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Glenwick share chat (GWIK)

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

  1. Groucho

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  2. Groucho

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    5 May 2022


    Secondary Placing of Shares in i3 Energy plc

    Bybrook Capital Master Fund LP, Bybrook Capital Hazelton Master Fund LP and Bybrook Capital Badminton Fund LP (together, the "Sellers"), have sold an aggregate of 60,000,000 ordinary shares (the "Placing Shares") in i3 Energy plc ("i3" or the "Company"), at a price of 27 pence per share (the "Placing"), raising aggregate gross proceeds of £16.2 million. Stifel Nicolaus Europe Limited ("Stifel") and Tennyson Securities, a trading name of Shard Capital Partners LLP ("Tennyson") acted as joint bookrunners on the Placing (the "Joint Bookrunners").

    The Placing Shares represent approximately 5.3 per cent of the Company's issued share capital and 20 per cent of the Sellers' combined holding in i3. Following the Placing the Sellers together hold an aggregate of 234,334,943 ordinary shares in i3, representing approximately 21 per cent. of the Company's issued share capital.

    Each of the Sellers and Cairn Capital Limited (the "Investment Manager") (acting for and on behalf of the Sellers) have agreed that they will not, for a period of 90 days following the completion of the Placing, offer, sell or otherwise transfer any residual shareholding in the Company without the consent of Stifel and Tennyson (subject to customary exceptions and waiver by the Joint Bookrunners).
     
  3. Groucho

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    9 May 2022

    i3 Energy plc

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

    Q1 2022 Operational and Financial Update and Expanded Capital Programme

    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 following Q1 2022 operational and financial update.

    Highlights:

    · Q1 2022 average production of approximately 18,095 barrels of oil equivalent per day ("boepd"), representing a 100% increase over Q1 2021

    · Canadian Capital budget to increase by up to $50 million above the previously announced $47 million 2022 programme (together, the "Enlarged Capital Budget"), focused on continued low-risk, high-return development drilling of i3's core Glauconite and Cardium fairways, with expanded Montney and Clearwater programmes

    · Full-year 2022 net operating income ("NOI" = revenue minus royalties, opex, transportation and processing) is now forecast to be $241million for 2022 assuming the full implementation of the Company's Enlarged Capital Budget

    · Strong drilling results from the Company's operated and non-operated development programmes

    · Increased the Company's Clearwater position by ~20% through the acquisition of 15 net sections (38.5 km2) of proximal, strategic acreage

    · Monthly dividend payments of £1.1827 million commenced in March with year-to-date distributions totalling £3.55 million; a dividend increase is expected to be announced in due course


    Majid Shafiq, CEO of i3 Energy plc, commented:

    "We are very pleased with the continued strong performance of our Canadian production base, and the resulting cash flow generation in the first quarter of 2022. We exited Q1 above 20,000 boepd, in part due to the contribution from wells drilled as part of our maiden operated drilling programme. Results from wells drilled to date have met or exceeded management's pre-drill geological and production capacity expectations and have been drilled within budget. This, allied with the performance of our base production assets, increased NOI projections and strong commodity price forecasts has led us to plan for an expanded drilling programme for the second half of the year. An increase in dividend pay-out for 2022 is also expected to be announced in due course."

    Q1 Production and 2022 Update

    Production in Q1 2022 averaged 18,095 boepd, comprised of field estimate sales equalling 53.5 million standard cubic feet of gas per day ("mmcf/d"), 6,006 barrels per day ("bbl/d") of natural gas liquids, 2,789 bbl/d of oil and 376 boepd of gross overriding royalty interest production. The strong quarterly production represents a 100% increase over Q1 2021 and is a direct result of the continued outperformance of i3's low-decline base production, which is forecasted at 11.5%, and strong operational results across the Canadian portfolio. The Company exited Q1 2022 with record production of 20,312 boepd with April field sales estimates averaging 20,256 boepd.

    Screenshot_20220509_072500.jpg

    2022 Guidance Update

    i3's Board of Directors has approved a 2022 capital budget increase of up to an additional $50 million, internally funded through existing operations, over the previously announced Canadian capital budget of $47 million. The increased capital budget is a direct result of the Company's robust operational performance and forecasted strength in commodity prices. The Enlarged Capital Budget of up to $97 million will allow for the expansion and acceleration of i3's key Canadian development opportunities.

