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Glenwick share chat (GWIK)

Discussion in 'General share chat (GWIK)' started by Steamy, Mar 10, 2016.

  1. Groucho

    Groucho Member

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    08 September 2021

    Cora Gold Limited ('Cora' or 'the Company')

    US$25m Term Sheet for the Construction of Sanankoro Gold Project, Mali


    Cora Gold Limited, the West African focused gold company, is pleased to announce that it has signed a new US$25m Mandate and Term Sheet (the "Term Sheet") with investment firm, Lionhead Capital Advisors Proprietary Limited ('Lionhead'), to fund the future development of Cora's flagship Sanankoro Gold Project ('Sanankoro' or 'the Project') in Southern Mali (the 'Project Financing'). This is conditional on, among other matters, the completion of a Definitive Feasibility Study ('DFS') on the Project before the end of June 2022. This new Term Sheet replaces the previous one with Lionhead, which was announced on 18 June 2020 and was for US$21m.


    Highlights

    ● US$25m Term Sheet to finance the development of Sanankoro on completion of a positive DFS

    ○ US$12.5m Equity Financing

    ○ US$12.5m Convertible Financing

    ● Term Sheet requires Cora to deliver a DFS before the end of H1 2022 with minimum key objectives (together the 'Project Milestone') including:

    ○ 35% Internal rate of Return ('IRR') based on a US$1,500/ oz gold price; and

    ○ 8 years mine life and production of 40,000 ozs/year, or equivalent production over a different time period and delivering the minimum IRR threshold, in a US$1,700/oz gold price pit shell

    ● Updated Mineral Resources Estimate on target for Q4 2021 and completed DFS targeted for H1 2022

    ● Lionhead prepared to syndicate +30% of the Term Sheet on the same terms with other investors


    Bert Monro, CEO of Cora, commented, "The updated Term Sheet with Lionhead is a fantastic demonstration of their support for Cora and importantly, further de-risks the Sanankoro Gold Project. With an increased focus on a CIL processing route to enable the development of a larger and longer life gold mine with better economics, there is an expectation of a larger capex than the January 2020 heap leach scoping study. In light of this, the increased equity and convertible commitment in this Term Sheet gives great support to the Company and significantly de-risks future project financing as we move towards an updated resource estimate and DFS completion."


    Term Sheet Details:

    Lionhead is acting as lead investor and arranger on behalf of a consortium of investors including the founders of LionOre Mining International Ltd (which was bought by Norilsk Nickel for US$6.3bn in 2007), as well as the initial investors in Mantra Resources Limited (which was bought by ROSATOM for AUD$1.2bn in 2010). Paul Quirk, a non-executive director of Cora, is a founding partner and director of Lionhead. The Quirk Family are potential beneficiaries of trusts that own 34.55% of Cora through Brookstone Business Inc and Key Ventures Holding Ltd.


    The Term Sheet envisages:

    ● Equity Financing: US$12.5m subscription for new ordinary shares of no par value each in Cora at the lower of (i) an 10% discount to the 30-day volume weighted average price ('VWAP') at the date that Cora announces achievement of the Project Milestone and (ii) the lowest price at which Cora has issued new ordinary shares in the 60 days prior to the date that Cora announces achievement of the Project Milestone (the 'Equity Financing')

    ● Convertible Financing: US$12.5m investment in a Convertible Loan Note:

    ○ Coupon: 8% per annum.

    ○ Conversion: The total amount outstanding under the Convertible Loan Note (including interest) shall be converted, at the election of Lionhead at any time prior to the 5th anniversary of the issue of the Convertible Loan Note, into ordinary shares in Cora at the lower of (i) a 30% premium to the 30-day VWAP at the time of the Equity Financing or (ii) the 30-day VWAP at the time of conversion.

    ○ Net Smelter Return Royalty ('NSR'): 1% until 250,000 ozs of gold have been produced from the Project. Cora may purchase and terminate the NSR at any time for US$3m payment.

    ○ Repayment: Repayable on the fifth anniversary of advance date if not converted, or earlier, at the option of the holder, in the case of: (i) a change of control of Cora; or (ii) the merger or sale of Cora (including the sale of substantially all of the assets of the Company) at a 30% premium to the total amount outstanding under the Convertible Loan Note.


