Eco (atlantic) Oil & Gas Share Discussion Threads

[mr hangman] 21/9/2018 09:59

Seems to be no interest in CHAR, people could regret that come Monday

[p@] 21/9/2018 09:04

Just looked at pancontinental shareprice,was not rising on suspension.

[ifthecapfits] 21/9/2018 08:52

Hope you are right Jim.

[jimarilo] 21/9/2018 08:36

Tullow is a mid cap and mid caps don't send out rns announcements willy nilly like small caps

Tullow will send out an rns on concluding the drilling operation

If it were a duster there would have been an rns this morning

I think I am right in saying the ASX listing of PCL means they have to announce shows in each zone if applicable

Certainly it wouldn't take four days to announce a duster

All imo DYOR as usual

[superg1] 21/9/2018 08:28

All that matters is has it hit or not.

I think in the case of Eco it matters not either way as the share price will climb as the Guyana play moves towards drilling.

Tullow news drill out of the way will just release the caution for buying. Staying off the buy button in case it's a duster, some may sell and you can get them cheaper or standby for a hit and make decisions on what level the MMs open it up at.

I'd give it a range fo 45-60p depending on the Tullow result.

[ltinvestor] 21/9/2018 08:15

On Sept 12th 2018 Pan continental gave a detailed presentation on their Namibia block stating that it had billion barrel potential......

[superg1] 21/9/2018 07:53

So from that it seems the well update for Tullow is imminent.

Just checked the share price briefly there and nothing to suggest one way or the other.

[jimarilo] 21/9/2018 05:40

I would have thought the boys on the rig may have a sniff of something maybe next week, if they were going find something. Could be a few days ahead ? looking positive ?

Pancontinental Oil & Gas NL (“Pancontinental”;) requests an immediate trading halt in respect of its securities. In accordance with Listing Rule 17.1: (a) Pancontinental is seeking the trading halt pending the making of an announcement to the market in relation to the Cormorant-1 well, offshore Namibia and the results of drilling; (b) Pancontinental is seeking the trading halt to assist in maintaining an orderly market in the trading of the company’s securities and managing its disclosure obligations; (c) Pancontinental requests the trading halt until the earlier of the commencement of trading on Tuesday 25 September 2018 or Pancontinental releasing an announcement to the market concerning this issue; and (d) Pancontinental is not aware of any reason why the trading halt should not be granted. For and on behalf of Pancontinental Oil & Gas

[davwal] 20/9/2018 22:56

For accuracy’s sake Global’s new block 2011A is actually less than 30 miles from Cormorant. From their RNS today:

Drilling on Tullow’s Cormorant prospect in Block 2012B recently commenced. The Cormorant well is approximately 40 kilometres from Block 2011A and the Tullow block is contiguous with the south-east corner of Block 2011A (Figure 1). Cormorant is ranked by Wood Mackenzie as one of the “15 most anticipated conventional wells in 2018’’. Aside from the wider prospectivity of its new acreage, the Company expects that the play to be tested by the Cormorant well extends into Block 2011A, and so positive results from Cormorant should provide Global with significant read across. Further south, Chariot’s Prospect S well is due to spud later in the year where a successful outcome should further enhance the oil and gas industry’s focus on offshore Namibia.

[soulsauce] 20/9/2018 21:22

Thanks superg.

A decent hit and any increased interest could be very lucrative for our very own Eco.

[superg1] 20/9/2018 21:14

Namibia part for eco new arrivals like me.

First up Eco have a part of 4 blocks amounting to 23,000 km2. The Guyana block is 1,800km2.

The Namibia leases are called Cooper, Sharon, Guy and Tamar.

Eco for Sharon, Guy and Tamar have 60%, 50% and 80%.
Namcor 10% of each and Azinam have 40% of Guy and 30% of Sharon.

If you look at the map on this page you will see where the Eco leases are.



You will see the eco one at the top and Tullow below with the indicator to show where Tullow are currently drilling.

Near the bottom you will see where Chariot are drilling In October. In between Chariot and Tullow you will see GALP Exxon.

Exxon recently took a 30% stake in PEL 44 (Aug 18) . Translated that's the same block with the Exxon in it just above Chariot on the map.

Exxon also took a 40% Farm in with GALP in Feb 18, as seen on the map.

As you can see the 50% to 80% held leases by ECO cover a good chunk of that sudden flurry of activity on the East and West and to the North re the Tullow drill currently in play.