    The Enlarged Capital Budget is fully-funded through existing Company resources (cash on hand and near-term forecasted cash flow), and is expected to materially enhance 2022 production and NOI while preserving the Company's strong balance sheet. The programme is designed to maximize near-term production and cash flow through further development of the Company's large inventory of predictable and highly-economic Glauconite locations in Central Alberta, while continuing to advance i3's high-impact Simonette Montney position and recently expanded Clearwater holdings (as described below). The revised capital budget is forecast to provide peak production above 24,000 boepd. As a material percentage of the budget will be deployed in Q4 2022, the full impact and benefit of the expanded capital budget will occur in 2023 and beyond.

    Based on full deployment of i3's Enlarged Capital Budget, 2022 NOI is now forecasted to be $241 million, with the Company expecting a material working capital surplus that will be available for additional development drilling, opportunistic acquisitions, and distributions to shareholders.

    Operational Results

    During Q1 2022 the Company participated in 11 gross (5.2 net) wells across its drilling portfolio, including 3 gross (3.0 net) operated wells and 8 gross (2.2 net) non-operated wells. The results across the entire programme, both operated and non-operated initiatives, continue to achieve or exceed management's type curve expectations. The wells were all drilled within budgetary estimates. The drilling programme is continuing into Q2 as detailed below.

    i3 continues to systematically expand upon and advance the development of its large inventory of highly profitable booked and un-booked locations, as the Company remains focused on delivering total shareholder returns. Based on current strip pricing, the Company has an identified inventory of 870 gross (465 net) locations, of which approximately 40% are currently booked in GLJ's 2021 Year-end Reserves Report for i3 Energy Canada Ltd. Of the Company's total inventory, approximately 570 gross (340 net) locations are capable of delivering payback periods of less than one year and provide average estimated rates of return of approximately 240%. The Company is actively advancing this inventory to bring forward a multi-year development strategy, capitalizing on robust near-term commodity prices and the Company's extensive infrastructure network.

    Central Alberta Glauconite

    At Open Creek, i3 brought on production 2 gross (2.0 net) extended-reach horizontal liquids-rich Glauconitic wells. The 103/14-24-042-05W5 and adjacent 102/13-24-042-05W5 wells were drilled and completed on time and under budget. During drilling, both wells encountered excellent quality Glauconitic reservoir rock throughout, ranging from 6 - 9% porosity, with strong gas responses along the entire lateral lengths. Completion of the two wells occurred sequentially, with the two-well pad producing at a combined rate of 8,900 mcf/d over the final full day of testing prior to tie-in on 24 March 2022. Over the initial 30 days of production, the wells exhibited average per-well production of 778 boe/d, comprised of 3,315 mcf/d, 40 bbl/d of condensate and 185 bbl/d of natural gas liquids. The wells continue to perform above management type curve estimates and are projected to pay out in approximately 8 months.

    With the success of the Company's initial two operated wells and its extensive inventory of highly-economic development locations, i3 has accelerated the drilling of 3 gross (3.0 net) extended-reach horizontal, liquids-rich Glauconitic wells at Open Creek. These three wells, drilled from a common surface pad, allow the Company to capture additional operational efficiencies, minimize surface disturbances and enhance overall project economics. To date, i3 has successfully drilled the extended-reach horizontal well pad, with all three wells encountering better reservoir quality than the offsetting 14-24 and 13-24 Glauconitic wells. Sequential completion of each well on the well pad is expected to commence on 15 May 2022, with testing anticipated to begin on 20 May 2022 and tie-in occurring in mid-to-late June. To date, this three well project has been implemented with costs and timing tracking to budget.

    Marten Hills Clearwater

    At Marten Hills, i3 has completed drilling 4 gross (2.0 net), eight-leg multilaterals in the Clearwater formation. The eight-leg multilaterals had an average total lateral length of approximately 12,000m, with each well encountering excellent oil-stained reservoir demonstrating up to 30% porosity. The wells have all finished recovering load fluid and are exhibiting strong initial rates. The wells on the pad have averaged approximately 214 bbl/d, with a 4% water cut on the initial seven days of production; these rates are materially outperforming the Company's internal type-well forecasts. With the drilling of these wells, i3 has completed the initial 6 well (3.0 net) earning phase of the Company's Clearwater farm-in. i3 has further elected to drill an additional 2 gross (1.0 net) earning wells, to be spud by 31 March 2023, which will earn an additional 13 sections along the prolific Clearwater trend.

