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Share Name Share Symbol Market Type Share ISIN Share Description
I3 Energy Plc LSE:I3E London Ordinary Share GB00BDHXPJ60 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.25 1.91% 13.35 13.35 13.90 14.35 13.35 13.55 5,822,234 16:29:55
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 13.0 10.6 3.8 3.5 143

I3 Energy Share Discussion Threads

Showing 21751 to 21775 of 23525 messages
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DateSubjectAuthorDiscuss
07/7/2021
16:47
Edgein You mention a couple of times "I could see this at least doubling our divi" Unless I'm mistaken, you mean the pot available for dividends (30% of FCF, which is as a result of the new production, significantly higher). 80% increase in production, roughly the same oil/gas split of boe. But they've issued a huge new tranche of shares too, so I don't see the divi/share changing much. Have I interpreted you correctly, or do you actually see dividend/share rising? Also, in their twitter, they announce "NTM production 18470 boepd (47% oil and NGLs)" Do people think that is the genuine NTM average, including decline over the year, or the start point of the NTM?
spangle93
07/7/2021
16:27
7th July 2021 i3 Energy to expand Canadian production as it agrees on asset acquisition The company continues to build and grow material and diversified production business, highlighted chief executive Majid Shafiq. i3 Energy PLC - i3 Energy to expand Canadian production as it agrees to asset acquisition i3 Energy Plc (LON:I3E, TSX:ITE) has inked a C$65mln deal to expand its footprint in Central Alberta, acquiring assets producing around 8,400 barrels of oil equivalent per day from Cenovus Energy Inc. As well as strong free cash flow, the deal is expected to deliver extensive operational synergies, predictable low-decline production, and a large reserve base with multi-year development inventory. It is raising £40mln to support the transaction, via a share placing and a retail offer via the Primary Bid platform. After an accelerated bookbuild process, the company confirmed that it will issue 363.7mln new shares at a price of 11p per share, marking just a 3% discount to the 15-day average closing price. "We continue to execute on our business plan which is to build and grow a material and diversified production business through the most efficient deployment of capital, whether that is through exploitation of opportunities within the company's existing portfolio or through accretive acquisitions such as this one,” said chief executive Majid Shafiq. Ryan Heath, president of the i3 Energy Canada subsidiary, added: “i3 Canada is extremely pleased to have entered into the acquisition from a top-tier veteran participant of the Western Canadian Sedimentary Basin. “The inherent synergies of the transaction, being immediately evident and robust, will most certainly expand with time to further enhance field efficiencies and cash flow throughout our central Alberta core area, to the benefit of the company and its stakeholders." As part of the transaction, i3 has entered an escrow agreement with Cenovus. It is paying C$65mln (US$53.7mln) in cash for the package of assets. The acquired assets include production of around 8,400 boepd, of which 51% is oil and natural gas liquids (NGLs), and, 79.5mln barrels of proved and probable (2P) reserves valued at US$193mln. Along with an inventory that comprises 140 future drilling locations plus 80 potential well reactivation opportunities. Altogether the inventory spans some 212,000 acres. Also included are some 1,140 kilometres of pipelines and key processing facilities. In conjunction with the existing i3 portfolio in Canada it means that production is expected to grow by around 84%, to 18,470 boepd, which will see net operating income rise 70% to around US$75mln per year. The placing will see new shares sold to institutional investors, with the process run by brokers Tennyson Securities, WH Ireland and Canaccord Genuity. It is not underwritten. At the same time retail investors will be able to buy new shares at the same level as the placing price, via Primary Bid. I3 noted that the acquisition and the equity raising will be subject to shareholder approval, at a general meeting slated to take place on July 28....extract - Proactive Investors article today.
alistair4444
07/7/2021
15:06
Rather funny if I can buy below the bid price.
fandagle
07/7/2021
14:30
Picked up 50,000 at 11.9 ish . You can buy below the offer price
imjustdandy
07/7/2021
14:30
Aim following the Canadian pre-market.Let us see how long to stabilise it over the other side of the pond.
goodday1
07/7/2021
14:13
Canadian market open soon interested to see how TSX responds to today's News, hoping for a retrace upwards once all the dust settles. Should of could of sold at 16p, whatever wasn't selling anyhow and here for 30p range, built up a good holding and willing to be patient. GLA
muddyfox0151
07/7/2021
14:01
Ah yes! Got you now! Thanks Edgein Regards
source
07/7/2021
13:56
Cash, Yes, that will depend on their planned expenditure on the new assets. But as their NTM NOI has increased from US$44m to US$70m then the dividend is likely to be bigger as a result of today's increase in production. I can't see the vote going against this transaction either, cause when the assets are worth $193m and they get them for around £40m that's a good deal. Regards, Ed.
edgein
07/7/2021
13:06
The question now is FCF. 30% of FCF to divi's - that will surely mean a revision to what they expect to payout over the NTM. May not impact the spec-divi but will the interim and final is my guess. Cash
cashandcard
07/7/2021
12:58
Source that's largely my point! At the current cap of around £130m the reserves are valued at just £1/boe on the basis of 132mmboe 2P. Way too cheap! At £500m cap (50p per share ish) that rises to £3.80 or so, again when they sell their gas at about $15/boe and oil at $60/bbl+ its still cheap. Regards, Ed.