    Lionhead acknowledges that Cora intends to undertake private placements to enable existing shareholders to subscribe +US$3.75m in the Equity Financing and +US$3.75m in the Convertible Financing such that Lionhead's participation in the Project Financing may be reduced by such amounts.


    A fee equal to 3% on up to US$25 million Project Financing shall be paid by the Company to Lionhead on receipt of the proceeds in respect of the Equity Financing and Convertible Financing by Lionhead.


    Related Party Transaction

    The entry into the Term Sheet is deemed to constitute a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. Cora's independent directors for this purpose (being all those save for Paul Quirk) consider, having consulted with the Company's nominated adviser, that the terms of the Term Sheet are fair and reasonable insofar as the Company's shareholders are concerned.
     
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  2. Groucho

    Groucho Member

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    9 September 2021

    i3 Energy plc

    ("i3", "i3 Energy", or the "Company")

    Operational Update

    i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to provide the following update.

    Marten Hills Clearwater Farm-in Drilling

    Marten Hills Clearwater wells 01-12-075-26W4 and 02-12-075-26W4 which were drilled, completed and tied into production infrastructure in late July, have now cleaned-up and flowed back drilling fluid lost during drilling operations. The wells are now flowing sales volumes and aggregate average production, post clean-up from both wells for the period 23 August to 31 August was 238 bopd.

    i3 owns a 50% working interest in these wells and has the option under the associated farm-in agreement, previously announced on 5 May 2021, to participate in an additional 7 wells, at least 4 of which will be spud by 31 March 2022, which would see i3 earn 11.5 net sections of land (circa 29.4 km2) in the Marten Hills, Cadotte and West Dawson areas of the Clearwater play.

    Wapiti Production Acquisition

    The Company completed the Wapiti production acquisition on 20 July 2021, with a 1 April 2021 effective date. These assets were producing 230 boepd at the time of i3's acquisition. The Company completed both compression and well reactivations resulted in material production gains. Production from the assets more than doubled and during the month of August averaged 471 boepd, considerably higher than our initial expectation of circa 300 boepd.

    Wapiti Elmworth Drilling

    The second well in this drilling programme, 08-17-71-10W6, was spud on 9 Aug 2021. The well reached a total measured depth of 3,346m, at a maximum true vertical depth of 1,341m which included a 1,776m horizontal section in the targeted Dunvegan formation. The horizontal leg contacted excellent reservoir, ranging from 10-15% porosity with strong gas shows and oil staining. The well was drilled on time and on budget, and the rig was released on 21 August 2021. Stimulation, completion and production tie-in operations will shortly commence on both this well and well 09-17-071-10W6 (the first well drilled in this programme). These oil-weighted wells are expected to initially increase i3's production by approximately 175 boepd and are estimated to return the full investment in 1.3 years based on current commodity strip pricing.

    Majid Shafiq, CEO of i3 Energy plc, commented:

    "We are delighted with the results from these oil focussed, high return projects which add immediate production and cashflow to our portfolio."

    https://www2.trustnet.com/Investments/Article.aspx?id=202109090700051937L
     
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  3. Groucho

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  4. Groucho

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    14 September 2021

    Cora Gold Limited ('Cora' or 'the Company')

    103m @ 2.1 g/t in vertical Selin hole and 37m @ 2.39 g/t at Zone A, Sanankoro Gold Project


    Cora Gold Limited, the West African focused gold company, is pleased to announce the eleventh set of drill results from its largest ever drilling campaign at its Sanankoro Gold Project ('Sanankoro' or 'the Project') in Southern Mali. The Company is focussed on targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated. The results to date have been extremely encouraging with good widths and high-grade results in generally shallow oxides ore.


    HIGHLIGHTS

    Selin

    · 103m @ 2.1 g/t Au from 46m in Diamond Drilling ('DD') vertical metallurgy hole SD0023
    · Including 11.5m @ 7.45 g/t Au and 11.5m @ 7.12 g/t Au
    · 8m @ 6.60 g/t Au from 87m in SC1016
    · 33m @ 1.48 g/t Au from 191m in resource hole SD0021
    · Including 9m @ 3.95 g/t Au
    · 90m under existing pit shell
    · 7m @ 6.60 g/t Au from 65m in hole SC1018
    · 21m @ 1.79 g/t Au from 144m in hole SC1075
    · Good opportunity exists to consolidate a single +3km pit at Selin with positive results in the central area of Selin with no current pit shell

