Eco (atlantic) Oil & Gas Share Discussion Threads

[pro_s2009] 27/6/2022 07:25

And placing news......at 30p.



Successful US$ 12 .3 million Equity Fundraise

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce the successful completion of an equity fundraise of US$12.3 million (subject to TSX Venture Exchange approval) (the "Equity Fundraise").

A total of 33,406,531 new common shares in the capital of the Company ("Common Shares") and 33,406,531 warrants to subscribe for Common Shares have been conditionally placed with, or subscribed for by new and existing institutional investors (including from South African focused investors), at a price of 30p (CAD0.48) per Placing Unit or Subscription Unit (as applicable and defined below) (the "Issue Price"). Each 30p unit comprises one new Common Share and one warrant to purchase one new Common Share at a price of US$0.40625 (33p; CAD0.5215) for a period of three years. On settlement, the Equity Fundraise will raise gross proceeds of US$12.3 million for the Company, consisti..............

[pro_s2009] 27/6/2022 07:23

Lots of news....and money raised at 30p a share.......premium to the current price. Very nice.

First news :



ECO (ATLANTIC) OIL & GAS LTD.

("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")

Eco Acquires Additional Interest in Block 3B/4B, South Africa

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, has signed a farmout agreement (the "Agreement ") pursuant to which its wholly owned subsidiary , Azinam Limited ("Azinam "), will acquire an additional 6.25% Participating Interest in Block 3B/4B, offshore South Africa from the Lunn Family Trust (the "Vendor"), one of the shareholders of Ricocure (Proprietary) Limited ("Ricocure"), subject to the satisfaction of customary conditions precedent including, but not limited to, the receipt of requisite regulatory approvals from the government of South Africa and the TSX Venture Exchange (the "TSXV ") (the " Acquisition ").

Further information on the Agreement, including the consideration payable by Eco in relation to the Acquisition, is included below.


On Completion of the Acquisition, Eco Atlantic will, through Azinam, hold a 26.25% Participating Interest in Block 3B/4B, with strategic alliance partners, Africa Oil Corp., the Operator of the block, holding a 20% Participating Interest, and Ricocure, which holds the remaining 53.75% Participating Interest .

Block 3B/4B, is located between 120-250kms offshore South Africa in the Orange Basin directly south of the prolific multibillion barrels 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 p artners 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.

Further announcement(s) will be issued following receipt of government and/or regulatory approvals in respect of the Acquisition.

Gil Holzman, Co-Founder and CEO of Eco Atlantic, commented:

"We are extremely pleased to be increasing our interest in Block 3B/4B, which looks to be a very exciting licence for all the partners involved. We are upbeat about the prospectivity of the licence following the significant oil discoveries made earlier in the year offshore Namibia Orange Basin and we are pleased to be strengthening our working relationship with Ricocure and Africa Oil Corp. We are seeing growing industry interest in the entire Orange Basin and in particular in Block 3B/4B, and are therefore very happy to have managed to increase our WI on the Block. We are working closely with our partners to progress the technical work required, which includes reprocessing the 3D seismic we have for the Block, in order to evaluate and identify drilling prospects and high grade leads for a drilling campaign we are contemplating for next year. We are set for an exciting couple of months and we look forward to keeping our stakeholders updated as we look to spud the Gazania-1 well on Block 2B, offshore South Africa, in early September 2022."


Continues..........

[pro_s2009] 26/6/2022 23:53

Pioneer CEO: Oil will likely stay above $100/bbl for 5-plus years
June 23, 2022

Sheffield says inventories will be the key to the next cycle of merger activity in the industry.

............

[pro_s2009] 26/6/2022 08:40

Bottom of the charts in the header added the intraday FTSE:AIM chart and also FTSE:100 for easy reference to how the AIM and 100 indexes are doing - as well as below that - Brent futures 1 year and intraday.

