Eco (atlantic) Oil & Gas Share Discussion Threads

[dicko80] 24/10/2022 13:50

Interesting post

Personal changeover , he spent 3weeks on the rig

"The mighty island innovator"

"One rig,one team"

Looks like he's also changed his cover background photo to the rig

[dicko80] 24/10/2022 13:42

Looking good

[2 solaris] 24/10/2022 11:13

What exactly are we expecting from an RNS. Are we expecting a good RNS to tell us that results so far are good enough for a decision to sidetrack or can we expect more than that?

[jamesiebabie] 24/10/2022 07:58

If the Umkhuseli returns to the rig at this stage of the drill, then I suspect we are on to something. Ready for a sidetrack? Thoughts? BWDIK

[davwal] 23/10/2022 20:38

The Umkhuseli support vessel has also been back and forth. Routine support trips by both - general supplies, people, drill pipes, mud, water, cement...and so on and so forth.

[georgethefourth] 23/10/2022 20:36

Bocase - cheers for the suggestion. I’ll take a look

[thenorseman2] 23/10/2022 20:34

Pro. Just noticed that Upstreamonline October 4th also thought the well had spudded. -----httPs://www.upstreamonline.com/exploration/exploration-probe-spuds-in-south-africa-s-orange-basin/2-1-1326674Exploration probe spuds in South Africa's Orange basinEco Atlantic's Gazania-1 well is drilling ahead offshore Northern Cape province4 October 2022 8:34 GMT UPDATED 4 October 2022 15:56 GMT«Eco Atlantic has spudded what will be a highly watched exploration well in South Africa's Orange basin, chasing some 300 million barrels of potential oil resources.Located in shallow water in Block 2B, the Gazania-1 probe is targeting at least two oil prospects that could house more than 300 million barrels of oil in a rift play, close to a legacy oil discovery called A-J1 that was drilled in the late 1980s.»

[dicko80] 23/10/2022 14:44

according to the marinetraffic website the rig arrived 30th Sept

RNS was 4th October - "commenced operations"

so you'd like to think 3/4days set up before spud late on the 3rd/early 4th and RNS on the 4th.

this is the interesting bit ....

ECO tweeted on the 19th (wednesday) that they were on site on Monday 17th (2 days earlier)

on the 18th , the day before the tweet and a day after their visit to the rig

Layla offshore supply vessel left for Gazania 1 and arrived 19th the day of the tweet.

Coincidence ?

from spud to the 18th is 2 weeks , they have stated in presentation they werent expecting any high pressures so its very reasonable to think 14days down to 1900m first target

Layla has visited the rig numerous times, with today being the 5th day

[davwal] 23/10/2022 14:11

I don't think anything should be made of the rig visit by ECO and Lundin. Its potentially a big, big event, not to mention ECO's first drill as operator. They were all pretty local, too. I'd want to take a look at my rig in the circumstances.

[davwal] 23/10/2022 14:04

The rig bosts the ability to commence drilling very quickly - even before sea anchors are laid, due to its dynamic position keeping. Island say that means up to two days can be saved. Therefore, in our case the commencement of ops and spudding could have been quite closely correlated.

[chessman2] 23/10/2022 13:30

Excellent point ltinvestor which makes me even more positive about the future for ECO.

[ltinvestor] 23/10/2022 11:15

Why would Lundin group fly out to the rig to be shown nothing…?

[thenorseman2] 23/10/2022 11:09

ProGood point. They didnt mention the word drilling. My mistake. Got a bit carried away I think. Sorry. Nevertheless, the Sea Lion 14/10 Exploration well was spudded at 0050hrs BST on 16 April 2010 with an Oil Discovery announced May 6th. Thats 22days in total. Well drilled to a similar depth to our Gazania well so shouldnt be long now until we know the drilling results - pay and porosity and (estimated permeability from log data) being the most important information to look for in the RNS. ------Rockhopper Exploration, the North Falkland Basin oil and gas exploration company, is pleased to announce that well 14/10-2 on the Sea Lion prospect has reached a depth of 2,744 metres. Initial data collected indicate that this well is an oil discovery, which would be the first in the North Falkland Basin.The Company has run a suite of wireline logs and logging data collected thus far indicate that the well has encountered a 150 metre gross interval of sand and shales. The data show that the well has 53 metres of net pay distributed in multiple pay zones, the thickest of which has a net pay of 25 metres. These pay zones have an average porosity of 19%. Rockhopper now intends to collect additional logging information prior to making a decision whether to plug and abandon the well, or to suspend the well for future testing. The Company is also considering whether to drill an appraisal well on Sea Lion later during the current drilling campaign. Further information will be distributed in due course.

[ltinvestor] 23/10/2022 11:08

Some photos from Africa Energy’s recent visit to the Island Innovator rig at the Gazania-1 drill site. $AFE looks forward to providing updates as drilling continues.