    Zone A
    · 37m @ 2.39 g/t Au from 81m in hole SC0531
    · 25m @ 2.12 g/t Au from 51m in hole SC0511
    · 39m @ 1.21 g/t Au from 98m in hole SC0533
    · 25m @ 1.50 g/t Au from 60m in hole SC0501

    · Reverse Circulation ('RC') drill programme has now been completed
    · DD is ongoing focussed on metallurgical and geotechnical holes


    Bert Monro, CEO of Cora, commented, "With the RC programme now completed and the diamond programme coming to an end it is an exciting period for Cora as we move closer to the updated mineral resource estimate ('MRE'). Strong results are continuing to come through in our largest ever drill programme with lots of resource quality intercepts and grades being struck at both Zone A and Selin. Importantly, a number of the intercepts, including 33m @ 1.48 g/t, are significantly outside existing pit shells providing further confidence in our ability to enhance our existing resource inventory later this year once all the results have been received."


    To view the RNS with illustrative diagrams and maps, please use the following link:
    http://www.rns-pdf.londonstockexchange.com/rns/6415L_1-2021-9-13.pdf


    Relevance of the results

    Management believes that the intercepts reported from diamond drill holes ('DD') SD0020 to SD0023 confirm the down dip continuity of ore grades in association with the Selin Diorite from surface to +150m vertical depth. The metallurgical PQ-HQ hole SD0023 demonstrates a continuous vertical profile of +2g/t material from 46m to 149m within diorite. The hole ends in grade as Cora stopped purely to test immediate open pit quality ore types. Hole SD0021, similarly demonstrates continuity of high-grade structure within diorite of 9m at 3.95 g/t, 70m below previous high-grade intercept of 49m at 15.55 g/t on SC0484 on section 1,305,600N. There is great potential to drive the diorite resource at Selin to 150-200m depths. In addition, the body of resource intercepts reported within the Selin Phase 1 ("P1") and Phase 2 ("P2") programmes demonstrates the +2g/t material has a core in the north, of continuous horizontal bench-widths of 50 to 80m within the shallow 20-30o north plunging fold nose, opening plunge opportunities for the future resource drilling beyond this programme.

    Selin drill section 1304700N shows the new resource quality intercepts building southwards, filling the resource gaps where, due to limited drilling, no previous pit shell had been generated in the 2019 MRE. Good opportunity exists to consolidate a single +3km pit at Selin.

    The Zone A drill sections show resource and metallurgical drill hole assay results, which clearly consolidate a 50-70m wide, 60o east-dipping orebody which extends +180-200m down-dip from surface to well beyond the 2019 pit shell limits.

    Plans of the drill intercepts and annotated drill sections Selin 1305500N, 1305600N, 1304700N and Zone A 1296200N, 1296100N and 1296225N are included to illustrate the grade and geological context of the reported results.


    Details

    The Company is pleased to report the assay results from the latest 87 holes in Cora's 2021 programme from Selin and Zone A, including SC0495 to SC0535, SC1012 to SC1039, SC1063 to SC1078 and SD0020 to SD0023. Phase 2 (P2) has focused resource consolidation on Selin, Zone A and Zone B1 pit shells, growing these pit shells and closing gaps between them.



    Holes - Metres - Intercepts Reported - Metres Sent for Assay

    The intercepts reported equate to the latest 9,590m of an expanded +40,000m drill programme and are hosted on thirty-six 50m sections between 1295675N and 1305680N. As of 12 September 2021, 371 holes have been completed totalling 39,791m of reverse circulation ('RC') drilling and 2,555.6m of diamond drill ('DD') coring. The Company has received assay results for 23,502 sampled intervals which equates to 77% of the total 30,360 samples submitted to date. There are 6,398 samples currently outstanding at the laboratory.

    The results reported herein were generated from 10,280 submitted samples, which included a high level of 20% blind, independent, accredited QAQC. The intercepts reported have passed rigorous QAQC.

    Update on drill programme progress

    ● 371 holes drilled totalling over 42,346m from start of the campaign to 12 September 2021
    ● The Capital Drilling Deep RC rig completed drilling 29 August 2021 and has demobilised.
    ● The GEODRILL KL600 RC rig completed drilling 30 August 2021 and has demobilised.
    ● The Capital Diamond Drill ('DD') rig is on-going with geotechnical, metallurgical and hydrological study test work drilling activities.

