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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 Shares Traded Last Trade
  -0.25p -0.66% 37.50p 215,665 16:35:06
Bid Price Offer Price High Price Low Price Open Price
37.00p 37.50p 37.75p 37.00p 37.75p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -2.94 -25.00 32.8

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Date Time Source Headline
13/5/201915:51UKREGi3 Energy PLC Holding(s) in Company
29/4/201907:02UKREGi3 Energy PLC Funding Update
09/4/201915:08UKREGi3 Energy PLC Holding(s) in Company
09/4/201907:00UKREGi3 Energy PLC Operational Update
05/4/201916:25UKREGi3 Energy PLC Replacement: Holding(s) in Company
05/4/201911:48UKREGi3 Energy PLC Holding(s) in Company
04/4/201907:00UKREGi3 Energy PLC Result of Open Offer
03/4/201915:00UKREGi3 Energy PLC Holding(s) in Company
02/4/201917:03UKREGi3 Energy PLC Holding(s) in Company
29/3/201915:58UKREGi3 Energy PLC Result of General Meeting
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I3 Energy (I3E) Discussions and Chat

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Date Time Title Posts
25/5/201914:08I 3 Energy8,857
12/5/201917:16I3E9

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DateSubject
25/5/2019
09:20
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 37.75p.
I3 Energy Plc has a 4 week average price of 33.25p and a 12 week average price of 33.25p.
The 1 year high share price is 127.50p while the 1 year low share price is currently 33.25p.
There are currently 87,375,278 shares in issue and the average daily traded volume is 533,363 shares. The market capitalisation of I3 Energy Plc is £32,765,729.25.
13/5/2019
09:28
jaknife: purple11, No one? I called it a short from higher up (and did short). I closed about 75% in the placing at 37p and dumped the balance last week because the share price action looked wrong. I'm not too unhappy. The share price action looks completely wrong. The rumours that they're having to place again because they haven't got enough for the senior debt are very worrying. JakNife
25/4/2019
07:25
showme01: Share Profits article below. Only point is that the warrants are not exercisable at £1. It ranges from 41p-55p/ Still a decent overview and investment case. Smaller North Sea oil and gas companies seem to be out of favour, as investors go chasing big profits in riskier, less proven parts of the world, but more often than not the outcome tends to be heavy losses on these types of outfits. One junior North Sea company in particular has attracted my attention recently and has resulted in me taking a position as I believe that the risk versus reward play-off is definitely favourable at the current market cap, and the company in question is I3 Energy (I3E). The share price has dropped sharply since last summer, when it was trading as high as the 130p area at times, and it is now valued at just £35 million. Unlike many of the small outfits in this sector, it actually owns 100% of an existing find and has a plan in place to get that into production quickly – subject to financing – via its Liberator field, plus it also has the Serenity prospect that could eventually be tied into the development. Usually with these types of plays, a lot of the risk is in finding the oil and having a viable route to any actual production – sometimes there is a complete lack of infrastructure already in place – but with I3, a lot of the risk revolves around actually managing to secure the funding needed to get to the production stage. That is definitely a risk that I don’t mind taking when it comes to the North Sea, because as long as the economics stack up and the upcoming appraisal and production drilling goes to plan, then it is hard to see why it wouldn’t obtain the funding that it needs. A rig has already been contracted to drill the A3 Liberator appraisal well – thus fulfilling the terms of its licence – and that is expected to get underway sometime in July or August. That should hopefully see more oil converted into the reserves category, from the Liberator West area of the field – in addition to the existing 2P reserves of 11 million barrels and 2C resources of 22 million barrels. The rig will then move on to drill the L2 pilot production well, which is planned to eventually be brought into production along with two further production wells, and a targeted rate of 20,000bopd. Finally, it will drill the Serenity appraisal well. The cost of this three-well programme is expected to be around $41 million, and the company recently raised £16 million via an equity issue at 37p, which was one of the main requirements of a junior loan note facility for £24 million, at a rate of 8% and along with 24 million warrants at a price of £1, and that is expected to be drawable imminently, although that still needs to be signed off first. The company is also in the process of negotiating a senior debt facility of around $90 million to develop the field, should drilling be successful of course. Whenever there is reliance on the drillbit, there will always be some risk and should that happen here then of course the share price would react very badly, as the success of this company revolves around Liberator. There would be a similar affect should funding not be achieved, but then if you are going to take a position in any earlier stage natural resources company that is always going to be a factor, and it is no different here. Looking further forwards and assuming that it does reach development, the flow rates and economics will need to stack up as predicted, in order to service debt and also to enable the subsequent development phases to go ahead. It is still early days, but I do see the potential here for this to grow into a decent sized company and I think that the team that it has in place have shown that they can achieve this elsewhere – COO John Woods, for instance, was successful at Ithaca Energy in its earlier days. The oil price will also play a big part here – both in terms of the likelihood of development funding being signed off, and also financially for the company if and when it does reach production. On a 2P basis, breakeven price, post-tax, is based around a Brent price of $24. There are of course risks still at this stage and I wouldn’t be betting the ranch on it, but I’m happy to take a position with a longer term view and potentially add more as each stage towards production becomes further de-risked, so for me the shares are a speculative buy at around the 40p level.
