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 Shares Traded Last Trade
  -0.05 -0.97% 5.10 2,907,744 11:20:55
Bid Price Offer Price High Price Low Price Open Price
5.00 5.20 5.15 5.10 5.15
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -10.85 -13.00 35
Last Trade Time Trade Type Trade Size Trade Price Currency
17:09:09 O 1,075,000 5.10 GBX

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Date Time Title Posts
01/12/202017:02I3 Energy - North Sea Oil1,849
09/11/202013:27I 3 Energy18,459

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I3 Energy (I3E) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2020-12-03 17:09:095.101,075,00054,825.00O
2020-12-03 16:15:225.005,588279.40O
2020-12-03 16:07:205.13325,00016,672.50O
2020-12-03 14:43:545.131,70887.62O
2020-12-03 14:18:115.002,000100.00O
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I3 Energy (I3E) Top Chat Posts

I3 Energy Daily Update: I3 Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker I3E. The last closing price for I3 Energy was 5.15p.
I3 Energy Plc has a 4 week average price of 4.55p and a 12 week average price of 3.65p.
The 1 year high share price is 22.25p while the 1 year low share price is currently 3.38p.
There are currently 695,655,600 shares in issue and the average daily traded volume is 5,879,492 shares. The market capitalisation of I3 Energy Plc is £35,478,435.60.
fandagle: No, thats not my full portfolio, my full portfolio was never mentioned, only thing mentioned was the % of I3E in comparison to HUR. With respect to my entire portfolio HUR are 10% and I3E are 7.5%, hope to have informed you
the abbot: I was on the evening, it was reported that proactive seemed alarmed. I have dropped them an email to find out if it did indeed go ahead and would it shortly be available. will let you know. In the meantime an LSE post for you: Yes the trading was low but at least the price has set a benchmark. I guess we have to consider where i3e has come from in terms of Toscana. It may take a few days to sink in in Canada. Do remember the deal that Graham and Majid done was a cracker, they basically got the Toscana assets for a song and to say that the Toscana shareholders were not happy about it would be a huge understatement. They received few shares for their share of Toscana which was once a fair size company. At their height (6 years ago) their shares were trading at $12 a share. One person I spoke to in Canada was so aggrieved he decided not to take any shares at all, preferring to accept the tax losses. Thus as hard as this is on the Toscana shareholders, it is the position their Management led them to, that situation and the blip of negative oil contracts for a moment allowed i3e to sneak in just at the right time and swoop up a bargain. I have no doubt at all, none, that this deal was remarkable as was the Gain deal. We will imo rerate heavily in days to come on the back of them thus why I have quite heavily topped up / averaged down. Canada will catch up, capitalism and greed will always come to the fore when there is money to be made.
the abbot: Spangle, but on reflection I think its perfectly valid to compare the two as a long term play. i3e reserves today of 58.65MMboe Plus: "Greater Liberator Area to which i3's independent reserves auditor attributes 11 MMBO of 2P reserves" 69.65 MMboe of 2P Reserves, 9,500bpd with an extremely low break even (60% gas, 40% liquids), Serenity and its estimate of 197 MMbbls STOIIP, $128m in tax losses to offset profits and a 10% divi on the way. I3e is looking good. On the surface they have equivalent reserves with potential to exceed that of Serica. Serica's reserves are declining and they will have very large decommissioning costs which will eat some of that cash balance. Whereas i3e fields are long life. Bottom line is they are comparable purely due to the huge out of kilter valuation. With all the above said the differences in MKT Cap are out of this world £272m against £30m - Just trying to show the very large undervaluation here.
jungmana: Comparison with Serica on any metrics shows that i3e deserves at least GBP 100m market cap. Thats about 12p share price when fully diluted.Soon this will motor higher imo.
begorrah88: I would discount any dividend or farm out of serenity until they actually happened due to my once bitten twice shy approach to i3e.So that leaves the current production dictating any company valuation, which is always a finger in the air guess, and that will take a while to settle down due to the warrants being worked through.I think the share price could get back to 7 or 8p a share once the II machinations have been completed but it isn't a risk I would want to take and I still have a niggling doubt about the Toscana set up with GH's brother.
jungmana: Nice rns to wake up to;"Dividend TimingThe Company envisages the declaration and payment of its first dividend in the first quarter of 2021. As previously disclosed the Company aims to pay out up to 30% of free cashflow as a dividend to shareholders. Based on the current share price, the Company expects the dividend yield to be in excess of 10% on an annual basis.Serenity Appraisal Drilling Farm-outThe company is in discussions with a counterparty regarding a potential farm-in to the Serenity discovery. Terms are being negotiated and the market will be updated if and when an agreement is reached."
dlm2602: From the Mirabaud securities research note on i3e earlier this month, taken from the i3e website, when the shares were 5.5p: With regards valuation: "Our financial forecasts assume i3 conducts a limited development programme holding group production flat at c.9 kboepd across the forecast period (FY20-23) On this basis, we estimate US$14.6m of FCF after maintenance capex (at US$45/bbl Brent prices), implying a FCF yield of 29% and dividend yield of 8.9% (18% of pre-capex FCF). Looking beyond 2021, our estimated FCF and dividend yield increases to 31% and 11.4% in FY22 and 52.4% and 17% in FY23, largely driven by rising crude prices (US$50/bbl FY22 & US$55/bbl FY23). Casting an eye across the listed UK E&P space we struggle to find an oil stock that looks more compelling on this basis." So with i3e currently trading at 4p, some 27% cheaper than the 5.5p in the report this would suggest a dividend yield ranging from 12.2% up to 23.3%. Their target price of 10p suggests an upside of 150%. hxxps://
