Share Name Share Symbol Market Type Share ISIN Share Description
I3 Energy LSE:I3E London Ordinary Share GB00BDHXPJ60 ORD 0.01P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.50p +1.06% 47.50p 97,788 14:00:06
Bid Price Offer Price High Price Low Price Open Price
46.00p 49.00p 47.50p 47.00p 47.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -2.94 -25.00 19.5

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Date Time Title Posts
16/11/201815:25I 3 Energy5,644

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I3 Energy Daily Update: I3 Energy is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker I3E. The last closing price for I3 Energy was 47p.
I3 Energy has a 4 week average price of 37p and a 12 week average price of 37p.
The 1 year high share price is 127.50p while the 1 year low share price is currently 23p.
There are currently 41,017,438 shares in issue and the average daily traded volume is 141,251 shares. The market capitalisation of I3 Energy is £19,483,283.05.
jaknife: che7win, "The share price now has no reflection of the assets." Agreed. Dana sold them to I3 for $2.1m after looking at them very carefully for two years. The share price needs to fall 95% to get close to that value. JakNife
caters: Okay, so that might give a reason why the share price won't drop much below 60p but it doesn't explain why the share price will 'fly' soon. edit: intrinsic value will stop it dropping much further but good news is needed to make it fly.
uk2day: Lol! Market treating i3e as if it had no prospects at all!! Won’t last imho!! An anomaly if ever I’ve seen one! Last time I saw an anomaly like i3e price was Leicester @ 5000-1 to win prem when they were 3rd place after 7 games!!!! And I backed it!!! Lol
che7win: Does Neil keep his previous share options now that he's stepping aside as CEO?.At the end of the day, the company directors have taken advantage of the share price decline to set share options at a very advantageous price for them.It is our fault for letting the share price fall to this level, I'm peeved off at that.I expect a £100m market cap on a decent funding deal.Management have every incentive to get on with the job.
che7win: corgies, the deal isn't needing to be rescued as such - it can be signed off at any time by the other party and I believe we remain on friendly terms with them. We are right to insist on the assurances, we have to go down this path. I do genuinely believe that there is a willingness to get this deal done. The deal is available for the other party to sign at any time. In other words, the door is open. The interim results have been carefully worded as to ensure that - whilst at the same time we go talk to other parties. The other party we have been working with will be under a lot more pressure now that they realise they can miss out on a great near term and near ready commerical prospect with significant upside potential. The other party have intent - "During the exclusivity period, the joint project team formed between the parties constructively refined the Liberator field development plan and appraisal well location and agreed the commercial arrangements underpinning the completion of legally binding agreements. " If this other party overcomes the "structural" impediment, things will move fast - they know their time is limited imho. On the likelihood of funding - we will get the funding regardless. There will be a lot more interest now because we can actively engage for the funding. Remember that last year, I3E management deliberately limited their approaches in seeking funding. They wanted to secure the Liberator West licence and so were "opaque" on what the prospect was. From interim results, "The Company first considered engaging potential farminees in October of 2017. As this was ahead of the 30th Round's November 2017 bid date, i3 remained quite opaque about its intended bid target and limited the number of approached parties given Liberator West's strategic significance to us. Several showed interest and joint venture discussions were advanced across Q1 and Q2 of 2018. " In other words - the funding net now opens up to a much greater audience than before. The exclusivity is easy to look at in hindsight, the company we are dealing with made all the right signals. I don't think the market is treating I3E price rationally. I personally believe this structural blockage can be overcome and a willingness for that to happen. Things can happen fast, regardless, we won't be delayed imho.
mr. t: JakNife, there is no such thing as the contingent reserves you refer to - at least if you stick by the standard SPE terminology. I assume you meant contingent resources. The latest AGR Tracs Phase 1 CPR gives 2P 10.7 mmbbl & 6 bcf gas (11.7mboe total) with a $200m post tax NPV10. The capex required to deliver this is approx $100m, with an IRR of 160% and a 1 year payback. These are good economics. hTTps:// Note the oil price assumed by AGR Tracs in the first three years of production is $57, $67, and $72. If you assume $77 in those three years (more realistic given where Brent is now) then I calculate you can add circa ~$40m to the post tax NPV. Here is the Phase 2 (or Liberator West) CPR that adds 22m barrels 2C resources (unrisked, with a 70% CoS) and 47m barrels mid case prospective resources (unrisked, with a 56% CoS) hTTps:// Gaffney, Cline & Associates had a CPR from p.67 of i3E's admission document: hTTps:// Back then Liberator was 9.0 mmbbl 2C resources within i3e's 13/23d block, and 6.4mmbl outside their block. Gaffney, Cline & Associates estimated a 2C NPV10 of $190m for all hydrocarbons, and $152m for those in i3e's block. I understand the reason why i3e changed competent person was that Gaffney, Cline & Associates became conflicted as they were advising one of i3e's funders (I believe the debt provider, but am not sure). In summary: 1) Two different independent auditors have evaluated Liberator Phase 1 and given it a positive NPV, with attractive economics. The latest AGR Tracs CPR has Liberator Phase 1 at $200m NPV, several times the current share price. 2) In the last year and a half, i3e has developed the Liberator field from 9.0mmbl oil + 2.3 bcf gas 2C in block to 11.7mboe 2P + 22mboe 2C + 47mboe mid case prospective resources. This is value creation by the company. 3) The recent increase in oil price will have increased the value of Liberator Phase 1 since the last CPR, maybe by circa $40m. 4) There is an appraisal well planned for mid next year (I'm aware i3e's time scales are "fluid") that, if successful, would allow the 2C resources to be upgraded to 2P reserves, and would derisk the prospective resources.
