I3 Energy Share Discussion Threads

[costax1654x] 17/6/2021 10:05

2 years ago I lost 20k ...all the profit from that yr in i3e

[spangle93] 17/6/2021 10:02

Thanks Edgein,
I had the higher number like you said, based on $44MM NTM less capex, but was confused a bit by the re-iteration after 7am's RNS's.

[goodday1] 17/6/2021 09:44

Bought twice under 10p today 24954 & 16152It is a gift

[jailbird] 17/6/2021 09:15

EdI love you man So good to gave you and spangle here , I bow to your knowledge

[edgein] 17/6/2021 09:08

Spangle,

Base was calculating it at £1.16m per Q. That is now the bonus special dividend. The yield this year for those that bought at 8-10p should be better as the current financial year will see two additional divis of up to 30% of FCF. That first special divi was generated at lower oil prices and lower base production. They should end up paying more than £1.16m per Q for this financial year, especially with NTM NOI at US$44m Providing the oil price behaves and the company continues to make progress on production they could increase that further.

Goodd,

That would be a very low ball offer given the reserves and production here. Also they think they have 100mmbbls recoverable at Serenity (appraisal) and similar at Minos (exploration). So I'd personally say no thanks to 30p as the share price should really be close to that now that they have a clear road to 10,000boepd from the next few wells. I'm looking forward to holding these for years and getting my original stake back in divis. Its previously been as high as 55p recently on North Sea exploration and its a totally different beast these days. We'll see how the farmout goes and on what terms etc but I'm expecting the share price to be beyond 30p on continued reserve and production growth and North Sea appraisal.

Regards,
Ed.

[goodday1] 17/6/2021 08:56

Who is for a buyout offer of 30p?It is very much possible with all the producing assets we hold.Plenty to come online as well as the FO.

[jailbird] 17/6/2021 08:53

Added again this morning Will buy One more tranche for me , got a feeling as it gapped up this morning , it may need filling before up away again Just my musings on this

[richie32] 17/6/2021 08:49

Well managed company. Onwards and upwards

[spangle93] 17/6/2021 08:40

Sorry to test your patience, basem1, but could you say where your 7% (or 0.65p/sh) comes from? I was trying unsuccessfully to calculate it based on 30% of estimated FCF...



Ref your post 19178, the RNS today says
"On our intention to become a dividend payer, ... we expect to commence returning value to our shareholders by way of a special dividend, with scheduled half-yearly dividend payments thereafter alongside our Interim and Annual Reports

So 2, not 4 distributions a year

[goodday1] 17/6/2021 08:34

Surely our 2 sellers must be running on fumes.Once they are fully out, we will be heading to infinity & beyond.

[edgein] 17/6/2021 08:24

Jung,

Good man, well timed on your buying. Absolutely, head and shoulders above all at the current reserve and production metrics. A lot of unresearched punters still willing to chase high risk explorers instead, they'll learn that lesson the hard way. I guess you're loving page 10 of today's presentation too! $45m spend opens up 18,000boepd.

I really like the serenity page too, 197mmbbls estimated STOOIP if the field averages just 40ft of sands. Estimated at 50% recoverable, up to or just above 100ft expected in some wells. Really looking forward to that appraisal campaign. With the rise in share price cat is starting to come out of the bag.

Regards,
Ed.

[markstevenkirby80] 17/6/2021 08:10

And the rest :)

[jungmana] 17/6/2021 08:06

Best oil company on the market for my money right now Edgein. Added a little earlier this week.I personally believe i3e could be back to 100p over the next 24 month's.

[goodday1] 17/6/2021 08:05

10p cooommmmiiiing

[pretax2] 17/6/2021 08:01

I’m getting a hard on just thinking about the divi.

[edgein] 17/6/2021 07:48

Awesome! Great news today highlighting the value of our reserves and growing production. My favourite part is this:

"Canadian acquisitions and drilling initiatives announced during H1 2021 (including the two above) are estimated to increase i3's NTM NOI to approximately USD 44mm, a 42% increase over the previous guidance which excluded these, and grow production towards 10,000 boe/d."

So another very low cost acquisition today, these guys can't stop it seems.