FTSE AIM intraday ----- FTSE100 intraday

Brent Futures 1Y ----- Brent Futures intraday

As always, if you want to skip the header and go straight to the posts..........just click on "Skip Header" at the top on the right hand side.

[pro_s2009] 26/6/2022 00:38

Latest short update in Canada saw a reduction, still over 900K shares short there, but at least 2 updates worth of reductions now.

[theblackbaron] 25/6/2022 13:58

Naaa just pro putting virus links on other thread to click on and pump dumping putting peeps off however once rig mob share late July price will move up just like the desire rig did in the Falklands.

Oil also coming off boil but as we know eco is an exploration company not production so once in the zone eco will be decoupled. Recall oil tanking when fogl drilled went up 100% before results. However eco is up dip to an existing oil flowed discovery so unless the share price is very strong will be awaiting results.

[pro_s2009] 25/6/2022 11:05

From Apr 21 and well worth a listen again !! Independent Geo talking about African potential

From about 10 minutes in Orange Basin (Gazania from 19 minutes in)

Well worth listening about Gazania - which will spud soon in September. Company maker potential, #ECO has many company makers coming up with this and Guyana and Namibia......real quality.



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[pro_s2009] 25/6/2022 10:01

Bloomberg on the case.......the excess supply can handle the remainder of 2022, but then there is nothing left......2023 becomes demand exceeding supply....so what do we all think will happen to oil prices ahead ?

150$ coming soon.......




Nigeria Says OPEC+ Has Little Spare Oil Production Capacity

‘Even Saudi Arabia’ is running out of room to produce more

Sad that Nigeria didn’t fulfill quota: Minister Timipre Sylva

ByPaul Burkhardt Updated onJune 24, 2022, 11:17 PM GMT+7

The OPEC+ alliance of oil producers is running out of capacity to pump more crude, including its biggest member Saudi Arabia, according to Nigeria’s petroleum minister.

“Some people.................

[manicat] 24/6/2022 09:55

The sellers have been out in force all week now.is there a cash call coming???

[pro_s2009] 24/6/2022 09:35

Get ready.....oil shorts will be turning oil longs and bullish by late next week...

[pro_s2009] 24/6/2022 01:08

Jung, absolutely. Fill yer boots June and July in the great "AIM oiler" sell off.

Make hay in Sept/Oct/Nov in the great "AIM oiler" BOOM.

We know the way the market works, force all the PI's to sell their holdings with painful falls......then......stop shorting the market and selling and buy back......then pump the PI's to buy back in to make wonderful profits.

[jungmana] 23/6/2022 14:39

Https://www.proactiveinvestors.co.uk/companies/news/985514/eco-atlantic-oil-gas-on-schedule-to-spud-gazania-1-well-in-september-985514.html?viewSource=TwitterUK

[jungmana] 23/6/2022 11:58

Eco and eog, 2 excellent September drills to be in. Had a small top up today

[pro_s2009] 23/6/2022 02:24

In the interests of the original idea of Plus1 coins, I will be awarding 5 coins to all decent informative posts that get multiple ticks up and are useful to readers of the thread.

So if you find you start getting coins.......your welcome.

[pro_s2009] 22/6/2022 23:12

Yes, strong finish in Canada.

[2000tober] 22/6/2022 20:23

Perky on tsx, 31.5 equivalent

[pro_s2009] 22/6/2022 10:54

Operations Update - Gazania-1 Well Block 2B, South Africa

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, provides an update on the operations for its planned Gazania-1 Well, offshore South Africa. Eco through its wholly owned subsidiary Azinam South Africa Limited Operates and holds a 50% working interest ("WI") in Block 2B, plans to spud the Gazania-1 well, 25km offshore the Northern Cape in South Africa in September 2022. The well will take approximately 25 days to drill.