[bocase] 23/10/2022 06:48

Georgethefourth: Since you ask I will make a suggestion. Hurricane Energy is producing oil from West of Shetland. It came close to going bust 18 months ago due to the size of its debt but with the rise of the oil price is now debt free having paid off all it's bond holders in June of this year. It is producing a tanker load of oil every six weeks and now has a huge cash pile which by year end should exceed its current share price of 7p. In addition it has valuable tax losses worth up to 14p per share to a buyer. In Malcy's words it is like a wallet left on a table at a pick pockets convention. I hold circa 400 000 shares and would expect it to be bought at a very substantial premium imminently but as always do you own research

[pro_s2009] 23/10/2022 01:55

georgethefourth there are many, all for different reasons and potential.

[pro_s2009] 23/10/2022 01:54

thenorseman2, they did not say commencement of drilling though......they said commencement of "operations".......which I would expect to mean the rig starting to get ready to spud.

[georgethefourth] 22/10/2022 21:32

Apologies for off-topic but, since it’s the weekend, I figured I’d ask. I started buying a few oil/gas companies yesterday - ECO being one. I was wondering if anyone had any other recommendations in the sector to look at?

[thenorseman2] 22/10/2022 21:25

Based on the below it looks to me the well was indeed spudded before the October 4th RNS!htTps://www.cms-lawnow.com/ealerts/2016/07/oil--gas-commencement-of-drilling-the-same-as-spudding?cc_lang=en-----In accordance with Arnold v Britton, the proper approach was to first consider if there is a "natural" and "ordinary" meaning of the words "commencement of drilling". The Commercial Court decided that there was such a meaning, and it is the penetration of the seabed i.e. spudding.The Commercial Court considered that:"This is to be distinguished from preparations for drilling. Drilling is itself not a momentary process and so it is perfectly sensible to speak of when drilling starts, in the spudding sense, and when it stops. That is the sense in which one would define drilling the road or the drilling of one's teeth by a dentist. I further find that "commencement" naturally means the beginning of drilling, not the beginning of preparations for drilling."

[pro_s2009] 22/10/2022 10:28

Well......RNS header being "Gazania-1 Well Result" might not be good.

An RNS header saying "Major Oil Discovery - Gazania-1 well update" would be very nice indeed.

To leave us all hanging looking for pleased or no pleased.....RNS header might be "Operations Update - Gazania well"........which could then be pleased or not so pleased and might say P&A or discovery and going to sidetrack.

All good fun for 7am every day.

[dcarn] 22/10/2022 10:19

'Delighted' would be better.

[pro_s2009] 22/10/2022 10:09

Fingers crossed no news again this coming week, and then news anytime week commencing 31t Oct.

We dont know the spud date, only 'operations commence".....so if we say spud is 5th of October.....25 cays to drill and run wireline takes us to Monday 31st October.

Dry well case....no need to run wireline would be around middle of this coming week (20 days).

So, in the fun way......any RNS this coming week...may not have "pleased" in the first paragraph...and any RNS week after next might start with " is pleased".

[davwal] 21/10/2022 15:42

If news of 2B is leaked early I strongly suspect the S African authority's officials would be the source. Particularly if Upstream breaks the alleged news.

[thenorseman2] 21/10/2022 13:02

From Upstreamonline just now:Shell is within a few weeks of firing up what will be a closely watched drilling campaign offshore Namibia in the same block that hosts its large Graff oil discovery.The supermajor hit oil with its deepwater Graff-1 probe in the Orange basin earlier this year and immediately drilled a follow-up well called La Rona.While Shell unveiled the results of Graff-1, it has said nothing public on the outcome of its La Rona-1 well, with officials even declining to clarify whether it was an appraisal or an exploration well. Shell and TotalEnergies aim to speed up Namibia appraisal and development plansRead moreThis has led to market talk that the discovery - albeit commercial - is significantly smaller than TotalEnergies' Venus discovery to the west, with the supermajor needing to drill more wells to gain a better understanding of development parameters.Multiple sources contacted by Upstream suggested that Graff holds hundreds of millions of barrels of oil, compared to the billions of barrels of oil and trillions of cubic feet of gas held in Venus.According to Immanuel Mulunga, chief executive of state oil company Namcor, Shell plans to drill up to three wells in Petroleum Exploration Licence (PEL) 90, with the first probe due to spud in December.Speaking at African Energy Week, he said: "Shell will start in the first week of December," adding that Graff is a "major" discovery and it would be "fast-tracked" to first oil Majors head to Namibia... apart from oneRead moreNamcor is a partner in PEL 90 alongside QatarEnergy.The supermajor is expected to deploy the Maersk Voyager drillship for the Namibian campaign.The rig is currently drilling a wildcat offshore Suriname for Shell in Block 42, a well that has been underway for about two months.Shell had earlier completed an unsuccessful probe in Sao Tome & Principe using the drillship.Prior to that West African well, Maersk Voyager was used by TotalEnergies to make its huge Venus discovery.