Divi is gonna comprise of a special dividend of C$2m and 2 further payments of up to 30% NOI for interim 6 months and another for the finals 6 months! So 3 divi payments this financial year. Then two divi payments per year in the future. So we get a little bonus divi first then another around September. Happy days. Gotta check out this new presentation too. Great to see the NOI jump to US$44m.

The reserve reports also shows that around 57% of the current 2P is in the PUD, proven undevelped category, no wonder they have so many developmental drilling locations. Targeting 18,000boepd from south Simonette alone is superb.

Regards,
Ed.

[goodday1] 17/6/2021 07:45

All we need now the FO news, come on i3e & Repsol.Today double digits will be the new base.Onward and upward.

[basem1] 17/6/2021 07:24

650 gbp total for 100,000 shares Paid in 4 instalments

[jailbird] 17/6/2021 07:21

Great news today Special divi in July and another one every interim and full year results Did I read that right ?

[pretax2] 17/6/2021 07:20

Should lite a fire under the shareprice. 🔥

[goodday1] 17/6/2021 07:15

Dividends paidwith the first half-yearly dividend payment expected to be made in September 2021 for up to 30% of i3's full H1 2021 FCF. Upon receipt of a favourable outcome at the 29 June 2021 confirmation hearing, i3 expects to set the special dividend's ex-dividend date for 8 July 2021, with the payment being made in late July.Happy Days, the rerate is upon us.Well done to all holders.

