Eco (atlantic) Oil & Gas Share Discussion Threads

[pro_s2009] 11/8/2022 08:09

L2 is 3 v 1 at 28/28.5

[pro_s2009] 10/8/2022 11:02

Someone has a background order in.......you can sell 150K at near mid price currently, which is most unusual for ECO which has been super weak recently.

Perhaps the shorters are now going to start closing as the rig is about to mobilise. They only have around 4 weeks to close their shorts before spud.

Its a very quick drill, and with a very good CoS.

Ten bagger potential for the share price if it comes in good.

[pro_s2009] 10/8/2022 10:42

L2 up to 3 v 2 27.5 / 28.5

[pro_s2009] 10/8/2022 09:50

Buy order being worked.

You can buy 50K, but you can sell 150K at the moment.

Bit of strength, finally........perhaps the end of the overhang is upon us, as we move into rig mobilisation to South Africa time.

[pro_s2009] 10/8/2022 09:35

Must be some background itnerest.... L2 moved up to 2 v 2 at 27.5/28

[pro_s2009] 10/8/2022 08:13

L2 1 v 2 at 27.5/28

[pro_s2009] 09/8/2022 23:20

Should be rig mobilisation news soon.

[ride daice] 09/8/2022 15:27

Rig Oscar Mike yet ?

[pro_s2009] 08/8/2022 08:58

Cenkos comment today :

Eco (Atlantic) Oil & Gas N/R (ECO.L, 27.5p, £80m) final results. As at 31 March 2022, the Company had cash of US$3.4m and no debt. As at 31st March 2022, the Company had total assets of US$45.9m, total liabilities of US$5.6m and total equity of US$40.2m.

Post period, Eco successfully raised gross proceeds of US$37.8m, with the Company’s cash balance as at 29 July 2022 being US$37.7m.

In March 2022, Eco announced an updated CPR on its assets, highlighting prospective resources of 681mmbbls of oil and 544Bcf of gas in Guyana, 864mmbbls of oil and 309Bcf in South Africa and 6,705mmbbls of oil and 6.6Tcf of gas in Namibia.

Eco and its partners are assessing all opportunities to drill at least two exploration wells into the light oil cretaceous targets in Guyana as soon as possible.

In Namibia, Eco highlights that it is witnessing considerable interest in its licences post the Venus and Graff discoveries, and is currently assessing options as to how best move forward with progressing exploration and commercial activity on them.

In Block 2B, offshore South Africa, the JV partners remain on track to drill the Gazania-1 well in September 2022.

[pro_s2009] 08/8/2022 02:13

With regards to Orinduik and drilling the "light oil" Cretaceous targets......I think we will be moving forward soon.

Tullow has its merger but also hopefully will be selling some of its Kenyan assets, which will give them much needed cash to go exploring again, including offshore Guyana in the Orinduik license area, which is perfectly located between Liza and the Carapa-1 oil discovery. The Orinduik Cretaceous targets are very prospective.

This Indian deal goes ahead for Tullow, they will have cash to splash again.



Indian government to buy Sh356.5bn Tullow Oil stake in Turkana
Tuesday August 02 2022

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[pro_s2009] 08/8/2022 02:05

Stabroek Block one of the most prolific of all time – expert
August 4, 2022


..........According to Parker, Exxon’s level of success in the Stabroek block has not yet been replicated by Exxon and other oil companies in other blocks in Guyana’s waters. He noted that of the four oil discoveries outside Stabroek, only one has commercial potential… although there has been talk by the Orinduik partners of revisiting one of the wells, Jethro, and its commercial viability............

[davwal] 07/8/2022 10:10

They've been trying to offload at least some of their share for some time, but apparently without success. Can only assume Orinduik is seen as high risk.

[pro_s2009] 06/8/2022 01:54

TLW had a disappointing result in the Kanuku license area, which likely was why ECO was down a bit, nothing to do with ECO but sentiment related.

TLW really need to drill Orinduik licenses with ECO.........its sat in the middle between Liza and the Carapa-1 discovery.......meaning that the Cretaceous prospects in the Orinduik area are most likely full of light oil.

We need to drill them asap.........everything hangs on TLW as operator as to when it is. They need to get themselves sorted and drill 2 wells in H1 2023 on Orinduik.

[sos100] 05/8/2022 14:33

not that we will get much of pre drill boast but i feel confident on the drill itself..

[pro_s2009] 04/8/2022 14:07

Saudi Arabia Raises Oil Prices for Asia to Record Levels

Saudi Aramco raises Arab Light grade for Asia to record level
Move comes a day after OPEC+ agreed to a small output increase

BySharon Cho 4 August 2022 at 16:17

Saudi Arabia raised oil prices for buyers in Asia to record levels, a sign the world’s largest exporter sees the region’s market remaining tight.

Despite indications that slowing economies are starting to hit global demand for crude, state producer Saudi Aramco increased its Arab Light grade for next month’s shipments to Asian refineries to $9.80 a barrel above the Middle Eastern benchmark. That’s 50 cents than in August.

Still, traders and refiners had expected a bigger jump of $1.50, according to a Bloomberg survey in late July. That was before data emerged this week showing that Americans are driving less than they did in the summer of 2020, when pandemic travel curbs all but halted movement.

