Value Microcaps Junior Energy

[dr_airtime]

What a rally! + new company I3 energy

Rally of a lifetime for me as family's portfolio has been 90% oil producers since oil price started climbing in November! Opportunity of a lifetime in oil market really playing out which was original thesis.

Haven't tried to trade at all including (unwisely perhaps) not taking anything off the table before yesterday's OPEC meeting.

Anyways - here is a producer that is off everyone's radar as I think they were originally an AIM junior that only listed on the TSX in November after an acquisition of 9,000 boepd from privately listed Gain Energy that was perhaps also rationalizing assets during the downturn.

i3 Energy IET.TO. They also have an AIM listing that may be more liquid? As of today they trade at a $C 98mm Market Cap and as of June 2020* they had £15mm or $C 27mm of notes/debt issued for an EV of approx. $C 125mm with current Alberta/Saskatchewan production of 9,150 boepd (41% liquids) so are trading at $C 13,700/boepd (EV/boepd) on production below plus it looks like they have a nice North Sea discovery with a P50 STOIIP of 197MMbbls. They have logging results in a PR and the presentation so perhaps they drilled an exploration well but need a partner (and a permanent platform) to turn it into a producer. Icing on the cake.

*last set of public FS from mid-year 2020 per AIM semi-annual reporting requirements only

This is last PR.

i3 last ops release

This is last Corporate Presentation.

Presentation

Hard to find but this is last set of FS I found. Didn't search SEDAR but didn't find anything disclosed via stockwatch since i3 traded on the TSX.

June-20 AIM Report