[goodday1] 17/6/2021 07:13

17 June 2021i3 Energy plc("i3", "i3 Energy", "i3 Canada", or the "Company")Operational Update, Production Acquisition, Proposed Dividend and Corporate Presentationi3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to announce the following update.Highlights:· i3 has elected to drill two high-return wells in the Company's producing Wapiti area during July at a net cost of USD 2.1mm, equivalent to 1.3x next twelve months ("NTM") forecasted net operating income ("NOI" = revenue minus royalty, opex, transportation and processing costs).· Executed Letter of Intent ("LOI") (expected to complete in Q2 2021) for a synergistic Cardium and Dunvegan focused production acquisition at Wapiti (currently producing 230 boepd) which, if it was to complete, could deliver NTM production of c.310 boepd after i3 performs six reactivations at a total acquisition and capital cost of approximately USD 410k, resulting in an effective acquisition multiple of 0.6x NTM NOI.· Canadian acquisitions and drilling initiatives announced during H1 2021 (including the two above) are estimated to increase i3's NTM NOI to approximately USD 44mm, a 42% increase over the previous guidance which excluded these, and grow production towards 10,000 boe/d.· A new corporate presentation is available on the Company's website which summarizes the net effect i3's 2021 acquisition and drilling initiatives on its Canadian business.· On 11 June 2021 the High Court of England and Wales approved the draft order to effect i3's cancellation of its share premium account; a "final" confirmation hearing will be held on 29 June 2021 where the Company expects the High Court will confirm the cancellation can proceed, clearing the way for i3 to make dividend distributions to its shareholders.· i3 is reclassifying the previously announced CAD 2mm dividend as a "special dividend" (versus associating it with Q1 2021 cash flow); the Company expects to pay this special dividend upon completion of the abovementioned court proceedings, followed by a payment of up to 30% of total H1 2021 free cash flow ("FCF") alongside the release of its Half-yearly Interim Report in September 2021.· If the Company receives a favourable outcome at the above-referenced 29 June 2021 confirmation hearing, i3 expects to set the special dividend's ex-dividend date for 8 July 2021, with the payment being made in late July. A further announcement will be made once precise dates are known. Majid Shafiq, CEO of i3 Energy plc, commented:"i3 is continuing to deliver on its stated strategy of economics-driven buying or building, dependent on attainable metrics. To date in 2021, i3's WCSB initiatives are expected to materially increase both production and free cash flow, which is expected to directly translate into healthier cash distributions and a stronger balance sheet to pursue opportunities as they arise."On our intention to become a dividend payer, the necessary share capital reduction is nearly behind us and we expect to commence returning value to our shareholders by way of a special dividend, with scheduled half-yearly dividend payments thereafter alongside our Interim and Annual Reports."Wapiti Drilling and Production Acquisitioni3 Energy has elected to drill two wells with a partner at its Wapiti Elmworth acreage at a net cost of USD 2.1mm. Operations are expected to commence shortly and are anticipated to conclude in early Q3 2021. These oil-weighted wells are expected to initially increase i3's production by c.175 boe/d and are estimated to return the full investment in 1.3 years based on current commodity strip pricing. The Company has additionally entered a Letter of Intent to acquire 230 boe/d of Wapiti production, a non-core asset to the seller, whereafter i3 intends to conduct six reactivations to bring NTM production to an estimated 310 boe/d at a total acquisition and capital cost of USD 410k. This production acquisition is expected to complete in Q2 2021.Demonstrated Delivery & Updated Corporate PresentationSince securing its foundational Canadian asset base in H2 2020 through the corporate and asset acquisitions of Toscana Energy Income Corporation and Gain Energy Ltd, respectively, the Company has been very active in the basin. i3 has announced numerous acquisition and drilling initiatives during 2021 but has excluded their effect on the Company's income forecasts in previous announcements. Including the Wapiti drilling and acquisition denoted above, i3's H1 2021 initiatives are expected to increase the Company's NTM NOI to an estimated USD 44mm, a 42% increase over the guidance announced on 5 May 2021, and are expected to see i3's production surpass 10,000 boepd in H2 of this year. Though i3 sees these additions as incremental, they are meaningful when taken together and place the Company in a stronger position to grow via organic development opportunities or through substantive transactions at such time as opportunities arise which meet i3's strict acquisition criteria. To date, i3 has been able to capture its entire Canadian portfolio at an average of 1.0x NTM NOI (from June 2021) and USD 4,557/boe/d. The directors believe these are exceptional metrics in the context of the market.i3's acquisitions have garnered various Proven Undeveloped (PUD) and/or Proven plus Probable (2P) development opportunities. Though several highly prospective projects exist within its portfolio, the Company highlights the upside potential of its recently announced South Simonette Lower Montney acquisition from Anegada Oil Corporation, which shows a path to over 18,000 boe/d and USD 1B+ in NOI from that asset alone. With a 99% operated interest, i3's South Simonette acreage presents a company-making opportunity which can be unlocked through either farm-down or internal capital allocation. i3 has a number of similarly attractive and material development opportunities in its portfolio including its Clearwater position at Marten Creek and its Montney play in North Simonette, in addition to redevelopment options of mature production assets via secondary recovery and infill drilling. An updated corporate presentation is now available on i3's website (www.i3.energy) which summarizes this position.Maiden Dividend and Future DistributionsHaving strategically acquired a large production package at the bottom of the market in 2020, the Company's assets have outperformed the directors' expectations. As a result, i3 is reclassifying its previously announced dividend of CAD 2mm (initially associated with Q1 2021 FCF) as a "special dividend" which will be paid if the court proceedings to cancel i3's share premium account are successful. The final confirmation hearing in the High Court of England and Wales is currently scheduled for 29 June 2021. Thereafter, scheduled half-yearly dividends will be paid alongside the Company's release of each of its Interim and Annual Reports, with the first half-yearly dividend payment expected to be made in September 2021 for up to 30% of i3's full H1 2021 FCF. Upon receipt of a favourable outcome at the 29 June 2021 confirmation hearing, i3 expects to set the special dividend's ex-dividend date for 8 July 2021, with the payment being made in late July.END