Aramco also increased all US grades, with prices for the region going up by 50 cents a barrel. It was the first change Aramco has made for American customers since May.

For Europe, the company lowered light crude varieties and raised medium and heavy types.

The decision came a d...........

[pro_s2009] 03/8/2022 11:34

Only know the London and Canada ones.....not sure who or how any US short is calculated. Although I dont think there would be 2.57m shorts on the US market.

[davwal] 03/8/2022 11:32

Not my strong point, but US market watcher sites seem to quote 2.57m shorts, not including LSX. So I'm confused. Is there a provider of numbers for all markets?

[pro_s2009] 03/8/2022 05:54

ECO (EOG Canada) (ECAOF US OTC) shorting update.

Small decrease in shorting in London, still over 3 million shares shorted. London plus Canada totals over 4.5m shares shorted.


London.

May 22 3.617 million loaned (short)
June 22 3.517 million loaned (short)
July 22 3.397 million shares loan avg. (short)


Canada

July 22 1.267 million shares short as of 15th July update

[pro_s2009] 03/8/2022 04:17

100M-barrel Jethro well could be Guyana’s first oil production project outside Stabroek Block

By OilNOW
August 2, 2022

The fallout from Russia’s invasion of Ukraine has resulted in a spike in oil prices. Now, the Orinduik Block partners – Eco Atlantic, Tullow Oil, TotalEnergies and Qatar Energy – plan to revisit the commercialisation potential of the Jethro discovery.

Two tertiary discoveries were made at the Orinduik Block in 2019 at the Jethro and Joe wells, both heavy oil finds. Jethro, in particular, had encountered 55 metres of net oil pay. Tullow’s Chief Executive, Paul McDade had told S&P Global Platts that the Joint Venture (JV) is “confident of the commercial value” of the project, even as a standalone development, but a development decision did not come to fruition. The consortium had decided to move on with plans to target lighter crude in the future.

This is not the first time the Orinduik partners decided to revisit the potential commerciality of the Jethro discovery. But now that the price of crude is high, the Jethro well is much more valuable. However, partners will have to contend with the fact that government intends to renegotiate fiscal terms for any find outside of the Stabroek Block that contractors intend to produce.

If the partners do decide to tap this well, it could be the first Guyana development outside of the prolific Stabroek Block. Another contender could have been CGX Energy with the Kawa-1 discovery, but the company dubbed it a “finder well” and is moving on to another prospect at Wei-1.

Orinduik Block operator, Tullow Oil, is also preparing to submit drilling commitments to the Government of Guyana for the Orinduik Block.

“Eco and its JV partners are committed to further drilling on the Orinduik Block and, with its JV partners, are assessing all opportunities available to drill at least two exploration wells into the light oil cretaceous targets as soon as practical,” Eco said. “The company is fully aligned with its JV partners on careful target selection based on the reprocessed 3D and the block and nearby oil discoveries for the next drilling campaign and Eco expects to be able to update the market on further drilling plans in due course,” the company said on Monday.

A recently updated report showed that the best gross prospective resource estimate for the Orinduik Block is 8.1 billion barrels of oil equivalent, with 681 million barrels of oil owed to Eco Atlantic and 544 billion cubic feet of gas.

The Orinduik Block lies 170 kilometers (km) offshore and covers 1,800 square kilometers (km²). Tullow has 60% operating interest while Eco-Atlantic has 15% working interest and the TotalEnergies/Qatar Energy JV has 25%.

[pro_s2009] 02/8/2022 13:25

Link below to the MDA for the latest results.



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[sos100] 02/8/2022 10:01

not sure how Gill believes the shareprice will double when we approach the start of drilling operations (only few weeks away)

- at the moment the share can't even get past 30p..

[pro_s2009] 02/8/2022 05:40

Exxon Mobil planning drilling spree on Canje Block offshore Guyana

Aug. 1, 2022

Exxon Mobil has applied for an environmental permit to drill up to 12 further exploration wells on the Canje Block off Guyana during 2023-2024, according to Eco (Atlantic) Oil and Gas.

Offshore staff

TORONTO, Canada — Exxon Mobil has applied for an environmental permit to drill up to 12 further exploration wells on the Canje Block offshore Guyana during 2023-2024, according to Eco (Atlantic) Oil and Gas.

Eco has an indirect share of the block via its 7.3% interest in one of the partners, JHI Associates.

Earlier this year, Exxon Mobil plugged and abandoned the Jabillo-1 well on the block as a dry hole.

Elsewhere, the semisubmersible Island Innovator should mobilize early next week to drill the Gazania-1 well in Block 2B offshore South Africa at a location 25 km offshore in 150 m water dept.

The well, likely to spud in September, will be drilled to a depth of about 2,800 m to target a stacked pay section updip of the AJ-1 discovery and in the proven oil horizon. Eco plans to seal and plug the well after the test with no remaining equipment left on the sea floor.

In Block 3B/4B, 120 km to 250 km offshore in South Africa’s Orange Basin, and south of this year’s Graff-1 and Venus-1 oil discoveries, reprocessing is nearing completion of a 3D seismic survey. The results will be used to high-grade leads toward identifying drilling targets and preparing for potential drilling next year, Eco said.