For the Cooper lease just above the Tullow drill it says..

Eco is the Operator of the Block and holds a 32.5% Working Interest. It is also partnered with AziNam (32.5% Working Interest), Tullow Oil (25% Working Interest) and NAMCOR (10% Working Interest). Tullow Oil has an option to gain an additional 15% Working Interest, prior to entering the Second Renewal, once a drilling decision has been taken. Should Tullow fail to drill after committing to the well, it would pay a penalty to Eco. Tullow is pending government approval to farm down a 15% Working Interest to ONGC Videsh, Tullow maintains the carry obligations.

So in short ECO have a good amount of acreage surrounding the current flurry of activity. If there are any hits on them I suspect majors will move in for a slice of the pie that ECO hold. It could happen before any hits.

[superg1] 20/9/2018 20:43

But GBP leases are about 100 miles from the Tullow drill so it's postcode hype and hope imo more than reality if Tullow hit.

[soulsauce] 20/9/2018 18:33

Let's hope for something good out of Namibia for a change with a success at Cormorant.

Exciting times.

[jimarilo] 20/9/2018 17:07

dav, reason being, GBP had a very low starting point and for a while priced below cash and nothing priced in for the assets or potential, which have significantly increased since yesterday

[jimarilo] 20/9/2018 16:57

Keith Hill also on the board of Impact

AOI hold 20% of Eco, 35% AEC and 25% of Impact Oil & gas

AEC also hold 30% of PCL

Keith Hill at the Africa E&P Summit in May

[davwal] 20/9/2018 16:46

GBP's sharp uplift today just shows that Namibia can do wonders for value...

[davwal] 20/9/2018 16:39

Yes,the ubiquitous Mr Hill is on the board of AE and AO and Eco - but I assume his necessary departure from ECO would be simultaneous to any offer being made.

As I say, just a thought.

[b1lbo] 20/9/2018 16:12

davwal for that to happen Keith Hill would have to step off the Board. I believe he's classified as a related party given they own AOI.

[davwal] 20/9/2018 14:31

I wonder if Lundin Group might have an active interest in acquiring ECO... They already own Africa Energy and Africa Oil Corps as part of their extensive portfolio of oil and minerals companies. ECO certainly looks a similar prospect on the face of it. Total acting early, the share movements and the RNS today suggest to me something is bubbling in the background and Lundin look a potential runner.
Just a thought, I'll rest now...

[maccamcd] 20/9/2018 10:50

yeah exactly.
upside benefits only with NAM

[mr hangman] 20/9/2018 10:46

Chart looks good

[acuere] 20/9/2018 10:44

I think in Paretos target price of 95p at start of year (now 120p) they had the Namibia assets valued at 46p iirc.

If Tullow drill strikes I think that valuation becomes realistic.

[superg1] 20/9/2018 10:41

BTW

The only late reports I have listed are the double prints which go through at the same time. I haven't mentioned single late reports which I put as buys or sells by someone.

EG 453,899 at 47p on the 10th

The day started at 40p and ended up at 47p with buys not much different to sells so I have that as a buy.

Next day 303,117 share price then a dip so was that a sell and so on.

[superg1] 20/9/2018 10:30

Mac Phoenixs agreed here too.

I see Namibia a a very attractive fly in the ointment so to speak short term.

Perhaps some buyers holding off re the Tullow drill.

The way I see it.

Tullow drill a dud, share price may dip as the few chasing that (if any) may sell, but then quite obviously a few here would jump in and buy any dip.

Tullow drill positive = buying here.

Namibia isn't then done as the drilling continues with Chariot and other drills by Tullow and so on, they are a lot of targets to drill in Namibia.

Exxon have recently farmed in just below Tullow and ECO more or less have both surrounded so I'm thinking ECO may see some farming in and the news today was possibly clearing the decks for that.

I haven't fully looked at Namibia and the leases but will do so now to get a flavour of % held and position of leases, plus action around them.

One thing is for sure, ECO haven't been lucky they are clearly a sharp team and have made their luck by spotting the lease opportunities in potential hotspots before the majors.

I suspect the US frack boom caused a bit of distraction which has allowed the type of approach ECO have made.

[davwal] 20/9/2018 09:56

Okay, thanks. It'll be very interesting to hear what ECO have managed to pull off, however they work it.