Eco (atlantic) Oil & Gas Share Discussion Threads

[booradley1] 27/11/2020 19:20

Can anyone post the new article from Upstream about Tullow and Orinduik?? Thanks

[value viper] 27/11/2020 08:21

Disappointed this has basically gone down in a sector which has materially improved.Seems news re Total was hoped for ?And didn't materialise

[jimarilo] 25/11/2020 16:07

Rayrac24 Nov '20 - 10:42 - 594 of 598
0 0 0
Yes, how? They’ve found nothing in the top 3/4 offshore in Namibia. It’s the bottom 1/4 only so far and where the main drill interest is.
............


The Walvis Basin is the only basin to have brought oil to the surface, which is in the north of the region

Exxon/Galp, M&P are due to drill the Walvis Basin in the new year. Farm out deals expected before then. Eco and Azinam yet to finalise a deal for PEL30

[heialex1] 25/11/2020 10:07

If nothing else he's a hell of a salesman.Having said that, if you want a cheap option as a punt and are happy to tuck it away for a year or two, this might make sense

[pro_s2009] 25/11/2020 09:50

Thanks, New video is now in the header in the ADVFN TV bit.

[dat_51] 24/11/2020 22:24

Nice podcast interview with Gil Holzman today.
Hints of a chance for drilling as early as late 2021 or into 2022 in Guyana.
Maybe action on a Namibia block, too.
dat

[rayrac] 24/11/2020 10:42

Yes, how? They’ve found nothing in the top 3/4 offshore in Namibia. It’s the bottom 1/4 only so far and where the main drill interest is.

I have a feeling any oil will be in just very deep waters, if any at all. It certainly doesn’t seem to be a prolific oil province. We shall see perhaps?

[mr macgregor] 24/11/2020 08:50

How is Namibia a prolific hydrocarbon province?

[pro_s2009] 24/11/2020 08:44

Aha.....I spot the error....... ;)

[fireplace22] 24/11/2020 08:24

Spud should be Feb 2020......damn - missed it!

[pro_s2009] 24/11/2020 08:10

Yes, looks 2022 for drilling, thats why I sold out of ECO.

All my ECO funds went into PANR (Pantheon) as they are fully funded for the "biggest" oil well in the world in 2021.....Spud should be Feb 2021.

Onshore as well.

This research report (which was done before the recent oversubscribed fund raise at 31p) is very interesting reading. Link below to PDF file.



.

[2prsimo] 24/11/2020 08:00

Looks like Gil has left it very open-ended and has given himself a lot of room for manoeuvre over the exact drilling time:

"In Guyana, arguably one the most attractive exploration and production regions in the world in the past five years, we are excited to recommence drilling activity in due course and we are aiming to define targets through reprocessing and we hope to have target selection in the next six months allowing us to begin drilling preparation in the second half of 2021."

Drilling preparation in the second-half of 2021 suggests actual drilling in late 2021 or early 2022 to me.

[jimarilo] 23/11/2020 14:42

Excellent piece here

Oil and Gas Discoveries and Activity in Southwest Africa Set to Open New Basins for Development and Trigger Big Investments in Namibia, Angola and South Africa (By NJ Ayuk)

[funtimejonny] 18/11/2020 11:02

I agree. Loads of information there. Must have put in a lot of work to produce this document.

[ifthecapfits] 18/11/2020 10:52

Cracking read that Pro. A must read for anyone considering ECO.

[ifthecapfits] 18/11/2020 10:09

Yeah, great read. I've bought loads down here in anticipation.

[ltinvestor] 18/11/2020 10:00

Align research posted by Pro on the other thread is an excellent read.123p target price....

[pro_s2009] 17/11/2020 17:23

Confirmation of oil.......thats whats good for ECO.

Not good for Ratio as its not commercial.....but for ECO and others its more confirmation of oil in the Cretaceous.

[ih_550969] 17/11/2020 10:11

Ratio down almost 60%, so I don’t think so.

[pro_s2009] 17/11/2020 07:50

Yesterdays buying probably due to Tanager-1 oil discovery news leaking out.


