Eco (atlantic) Oil & Gas Share Discussion Threads

[bocase] 15/11/2022 16:17

Just wind I think because London is playing catch up with Toronto which is down 8%. The significant thing is that the drops were not simultaneous. If they had been we could have inferred news of something so just a case of indigestion I suspect.

[jamesiebabie] 15/11/2022 16:16

Layla is at the rig.

[chesty1] 15/11/2022 16:13

Market got wind of news or just wind!

[thenorseman2] 15/11/2022 15:15

Hi Itinvestor. I am abroad so wont make it

[pro_s2009] 15/11/2022 14:43

As far as I am concerned.....

When good things happen on drills - spikes in the share price happen - price rises.

When bad things happen (like mechanical issues) - share drops happen - price falls.

The Gazania-1 well is a 25 day well on a dry hole basis.

30 days on a discovery in either the Namaqualand or Gazania targets.

With sidetrack into the Pelargonium this would extend to 45 days.


Now we know :

No oil in Nam/Gaz then no sidetrack. So if they are sidetracking then its not a duster.

The share price has risen strongly, with spikes and frenzied buying at times. That points to "good things" at the drill site.......and not any problems.

So as I have said all along, I am more than happy to hold all my ECO shares and have not sold one.

Regardless of Gazania result.......we still have 3B/4B farm out coming with drilling, as well as Guyana drilling, as well as possibly Namibia drilling. All of which will push the share price past what it currently is anyway.........

Fingers crossed we will soon hear of a "Major Oil Discovery"............

[ltinvestor] 15/11/2022 13:57

Norseman.Will you be attending the meeting?

[manicat] 15/11/2022 12:55

The Gazania-1 Prospect is targeting over 300 million barrels of light oil. Pending discovery in the vertical section the JV partners have the option to directionally drill a second sidetrack well from the main well bore. Both the vertical well and the sidetrack optional well will be logged and then plugged back to surface, the well will be sealed, plugged and the casing cut off below surface. No equipment will remain on the sea floor. Taken from eco's RNS we are now over two weeks past gils optimistic drilling time table. or they have a discovery tested and are now drilling the side track well.

Pending discovery in the vertical section the JV partners have the option to directionally drill a second sidetrack well from the main well bore. Both the vertical well. we have a discovery imo and its worth doing the sidetrack

[thenorseman2] 15/11/2022 12:50

Itinvestor I know but I am a shareholder in Eco same as Africa Oil so why shouldnt I get this information also from Eco?

[ltinvestor] 15/11/2022 12:44

Norseman.The common denominator is the very experienced Keith Hill..I shall be attending the meeting on Nov 29th where I am sure the detail will be revealed.

[thenorseman2] 15/11/2022 12:29

Bit weird though with Africa Oil's statement of well results expected by end November, considering they only indirectly are part of the Gazania well through share holdings n Eco and Africa Energy.

[dicko80] 15/11/2022 12:23

it all depends on the size of the find, what the find is worth and whether there are further prospects in the licence area

in ECO case its c500mmbbls recoverable @ 50% ownership, with oil around $95 its worth $10 per bbl as per link below based on 300mmbbls

"With Brent Oil prices forecasted to remain above 90 USD/bbl for the next decade, a discovery of 300 MMbbls is expected to have an NPV above USD 3 billion"



but more so the licence area 2b would be de-risked which is estimated @ 1 billion bbls recoverable

so mkt cap @ £150m in theory is pricing in 20mmbbls recoverable to ECO,
potential of 230mmbbls additional upside to current mkt cap
Plus further de-risked prospects in the basin


this doesn't give any value to Namibia, Guyana or 3B/4B South Africa which overall net to ECO is potential 8 billion bbls recoverable

[mcdermov] 15/11/2022 12:13

The sequence of events here is the same as Longboat recently, and the market reaction despite a Longboat gas find was negative. Expectations may be ahead of the drill bit here.

[thenorseman2] 15/11/2022 09:32

The sidetrack into Pelargonium is alreay included in the 163million as I inderstand. Namaqualand (which we have already penetrated hopefully) is another 186million barrels.https://africaenergycorp.com/site/assets/files/144860/aec_corp_pres_pareto_oslo_conference_sept_2022_final.pdfPage 14

[ltinvestor] 15/11/2022 08:52

With a sidetrack then potential number of recoverable barrels increases from around 300m to 500m…Significant and well worth the additional rig cost.

[2 solaris] 15/11/2022 08:35

In my opinion they would not still be paying for a rig on a dry hole basis. So they must have oil and enough to drill the sidetrack.

[erlaw] 15/11/2022 08:29

If, (and it is if) they are drilling the side-track, I believe it follows that we must have oil. As in my previous post, they stated early on they would not release results until a) it was a duster, or i) they had oil and, ii) they had sidetracked and 3)logged results.

They haven't released its a duster so it follows they have sufficient oil to warrant a side-track. (One of the criteria for the side-track being it must not be a duster.)

So, in my mind, that gives us approximately until the 18th Nov after which they should start logging? (Unless that time-frame included the logging). Lots of permeable's.

Just me thinking out loud, but I am hopeful in this project and, the rune stones appear to be lining up in the correct manner. (Pretty please?)

[sos100] 15/11/2022 08:02

just my opinion but i think some have sold out too soon...🤞

[thenorseman2] 15/11/2022 08:02

Yes....interesting they are using the word CAMPAIGN! Sort of hints at a side track

[smudgeroo] 15/11/2022 07:57

Which would suggest the sidetrack is underway?

[pro_s2009] 15/11/2022 07:39

I do believe 45 days includes the sidetrack.........30 days single well with logging, 45 days with sidetrack into Pelargonium target.

[smudgeroo] 15/11/2022 07:34

"The results from this exploration campaign are expected by end November 2022"Interesting to note timings given the scheduled breakfast briefing on Tuesday 29th.

[bocase] 15/11/2022 07:29

Thanks ltinvestor.

[ltinvestor] 15/11/2022 07:24

Bocase
It was in last nights Africa Oil statement.

[bocase] 15/11/2022 07:21

Thats very interesting ltinvestor. Was that comment from Keith Hill in an interview?

Had he been fearing Gazania was going to disappoint I think he would have played up other catalysts rather than mentioning Gazania specifically.