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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Eco (atlantic) Oil & Gas Ltd | ECO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.75 | 8.82% | 9.25 | 14:01:15 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 8.50 | 8.50 | 9.25 | 8.50 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Top Posts |
|---|
Posted at 22/4/2024 11:09 by cashandcard The Mopane oilfield is proving something very very special. It will literally change GALPs fortunes as a company. Sintana bosses deserve credit where it's due, they've got 5% fully carried through to development and there is talk between some old heads PEL83 could yield between 15-20billion barrels OIP.They've hit the oil dreamers jackpot in PEL83. A rare GIANT light oil discovery.The key for Total, Shell, GALP/Sintana has been AVO anomalies that conform to structure. The success in the initial 'honeymoon' phase is really high due to this. I truly believe ECO could match or exceed this in 3B/4B. With 6.25% carried and Total running the show, it's pretty safe as one could expect at this stage.3B/4B has not even been touched yet. But it's coming I tellya, it's coming. The big money will be made by those who accumulate in this 'quiet time'. It's simple;Take the Longview, sitback and accumulate.I am an invested here and some other Namibia smallcaps, largest position of course, Sintana.Cash |
Posted at 19/3/2024 10:02 by cashandcard Mr Hangman,No problem. It is staggering given AOI are putting a value of $800mln on a company that has 9.5% carried interest in the Venus blocks. Impact does have other assets, but they are early stage and I would suggest 85-90% of Impacts value is from its Venus.In the long run, this Impact offer by AOI is rather interesting given AOI will also be increasing its stake in Orange basin deep in South Africa - we now know Total will be drilling there in a campaign which ECO and partners should also see some drilling.Cash |
Posted at 07/3/2024 20:56 by cashandcard You don't need much to prosper when the rewards are so big. Look at Sintana Energy as an example; 5% interest in PEL83 via local affiliate Custos. This is where the huge Mopane structure recently hit the jackpot. Second (appraisal) well being drilled right now, closing in on first target horizon, upper Cretaceous sands, that had a significant light oil column in the first well. Mopane structure has upto 10billion barrels of oil in place (JV estimated).5% - 6% - 7% is very meaningful when the targets are elephant sized. I suspect 3B/4B resources will be upgraded in due course, no one better to partner and get carried by than Total and moneybags Qatar. What ECO need is a drilling timeline to be announced, then it's off to the races. They could also get a Guyana farmout done on better terms. Cash |
Posted at 07/3/2024 19:48 by gisjob2 I don't think ECO have been shafted, better to be funded for drilling and have the partner of choice, than issue shares like confetti to fund drilling and take on huge financial risk.If ECO relied on issuing shares to raise money to fund well drilling the share price would collapse and any hydrocarbon finds watered down by the billions of share in issue anyway. Any dry wells could have meant collapse. It's much better to avoid the risk and benefit from any finds albeit in a smaller way. With Total in charge and having rigs in the area, the exploration wells are likely to happen sooner too. |
Posted at 07/3/2024 16:30 by gisjob2 Can't believe the share price reaction today. While I can understand the intial disappointment about the retained share after the farm-out, it's fully carried and will generate staged cash payments for the company. Total are the company of choice in the area and on a successful drill result ECO could be sitting on a small share of a very large resource. The hope is for the drilling to commence around year end (possibly best to allow a small delay) which will surely increase the share price on anticipation of any success.I see this as securing ECO's near term future prior to farming out Orinduik and Namibia. I can't quite believe that the share price is around the same as before the RNS yesterday, Eco seems in a much better place today than last week. |
Posted at 06/3/2024 17:48 by bocase Malcy's take on the Farm In.This too is a very good deal, a strategic fit if ever there was one which leaves Eco in a very strong position in South Africa with Total and Qatar as partners. Indeed as partners Total fit the bill down to a T, they have immense knowledge of the petroleum system, are involved in blocks 5,6 and 7 as well as deep water blocks and now have two rigs of its own in the area one of which is earmarked for the Orange Basin. This is the biggest deal Eco has done, a great deal of money brought in in a number of payments including the spud of an exploration well and more importantly a full carry of all its JV costs repayable from production. But this is a smart deal in more than one way than one, with its 6.25% Eco will be in a very strong position in one of the best post codes in international oil exploration. The 4 billion barrels in the CPR mean that even 6.25% of that really ‘moves the needle’ in any valuation of Eco, they are kushti in that after any discovery and payback they have the put and the call. My guess is that Qatar would buy more of the block so would be a natural buyer at a premium or Eco could just hunker down and watch the value rise. Once this has been done Eco have the small matter of their acreage in Namibia to farm-out and with the interest locally interest may be substantial. Finally the company are doing a formal farm-out process with regard to their Orinduik block in Guyana where current interest is also very keen. Eco shares are up very modestly today, it will take a while for the market to work out quite how valuable they are after this deal and I’m sure that will come with time, they stay in the bucket list out next week. |