    Simonette Montney

    i3's 13-13-061-01W6 Lower Montney horizontal well at South Simonette was spud on 4 February 2022. The well was successfully drilled to a total measured depth of 6,350m including an in-zone lateral section of 2,882m in this proven prolific oil-bearing interval. Drilling operations proceeded without issue, with the lateral section encountering geological characteristics consistent with high quality reservoir throughout. The 13-13 well is slated for completion in mid-June, once seasonal road restrictions (due to the spring thaw) have been lifted.

    The 13-13 well directly offsets i3's prolific 15-13-061-01W6 well which has already recovered approximately 220,000 bbls of oil and 0.5 BCF of natural gas, exhibiting strong deliverability with peak rates of greater than 1,000 boepd.

    Wapiti / Elmworth

    In the Wapiti / Elmworth area, i3 participated in 4 gross (0.2 net) non-operated horizontal oil wells, including 3 gross (0.1 net) Cardium wells and 1 gross (0.1 net) Dunvegan well. Each well has been drilled and brought onto production under budget, with results exceeding respective type curves and are projected to pay out in approximately five months.

    Serenity Appraisal Farm-out

    As announced on 21 April 2022, i3 has executed a Farm-in Agreement ("FIA") with Europa Oil & Gas Limited ("Europa").

    Under the terms of the FIA, Europa will acquire a 25% non-operated working interest ("WI") in a sub-area of UKCS Licence P.2358 Block 13/23c containing the Serenity discovery (the "New Serenity Block") by funding a 46.25% paying interest for one appraisal well on the field, whereafter i3 will retain a 75% operated WI in the New Serenity Block. The gross well cost is estimated to be circa £14mm and is expected to spud in late Q3 2022.

    Clearwater Land Expansion

    i3 has been focussed on expanding its Clearwater position since the Company's initial entrance into the play through the acquisition of Toscana Energy Income Corporation ("Toscana") in early 2020. The Company is pleased to announce that it has successfully increased its Clearwater land position by approximately 20%, to 94 net sections (241 km2), through a series of strategic, complementary transactions. These acquisitions, including successful bids at Alberta Crown Land Sales, joint ventures, farm-in agreements and partner consolidation, have increased the Company's exposure approximately 90% from the 50 net sections (128 km2) acquired as part of the Toscana acquisition.

    i3 continues to explore potential opportunities for enhanced exposure to this top-tier play and is eager to accelerate potential exploration and development opportunities across its extensive Clearwater position.

    Environmental, Social and Governance ("ESG")

    i3 has completed the work for its maiden sustainability report, which is currently undergoing final review prior to publication. The Company's programme to replace its entire inventory of high-bleed pneumatic controllers with low-bleed units or instrument air is now complete. An electrification project has commenced at the Carmangay field to convert pumped wells to electrical power and similar projects are being considered for the Simonette and Retlaw fields. Applications have been made for grant funding under the Government of Alberta's Emissions Reduction Alberta program to help fund electrification and vent reduction projects and under the Alt FEMP (Fugitive Emissions Management Program) to monitor fugitive emissions with alternate methods. The Company received total grants of $2.3mm in 2021 under the Government of Alberta's Site Rehabilitation Program and has applied for a grant of $1.248mm under the Period 5 scheme to abandon 42 wells, with an estimated cost of $0.324mm net to i3.

    Return of Capital

    i3 initiated its return of capital model in July 2021 with its maiden dividend, returning over £3mm during 2021 to shareholders. In December 2021 the Company committed to pay a minimum dividend of £11.827mm during the course of 2022 and in March 2022 transitioned to a monthly dividend payment schedule to expedite the return of capital to its shareholders. The Company remains committed to delivering a sustainable monthly dividend as part of its total return model, with an underlying policy of distributing up to 30% of free cash flow back to shareholders. Due to strong operational, drilling and financial performance and supported by current cash flow forecasts, the Company intends to increase the committed dividend payment for 2022 in due course.

    (1) Unless otherwise denoted, all figures are referenced in USD ($) and assume a foreign exchange rate of 1.29 CAD:USD.

    (2) Unaudited management estimates.

    (3) IP30: the average daily production of a well over its initial 30-day production period.

    (4) Production based on accounting month recognition (sales volume) versus actual volumes produced during the month.
     
  4. Groucho

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    Q1 Operational Update and Material 2022 Capex Increase
    We are placing our fair value estimate of 49.8p for i3 Energy under review for a material increase to reflect the increased production and cash flow that we expect to result from the more than doubling of the company’s 2022 capex guidance, announced today. We believe that the company’s operational results are robust and believe that it is highly encouraging that its newly producing wells are all producing at or in excess of their pre-drill expectations.