    Cora Gold Limited - 37m @ 2.39 g/t at Zone A, Sanankoro Gold Project #CORA @cora_gold https://www.voxmarkets.co.uk/rns/announcement/43c46904-8bc1-4d72-b442-c3af670f6052 #voxmarkets
     
  5. Groucho

    Groucho Member

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    16 September 2021

    i3 Energy plc

    ("i3", "i3 Energy", or the "Company")

    Notice of Half Year 2021 Results and Webcast

    i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to announce that it will be releasing its Half Year Results for the six months ended 30 June 2021 on Monday 27 September 2021.

    The management team will host an investor and analyst webcast at 15:00pm, (London) and 10:00am (Toronto) on the same day, Monday 27 September 2021, including a question and answer session.

    The live webcast of the presentation will be available at the below webcast link. Please register approximately 15 minutes prior to the start of the call.

    The results for the six month period ended 30 June 2021 will be available on the Company's website at: https://i3.energy/investor-relations/reports-and-presentations/

    Webcast Link: https://webcasting.brrmedia.co.uk/broadcast/613f77e42e5216641528d9f7
     
  6. Groucho

    Groucho Member

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    16 September 2021

    Cora Gold Limited ('Cora' or 'the Company')

    Interim Results for the Six Months Ended 30 June 2021


    Cora Gold Limited, the West African focused gold company, is pleased to announce its unaudited interim results for the six months ended 30 June 2021.


    Highlights

    ● H1 2021 was a period of intense activity with the launch of an expanded +40,000m drill programme at the Sanankoro Project:

    ○ Dual focus on targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated category

    ○ Results to date have been extremely encouraging with good widths and high-grades in generally shallow oxides ore

    ○ Previously released drill results include:
    ▪ 49m @15.55g/t Au (incl 8m @ 89.12g/t Au)
    ▪ 19m @ 31.56g/t Au (incl 6m @ 95g/t Au)
    ▪ 2m @ 146.43g/t Au
    ▪ 32m @ 7.83g/t Au (incl 4m @53.86g/t Au)
    ▪ 56m @ 3.54g/t Au (incl 21m @ 8.17g/t Au)
    ▪ 8m @ 19.11g/t Au
    ▪ 32m @ 4.43g/t Au
    ▪ 21m @ 5.57g/t Au
    ▪ 14m @8.54g/t Au
    ▪ 54m @ 2.07g/t Au (incl 2m @ 17.71g/t Au)
    ▪ 66m @ 1.58g/t Au)

    ● Advancing updated Mineral Resource Estimate in H2 2021 and Definitive Feasibility Study in H1 2022

    ● Continued strong support from investors and existing shareholders demonstrated through participation in a fundraising for in excess of £3.13 million in June 2021.

    ● Cash at end of June 2021 of US$5.7m


    Bert Monro, Chief Executive Officer of Cora, commented: "The first six months of this year have been particularly active for the Company, with significant progress made towards our Definitive Feasibility Study ('DFS') at our flagship Sanankoro Gold Project in Mali. During the year-to-date, Cora has undertaken its largest ever drilling campaign at our key Sanankoro asset, which has returned consistently strong results across all target areas.

    "Following the recently updated term sheet with Lionhead Capital, Sanankoro is further de-risked and its future development is well supported. The extremely encouraging results from our drilling at Sanankoro also brings us closer to the updated mineral resource estimate once all of the results of the campaign are received later this year. DFS work is now gaining momentum and we expect to publish this in H1 2022.

    "I am incredibly grateful for the efforts of our onsite team in Mali to deliver these excellent results, and for the support of the board and management. I would also like to thank our shareholders for their continued support and I look forward to providing further updates to the market on our developments over the coming months.

    "This has been a very exciting period for Cora Gold with a significant number of landmark events achieved as we transition from explorer to producer over the coming years."


    The Company's unaudited interim results for the six months ended 30 June 2021 will be made available on the Company's website at http://www.coragold.com/category/company-reports.
     
  7. Groucho

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    27 September 2021

    i3 Energy plc

    ("i3", "i3 Energy", or the "Company")

    Interim Report and Dividend Declaration for the Six Months Ended 30 June 2021

    i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to announce the unaudited results for the period ended 30 June 2021. A copy of the Company's unaudited interim financial statements will be available shortly on the Company's website at https://i3.energy/investor-relations/regulatory-news.