[basem1] 17/6/2021 07:11

0.65p per annum

[basem1] 17/6/2021 07:10

It's 7% work it out from there

[goodday1] 17/6/2021 07:10

17 June 2021i3 Energy plc("i3", "i3 Energy", "i3 Canada", or the "Company")i3 Canada Ltd YE 2020 Reservesi3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to announce the 2020 year-end reserves for its subsidiary i3 Energy Canada Ltd. i3's independent reserve report (the "GLJ report") was prepared by GLJ Ltd. ("GLJ") in accordance with standards contained in the Canadian Oil and Gas Handbook (COGEH) and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") with an effective date of 31/12/20. Highlights · The Before-tax Net Present Value of cash flows attributable to the reserves, discounted at 10%, is USD 97mm for the Proved Reserves ("1P") and USD 183mm for the Proved plus Probable Reserves ("2P"), indicative of the numerous economic development opportunities in the Company's portfolio.· Proved Producing Reserves are 17.51 million barrels of oil equivalent ("mmboe"), representing 55% of all 1P Reserves and Proved plus Probable Producing Reserves are 22.83 mmboe representing 43% of all 2P Reserves, indicative of relatively low risk reserves.· Top-tier, low-decline asset base as exhibited by projected first year declines of 13% on a 2P basis. Actual observed declines since i3's acquisition of these assets are significantly below this projection.· The Company's Proved plus Probable Reserves are comprised of 62% natural gas and 38% oil and natural gas liquids ("NGLs").· The forecast commodity pricing assumed by GLJ as at 31/12/20 is materially below that used for the 30/6/20 evaluation and today's forward strip price curve. The change in Proved Producing reserves of 1.8 mmboe from 30/6/20 to 31/12/2020 is principally due to the 1.7 mmboe produced across that 6-month period. The tables below outline GLJ's estimates of i3's reserves at 31/12/20.I3 YE 2020 - Reserves VolumesReserves CategoryCompany Working Interest ReservesOilMbblNGLMbblGasMMcfTotalMboeLiquids WeightingProved Producing2,3654,35564,73317.50938%Proved Non-Producing37539314,0853,11525%Proved Undeveloped1,6402,21543,57011,11735%Total Proved4,3806,963122,38831,74136%Probable Producing8141,31719,1225,31840%Total Probable4,3974,59274,00521,32342%Proved plus Probable8,77611,555196,39353,06338% I3 YE 2020 - Reserves Volumes and ValuesReserves CategoryCompany Net Reserves Pre-Tax NPVPost-Tax NPV OilMbblNGLMbblGasMMcfTotalMboeLiquids WeightingDiscount Rate 10%$M$MProved Producing2,1943,76062,21216,32336%62,88652,217Proved Non-Producing33232213,0072,82223%11,5508,868Proved Undeveloped1,5702,02241,46810,50334%22,17514,265Total Proved4,0966,104116,68729,64834%96,61275,350Probable Producing7241,19518,6105,02138%20,11216,060Total Probable4,0484,07970,62219,89741%86,21263,579Proved plus Probable8,14410,183187,30949,54537%182,824138,929 Notes:(1) The Company is not in a tax paying position due to Canadian tax loss pools.(2) "Net" reserves mean the Company's working interest share after deduction of royalty obligations.(3) USD/CAD of 0.826 used to convert GLJ's reported Net Present Values from CAD to US. Forecast Prices Used in EstimatesGLJ has employed the 3 Consultants Average ("3CA") forecast prices in the GLJ Report, being the average of the forecasts of GLJ, McDaniel & Associates Consultants Ltd and Sproule Associates Limited. The 3CA forecast prices, exchange rate and inflation (2% post 2035) assumptions as at 31/12/20 are tabulated below.Canadian Light SweetWestern Canada SelectAlbertaAECO-CPentanesPlusButanesPropanesInflation RateExchange Rate40° APIWCS 20.5 APISpotFOB EdmontonFOB EdmontonFOB EdmontonYear(CAD/bbl)(CAD/bbl)CAD/mmbtu(CAD/bbl)(CAD/bbl)(CAD/bbl)(% / year)(USD/CAD)202155.7644.632.7859.2426.3618.180.00.7683202259.8948.182.7063.1932.8521.911.30.7650202363.4852.102.6167.3439.2024.572.00.7633202465.7654.102.6569.7740.6525.472.00.7633202567.1355.192.7071.1841.5026.002.00.7633202668.5356.292.7672.6142.3626.542.00.7633202769.9557.422.8174.0743.2427.092.00.7633202871.4058.572.8675.5644.1427.652.00.7633202972.8859.742.9277.0845.0628.232.00.7633203074.3460.932.9878.6245.9628.792.00.7633203175.8362.153.0480.1946.8829.372.00.7633203277.3463.393.1081.8047.8229.962.00.7633203378.8964.663.1683.4348.7830.552.00.7633203480.4765.953.2385.1049.7531.162.00.7633203582.0867.283.2986.8050.7531.792.00.7633Majid Shafiq, CEO of I3 Energy plc, commented:"With Producing Reserves representing a relatively high proportion of Proved and Probable reserves and performance even better than the predicted top tier decline rates, this demonstrates the low risk, high quality nature of our portfolio".