Eco Atlantic acquired 100% of Azinam Group as initially announced on 10 January 2022, which increased WI in its all existing Namibian licences PELs 97, 98, 99 and 100 to 85%, and led to a new country entry with two blocks offshore in the Orange Basin, South Africa; a 50% WI and Operatorship in Block 2B, which contains the previous AJ-1 oil discovery with 56 million barrels of oil equivalent ("mmbbl") Mean Contingent Resources of light oil, and a 20% WI in Block 3B/4B. Block 3B/4B directly offsets the prolific multibillion barrels discoveries offshore Namibia announced earlier this year by Shell (Graff-1) and TotalEnergies (Venus-1).

Eco, as Operator of Block 2B is leading the JV partnership comprised of Africa Energy Corp (27.5% WI), Panoro 2B Limited, a subsidiary of Panoro Energy ASA (12.5% WI) and Crown Energy AB (10% WI) in drilling the Gazania-1 Exploration Well in Q3'22. The well is being drilled 25km offshore in 150 meters of water and will be drilled to a depth of approximately 2,800 meters to target a stacked pay section up dip of the AJ-1 discovery and in the proven oil horizon.

As announced on 3 March 2022, Eco contracted the Island Innovator rig with Island Drilling Company AS, the rig is to be mobilised from Bergen, Norway in the second half of July. The state of the art semi-submersible drilling rig was selected for its modern safe operating systems, its stationary anchoring and its system specifically engineered for the engineering requirements and depth range for this well. The well anticipated to be low pressure and low temperature based on the evaluation of all regional wells. It will be cased with three telescoped and cemented casings and will be drilled with environmentally friendly water based drilling fluids. The Company plans to seal and plug the well after the test with no remaining equipment left on the sea floor. The sea floor well area was surveyed in 2021 to confirm there are no environmental or culturally sensitive concerns.

Eco recently met face-to-face with members of the local communities and interested organizations through both focus groups and ongoing open meeting forums, to provide information sharing sessions, to engage with them to inform on the upcoming operations and to answer any questions.

Colin Kinley, Co-Founder and COO of Eco Atlantic commented:

" The acquisition of Azinam created an opportunity to work with the JV partners, the Government of South Africa and importantly the people of South Africa to drill this significant well in Q3 this year. We have worked diligently with our drilling team and partners to define a safe and efficient drilling strategy for Gazania, to define drilling engineering to meet world standards of environmental protection and hopefully give South Africa access to its own oil resources."

"We acknowledge that South Africa's energy transition must be thought out from all perspectives. Although the required permits are in place at this point we thought it necessary to voluntarily meet with the regional local communities and interested parties to hear out concerns and interests. The Company met with community representatives at public information sessions and we have had, and will continue to have, face-to-face discussions in the coming weeks. We are currently on schedule to mobilize out of Norway in the third week of July and spud early in September. We anticipate approximately three to four weeks on site to drill the test well and then regardless of our findings we will seal off the well, ensure the site is completely restored and move off. Eco has chosen a majority of available South African services and will base its operations from Cape Town. This is an exciting opportunity and holds the potential of establishing a new over 300 million barrels light oil resource."

[mr hangman] 22/6/2022 08:23

Interesting RNS at GBP this morning

[pro_s2009] 22/6/2022 00:43

Its 45 days sailing from the North Sea, so we could be looking at August spud now for Gazania-1.

30 days drilling time including running logs.....so very possible now we are looking at September for well results.

[pro_s2009] 21/6/2022 23:49

The extremely attractive Gazania-1 appraisal drill in the Orange Basin looks like it might he happening sooner.



Eco Atlantic picks up speed on drilling Block 2B

The semi-submersible Island Innovator drilling unit owned by Norwegian company Island Drilling, will be available earlier than planned to drill the Gazania-1 well on South Afri.......................

[pro_s2009] 21/6/2022 23:06

Canada strong ending.... Finished at 29p equivalent. Probably shorts closing.

[chessman2] 21/6/2022 11:03

I’m here and have great expectations. I’m very confident as well.