Eco (atlantic) Oil & Gas Share Discussion Threads

[2 solaris] 26/10/2022 08:27

Neither the rig or Layla moving.

[pro_s2009] 26/10/2022 08:24

Move ?

II is still sat on Gazania-1 and drilling.......

[jamesiebabie] 26/10/2022 07:59

Anyone see a rig move?

[pro_s2009] 26/10/2022 01:12

Might we be getting a Guyana Cretaceous well early in 2023 ?



Orinduik partners to target exploration well early 2023 – Eco Atlantic
By OilNOW October 25, 2022

The partners in the Orinduik Block offshore Guyana are targeting an exploration well in early 2023, according to a report from 15% stakeholder, Eco Atlantic Oil & Gas.

This well is expected to be drilled in the second renewal period of the licence.

The partners are currently in the first phase which lasts for three years from January 14, 2020, to January 13, 2023. To enter the second phase, the partners will have to relinquish 20%, some 360 square kilometers (km2) of the 1,800 km2 acreage.

A recent report updated the gross estimate of resources in Orinduik to 8.1 billion barrels, to which Eco is entitled to 681 million barrels of oil and 544 billion cub..................

[pro_s2009] 26/10/2022 00:17

g2theary, different ball game now. Any share price projections in the success case need to be measured against any prospective discovery size.

For the Gazania-1 prospects that 0p additional value and a 50% fall in the failure case......to anything up to 250p+ a share in the success case at top end.

This is potentially a jumbo prospect, with range of 300 million to 500 million recoverable barrels. So in the success case you will see a very significant rerating.

But........no success yet.......the well could fail to find anything commercial and so, no point getting carried away with success case scenarios.

We should also be close to 3B/4B farm out news to a SuperMajor - most likely after Gazania-1 well result is released...... that will be a cherry on the top, or the support to bounce the price back after a big fall.

[g2theary] 25/10/2022 22:11

My guess is results this Friday :) like last time :) took some profit at 2.10 but then got stung buying back at 120p to find the next day it was heavy oil :| ha

[g2theary] 25/10/2022 22:04

These got to 410M market capital after the 2nd hit in Guyana which was 2.28 ish per share... I'd assume Likely to hit 60p with a hit this time? Anyone with any other input to surgery otherwise? :)

[2 solaris] 25/10/2022 14:25

Maybe it will be early this year!

[pro_s2009] 25/10/2022 13:02

Thursday 3rd of November 2 Solaris ?

I thought the 5th was fireworks day.........LOL

[trulyscrumptious] 25/10/2022 12:57

Or water!!!

[mr hangman] 25/10/2022 12:41

Nice to see you TS, a veteran from the Falklands drilling campaign, lets hope its
not like Liz/Darwin or Stebbing arrrrrrrr

[pro_s2009] 25/10/2022 12:40

Well, this has a good chance of success.........failure is always possible......one has to either be in or out......if you have the balls for it......be in, I am.

[trulyscrumptious] 25/10/2022 12:19

This is giving me the same feeling as Sea Lion in 2010. There may well be a leak early next week followed by one of those RNSs one loves to frame and hang on the wall. Or, there could just be an RNS and panic buying! Either way it spells champagne, doesn't it?

[mr hangman] 25/10/2022 11:41

Pro2.13 (9.13 Thailand time)

What has been nice about this drill is the complete lack of ramping muppets around, yes still a few muppets around but not the normal nonsense into drill results.

Whatever the result of Gazania-1, good or bad, its been refreshing that the normal one liner idiots have been kept at bay.

Proselenes 9 Hours ago Twitter

ECO could multi bag....

[2 solaris] 25/10/2022 11:31

I wonder how long it was until spud from the 4th when the rig arrived and commencement of operations on the Gazania-1 well began. Two or three days possibly? They should be nearing TD by now.
With approx 25 days drilling there is even an outside chance we could hear something by the end of this week (Friday is the 28th) but more likely next Monday or Tuesday.

Just had a message come through on the crystal ball - although Monday and Wednesday look really good , Thursday could be a cracker for celebrations.

[stockport loser] 25/10/2022 11:05

Can Pro finally break his run of ducks and get s strike?Adv, Eme, Clon and Eog have shafted him in 2022. Add to that he bought Panr at the top and sold Txp at the bottom he really needs a win to pay the ladyboy debt.

[pro_s2009] 25/10/2022 06:57

Some photos from the recent rig visit.




.

[pro_s2009] 25/10/2022 02:31

On the subject of Fangtooth-1, did they ever release what kind of oil was discovered ?

