I3 Energy Share Discussion Threads

[5chipper] 03/6/2018 21:19

Guess they may need a bit of working capital in the interim period before first oil.

Any funding would, i imagine, be ring fenced for drilling etc and not to be used by the company to cover overheads

[caters] 03/6/2018 21:06

My guess is that Scotty is right and a placing is coming up. Why else do a roadshow?

A placing to fund operations because no one else with partner with I3E = bad

A placing in parallel with the JV funding = good (actually, great)

I suspect the latter.

[caters] 03/6/2018 20:30

@begorrah

re post #2176

21 days, I believe... so watch for an RNS on Wednesday this week ;)

edit: The other way of doing it is to have the placing with say, 10,000,000 new shares being covered by existing authority and the rest of the placing subject to approval at an EGM in 21 days time with one item on the agenda. That way no 21 days' notice before the placing is needed....just approval after the event.

dyor, imo, etc

[showme01] 03/6/2018 20:22

;-)....what a tool. Funny though.

[underdog1] 03/6/2018 16:53

Beat me to it showme :)

[underdog1] 03/6/2018 16:52

Chris oil is a charlatan and a proven fraudster. Google his name if you fancy a laugh this afternoon.

[showme01] 03/6/2018 15:51

I agree but when they would have started negotiations for the $200 facility oil was more than a couple of dollars lower. As I concluded, I doubt they would. Scotty, I think if the right institutional investors wanted a bit of i3e, the company can raise about 10 million shares and I think it is 10% per annum ongoing so long as it doesn't get voted down at the AGMs. I would be quite happy to see £15-20m raised at £1.50-£2 post funding for a longer term investor. When I have spoken to GH, he did say that any future placing would be to institutional investors who will invest rather than flip the trades for a profit as the company will be in a far stronger, investable position once the outcome of funding and the 30th round is known.

[haideralifool] 03/6/2018 15:26

showme, I'll bow to your superior knowledge on II thought processes, but as a layperson, I can't see II's being swayed about project funding terms due to POO movements of a couple of dollars either way.

They'll have their view surely about oil on a short-term, 5 year and 10 year basis and that would likely only change if there was some structural change in demand/supply.

[begorrah88] 03/6/2018 15:25

I hope he is right but I'd agree with Scotty re chrisoilAnother consideration, with the AGM on the 28th, is how long would shareholders have to be notified in advance of anything requiring voting on?

[chopsy] 03/6/2018 15:18

Scotty, how to "source and capture"..... Is it by buyout(takeover), farmin, or what. Presumably company strategy is confined to UKCS? Is that right? Seeing as we only had one target and got it, it is conceivable we are already considering targets for R31, which kicks off later this year, covering other parts of UKCS.

[scotty666] 03/6/2018 15:16

Just to add Chrisoil is a complete moron fwiw.
Thanks

[scotty666] 03/6/2018 15:09

Wouldn't hurt to raise some funds, bring institutional investors on board and strengthen the balance sheet. Also if I was going to JV / fund up to $200M I would want my partner to be financially robust - with the 30th round awarded any roadshow / placing will be much more likely to yield strong support.

From Final Results;

The Company continuously evaluates opportunities to strengthen its balance sheet whilst maintaining tight control of its costs and working capital position.

The Company's focus for the remainder of 2018 will be on 4 key areas:

......4 The sourcing and capture of accretive development and production assets, and consideration of transactions that enhance capital efficiency.

[chopsy] 03/6/2018 14:56

Show me I hope you are right!

[chopsy] 03/6/2018 14:53

"Engaged AGR Tracs International Limited ("AGR") to conduct an independent assessment of i3's 30(th) Round application target with the resulting report attributing 22MMBO 2C Mid-case Contingent Resources and 47MMBO Mid-case Prospective Resources to the asset"

Add to these the 11.7m 2P reserves we already have and that is over 80m barrels, including 2P, 2C, contingent and prospective. As we mature all that and more to 2P over the forthcoming drill programme, the value of the oil in the ground increases to at least $16 per barrel. Do the math. There are nearly two barrels per share atm.

[showme01] 03/6/2018 14:48

Chopsy, nearly all the negotiating for the loan was done prior to the 30th round announcements imo. It's about crossing i's and crossing t's and that should only take a week or two imo. I work in corporate finance and have a reasonable understanding on how long these things usually take but with saying that they can also drag on a bit especially if i3e are trying to renegotiate terms due to the rise in oil recently.
I doubt that though as oil as been rallying of a bit now and i guess those factors would have been taken into consideration.
As you say, we will soon know early next week!

[chopsy] 03/6/2018 14:46

o Arranged and entered into a financing agreement with an i3 investor to fund the Company's 30(th) Round work commitment (c. US$14 million appraisal well and seismic programme)

o Advanced Joint Venture discussions with multiple industrial partners relating to i3's Liberator development and 30(th) Round target, with indicative commercial interest received for a full carry on a multi-well development with potential capital commitment estimated to be US$200 million.

More likely just the former will be announced or even not announced, as it has been announced in the results. It's enough to go on the road show, but it's not what we are all waiting for.

[chopsy] 03/6/2018 14:39

Well worked out. It's a logical conclusion. Very exciting if it is true. But it seems a bit early for funding completion, so I'd only give it 50:50. It does however explain the steady tick up Friday afternoon. We'll all know at 7a.m.

[showme01] 03/6/2018 14:34

What Chris is saying is that he is not an insider to i3e so he does not have to keep this information confidential. If they are doing a road show, it will to high net worth investors and institutions. Watch the share price fly if that is the case. I think i3e are banking on quite a few selling on funding news. It will also wipe out all the JCAM converted loan notes too.
I know they are looking to attract cornerstone investors.

[caters] 03/6/2018 14:33

What's the purpose of the road show then?

[rosedale1] 03/6/2018 14:12

Funding released before road show,

[fardels bear] 03/6/2018 14:08

I'm sorry. I've read that last post four times and I still don't understand it.

[showme01] 03/6/2018 13:34

Chris Oil Blockchain

@chrisoil

#i3energy on a two week roadshow next week in the city not been made inside yet so to all the retail ramping

·



Chris Oil has tweeted that i3e are on a 2 week road show in the city next week . GH did say that they would be heavily promoted i3e once the results of the 30th round were known and the funding was in place. RNS Monday maybe? #i3e

[showme01] 03/6/2018 06:35

I may well be wrong, it was just some rational as to why they would want to appoint another broker at this stage and especially that Canaccord Genuity Group Inc. is the largest independent investment dealer in Canada. Graham Heath is Canadian and his family still live there so it is always possible that he will do his role mainly from Canada and having a broker in the same country could be another reason behind it.
I don't think it makes any real difference, the prospects here in the short and medium term are huge.