    HIGHLIGHTS

    Dividend Declaration

    · Concurrent with this Interim Report, i3 announces an H1 2021 dividend of £2.20 million or 0.2 p/share. The Ex-Dividend Date, Record Date and Payment Date will be 7 October 2021, 8 October 2021, and 29 October 2021, respectively

    · Including the 0.16 p/share special dividend announced in July, total dividends of 0.36 p/share have been declared during the year to date. These dividends do not include the benefit of the enlarged portfolio following the completion of the acquisition of the assets from Cenovus Energy Inc., which completed post period end. The H2 2021 dividend will benefit from the enlarged cash flow resulting from this transaction

    Financial Highlights

    · H1 revenue of £26.5mm (net) and net operating income (Revenue less royalties, opex, processing and transportation) of £12.5mm and cash flow from operations of £8mm

    · Concluded a reduction of the Company's share premium account and announced an intended special dividend of £1.16 million (or 0.16 p/share which was subsequently paid on 6 August 2021)

    Operational Highlights

    · Sustained average production above 9,000 boepd for the sixth month period, offsetting expected natural decline through excellent operations management and targeted maintenance capital allocation

    · H1 volumes do not include any production from the assets acquired from Cenovus Energy Inc., as the transaction closed post period end. Including production from these assets, production for the week ending 18 September 2021 averaged 18,741 boepd

    · Increased exposure to Alberta's premier Clearwater play

    • Confirmed presence of oil in three gas wells in i3's extensive Marten Creek acreage, providing a green light for a winter 2021/22 oil appraisal and development programme

    • Farmed-in to a 50% working interest in the Marten Hill's Clearwater area and participated in two successful development wells which added c.120 boepd net production, with an option to drill seven additional wells on the acreage

    • Participated in Crown Land Sales, bolstering acreage through a 15-year lease on seven sections (17.9 km2) of land in the emerging Cadotte area

    · Acquired a 49.5% interest in South Simonette at a cost of CAD4.7 million, increasing i3's operated interest in this Montney oil play to 99% and allowing it to bring back on three wells to increase its corporate production by c.720 boepd and adding reserves of 4.9 MMboe at a before-tax NPV10 valuation of US$30.9 million

    · Elected to drill two oil-weighted wells with a partner at its Wapiti Elmworth acreage, expected to initially increase i3's production by c.175 boepd, with payback estimated in 1.3 years

    · Acquired c.230 boepd of Wapiti production, conducted six reactivations to increase production to 471 boepd, significantly exceeding the expected 310 boepd

    · Brought on stream a gas well located on the Company's Noel acreage in Northeast British Columbia at an average rate of 650 boepd, exceeding expectations by 30%

    Post Period-End Highlights

    · Acquired circa 8,400 boepd (51% oil and NGLs) of low decline production from Cenovus Energy Inc, located within i3's Central Alberta core area, for a total consideration of CAD65 million (US$53.7 million). The assets were acquired on excellent metrics of 1.73x next twelve months cashflow, US$6,381/boepd and US$0.68/boe of 2P reserves and contain 79.5 MMboe of 2P reserves with an NPV10 of US$193 million as at 1 April 2021, an inventory of greater than 140 net drilling locations, 80 net reactivation opportunities and 1,140 km network of operated pipelines, and key processing facilities. The transaction closed on 7 July 2021

    · To fund the Cenovus acquisition on 7 July 2021, i3 raised approximately £40 million through the Placing and Subscription of 363,700,000 Placing Shares at the Issue Price of 11 pence per Placing Share, a 3% discount to the 15-day average closing price of 11.4 pence

    · On 8 July 2021, i3 announced the declaration of its Maiden Special Dividend of 0.16 pence/share

    · The Company commenced a hedging program which will result in approximately 50% of corporate volumes being hedged on a rolling 12 month forward looking basis. Currently through a combination of physical and financial swaps, circa 24% to 26% of forecast production is hedged through to the end of 2021, circa 22% hedged in Q1 2022 and 4.5% in Q2 2022

    · Agreed terms with farm-in partners for the Serenity field appraisal drilling programme. We await confirmation of funding commitments from those potential farm-in partners before finalising and executing documentation


    Majid Shafiq, CEO of i3 Energy plc, commented:

    "2021 has been a transformational year for i3. We are now a substantial production company with a full cycle E&P portfolio containing multiple options to create and return value to our shareholders. We will continue our efforts in the remainder of 2021 and beyond to grow our production business and build the scale required to efficiently and effectively maximise and sustain value creation."

