1. Does i3e intend to re-purchase its shares this year and if so, why is this money not being put into drilling?

i3 has no near-term plans to conduct share buybacks.


2. Are there any other repercussions of eliminating the Share Premium Account other than eliminating the retained losses?



3. Does this resolution impact tax liabilities on future profits?



4. Will the dividend paid quarterly or bi-annually?

A bi-annual dividend distribution is expected.


5. Can the value of the Q1 dividend be inferred as 20-30% of a quarters FCF?

FCF expectations will change across a given year resulting from fluctuations in productivity and realized commodity prices. Annual dividends will be trued to these actual figures once they have become historical.


6. How much free cash flow does the company have to generate before you increase the dividend payout ratio to 40%?

Above i3’s minimum commitment to distribute 20% of FCF to its shareholders, all capital decisions will be made in consideration of maximizing shareholder return.


7. Considering the large share-float and low trading multiples, why haven’t the company shown more interest in buying back shares? 

i3 is acquiring assets and deploying operational capital at a return level that is below the Company’s trading multiple in the market. Buybacks would typically occur when that dynamic is reversed.