I3 Energy Share Discussion Threads

[showme01] 24/1/2018 22:01

Look at the time of my post....

[euclid5] 24/1/2018 20:38

you call 35k shares large!

[showme01] 24/1/2018 07:45

2 large buys just before close. Good to see that while City Financial are reducing their position, someone else is increasing theirs.

[currypasty] 23/1/2018 13:04

sold just over half a mil, over three mil left

[zengas] 23/1/2018 12:54

I expected this was were the supply was coming from. In the scheme of things they don't have that many given the small free float anyway.

[euclid5] 23/1/2018 12:34

Think you will do very well with your holding showme

Yes agree, City Financials policy is to reduce holding after IPO, so doesn't worry me here

[showme01] 23/1/2018 09:41

Euclid. It is always hard to call with institutional investment. Maybe they were hoping for a far quicker drill fund raise and they could cash part or all in. In the same boat as us PI's but I can afford to sit on my investment. Fund managers have a different attitude to risk and return and don't like uncertainty. They have got to be far more cautious.
I am still confident and even bought some more yesterday at 31p. Holding 235k now.

[euclid5] 23/1/2018 09:37

City Financial reducing their stake

[zengas] 18/1/2018 13:56

Div
Igas have 122m shares in issue and at 101.5p = £125m m/cap.
Debt $30m with cash of circa $20m and net debt at circa $10m (June 2017)
Their 2P is 12 mmboe.
Production to half year 2017 was 2326 boepd and looking to exit 2017 around 2300-2500 boepd.

While Igas are carried for shale explo it's still early days but you could possibly get a similar value for HNL in due course depending on how it's structured when it comes back to market.

In my previous post 175 specific to i3e - i've gone for a £90m valuation and 150p price target here allowing almost 2.5 times as many shares as now.

11.7 mmboe 2P (10.7 being oil). Subject to expected success, production estimated for 5k then 10k boepd which would be 2 and 4 times that of Igas and thus pay down any debt we raise much quicker with the potential of that 2nd field which could change the future upside signifcantly.

[divmad] 15/1/2018 17:38

My mistake. I should have said 12mn 2P reserves, and 19mn 2C also. Better.

Quite right, Zengas. They passed on Duyung for whatever reason and opted to concentrate on the Dutch N Sea gas sector instead.

The Tullow deal may involve up to 20mn Euros in contingent liabilities depending on the likelihood of any well abandonment costs but none is payable until 2019 at the earliest and all payable out of cash flow generation.

My take on their delay in re-listing is not because of this deal - it has already closed and is generating cash flow. I think they are eyeing another deal whilst they can still access the ENGIE funding facility until March 31st.

Sorry for the O/T guys.

[showme01] 15/1/2018 16:20

At least i3e have secured at least one of their assets and have bided for second which they should stand a good chance of winning due to its location to the existing asset. The first drill needs funding only at this stage as cashflow from the first drill will support the second drill.
I'm sure they have more than one option due to the price of oil and time to first oil so lets see how this plays out.

[che7win] 15/1/2018 15:54

To compare SAVP in Nigeria with here, well, I wouldn't be interested with the added political risk.I've been there with TPL, I look for stable places now to invest.

[zengas] 15/1/2018 15:31

It's Hague and London (HNL), the same company who were acquiring the Duyung PSC in September 2015 and failed to sort it out which then went to to Conrad and brought early success to EME last July. The acquisition is gas assets and may cost 30m euros to be paid over the next 3 years. This acquisition seems to be going on nearly as long as their previously intended Duyung target.

[debeege] 15/1/2018 11:40

hi Divmad, do you mind saying who that company is? SSE? Thanks all the best

[zengas] 15/1/2018 06:19

Good for you Div. I didn't use a 2C valuation.

[divmad] 14/1/2018 21:52

Oh. In that case, I'll go with a N Sea gas company, currently suspended but being readied to re-list with 24mn shares out, 2600 bopd, MC on suspension £2.4mn, 12 mn 2C reserves, no debt,.....and I'll gladly take your $12/bl 2C valuation yardstick.

[zengas] 14/1/2018 18:09

Div - Two totally different companies and areas. I wouldn't make a comparrison because there is none, nor try to square it as you say.

[divmad] 13/1/2018 21:37

Zengas,

You are using a value of 2P reserves here of $12/boe, which you say is conservative given I 3's presentation numbers.

How do you square that with SAVP's acquisition cost of its 2P reserves at $3.04/boe?

It makes me want to simply concentrate on SAVP to the exclusion of anything here, or elsewhere.

[showme01] 12/1/2018 08:24

Scotty I agree. It's not a bad thing as without some selling, there is no liquidity. Allows new shareholders to take positions.

[scotty666] 12/1/2018 08:20

euclid - My guess is city financial letting a few more go, they have been quite steady in providing a little liquidity to the market > 30p - 35p range.

[euclid5] 11/1/2018 21:29

was that a sell of 200k at 30p, considering the bid was 30p for some part of the day, but also 30.5p on the offer, so hard to say but could of been a buy also!

[euclid5] 11/1/2018 21:22

Thank you Zengas for your response - yes it makes sense - just thought if they will require to raise the other £25m capex for the 2nd H Well costs along with the first one -

I do see huge NPV value being created here also.

Was there a risk on the basis of the well may have to stop producing in 2024 subject to the other field still producing or if i3E producing more than 22mmbls - I recall in the CPR - recall posting it here in an earlier post the extract that is.

If their other field if one in the 1Q18 can produce 22mmbls 2C & Liberator is worth £250m on 11mmbls - 22mmbls is another £500m - so near £750m NPV - we can all do the maths as to what potential the NPV /share could be even with an extra 100m shs plus existing 26m.

Surprised they haven't raised this all on reserve based lending, considering it's appraisal well with such a high NPV - 5 x capex at £50m

[che7win] 11/1/2018 16:04

Purchased 18404 shares here, like the potential.