    Post Period and Outlook

    On 6 July 2021 the Registrar of Companies registered the cancellation of i3's share premium account. The £64.1 million balance of the Group's share premium will be transferred to retained earnings in the second half of 2021.

    On 7 July 2021, i3 announced that it had reached a definitive agreement with Cenovus Energy Inc., a senior Canadian oil and gas producer, to acquire certain petroleum and infrastructure assets within i3's Central Alberta core area (the "Cenovus Assets"), for a total consideration of CAD65 million (US$53.7 million) (the "Acquisition"). The strategic Acquisition delivers extensive operational synergies, a large reserve base with multi-year development inventory and expected strong free cash flow. The Acquisition includes approximately 8,400 boepd (51% oil and NGLs) of predictable low-decline production, 79.5 MMboe of 2P reserves with an NPV10 of US$193 million as at 1 April 2021 (inclusive of undiscounted asset retirement obligations ("ARO") of US$92 million, inflated at 2% and discounted at 10% for an NPV10 ARO value of US$23 million), an inventory of greater than 140 net drilling locations and 80 net reactivation opportunities across approximately 212,000 net acres, an 1,140 km network of operated pipelines, and key processing facilities.

    Also on 7 July 2021, i3 announced the conditional Placing and Subscription of 363,700,000 Placing Shares at the Issue Price of 11 pence per Placing Share, a 3% discount to the 15-day average closing price of 11.4 pence. This includes shares placed through a PrimaryBid offering. The total fundraising was for approximately £40 million. The Placing and Subscription was approved by the Shareholders on 26 July 2021 and admitted to trading on AIM on 27 July 2021. Following the Placing and Subscription, the Company's issued share capital stood at 1,091,424,766 ordinary shares with a nominal value of £0.0001 each.

    Further details of the Acquisition and the equity fundraise are available at https://i3.energy/investor-relations/regulatory-news.

    On 8 July 2021, i3 announced the declaration of its Maiden Special Dividend of 0.16 pence/share with an Ex-Dividend date of 15 July 2021, Record Date of 16 July 2021, and Payment Date of 6 August 2021.

    On 30 July 2021, the Company issued options over a total of 53,705,491 ordinary shares to i3 staff and board and has additionally issued 1,750,000 options to incoming staff and conditionally allocated 3,750,000 for additional hires as part of the Acquisition. The options were issued in accordance with the rules of the Company's Employee Share Option Plan at an exercise price of £0.11 per share. Of the options issued to employees of i3 Canada, one-third of the options vested immediately, with a further one-third vesting if production of 20,000 boepd is achieved prior to July 2022 (substantially funded from internally generated cash flow), and 100 per cent will vest upon the addition of 9,250 boepd or 50 MMboe 2P reserves. Of the options issued to employees of i3 North Sea Limited, one-third of the options vested immediately, with a further one-third vesting at spud of the earlier of a second appraisal well or first development well at either Serenity or Liberator, and 100 per cent will vest upon the addition of 2,500 boepd of European production. Of the options issued to the executive and non-executive directors and one corporate employee, one-third of the options vested immediately, with a further one-third vesting (i) at spud of the earlier of a second appraisal well or first development well at either Serenity or Liberator; or (ii) if production of 20,000 boepd is achieved prior to July 2022 (substantially funded from internally generated cash flow), whichever is first to occur, and 100 percent upon (i) the addition of 2,500 boepd of European production; or (ii) the addition of 9,250 boepd or 50 MMboe 2P reserves, whichever is first to occur. The options will otherwise fully vest on the third anniversary.

    On 20 August 2021, the Company closed the Acquisition previously announced on 7 July 2021.

    On 15 September 2021, the Company announced that certain Loan Noteholders had exercised warrants over 9,828,010 shares in the Company. These shares were admitted to trading on AIM on 17 September 2021.