25/3/2019
13:07
mr. t: In the last rns, i3e say the site survey is necessary for inclusion in the FDP: hTTps://uk.advfn.com/stock-market/london/i3-energy-I3E/share-news/i3-Energy-PLC-Operational-and-Financial-Update/79528408 "The survey will enable the Company to complete its Environmental Statement and provide the necessary engineering and environmental data to finalise its planning for its expected 2019 three-well drilling campaign and for inclusion in the Liberator Field Development Plan ("FDP")." This is consistent with their August 2018 rns about a site survey: hTTps://uk.advfn.com/stock-market/london/i3-energy-I3E/share-news/i3-Energy-PLC-Site-Survey-Operations-for-Liberator/78160877 "The survey will cover the two production well locations to be drilled during the Phase I development of the Liberator oil field, a survey of the planned export pipeline route, and the appraisal well location for the recently awarded Block 13/23c ("Liberator West"). The work is expected to commence in September, enabling the Company to complete its Environmental Statement and providing the necessary engineering and environmental data for inclusion in the Liberator Field Development Plan ("FDP") for which the Company is seeking approval in Q1 2019." The survey was described as "time critical" in the July 2018 fundraise and would be undertaken in Q3 2018 - although, to be fair, this was before i3e delayed first oil (for the I think the third time since aim admission less than 2 years ago) to 2020: hTTps://uk.advfn.com/p.php?pid=nmona&;article=77949991&symbol=LSE%3AI3E However....in October 2018, i3e released 2 RNSs within two days that said the FDP will be submitted by the end of 2018, but the site survey won't commence until 2019: hTTps://uk.advfn.com/stock-market/london/i3-energy-I3E/share-news/i3-Energy-PLC-Operational-Update-and-New-Corporate/78554055 hTTps://uk.advfn.com/stock-market/london/i3-energy-I3E/share-news/i3-Energy-PLC-Financial-and-Operational-Update/78577008 "the Company will be submitting a revised and enlarged field development plan (FDP) to the OGA before the end of 2018." ... "The previously announced site survey will be rescheduled for the earliest good weather window in 2019" If i3e say the site survey was required for FDP submission in the August 2018 and March 2019 RNSs, why did i3E say they could submit the FDP without a site survey undertaken in the October 2019 RNSs? Unless I'm misinterpreting something - and please tell me if I am - i3e management are either showing they don't understand the fdp requirements & process or they are misleading investors.
18/3/2019
10:09
che7win: Beg, I agree with your last post, certainly an agenda to suppress the share price coming from somewhere. Right now, I’m glad I3E have control of their destiny; they don’t HAVE to rely on a JV partner. We have a few options now, including: 1. If we drill alone, gaining all the potential upside to valuation. 2. If a JV offer comes along which is a good deal, signing up and potentially removing/reducing the need for junior debt / senior debt instruments. We have much more control from here, we could still end up with less than 100m shares in issue. We will be drilling in a few months, I expect 100% increase in share price in next few months and excitement to build.