17 November 2020

WESTMOUNT ENERGY LIMITED

("Westmount" or the "Company")

Tanager-1 Results

Westmount, the AIM-quoted energy investing company focussed on the Guyana-Suriname Basin, announces, further to the announcement by Ratio Petroleum Energy Limited Partnership dated today, that the Tanager-1 well, offshore Guyana, has been reported as an oil discovery which is currently considered to be non-commercial as a stand-alone development.

The Tanager-1 exploration well is the deepest well drilled in the Guyana-Suriname Basin to date. It was spudded on the 11(th) August 2020, using the Stena Carron drillship, and reached a total depth of 7,633 metres in recent days. Evaluation of LWD, wireline logging and sampling data confirm 16 metres of net oil pay in high-quality sandstone reservoirs of Maastrichtian age. Preliminary evaluation of the fluid samples from the Maastrichtian reservoir indicates heavier oil than is reported from the Liza Phase I producing field crude assays and these samples will be the subject of further detailed laboratory analysis over the coming months. Although high quality reservoirs were also encountered at the deeper Santonian and Turonian intervals, interpretation of the reservoir fluids is reported to be equivocal at this stage and requires further analysis. It is anticipated that the well will now be plugged and abandoned in the coming days.

The Tanager-1 results confirm the continuance of a Cretaceous petroleum system and the Liza play fairway onto the Kaieteur Block, down dip from the prolific discoveries on the neighbouring ExxonMobil operated Stabroek Block. It is anticipated that the Kaieteur Block partners will now conduct a detailed evaluation of the data collected at Tanager-1 with a view to understanding the well result, re-calibrating the seismic model for this part of the basin and high grading the next potential drilling targets on the Kaieteur Block. A substantial prospect inventory has already been mapped across the 5,750 km(2) 3D seismic survey, which was acquired in the southern part of the Kaieteur Block in 2017.

The Kaieteur Block is currently operated by an ExxonMobil subsidiary, Esso Production & Exploration Guyana Limited (35%), with Cataleya Energy Limited ("CEL") (25%), Ratio Guyana Limited ("RGL") (25%) and a subsidiary of Hess Corporation (15%) as partners. Westmount holds approximately 5.4% of the issued share capital of Cataleya Energy Corporation(1) the parent company of CEL and circa 0.7% of the issued share capital of Ratio Petroleum Energy Limited Partnership the ultimate holding entity with respect to RGL.

(1) Based upon number of shares in issue at 30(th) August 2019

Gerard Walsh, Executive Chairman of Westmount, commented:

"The outcome of the Tanager-1 exploration well has proved to be a mixed bag - confirming the extension of the Liza play fairway onto the Kaieteur Block but apparently coming up short at the deeper stratigraphic levels. As Tanager is a stacked pay prospect, success at a number of stratigraphic levels is required to achieve stand-alone commercial discovery volume thresholds. However, these deeper results must be viewed in the context of the very limited number of penetrations of these deeper plays to date - indicating that exploration of these deeper plays, offshore Guyana, is at an early part of the learning curve.

"Furthermore, Westmount shareholders can look forwards to the near-term drilling of the next prospects in the portfolio which are independent of the outcome of the Tanager-1 well - including the Bulletwood-1 well, on the Canje Block, which we anticipate will be spudded in late December 2020 or early 2021. Bulletwood-1 will target a circa 500 MMbbl 'Liza look-alike' confined channel complex of Maastrichtian-Campanian age.(2)

"The Kaieteur and Canje blocks are adjacent to the Stabroek Block which has delivered eighteen substantial oil discoveries since 2015, with reported discovered recoverable resources of circa 9 billion oil-equivalent barrels to date. We remain hopeful that our strategy of a portfolio approach in this prolific hydrocarbon province - with large Upper Cretaceous prospects, independent geological risks and scheduled drilling - can deliver for our shareholders."

[gooner1886] 16/11/2020 19:32

Been in a while adding around 20/22p area , just waiting for news on next years drilling. I think this is the biggest bargain on aim out there atm! but we do need drilling news and hopefully it will be soon as tullow seem to be getting thier house in order.2/3 bags in this before the drill turns i believe from 20p