Eco (atlantic) Oil & Gas Share Discussion Threads

[pro_s2009] 06/4/2022 12:13

Picked up 400K of ECO under mid price......happy with that.

Probably one of the best mid to long term investments out there......just needed funding, its done now.

Pile in.

[ltinvestor] 06/4/2022 10:03

In 1988 the 2B block flowed light oil and now with 3 d seismic available the Gazania area has been identified as holding circa 350m barrels!Eco own 50% and so instead of concerning yourselves with the odd penny or two you should think what a discovery here will do for the share price…multiples of 30p imo.

[neil9327b] 06/4/2022 08:53

I don't really agree HD. It's not all one-way with PrimaryBid. Sometimes you lose money, either in the short term or even the longer term. For example with Harland and Wolff I lost 25% after their PrimaryBid "sale" a couple of months ago.
Even today with ECO, the share price is virtually equal to the 30p placing price, so there is no profit yet, and no certainty the price will rise much anytime soon until the churn of the placing shares is complete.

[mr hangman] 06/4/2022 08:39

Totally agree with HD
I honestly don't know why us long term shareholders could not of been offered the
shares first with a Open offer, with a excess application, so any stock left over
goes to actual shareholders in ECO Atlantic, not spivs who spend their days flicking between PB & Ebay
Not sure Melody understands the meaning of loyalty or shareholder

[gooner1886] 06/4/2022 08:36

Hes not ffs

[g2theary] 06/4/2022 08:09

I prefer waiting till they fall under the fund raise price like last time and then buy :) you'll be buying at a 33% discount to this price in the next few months :)))

[hiddendepths] 06/4/2022 07:39

melody9999 - I'm a former broker and I detest PrimaryBid with a vengeance. Sure, some PIs can get in if they're very on the ball in an evening and are watching their Emails like a hawk, and have ready cash. But hardly any PIs are in such a position so it's just the favoured few who gain. Furthermore, it's possible to subscribe to hundreds of these offers each year and make a lot of money. That's hardly giving the ordinary shareholder the same chance as the institutions.

I much prefer rights issues, giving all shareholders the chance to top up at the same price. But they are deemed too expensive and take far too long so placings now prevail.

I might get cynical and become a serial PrimaryBidder myself to get an easy 10k or more per year. If you can't beat them.....

[pro_s2009] 06/4/2022 07:27

Primary bid sellers selling 11th April so price on 11th 30p

[g2theary] 06/4/2022 07:25

Happens every time :) more than likely back to 20p then it's a buy :)

[pro_s2009] 06/4/2022 07:02

All done.

Shares on the market 11th April.

[manicat] 05/4/2022 21:48

The Venezuela sludge is on land so its pretty easy to produce and get to the market. why spend billions of bucks on heavy oil when light oil is just a bit deeper

[thebull8] 05/4/2022 21:09

Venezuela done alright with their sludge

[pro_s2009] 05/4/2022 21:06

It is intended that the Equity Fundraise will result in the Company raising total gross proceeds of up to approximately US$25 million (approximately GBP19.05 million, CAN$31.10 million ). The net proceeds of the Equity Fundraise are intended to be used primarily to fund Eco's share of the drilling of the Gazania-1 well on Block 2B offshore South Africa, estimated to be approximately US$23 million, to cover G&G expenses across the Group's portfolio and license fees in Namibia and on Block 3B/4B in South Africa as well as for general working capital purposes. It is expected that drilling of the Gazania 1 well will commence in September 2022 ahead of a relevant deadline under the licence for the Azinam Blocks. Should the drilling campaign result in a producible commercial discovery, the South African government and a HDSA (Historically Disadvantaged South Africans) investment entity would be entitled to exercise certain customary rights to equity participation in the production.

[pro_s2009] 05/4/2022 21:04

Decent sized fund raise, always going to happen.

Get it done and cleared now is good timing.

[manicat] 05/4/2022 20:38

the oil found was heavy and sour (high sulphur) so not worth a toss. as for tullow as operators they are not worth a toss

[thebull8] 05/4/2022 20:12

Hey been following ECO for a while as excited by the licence with Tullow. Can anybody tell me what's happening with this licence? They drilled it back in 2019 and made a commercial discovery but nowt since. Why is the resource still contingent? Also, what's this new block about that they are raising for?

[melody9999] 05/4/2022 19:17

hidden 7581. Assuming you are a PI, recommend you do not rubbish Primarybid.

If it was not for Primarybid, PI's would not have a chance to participate. It would be left to institutional investors. Now we can.

Without PIs Primarybid would not have a businees. They are working for us. WE need to support them whilst pushing for Primarybid offers to be accessible via our SIpps and ISAs.

Primarybid is the vehicle for PIs obtaining access to the same deals as institutions.

[jamesiebabie] 05/4/2022 18:26

FYI - the rig we will be using is now back in service; I think Dana has got it for a few months. It was in port for several weeks up until this week. Refurbed and ready to go.

[gooner1886] 05/4/2022 18:02

You will get in near or just under placing price, happens majority of the time

[ifthecapfits] 05/4/2022 17:55

Good that they are offering to retail punters also. Makes a change.

[hiddendepths] 05/4/2022 17:55

Why oh why do these companies use stupid PrimaryBid? Firstly I can't use it as all my investing is done in fully funded ISAs and my SIPP. Secondly all sorts of riffraff subscribe to most of these offers and promptly dump the shares afterwards for a quick turn. Good honest private shareholders don't get much of a look-in. The only consolation, as far as I'm concerned, is that the quick turn merchants usually trash the share price down close to the placing level and I can buy them quite close to that level!

[gooner1886] 05/4/2022 17:04

A few were calling me out about a placing on the horizon. Always gna happen! Quite a big placing but now its done, once the churn is over its game on

[gooner1886] 05/4/2022 17:03

30p placing

[ifthecapfits] 05/4/2022 16:54

ooooh.... wonder what that will be. Will they wait for us to open tomorrow before announcing?