07/3/2019
08:04
showme01: A placing scenario below is not that bad at all. The key is ensuring we drill this summer. This is my calcs from a few days ago. I have given 2 cases below. One is the worst case going it alone, the other is a full JV. The facts. $150m is needed to get i3e to an estimated 20,000bopd by summer 2020. That is the cost to drill 2 production wells each estimated to produce 10,000bopd and the cost to drill 2 appraisal wells and set up the tie back infrastructure. Costs of extraction and getting oil to market is approx. $25 per barrel. These are all facts. I will make one assumption. Oil averages at $55 per barrel. Case 1. Self funded. $50m junior debt and equity, $100m senior debt. Let's call it £120m in total for both facilities. Current shares in issue 41m. Warrants if all taken up will 24m extra shares in issue and will also repay the full £24m in loan notes to the holders. At this stage we have 65m shares. Now let's assume a full placing is done for £16m at 50p ( I personally think it will be considerably higher and will all go to institutions as this will now be a fully funded drill programme and the current share price is reflective of a company with no funding to date). Using 50p, we now have 32m shares along with the 65m. Total is 97m shares. We have 97m shares but own 100% of the project. We have $100m debt to repay from the senior facility but will have paid back the junior facility with the funds from the warrants being taken up. Case 2. A full JV. A joint venture partner is likely to want the $150m to drill and develop to be repaid out of i3e part of the JV. Unlikely imo to have a free carry JV where the JV partner pays all of the $150m and i3e does not have to repay it. Realistically the JV partner is likely to get 50% of the asset (Liberator and Serenity ). So here we have only 41m shares in issue but only own half the asset. So we either have 100% of the asset with $100m to repay and 97m shares in issue (worst case and if the placing was done at £1 which is more realistic for a fully funded project, it would be 81m shares). OR We own 50% of the project with 41m shares in issue and $150m to repay. If the placing was done at £1, the net position for any i3e shareholder now is the same. You can see that a JV or placing makes little difference to the net position of the asset. Income and without doubt, investment case Once i3e is producing 20,000 barrels of oil per day based on $25 cost and oil at $55, those 2 wells will be generating $600,000 per day, $219m per year before OGA royalties and income tax. Let's scale it right down to a net annual income of £100m after all these deductions and converting back to pounds. A five income multiple is a market cap of £500m, more likely a figure of 7 would be used which is £700m. I personally think at this stage i3e will be sold to be developed further as Serenity and Liberator could have 6-8 wells generating 60,000 plus bopd. Lots of income to be offset against large oil companies with tax losses to offset. This is all speculative but what is not is by next summer i3e will be producing 20,000bopd and making £100m per annum minimum. I can see why i3e are taking their time on the JV negotiations as I expect multiple parties are interested especially with a longer term view to buy the asset eventually. Worst case, 97m shares in issue as we self fund the whole 2019/20 project with annual net income of £100m. Market cap £500m. Just over £5 per share. That is a 10 multiple from the current share price. JV losing 50% of the asset and income or increasing shares in issue by just over double and having 100% of the asset and income, does it really matter?
02/3/2019
08:39
showme01: If buts and maybes. We really do not know. I have given 2 cases below. One is the worst case going it alone, the other is a full JV. The facts. $150m is needed to get i3e to an estimated 20,000bopd by summer 2020. That is the cost to drill 2 production wells each estimated to produce 10,000bopd and the cost to drill 2 appraisal wells and set up the tie back infrastructure. Costs of extraction and getting oil to market is approx. $25 per barrel. These are all facts. I will make one assumption. Oil averages at $55 per barrel. Case 1. Self funded. $50m junior debt and equity, $100m senior debt. Let's call it £120m in total for both facilities. Current shares in issue 41m. Warrants if all taken up will 24m extra shares in issue and will also repay the full £24m in loan notes to the holders. At this stage we have 65m shares. Now let's assume a full placing is done for £16m at 50p ( I personally think it will be considerably higher and will all go to institutions as this will now be a fully funded drill programme and the current share price is reflective of a company with no funding to date). Using 50p, we now have 32m shares along with the 65m. Total is 97m shares. We have 97m shares but own 100% of the project. We have $100m debt to repay from the senior facility but will have paid back the junior facility with the funds from the warrants being taken up. Case 2. A full JV. A joint venture partner is likely to want the $150m to drill and develop to be repaid out of i3e part of the JV. Unlikely imo to have a free carry JV where the JV partner pays all of the $150m and i3e does not have to repay it. Realistically the JV partner is likely to get 50% of the asset (Liberator and Serenity ). So here we have only 41m shares in issue but only own half the asset. So we either have 100% of the asset with $100m to repay and 97m shares in issue (worst case and if the placing was done at £1 which is more realistic for a fully funded project, it would be 81m shares). OR We own 50% of the project with 41m shares in issue and $150m to repay. If the placing was done at £1, the net position for any i3e shareholder now is the same. You can see that a JV or placing makes little difference to the net position of the asset. Income and without doubt, investment case Once i3e is producing 20,000 barrels of oil per day based on $25 cost and oil at $55, those 2 wells will be generating $600,000 per day, $219m per year before OGA royalties and income tax. Let's scale it right down to a net annual income of £100m after all these deductions and converting back to pounds. A five income multiple is a market cap of £500m, more likely a figure of 7 would be used which is £700m. I personally think at this stage i3e will be sold to be developed further as Serenity and Liberator could have 6-8 wells generating 60,000 plus bopd. Lots of income to be offset against large oil companies with tax losses to offset. This is all speculative but what is not is by next summer i3e will be producing 20,000bopd and making £100m per annum minimum. I can see why i3e are taking their time on the JV negotiations as I expect multiple parties are interested especially with a longer term view to buy the asset eventually. Worst case, 97m shares in issue as we self fund the whole 2019/20 project with annual net income of £100m. Market cap £500m. Just over £5 per share. That is a 10 multiple from the current share price. JV losing 50% of the asset and income or increasing shares in issue by just over double and having 100% of the asset and income, does it really matter?