Was it heavier the same as ECO had at Joe and Jethro ? With the increased talk recently of "interest again" in Joe and Jethro, it might raise the question as to what was discovered at Fangtooth and if this has impacted the commerciality of Joe and Jethro in that making them much more likely to be developed ?

[pro_s2009] 25/10/2022 02:21

Meanwhile in Namibia.....



Shell within weeks of starting critical Namibia drilling campaign

Supermajor could drill up to three exploration and appraisal wells on and around its major Graff discovery

21 October 2022 11:04 GMT Updated 21 October 2022 13:59 GMT
By Iain Esau in Cape Town

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 deep-water 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.

This 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 with 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.

Namcor is a partner in PEL 90 alongside QatarEnergy.

The supermajor is expected to deploy the drillship Maersk Voyager for the Namibian campaign.

The rig is currently drilling a wildcat offshore Suriname for Shell in Block 42, a well that has been under way for about two months.

Shell had earlier completed an unsuccessful probe in Sao Tome & Principe using the drillship.

Maersk Voyager was used by TotalEnergies to make its huge Venus discovery prior to the West African well.

[pro_s2009] 25/10/2022 02:16

Meanwhile in Guyana.......



ExxonMobil to appraise ‘step out’ discovery offshore Guyana

Maiden Fangtooth-1 find unlocked oil-bearing reservoirs in deeper plays in Stabroek block

24 October 2022 14:38 GMT Updated 24 October 2022 14:38 GMT
By Fabio Palmigiani in Rio de Janeiro

ExxonMobil has started an appraisal programme to a well originally labelled as a “step out” discovery in the Stabroek block offshore Guyana, as the US supermajor seeks to find additional oil volumes in the prolific play.

The operator has already unlocked nearly 11 billion barrels of oil equivalent in recoverable resources from more than 30 discoveries in Stabroek since mid-2015.

ExxonMobil began drilling the Fangtooth SE-1 well with the Stena Drilling drillship Stena Carron, according to updated information made available by Guyana’s Maritime Administration Department.

The goal is to appraise the Fangtooth-1 find made in early January by trying to confirm the presence of hydrocarbons further to the south-east.

Fangtooth-1 encountered about 50 metres of high-quality oil-bearing sandstones reservoirs. The well was drilled slightly outside the trend of big discoveries made by ExxonMobil in Stabroek including Liza, Payara and Yellowtail.

ExxonMobil labelled Fangtooth-1 as a “step out” well because the campaign was aimed at testing the prospectivity of deeper Campanian and Santonian-aged reservoirs.

The maiden Fangtooth discovery proved the existence of reservoirs in deeper areas, paving the way for ExxonMobil to potentially de-risk additional resources.

Drilling of Fangtooth SE-1 is expected to conclude in late November approximately 186 kilometres off the coast of Guyana.

ExxonMobil has six drillships on hire in Guyana, including four rigs from Noble Corporation and two from Stena. The rigs are rotating among exploration, appraisal and production development wells.

Separately, DOF Subsea announced it won a $256 million contract with ExxonMobil to supply two offshore support vessels to carry out operations offshore Guyana.

Under the three-year agreement, DOF will provide a pair of multi-purpose support construction vessels to run inspection, maintenance and repair, well intervention and light subsea activities to support operations at Stabroek.

DOF did not disclose the names of the MPSVs, just saying the first vessel will mobilise later this month and the second unit in January 2023.

ExxonMobil operates the Stabroek block with a 45% stake and is partnered by US independent Hess on 30% and China’s CNOOC International on 25%.

[pro_s2009] 25/10/2022 02:13

What has been nice about this drill is the complete lack of ramping muppets around, yes still a few muppets around but not the normal nonsense into drill results.

Whatever the result of Gazania-1, good or bad, its been refreshing that the normal one liner idiots have been kept at bay.

[pro_s2009] 24/10/2022 17:16

Wireline logging at TD only to confirm anything or not... So news at TD.

[2 solaris] 24/10/2022 16:48

Thanks Pro, if the first target is successful do you think we will get an RNS or will they wait until TD?

[pro_s2009] 24/10/2022 14:40

2 Solaris......could be anytime, but hopefully next week.

First of all they are drilling a vertical well to test 2 targets. Potential 300 MMBO recoverable.

If they are good.......they will drill a sidetack which might add another 200 MMBO recoverable.

So initial news will be logging results from the vertical well........and then a decision to sidetrack or not.