edgein
07/7/2021
12:46
Follow up. Where is the "£3.70-3.80/boe" from and why's it significant to use it. Seems low compared to actual Brent at $76 ish & I understand i3E costs per barrel are actually v low to produce. Thanks & sorry to be a pain, but trying to get my head around how big this new acquisition is (I think it's huge!)My only concern is why Cenovus sold it here. They're a very good & savvy o&g player themselves so has got me cautious. Regards
source
07/7/2021
12:41
Very kind of you Edgein. Thanks & love your informative posts here & Cora & the workings you show. Good use of time :)Warm regards
source
07/7/2021
12:28
Hi Source, I was responding to Pretax's post about 50p per share. Sure, after this mornings acquisition completes the company will have in excess of 132mmboe of 2P reserves. That gives a market cap of close to £500m on about £3.70-3.80/boe, we're likely to have Serenity farmed out by then too imo, probably still contingent at that stage too, but who knows we may have Serenity appraised by then and 2P. So I could see these in the future trading at 50p per share on the back of the current assets (including today's). While we're not likely to see 50p per share over night that's where I see these heading over the mid term. There are companies on AIM that have caps like this and produce nothing or next to nothing and have hype rather than 2P. I see the long term price over 50p given the rate of growth in Canadian production and reserves seen to date. The company's reserves remain low leverage on debt so more acquisitions likely. Also Serenity is currently estimated at 200mmbbls in place with recovery estimated as high as 50% (excellent reservoir quality). Needs appraisal though. Minos high could be similar in size (its pure exploration though), but if the company has estimated migration and the owc correctly then you never know, could be oil prone too. So potential is another 20-40p from those two (higher if/when PDP). For a new development in the NS it should be at least $10/bbl at $76/bbl Brent for PDP reserves. I've seen asset swap hands much higher than that over the years. But oil is not as fashionable as it used to be. Regards, Ed.
edgein
07/7/2021
12:08
Hi Edgin, could you please elaborate on your statement below:-"50p per share, that's only about £3.70 per boe of 2P,"- not sure how you get that (& maybe it's significance). Thanks
source
07/7/2021
12:00
Hi I received this message from primaryBid, how I can buy in this case? Good morning, Thanks for getting in touch. I can confirm that this offer closed at 8AM this morning. Apologies for any inconvenience caused. I would advise turning on the "never miss a deal" notification on your app. This means whenever new offers go live you will receive notifications to your mobile device. Please let us know if you have any further questions or queries regarding this and we will be happy to assist. Kind Regards, Charlie Cumming Kind regards, Charlie Cumming Customer Service Team
jgandolfi1
07/7/2021
11:39
Jung, I certainly haven't forgotten about Serenity nor the Minos high! :) Just looking forward to how the company will continue to grow the Canadian production and cash flow. They'll need a lot of fingers for all the pies. They must now have circa 400 deve drill locations. Completing a farmout with either Repsol jv or Ithaca for the North Sea assets would be the icing on a very large and growing cake. Regards, Ed.
edgein
07/7/2021
11:34
Edgein - don't forget Serenity farm out news could land any day now. News flow will be thick and fast
jungmana
07/7/2021
11:28
Cash definitely, NOI has increased to $70m ish now. The most expensive plan that the company have is around $6-7m for drilling multiple clearwater wells in Nov-early next year. We're likely to see a step up of other activities now too. Cost of recompletion of the Simonete wells was low as is the drilling of the current two clearwater wells. We have other unknown costs of course, like how much will it be to convert some of the older wells and initiate a waterflood pilot etc. But they'll have extreme free cash flow as a result of this acquisition, I could see this at least doubling our divi unless they go onto a very very aggressive recompletion and deve drilling campaign. I wouldn't argue with that either as it'll result in more production. We weren't expecting this news but there's lots of news due on divi, Clearwater and Simonette wells this month. Now a scale changing acquisition too it seems and debt remains tiny in comparative terms to our production and reserves. Regards, Ed.
edgein
07/7/2021
11:21
Least bit worried here the new deal will increase share price a lot quicker, long term target for me looks rosy more than before with a average around the placing price , bring on serenity!
muddyfox0151
07/7/2021
11:19
Pretax, 50p per share, that's only about £3.70 per boe of 2P, for safe North American asset that looks quite good. Hopefully they'll get Serenity farmed out before y/e and add to that with NS oil, we might get some drilling there in Q1 next year all being well (fingers crossed). With the enhanced production base they can do a lot of these low cost recompletions now. Growth curve just got a lot steeper today though. Amazing to see the demand, £40m financing closed in the blink of an eye, hopefully a few TR1s to follow. Regards, Ed.
edgein
07/7/2021
11:08
Also, WHI previously indicated a new revised note will be out soon - that will likely go above and beyond the previous target of 25p. Cash
cashandcard
07/7/2021
11:02
I was worried initially but its an accretive deal and unit operating costs will drop. I think this will massively enhance the ability to pay the divi's. Good deal and they need to push on now with announcing ex date for divi's - around 12th or something like that was the last I heard. Cash
cashandcard
07/7/2021
11:00
it was pretty well oversubscribed. 44% and 40% fills on placing and PB. Stock doesn't turn up for a few weeks though so shouldnt be too much flipping short term. they continue to keep on promising serenity farm out but getting a bit tired of the waiting. Been stringing us along with that for far too long.
horndean eagle
07/7/2021
10:57
I think this will prove to be a good entry point, the £40m placing went like hot cakes so hopefully the institutional buyers weren’t in for just a quick penny or two. It will be interesting to see how Canada reacts later as they clearly had wind of the placing looking at the price action yesterday afternoon! They will be familiar with the assets so should have a better feel for the value the deal will bring. I’m holding tight and adding more around 12p if I get cash freed up
squareloss
07/7/2021
10:55
https://twitter.com/jesper_m_olsen/status/1412700233612599297?s=21#i3e #OOTT @i3energy Marketcap ~ 185M$ NTM production 18470 boepd (47% oil and NGLs)NTM net operating income US$75 million2P reserve volumes more than 132 mmboePro forma at closing of the Acquisition, i3 expects to have estimated net debt of only US$27 million
goodday1
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