Value Microcaps Junior Energy

[dr_airtime]

ITE.TO Update (also there is an OTC ticker apparently)

Bought most at 0.155 and at 0.19 it has grown into my second biggest O&G position. I also sold down some of my larger intermediate caps up big (CPG, MEG) to buy ITE. CPG was formerly largest position.

This guy Doc Jones on CEO.CA released a diligence report that arguably was the first public analysis of this company. His twitter account blew up overnight and volume on AIM and TSX ramped starting last Friday.

Market is still going to wait till a) they see a presentation from the company outlining what Dr. Jones has pulled up and b) a balance sheet post merger reflecting the new company which is i) old i3 energy (north sea assets) ii) Toscana (old 1000 boepd venture junior) and iii) Gain energy (8000 boepd producer owned by Canadian pension OMERS who jettisoned it during oil bloodbath and anti-carbon sentiment peak of 2020).

Doc Jones Report that Woke up ITE this week

ITE in Canada is all about the Clearwater play. Assumption is that ITE's development will look like TVE.TO's. TVE's corporate presentation is down but I'll post next week.

Also - it should be noted that two of the board members of ITE are from the IONA energy failure (TSXV listed North Sea Junior that went bankrupt, but really due to factors our of their control - minority interest, oil prices down 45% YoY, funding partner that backed out). I think this is a GOOD THING this time as they won't want to screw up the second time and IONA was a worst case scenario. Also check the pedigree of the CEO - former Managing Director - Corporate Finance of First Energy - biggest energy investment bank in Calgary - now Steiffel First Energy.

Board

Graham Heath And Neil Carson are IONA team (latter founded Ithaca Energy).