    On 27 September 2021 and concurrent with this Interim Report, i3 announces an H1 2021 dividend of £2.20 million (0.2p/sh). The Company confirms the following for its H1 2021 dividend:

    Dividend: 0.20 pence/share
    Ex-Dividend Date: 7 October 2021
    Record Date: 8 October 2021
    Payment Date: 29 October 2021

    Payment to shareholders holding their shares on the TSX will be made in Canadian dollars, using the exchange rate from the Bank of England, at close on the Dividend announcement date, 27 September 2021.

    Following the Placing and Subscription, the Warrant Exercise, and as at the date of this report, the Company's issued share capital stands at 1,101,252,776 ordinary shares with a nominal value of £0.0001 each.

    Throughout July, August, and September, i3 entered various risk management contracts, as summarised below.
    Screenshot_20210927_073619.jpg

    The Company's focus for the remainder of 2021 will be on 5 key areas:

    1 The growth of i3's Canadian business by way of operational excellence, capital deployment and strategic upsizing in core areas;

    2 The farmout of its UK licences to conduct further appraisal drilling at Serenity and/or Liberator;

    3 Dividend distributions to its shareholders of up to 30% of free cash flow;

    4 Conducting our operations safely and in an environmentally secure manner; and

    5 Continuing to develop our ESG strategy and publishing our maiden annual sustainability report.
     
  8. Groucho

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    i3 Energy targets appraisal on ‘company-maker’ Serenity field in Q1
    Westhill-based i3 Energy has said it will seek to drill an appraisal of its “company-maker” Serenity project as early as the first quarter of next year.

    Westhill-based i3 Energy has said it will seek to drill an appraisal of its “company-maker” Serenity project as early as the first quarter of next year.

    The firm is seeking to finalise agreements with farm-in partners on the project but awaiting sign off after finances are secure.

    However chief executive Majid Shafiq said the firm is confident of reaching a deal before the year’s end.

    London and Toronto-listed i3 (I3E) is hoping for 100 million recoverable barrels from Serenity oil project in the Central North Sea.

    The development has numerous “evacuation options” including the Bleo Holm floating production, storage and offloading vessel (FPSO), or the Captain field. However if resources are as strong as hoped, then I3 will go for a standalone FPSO for it.

    Mr Shafiq said Serenity remains a “gem” in its portfolio.

    “That would be a massively valuable reservoir worth hundreds of millions of dollars,” he said.

    “We own that 100%, process of farming out an appraisal well. Deals are on the table that will allow fully carried on the first appraisal well.

    “What we’re waiting for is the counter-parties to confirm they’ve got committed funds to pay their share of what’s been agreed, at which point we can sign those agreements and move forward.

    “What we would like to do then is to drill a well, ideally if we can spud it in the first quarter of next year. It might go a bit beyond that into the second quarter now.”

    A farm out would see i3 retain operatorship of the project and a sizeable stake, Mr Shafiq said.

    An appraisal well would firm up reserves and help the company move forward to development, which could also mean combining with the nearby Tain field operated by Repsol Sinopec Resources UK.

    It comes, however, after i3 relinquished the licence for its Liberator field in January after being deemed “sub-commercial“.

    But Mr Shafiq underscored that the company, which has been making a flurry of deals in Canada, has “not walked away from the North Sea”.

    He added: “As a development it would be almost double the size of our current production level in Canada, just from that one development from three wells.

    “That’s the difference between the North Sea and Canada, some of the wells in Canada produce a barrel a day.”

    i3 Energy, which has a team of just six in Westhill, will look to “staff up” if Serenity progresses to development, while a UK presence will help it retain a “competitive advantage”.

    The firm is also looking at North Sea assets, and said it will assess them “coldly” versus margins in Canada.

    Mr Shafiq said: “We’re listed in London, we do have a listing on the TSX now, but all of our institutional shareholders are London-based and our competitive advantage is accessing capital in London.

    “So it is important that we have a presence in the UK to maintain that relationship.”

    Serenity extracts only
    https://www.energyvoice.com/oilandgas/north-sea/352366/i3-energy-serenity-appraisal/
     
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  9. Groucho

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    28 September 2021

    i3 Energy plc

    ("i3", "i3 Energy", or the "Company")

    H1 2021 Earnings Webcast

    i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, posted its H1 2021 Interim Report and Dividends Declaration for the Six Months Ended 30 June 2021 on the Reports and Presentations section of its website at https://i3.energy/investor-relations/reports-and-presentations/.