01/3/2019
13:07
tonynorstrom1: tsmith2, You don’t understand - I think that’s what the problem is. The discussion earlier was what was the likely effect on Dilution with regards to the amended RNS. In order to understand this you need to run a few scenarios including assuming a range of SP’s. As JakNife pointed out - equity / rights issues are nearly always (99%) done at a significant discount to the share Price on a set date. Two reasons for this - 1st off you’re diluting the shares and therefore the per share value should be cheaper after issue of additional shares to compensate for this dilution all other things being equal. Secondly - you cannot be issuing shares at a price more expensive than the current market price - who would buy otherwise when you can buy cheaper on the market. Current share price is +|- 48p so an issue price of 40p would be in the ballpark for an equity raise announced today - got it !? By any chance - have you run the numbers to see what the share price would need to be for the share issue to be on better terms (less dilution) than the original RNS?
01/3/2019
09:48
che7win: Tsmith, It’s complicated to explain. The warrants in effect pay for the loan, but the full amount of stated warrants don’t necessarily have to be issued. If at any time the share price is above the warrant price for say 90 days, I3e can elect that noteholders exercise the warrants in full. They thereby decrease the amount of Loan Notes outstanding by the equivalent value and at an equity level that would otherwise be less dilutive than funding. The payback can be through cash as well. If the warrants are exercised, the way I see it is that the second and third tranche of shares would be less than the 8m warrants stated - if the share price rises. Combined with first tranche, it works out less overall. Into all this plays the base exercise price. If the share price rises significantly from here e.g. above 65p, the dilution would be significantly less. See the definition of base exercise price. The company have been upfront here with share holders, the terms are still subject to tweaks, they will minimise to the best of their ability the first step in this process.
28/2/2019
19:40
craffert: Some additional facts JakNife: (1) i3e inked the Dana deal on the very day oil prices hit their decade low. The Liberator asset is small so for Dana it was never going to move the needle. What the i3e team liked about it was the productivity characteristics. Put simply: Would you prefer to: (1a) Buy a safe with £2 billion in it, for £100 million, but you could only withdraw £5,000 a day OR (1b) Would you prefer to buy a safe with £400mn million in it but you could take out £20,000 a day and the key only cost £16mn. And when the door of the safe was open there is a good chance that it actually contains £1bn when its all counted (2) That's a bit oversimplistic. As they entered the OGA bid round last year (delayed by OGA), the nature of what they were touting around materially changed. Even though it was a better balanced parcel of assets with Liberator and Serenity, it overcomplicated funding as the drill plan had to be chopped and changed. They got more assets, but prospective farm in funders must have struggled to keep up with the story and latest drill plan (I did!) (3)That £16mn is not a large sum and the domino effect of it will unlock a chain of value creation. As soon as that £16mn is in the bag, that's it. No more dilution. And then the real story starts to unfold as the drills unlock reserves and cash flow. The point is that the share price (£18mn market cap) already reflects the worst possible outcome. Whatever your point of view, it's going to be a fascinating 6 months. The reputation of Majid Shafiq and Graham Heath is on the line, and their personal wealth will be determined by how well they execute the funding, and the subsequent drill results. I believe the share price is now in base camp. If they can pull off the near term plan we could realistically see the share price 10 bag in the next six months.
03/10/2018
15:08
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://i3.energy/wp-content/uploads/2017/03/20171103-Liberator-CPR-2017-Phase-1-vF-1.pdf 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://i3.energy/wp-content/uploads/2018/05/20171108-Liberator-CPR-2017-Phase-II-vF.pdf Gaffney, Cline & Associates had a CPR from p.67 of i3E's admission document: hTTps://i3.energy/wp-content/uploads/2017/03/20170725-i3-ENERGY-AIM-ADMISSION-vF.pdf 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.
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