticipated. Definitive results will be determined and the market updated in due course."

I3 Energy Nov 25 2019
The shares closed at 25.4p, a 35% decline on the day. Did the news justify the drop? So the well encountered a thick Captain sand, above the OWC, oil-water-contact. I3E had a similar catastrophic drop before the recent Serenity well discovery, where the shares fell as low as 17p, before rebounding over 40p on October 29th.

The company will have been forced to issue this late afternoon RNS and would have rather told the market the news after wireline logging as this is key to inform what the quality of the find is - quality of sands etc.. It is clear, however, that the Liberator Well 13/23c-11 well was not the feared duster. How significant the find is is unknown until the logs are back and analysed.

With a 35% drop today, the share price was well oversold on a combination of fear and doubt. I am wondering if Lombard Odier were the main culprits for the sale or another classic AIM leak.

There seems to be a lot of debate about the news from today’s rushed out RNS.

You don’t do wireline logging on a duster, you plug and abandon

We are pleased to have encountered a thick Captain sand at this location including oil indications in the upper Captain sand above the oil-water contact.

It’s a very early RNS, wait to see what logs show. 20 ft oil shows can be very significant. This is the edge of the field too and Tain flowed 2750 bopd from a 5m sand, measuring the extent of the field. Maybe less than they expected but doesn’t look like bad news. Doesn’t justify 20-25p.

A hell of a ride, just like Desire Petroleum and Rockhopper in the Falklands drilling campaign. Holders will see, but I was buying at the close today in anticipation of positive news from the logging.

[tidy 2] 25/11/2019 20:03

Tain flowed 2750bopd from 5ft interval in captain sands next door to I3E's 20ft pay interval announced today from prelim results.

[jungmana] 25/11/2019 20:03

The company was forced to release the rns but imo once all logging is concluded this could be a significant find

[jungmana] 25/11/2019 20:02

The company will have been forced to issue this late afternoon RNS and would have rather told the market the news after wireline logging as this is key to inform what the quality of the find is - quality of sands etc.. It is clear, however, that the Liberator Well 13/23c-11 well was not the feared duster. How significant the find is is unknown until the logs are back and analysed.

[tidy 2] 25/11/2019 19:25

hTTps://www.offshore-mag.com/drilling-completion/article/14069549/north-sea-serenity-well-finds-oilreservoir quality is expected to be equivalent to that seen in the Tain wells, one of which (13/23b-5Z) tested at an estimated 2,750 b/d from a 5 ft (1.5 m) interval in the Captain sand