mr. t: Not a great day to be an i3e shareholder, it's been by far my portfolio's single biggest down day. Most of today's share price damage could have been prevented if i3e had managed earlier shareholder communications better. If management hadn't led shareholders to believe they were just waiting on completion of formalities, would I have minded a delay or even a possible change of heart from the potential JV partner? It wouldn't have been great, but it's unsurprising in the O&G world. Still, over optimistic communication from the company was clear from when I first invested in i3e, so I've come to expect it. And today's announcement doesn't change the economics of Liberator (the potential JV partner has validated it) nor management's alignment with shareholders. I'm hopeful the deal on the table will happen, but just take a little longer than expected. And if it doesn't, I think there'll be others interested and i3e shareholders will do just fine.
caters: FB, My reply to your GKP/XEL/AFR comment is that those particular companies each came along with difficulties and/or lots of hype. GKP: Kurdistan and with that Todd guy in charge. Great for a while if you got in early. XEL: Yes, UK, but heavy oil (aka tar) offshore AFR: Nigeria & Kurdistan. You have to be fleet of foot with those types of shares and hold them in a well diversified portfolio. I3E isn't a 100% all-in share, but you can certainly hold a much larger % in your portfolio than many of the other AIM O&G shares, imho. Personally, I am holding a large % of my portfolio in I3E as I expect this company will deliver. I have already doubled my money here but I've not taken any off the table as I don't see any need as of yet. Having been to the AGM and met NC & GH, I am more than happy to have a substantial sum of money tied up here. I believe that the funding deal will be okay - perhaps quite not what everyone wants or is expecting, but more than good enough to move this company onto the next phase. NC & GH are playing a short game from now - 18 to 24 months with a clear focus on production/appraisal/sale. Given the similarity to Blake, Blake's recovery factors and that the single appraisal well will prove up (or otherwise) Liberator West and the appraisal well is being drilled in the contingent reserves area and after two development wells have been drilled, then I anticipate a significant rise in the share price. I may topslice then or I may just hold on. I will wait to see. The risk here is how much give and take is there between Andrew Austin of RockRose and Neill Carson of I3. Andrew Austin is a smart cookie but so is Neill Carson. There doesn't have to be a winner and a loser between them, just a workable deal that gives something to each of them. This, of course, presumes that RRE is the JV partner. (Edit: There is also the risk of can the JV partner deliver on the deal.) Opportunities like I3E don't come along very frequently in the UK AIM O&G world at this point in the commodity cycle. From a portfolio performance point of view, the risk is actually being under-invested in I3E, as companies like I3E can make good a lot of the damage from the likes of GKP, XEL and AFR.
begorrah88: They said similar in their March Q1 update as well 'During Q1, the company has raised additional funds and also announced that it was in advanced discussions with various possible partners regarding a potential joint venture relating to its 100% owned Liberator Oil Field and its 30th Offshore Licencing Round application. I3 Energy’s share price has increased significantly in Q1 2018, reaching a peak of 80.5 pence in March 2018, an increase of some 350%. Paternoster has realised some significant gains on this investment.' Also at the end of 2017 'During 2017, the Company's investment in Glenwick translated into holdings in I3 Energy plc and Cora Gold plc and the share prices of both of these companies struggled towards the end of 2017. However, since the year end, the I3 Energy plc share price has increased by around 300%. Paternoster has realised some significant profits from this investment whilst still retaining a meaningful shareholding.' So not sure how many they had or still have? Can't find any record of significant holding
kierandoberman: Going by the share price drop think the Market has come to the realisation that funding is not going to be in place pre AGM , N&G will need to do some fancy talking on the day if the share price is of concern to them . The Question is how low will share price fall if share holders concerns are not addressed on the day ! An update would go a long way pre AGM , it would give credence to what ever is spoken at or after the AGM .
I3 Energy share price data is direct from the London Stock Exchange
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P:30 V: D:20181116 17:46:59