    As was announced previously, on Monday, 27 September 2021 at 3:00 pm BST the Company live streamed a webcast to discuss the Company's H1 2021 Interim Report and Dividend Declaration and to answer questions. The webcast is now available for replay on the Company's website at https://i3.energy/videos/ .

    Screenshot_20210928_132536.jpg
     
    Last edited: Sep 28, 2021
  11. Groucho

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    LSE - RE: Oil & Gas Prices / Doc Jones

    Zak Mir:
    There was a decent share price reaction to the latest interim report and dividend declaration from i3 Energy (I3E). This was perhaps not surprising given the company announcing a sustained average production above 9,000 boepd for the sixth month period courtesy of its operations management and targeted maintenance capital allocation. All of this for a market cap of just over £150m. There would appear to be more to come as far as production is concerned given that post period i3 acquired circa 8,400 boepd (51% oil and NGLs) of low decline production from Cenovus Energy Inc, located within i3's Central Alberta core area, for a total consideration of CAD$65 million ($53.7 million).

    Nat Gas up over 10% !!!!
    WTI at $75

    Doc Jones on another Podcast - i3e mentioned several times !
    http://www.kereport.com/2021/09/27/...t-we-look-at-the-opportunities-in-the-stocks/

    LSE -"RE: Simonette - just wow!
    DOPW what a question, I'm not the one to ask as I'm super bullish as most know.

    What I would say is I agree with the take away from Doc himself, which is investing, and in particular in Junior oil is all about patience, you need to have it. In that regard I will not be looking at selling down anything until at minimum after the results of H2. After which I go back to an old comment made by Graham Heath, which I used to be able to roll off almost verbatim, however for now I'll paraphrase. His answer to the question of, where he thought the share price could get back to. He used to say, I think we would find it a struggle to reach the high highs of the past, but that he would like to think they go some way toward them, in my mind, and I think in the minds of some of the other LTH's, I believe the consensus was that we could see the 30p - 40p mark again. (i3e once sat at around £1.15 a share)

    After what I heard today, my own research and the general consensus of the analysts notes etc. (WHI at 30p), I believe these figures will be achievable.

    If Serenity were to come in, then I think far in excess of those, so really lets see what the next 6 - 8 months brings, but honestly, I would like to see 40p nailed on within a year which I think would be a pretty good start.
     
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    08 October 2021

    Cora Gold Limited ('Cora' or 'the Company')

    73m @ 2.24 g/t Au at Zone B and 34m @ 3.06 g/t Au at Zone A, Sanankoro Gold Project


    Cora Gold Limited, the West African focused gold company, is pleased to announce the twelfth set of drill results from its largest ever +40,000m drill campaign at its Sanankoro Gold Project ('Sanankoro' or 'the Project') in Southern Mali. The Company focussed the drill campaign on both resource growth as well as infill drilling to convert existing Inferred resources to Indicated. The drill results have continued to be extremely encouraging throughout the campaign with high-grade results in generally shallow oxide ore.


    HIGHLIGHTS


    Zone B1
    · 73m @ 2.24 g/t Au from 83m in hole SC0555
    · 22m @ 3.73 g/t Au from 117m in SC0556
    · 2m @ 17.9 g/t Au from 39m in SC0553 and
    · 23m @ 1.62 g/t Au from 60m in SC0553

    Zone A
    · 34m @ 3.06 g/t Au from 61m in hole SC0521
    · 59m @ 1.28 g/t Au from 60m in hole SC0523
    · 2m @ 34.85 g/t Au from 81m in hole SC0519
    · 36m @ 1.65 g/t Au from 66m in hole SC0543
    · 30m @ 1.85 g/t Au from 96m in hole SC0544

    · Results show both good infill continuity and extensions along strike and at depth beyond existing pit shells


    Bert Monro, CEO of Cora, commented, "To have two more holes of over 100 gramme metres, taking the total number of +100 gramme metre holes to 13 in this drill campaign, is extremely exciting and also very encouraging as we approach an updated mineral resource estimate ('MRE'). The results continue to show good consistency of widths and grades in oxide ore which offers us further encouragement as we look towards the DFS which is already underway.

    "The RC drill campaign is now complete and we will expect the final assay results over the coming weeks in advance of an updated MRE. We look forward to updating shareholders in the near future with further news."

    To view the RNS with illustrative diagrams and maps, please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/4307O_1-2021-10-7.pdf
     
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