I3 Energy Share Discussion Threads

[thegreatgeraldo] 05/6/2018 09:44

They don't need $200 mill for one appraisal/producer. I'm assuming that figure wasn't plucked out of the air, but they haven't spelled out, in even vague terms, precisely why they need that amount, & of far more interest to me, what they're planning to do with it.

Clearly if the app well proves up ITRO of 22mmbbls of additional oil, they'll have reserves of over 30mmbbls, which would support the drilling of another 3 or 4 wells. Add in the subsea plumbing & that's presumably what the $200 mill refers to....

[fardels bear] 05/6/2018 09:35

Maybe they decided they don't need 200m for one appraisal/producer and they're trying to find what they do need to do the whole job with one drill? If they had a buyer in mind for the whole shooting match, perhaps they'd want to retain the 100% WI...

[showme01] 05/6/2018 09:29

HaiderAliFool
Thank you for explaining the rules surrounding running a PLC company. The company can time the release of the end of year accounts to suit when they want the AGM within reason. Do you think they publish them they day they get them? :-)

[haideralifool] 05/6/2018 09:26

showme

'Does anybody think they would hold an AGM without funding in place?'

Holding an AGM is a statutory requirement, whether or not you have funding in place.

If we were having an EGM, in order to get the necessary votes for a funding deal (assuming it needed shareholder approval), then I'd agree with you.

[begorrah88] 05/6/2018 09:25

I posted on your site about that

Might be if I can shuffle things around

Might depend on if the funding announcement lands before and is as hoped

[showme01] 05/6/2018 09:23

Beggorah, are you going to the AGM?

[begorrah88] 05/6/2018 09:21

Quality post showme.

Thanks

GH & NC could do worse than recruit you for their PR!

[showme01] 05/6/2018 09:10

Begorrah, I understand. I and a few others I know lost a lot of money on Range Resources. Peter Landau was full of spin. Plenty others on AIM. I have met both Neill and Graham and they are quality individuals. The OGA had the confidence to award them this block with no conditions. Arranging such a huge JV funding package takes time.
Time lines do slip all the time with oil and gas, including funding.
I have spoken recently to Graham and I am satisfied it is all coming together. I know 2 other investors who have also and feel exactly the same. This is still so undervalued and we are not far away from getting to something near to true value.
The loan notes are a pain but they gave i3e the capital to get themselves to where they are now which is why they can attract the size of loan facilities they are looking for to aggressively drill Liberator and so long as the drill at the end of the year proves what they expect it to, aggressively drill that.
This time next year we could have 4 production zones pumping as much as 40,000 barrels a day.
Does anybody think they would hold an AGM without funding in place? Not long now. A few weeks maximum. It also gives some time to these loan not holders/placing holders to dispose if they are looking to flip the shares.

[caters] 05/6/2018 09:02

Backwardation!

Just earlier, I could sell for 1.033 and buy for 1.031... now corrected.

There's a buyer in the background in addition to showme ;-)

[begorrah88] 05/6/2018 09:01

Your belief is, as always, very reassuring.

From painful AIM experience I have always found it wise to have a cynical eyebrow raised when a BoD are happy to be exuberant about their company on vox pops etc and 'we expect to....' type RNS that don't get followed up in suitable timescales.

[showme01] 05/6/2018 08:58

Agree coscos which is why I have bought nearly another £20k on the drop today

[coscos] 05/6/2018 08:57

Always going to be sellers on the way up, can't be avoided, but it does create a healthier market for the shares.The funding news will obviously next dictate the direction here, but I think we'll be back to new highs in no time at all.

[showme01] 05/6/2018 08:40

Begorrah, voice your concerns at the AGM. What do you want the directors to say? They can only announce the funding once completed. I think you will find them very vocal once funding is out of the way. Patience pays off with shares like this imo

[showme01] 05/6/2018 08:37

Caters. No idea. We can only guess. Could well be the Switzerland investor but he got a load at 30p. Doubt any PI who has researched this would be selling pre funding.

[begorrah88] 05/6/2018 08:28

BTW

I still remain hugely positive about the final outcome here just have frustration at the communications from the board, who I think, ought to be better at that.

[begorrah88] 05/6/2018 08:26

I think that is more likely to be the case.

I think we probably have JCAM & NM looking to sell and it has got a bit aggressive between the 2 MM's acting on their respective behalfs. I also believe we have at least one solid buyer.

The style of the JCAM sells has historically been big lumps announced after trading - this 5000 shape signature seller has been around for months yet we've seen hardly any holding updates on significant volumes so I think it more likely to be someone else.

[caters] 05/6/2018 08:18

showme,

How can you be sure that all these 5000 sells are CLNs and not an early-in PI or one of our Swiss friends?

[begorrah88] 05/6/2018 08:16

Not sure that is the case showme, there would have been other options open to the board for solutions in the funding package they have supposedly been working on for 4 months+

A cynic might suggest the delay in any funding announcement [4 months+ now] is to allow some holders to exit?

[craffert] 05/6/2018 08:15

Great post on LSE board from a guy working for i3e ops this week, and his thoughts on NC & GH

[showme01] 05/6/2018 08:11

Begorrah....Once those CLN were converted it was always going to happen unfortunately. I'd rather as many are gone as possible before the key funding news so we can get to a fair market cap level and stay there.

[begorrah88] 05/6/2018 08:08

Our sellers were waiting at the gates today

I presume this will continue until the BoD elect to update their shareholders on the position

Start is the exact opposite of what the majority of shareholders hoped for, and probably rightly, expected due to the BoD's excitement on licence award day

[thegreatgeraldo] 05/6/2018 00:21

It's my understanding that Phase 2 west is within the main sand channel, but will need a well to test whether it holds oil. I don't think success at Phase 2 east will have much, if any, impact on the chance of success at Phase 2 west. Phase 2 east & west are seperate structures.

[caters] 04/6/2018 23:56

Again, thanks tgg.

I got the impression that the appraisal well will be drilled into Phase 2 East and will become a producer in time. The RNS suggests to me that this well will somehow indicate whether or not there is oil in Phase 2 West.

I was (and still am) a bit puzzled how that works or, indeed, whether I have got hold of the wrong end of the stick (again!).

[thegreatgeraldo] 04/6/2018 23:49

The appraisal doesn't need to be shortish, once you're into the target sand you'll know if it's oil bearing or not, then you drill down to see how far the producible sands go, maybe with some deviation?. Then marry it up with the seismic.

Just my thoughts, for a proper answer you'd need to ask someone who actually drills or designs wells!

[caters] 04/6/2018 23:35

Hi tgg,

Thanks for that.... Yeah, it looks like a long way.

So how will i3 be able to tell from the one, shortish appraisal well that Phase 2 West is full of oil or not? The RNS implies that the one well will prove up all of Liberator West.

By the by, I've just been looking at the CPR at the time of AIM admission. Interestingly, it was done by a different firm. The colourful maps of Liberator NW (out of 13/23d) don't look quite a colourful as the latest set of maps from the recent CPR. In fact, the area called Phase 2 West doesn't seem to exist in the AIM admission CPR :-)

I wonder if i3 shot or bought more seismic to inform the second CPR?