i3 Energy Plc (ITEEF)

[pro_s2009]

Ultimately, for me, the previous good result at Serenity was diminished by poor drilling results at Liberator, and we are where are today, where Serenity is in fact not really included in the I3E share price.

The current price is more than covered by the Canadian assets, production, cash flow and dividends being paid out monthly.

Serenity, imo, is already proven to be commercial on a stand alone basis and what we are looking at ahead is appraisal wells that will confirm, or not, that Serenity is much bigger than currently proven. Success at the coming appraisal well should see a very real step change in the i3E share price, as Serenity goes from the current "no value attributed" to become "of value" in the share price.

Rig update for Serenity appraisal well should be coming in a week or so, mobilised, then spud in early September all being well.