    Conclusion: We believe that i3 Energy’s forward-looking outlook is, by far, the best it has ever been. The company’s Canadian outlook is underpinned by low-risk drilling. The commodity outlook is robust. We expect the oil & gas sector to be re-rated. We expect i3 Energy to emerge as a premium company amongst its Canadian peers. Our high-conviction expectation is that i3 Energy’s forward-looking value creation will exceed the company’s impressive backward-looking (delivered) value creation. The company has been clear that it will be announcing an increase to its monthly dividend (currently equating to an annual dividend of 1.05p/sh – providing a yield of 3.8% based on the last closing price). Following two increases to our fair value estimate in April, we are placing our fair value estimate of 49.8p under review for a material increase to reflect the increased production and cashflow that will result from i3 Energy’s announcement today that it is has more than doubled its 2022 capex guidance.

    EC26E56A-0189-48A1-AB38-07E514498C9B.jpeg 30C15847-2E44-4165-86BB-BE70E64080B6.jpeg 4F8521D6-7EFC-4CF7-8D63-C10EB94E4B55.jpeg
     
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    30 May 2022

    i3 Energy plc

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

    Serenity Well - Award of Well Engineering Operator Contract

    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 has entered into a contract with Petrofac Facilities Management Limited ("PFML") under which PFML will provide well engineering, operations management and operator services for the drilling of the Serenity appraisal well on its UK North Sea Licence P.2358 Block 13/23c. The contract allows i3 access to PFML expertise and services for a three-year period. PFML has an existing contract with Stena Drilling Limited for the use of the Stena Don, a harsh environment, dynamically positioned fifth generation, semi-submersible drilling unit. i3 has secured a well slot with a commencement date between 15 August and 15 September 2022.

    Majid Shafiq, CEO of i3 Energy plc, commented:

    "We are very pleased to be working again with PFML who we contracted to drill the Serenity discovery well in 2019, where operations were completed successfully, safely, on time and on budget. Operations planning is well underway, and we are on-track to spud the Serenity appraisal well in early September."
     
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  13. Groucho

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    69290363-F9F8-491B-B7B4-9146703F7DD9.jpeg 2F512472-C61A-4705-9FA5-0951F5F7656A.jpeg

    Significant increase to fair value estimate and first 2023 financial projections

    We are updating our financial forecasts, providing our first financial forecasts for 2023, and increasing our fair value estimate for i3 Energy to 60.6p
    (Table 2), up from 49.8p, to reflect both stronger production and higher commodity prices.

    Conclusion: We believe that i3 Energy’s forward-looking outlook is, by far, the best it has ever been. We believe that the company’s Canadian outlook is underpinned by low-risk drilling. The commodity outlook is robust. We expect the oil & gas sector to be re-rated. We expect i3 Energy to emerge as a premium company amongst its Canadian peers.
    Our high-conviction expectation is that i3 Energy’s forward-looking value creation will exceed the company’s impressive backward-looking (delivered) value creation. The company is delivering on its promise to grow its dividend, which is now (after the increase announced 11 May 2022) paying out monthly at an annual rate of 1.71p (currently yielding 5.9%; 0.1425p/month x 12 months).
    The forthcoming appraisal well for the Serenity discovery has scope to add very significant value (see Table 2). Following two increases to our fair value estimate in April, we find ourselves again increasing our fair value estimate for i3 Energy. With commodity prices racing ahead of the assumptions we have used to value i3 Energy, and with an inevitable shift of focus on 2023, we believe that our near-constant refrain on i3 Energy remains pertinent: “Expect more cash!”
     
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    27 June 2022

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

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


    Cora Gold Limited, the West African focused gold company, is pleased to provide an update on the US$25m Mandate and Term Sheet (the 'Term Sheet') with 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'). The key terms and conditions of the Project Financing were set out in an announcement by Cora on 08 September 2021. On 24 June 2022 Lionhead confirmed to the Company that, while reserving its rights under the Term Sheet, it does not intend to terminate the Term Sheet should the Company fail to deliver a Definitive Feasibility Study ('DFS') on the Project by 30 June 2022.


    Following the completion of a 2022 drill programme, which targeted converting existing Inferred Mineral Resources to Indicated Mineral Resources and identified new discoveries close to existing Mineral Resources, on 30 May 2022 the Company announced:

    ● its intention to update its Mineral Resource Estimate ('MRE') for Sanankoro;

    ● the updated MRE will then be incorporated into the Mining Study for the DFS; and

    ● as a result, the DFS is expected to be completed in Q3 2022.


