Oil Man Jim Company Oil & Gas Podcast & Blog, 28th June 2020
June 28, 2020
Another interesting week. I3 Energy (I3E) announced news which appears to have confused many. Key point is that the warrant and management option strike prices are being reset to the nominal value of I3’s shares (£0.0001/share), which means that the I3 equity is being deemed worthless.
The Canadian acquisition and any future North Sea activity therefore is of academic interest only now to existing shareholders. You can perhaps see why a well-known group was pumping I3E so hard before the suspension, trying to get the stock away.
As expected the TomCo (TOM) “short squeeze” ran out of steam and the price has retreated significantly. Next up here will be a new placing. Let's be clear, associated company Petroteq ($PQE $PQEFF) is a promotion. No one is expecting it to achieve commercial success. The purpose of its announcements is to sell shares.