Posted at 22/1/2024 20:58 by mick_oi Malcy's daily blog Eco comments today:Nothing much to add to this purely confirmatory announcement, for Eco they have completed on this deal but the management remains bursting with confidence in South Africa and I for one wouldn’t be surprised to see further activity in the post code. Guyana is a large process now but not without its upside and Eco will be looking for partners now that the original partners have left town. Overall I’m confident about Eco at the moment, it is looking in as strong a position as I’ve seen for a very long time and the company has no need for fresh funds at the moment and remains a favourite with a great deal of upside. hxxps://www.malcysbl |
Posted at 22/1/2024 08:03 by mick_oi Orinduik License Operational UpdateAs Operator, Eco Orinduik BV, gave notice to the Minister of Natural Resources of the Cooperative Republic of Guyana ("MNR") to enter the Second Phase of the Second Renewal Period of the Orinduik Licenseeffective as of 14 January 2024. This Second Phasehas a commitment to drill one exploration well to the Cretaceous formation during the remainder of the license period which ends on 13 January 2026. Further, Eco advised MNR last week that TOQAP Guyana B.V (the SPV joint entity held by TotalEnergies and QatarEnergy 60:40) hasrelinquished their 25% WI for strategic reasons and will not participate in the next phase, the former TOQAP Guyana B.V 25% WI will be assigned to Eco Guyana. Subject to the requisite government notifications, Eco will remain the Operator holding 40% WI in Orinduik License as Eco Guyana and 60% WI as Eco Orinduik BV. hxxps://polaris.brig |
Posted at 10/8/2023 07:19 by mick_oi TULLOW OIL PLCGUYANA UPDATE 10 August 2023 - Tullow Oil Plc ("Tullow") is pleased to announce that it has agreed to sell its total interest in Tullow Guyana B.V. ("TGBV"), which includes the Orinduik licence (Tullow 60% operated equity) in Guyana to Eco Guyana Oil and Gas (Barbados) Limited ("Eco") (the "Transaction") in exchange for a combination of upfront cash and contingent consideration.Tullow |
Posted at 18/11/2022 12:43 by ifthecapfits H&P reportGazania-1 dry hole: worth 12p/sh risked in our NAV Eco has announced that the Gazania-1 well on Block 2B, offshore South Africa, which spudded on October 10, 2022, reached target depth of 2,360m but did not show evidence of commercial hydrocarbons. The well will now be plugged and abandoned as planned. We estimate that the cost of the well net to EcoAtlantic was ~US$30mm. The well logging is currently ongoing and the JV Partners will undertake a detailed analysis of the results to allow them to determine the next steps on the Block. Gases normally associated with light oil were encountered throughout the drilling of the Gazania-1 well. This, in Eco’s view, confirms the active hydrocarbon system, proven by the A-J1 discovery well in 1988, extends to the part of the basin where the Gazania-1 well is located. Further seismic interpretation will likely lead to the definition of viable areas for trapping downdip of Gazania-1 closer to the 1988 oil discovery A-J1. The JV partnership in respect of Block 2B comprises Eco Atlantic (50% WI and Operator), Africa Energy (27.5% WI), Panoro (12.5% WI), and Crown Energy (10% WI). We carried 12p/sh in risked value for the Gazania and Namaqualand prospects on Block 2B. Eco has 3 exploration wells planned for 2023 in Guyana and South Africa Eco is planning a two-well campaign on Block 3B/4B offshore South Africa to begin in 2023. A collaborative farm-out process, for up to 55% gross WI, has been ongoing with the Operator and JV partners. Eco is also planning at least one well into Cretaceous targets on the Orinduik Block offshore Guyana. Block 3B/4B, is located between 120-250kms offshore South Africa in the Orange Basin directly south of the prolific multibillion barrel discoveries offshore Namibia announced earlier this year by Shell (Graff-1) and TotalEnergies (Venus-1). The 3B/4B Block covers an area of ~17,581km² and lies in water depths ranging from 300-2500m. The block partners - Eco (26.25%), Africa Oil (20%) and Ricocure (53.75%) - are currently reprocessing a large 3D seismic survey that will be used to high-grade leads towards identifying drilling targets and preparing for a potential drilling campaign next year. South Africa: giant potential on Block 3B/4B to be drilled in 2023 Blocks 3B/4B hold >3Bbbl of gross prospective resource (618mmbbl net to Eco) in the Orange Basin. The main zones of interest in the 3B/4B block are marine basin floor fan turbidite sequences of Cretaceous age. The 3B/4B Block plan is to complete the reprocessing and merging of the 3D datasets, initiate an environmental survey in preparation for drilling a well in 2023. The 1.9bnbbl (gross) SF-1A Prospect covers possibly 771 square kilometres and may have 100 meters or less of gross sand thickness with a 25% chance of success. Eco also expects additional resources to be added from ongoing 3D processing in Block 3B/4B in South Africa. Valuation: >300% upside to our new risked NAV of 80p/sh On the back of the dry hole, Eco shares have fallen around 23p/sh or >50%. However significant exploration potential remains for Eco in two of the world’s most exciting exploration regions: Guyana and the Orange Basin in Namibia/South Africa. Our risked NAV has fallen by 13p/sh to 80p/sh as we have removed the risked value for Gazania and Namaqualand plus incorporated the dry hole cost and marked to market FX. The SF-1-A prospect on Block 3B/4B is estimated at 1.9bnboe gross, which we estimate is worth >£5/sh unrisked to Eco and we carry at 32p/sh which is heavily risked in our NAV. We also carry a couple of prospects in Guyana which are each worth ~15p/sh risked or >£1/sh unrisked. Eco Atlantic’s last reported cash position was US$36.5mm at of 24th August 2022. |
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