spangle93: Here are my notes - with the usual caveats. If anyone else listened, either at the time or to the links above please correct 1. £30MM raised from short list of high quality investors, who suppported the company strategy [hope this is positive, as I took from this that flipping the shares for a small profit and creating an overhang at these levels is less of a risk as I feared] 2. Wanted to move to be a balanced, whole-cycle company with production revenue. Too expensive to achieve this aim through farm ins in the North Sea, and development of their own assets would take too long. But Canada is easier and cheaaper. 3. Toscana fitted the bill - they'd bought assets in 2010 at a high oil price with high leverage, but with falling prices leading to "lower for longer", they had a C$500k m/cap and a C$28MM net debt. I3E apprached other lenders, took the debt at x cents in the dollar [missed this vital figure; anyone?] and became senior secured lender. 4. With Toscana, evaluated primary targets for acquisition. Gain was the no. 1 target, because its parent company pension fund, following the new zeitgeist, wanted to get out of oil and gas completely and was looking for a buyer. After agreeing the sale of the Saskatchewan assets, the net cost was barely one year's production revenue [assumed oil and gas prices not stated]. As shown in presentation, the cheapness of the deal is amazing, relative to other historic regional deals. 5. Intention to buy at "maximum pain" in the Canada market. I3E sees that usual product prices discount to WTI and Henry Hub will close as other export routes from Alberta to markets are completed. Historically Canada was at the end of the pipeline, so suffered lower product prices as a result. There are different products from the various fields - oil, gas, NGL, condensate - and each has a different benchmark, but most of the oil is at Edmonton light. Also, both Mr Heath and the previous speaker considered that shale oil/gas wouldn't recover in a V-shaped way, so conventional would get better prices going forward. While other companies have hunkered down, I3E have taken advantage of the opportunity to buy at lowest prices. 6. The assets bought have historically been well managed by Gain and Toscana. 7. Slide 8 top left - 20% of expected cash flow paid as a dividend would provide 6-9% yield at these prices. Intent is ultimately to return 40% of FCF, i.e. 9-10% dividend yield!! No plans at this stage for share buybacks vs dividends, but scenarios could be envisaged where the former is attractive. 8. See bottom left picture on slide 8. This is critical. If oil prices stay depressed, I3E intend to grow inorganically. Implication was that more deals will follow. HOW WILL THIS BE DONE? This was the question/theme raised by someone in the audience that wasn't put to him by the moderator. Conversely - If oil price rises about $55/bbl, it's more cost effective to generate growth through the drill bit than through buying a company, because there are many drill targets to convert 2P reserves into PDP. 9. C$94MM tax pool will mean that there are no taxes to pay for the foreseeable future. 10. There are also third party handling opportunities through the existing facilities to further reduce opex/bbl / grow revenue 11. Decommissioning liability is estimated to be C$30MM across both companies 12. They've already had interest from companies who would like to farm into the Canada (and North Sea, see below) assets Ref North Sea Liberator was a low risk drill, in which all the de-risking possible was done. Aware that shareholders are hurting. So is he. Sadly it's part of the industry that the drill bit is the truth. He can't see the share price getting back to pre-Liberator levels Conversely Serenity, which was higher risk was a major exploration success with 109 MMbbl prospective recoverable resource. Data room has suffered to a degree with the low oil prices, as companies that previously were keen have had made public statements that they will not spend discretionary capex at this time and consequently dropped out. The flip side is that some companies see advantages in moving when the market is depressed and have come to the table. They are in advanced talks with one party, and he hopes to be drilling in Q2 2021. [Interestingly, he said that they didn't want to be drilling during the winter, which implies that a deal could actually be done quite soon]
pro_s2009: Generally Primary Bid is only useful if you already hold the shares and the shares are trading. So if say you hold 500K shares, you can subscribe for 500K new shares and then sell all your current shares at a higher price than you get refilled with the new 500K shares at the lower price. If you dont hold the stock already thats being placed, you will be able to buy from the market as the share price always falls back so its useless unless you already hold the stock being placed and so can sell at the current higher price before it collapses down.
ziblot: Looks like a rights issue down the line, but I'm not complaining. What they are doing should push the share price into sensible territory. Never been convinced on Lib or Serenity to be honest. The last drill was a duster, but they said the oil had migrated west to Minos High. Serenity I think from memory, had a thickness of 11ft but they believe the sands will thicken further west and give an average 40ft? Correct me if I'm wrong. A lot would ride on appraisals which would devastate share price if not true, and won't be cheap. Suppose I've been in here too long and seen the bad things they are capable of. This looks good but comes at a price.
I3 Energy share price data is direct from the London Stock Exchange
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