    Bert Monro, Chief Executive Officer of Cora, commented, "We are pleased and encouraged by the commitment of Lionhead, acting as lead investor and arranger on behalf of a consortium of investors, in their continued support for Cora and the Sanankoro Gold Project. We look forward to completing the DFS during Q3 2022 and achieving another significant milestone along the path towards developing Sanankoro."
     
  16. Groucho

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    6 July 2022

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

    Completion and Submission of Environmental and Social Impact Assessment



    Cora Gold Limited, the West African focused gold company, is pleased to announce the completion and formal submission of an Environmental and Social Impact Assessment ('ESIA') for the Company's flagship Sanankoro Gold Project ('Sanankoro' or the 'Project') in southern Mali.


    Highlights:

    - Completion of ESIA in alignment with the International Finance Corporation ('IFC') Performance Standards by environmental consultants Digby Wells Environmental ('Digby Wells')

    - Formal submission of ESIA to the Direction Nationale de l'Assainissement et du Contrôle des Pollutions et des Nuisances ('DNACPN'), the governing administration for environmental matters in Mali

    - The ESIA is a crucial component of the Definitive Feasibility Study ('DFS'), which is expected to be completed in Q3 2022


    CEO of Cora Gold, Bert Monro, commented: "The completion and submission of the ESIA marks a significant milestone for Cora as we continue to advance the development of our Sanankoro Project towards production. This, together with the recent completion of our 2022 drill programme that will be used to inform an updated Mineral Resource Estimate, mark the next key objectives towards delivering our DFS.

    "The ESIA work programme comprised multiple workstreams, including stakeholder engagement, specialist baseline and impact assessment studies (including biodiversity, water and social studies), an integrated environmental and social management programme, a conceptual closure and rehabilitation plan, a resettlement policy framework and a community development plan. The ESIA, completed in accordance with Malian requirements for Environmental Permitting and in alignment with good international industry practice including the International Finance Corporation Performance Standards, upholds Cora's commitment to excellence and working with our host communities to ensure an optimum outcome for all our stakeholders for the development of the Sanankoro Gold Project.

    "We will continue to work closely with the relevant authorities in Mali as our ESIA application progresses and as we advance the next steps for the DFS ahead of its completion in Q3 2022."
     
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    1 August 2022


    Europa Oil & Gas (Holdings) plc

    ("Europa" or the "Company")


    Completion of Serenity Farm-in


    Europa Oil & Gas (Holdings) plc, the AIM traded UK, Ireland and Morocco focused oil and gas exploration, development, and production company, is pleased to announce that all conditions precedent required to complete the farm-in to Block 13/23c ("Serenity") have now been satisfied. The Company announced the details of the Serenity Farm-in Agreement on 21 April 2022, noting that the farm-in agreement was subject to approval from the North Sea Transition Authority and other customary conditions. These conditions have now all been satisfied and the farm-in has now completed.


    Simon Oddie, CEO, said:

    "I'm pleased that we have now completed the final formalities of the Serenity Farm-in and look forward to updating the market as we progress, with i3 Energy as operator, towards starting drilling operations in early September. The Serenity appraisal well, an important near-term catalyst for Europa, has the potential to prove sufficient recoverable volumes to justify a standalone development and could deliver significant near-term value to our shareholders."
     
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    1 August 2022

    i3 Energy plc

    ("i3" or the "Company")

    Completion of Serenity Farmout

    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, following the fulfilment of all conditions precedent in the Farm-in Agreement ("FIA"), the completion of the farmout of a 25% working interest ("WI") in Block 13/23c North (Licence P2358) which contains the Serenity discovery, to Europa Oil and Gas Limited ("Europa"). Under the terms of the FIA, Europa will fund 46.25% of the cost of the upcoming Serenity appraisal well up to a gross capped well cost of £15 million. Any well costs exceeding £15 million will be funded by the companies in proportion to their respective working interests.

    Following this farm-out, i3 retains a 75% WI in Block 13/23c North (Licence P2358) and a 100% WI in Block 13/23c South (Licence P2358), which contains the Minos High Prospect and Liberator discovery.

    Majid Shafiq, CEO of i3 Energy plc, commented:

    "We are delighted to have successfully completed the farm-out agreement for Serenity and to welcome Europa as our joint venture partner in the discovery. The next significant step is to drill the appraisal well, which is on track for spud in September. The well will help us delineate the size of the field and provide the critical information required to formulate an effective development plan for a potentially very large oil field. We look forward to updating the market on our progress at what is an exciting time for i3's North Sea acreage."
     

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