Eco (atlantic) Oil & Gas Share Discussion Threads

[davwal] 18/11/2022 15:29

Getting hung drawn and quartered now!

[bspgamer] 18/11/2022 14:33

Made a quick couple of grand trading this today and £900 yesterday. Out for now, plenty of money to be made here!!

[ifthecapfits] 18/11/2022 13:14

Hannam & Partners

[g2theary] 18/11/2022 12:45

You'll make the loss back today on MEAL ... I'm balls deep in WSBN and happy bud ... but worth shouting about where people can make fast money... the short squeeze at MEAL isn't over and the director wants 10 million shares ... I'm holing 2 million of the 72 on the the whole market :) all at sun 2p :) I took a 50k paper loss here 28k was profit only to get most of it back by lunch ... I'm going to put it out there never happened to me in 16 years in the markets :);) GLA DYOR

[ifthecapfits] 18/11/2022 12:43

H&P report

Gazania-1 dry hole: worth 12p/sh risked in our NAV
Eco has announced that the Gazania-1 well on Block 2B, offshore South Africa, which spudded on October 10, 2022, reached target depth of 2,360m but did not show evidence of commercial hydrocarbons. The well will now be plugged and abandoned as planned. We estimate that the cost of the well net to EcoAtlantic was ~US$30mm. The well logging is currently ongoing and the JV Partners will undertake a detailed analysis of the results to allow them to determine the next steps on the Block. Gases normally associated with light oil were encountered throughout the drilling of the Gazania-1 well. This, in Eco’s view, confirms the active hydrocarbon system, proven by the A-J1 discovery well in 1988, extends to the part of the basin where the Gazania-1 well is located. Further seismic interpretation will likely lead to the definition of viable areas for trapping downdip of Gazania-1 closer to the 1988 oil discovery A-J1. The JV partnership in respect of Block 2B comprises Eco Atlantic (50% WI and Operator), Africa Energy (27.5% WI), Panoro (12.5% WI), and Crown Energy (10% WI). We carried 12p/sh in risked value for the Gazania and Namaqualand prospects on Block 2B.

Eco has 3 exploration wells planned for 2023 in Guyana and South Africa
Eco is planning a two-well campaign on Block 3B/4B offshore South Africa to begin in 2023. A collaborative farm-out process, for up to 55% gross WI, has been ongoing with the Operator and JV partners. Eco is also planning at least one well into Cretaceous targets on the Orinduik Block offshore Guyana. Block 3B/4B, is located between 120-250kms offshore South Africa in the Orange Basin directly south of the prolific multibillion barrel discoveries offshore Namibia announced earlier this year by Shell (Graff-1) and TotalEnergies (Venus-1). The 3B/4B Block covers an area of ~17,581km² and lies in water depths ranging from 300-2500m. The block partners - Eco (26.25%), Africa Oil (20%) and Ricocure (53.75%) - are currently reprocessing a large 3D seismic survey that will be used to high-grade leads towards identifying drilling targets and preparing for a potential drilling campaign next year.

South Africa: giant potential on Block 3B/4B to be drilled in 2023
Blocks 3B/4B hold >3Bbbl of gross prospective resource (618mmbbl net to Eco) in the Orange Basin. The main zones of interest in the 3B/4B block are marine basin floor fan turbidite sequences of Cretaceous age. The 3B/4B Block plan is to complete the reprocessing and merging of the 3D datasets, initiate an environmental survey in preparation for drilling a well in 2023. The 1.9bnbbl (gross) SF-1A Prospect covers possibly 771 square kilometres and may have 100 meters or less of gross sand thickness with a 25% chance of success. Eco also expects additional resources to be added from ongoing 3D processing in Block 3B/4B in South Africa.

Valuation: >300% upside to our new risked NAV of 80p/sh
On the back of the dry hole, Eco shares have fallen around 23p/sh or >50%. However significant exploration potential remains for Eco in two of the world’s most exciting exploration regions: Guyana and the Orange Basin in Namibia/South Africa. Our risked NAV has fallen by 13p/sh to 80p/sh as we have removed the risked value for Gazania and Namaqualand plus incorporated the dry hole cost and marked to market FX. The SF-1-A prospect on Block 3B/4B is estimated at 1.9bnboe gross, which we estimate is worth >£5/sh unrisked to Eco and we carry at 32p/sh which is heavily risked in our NAV. We also carry a couple of prospects in Guyana which are each worth ~15p/sh risked or >£1/sh unrisked. Eco Atlantic’s last reported cash position was US$36.5mm at of 24th August 2022.

[davwal] 18/11/2022 12:36

3B/4B is a totally different geological play to 2B, and on trend with massive discoveries Venus and Graff. Therefore this dud shouldn't affect super-major intentions for farming into 3/4B. The seismic will decide matters there. Hopefully one will commit without waiting for further exploration of those nearby elephants.

[chesty1] 18/11/2022 12:35

NO g2 WSBN!

[g2theary] 18/11/2022 12:33

Money back on Parsley group anyone :);)

[jnbrw] 18/11/2022 12:18

Lots of risk here now imo, all depends on the farm in partner. Co's options are getting limited now. Any partner may want better terms or back off. Usually find bad news likes company and comes in two or threes.May be worth a small punt atm but don't bet the farm imo.

[firestorm911] 18/11/2022 12:12

We have not finished with chief Pro nonce, we will quarter the sick animal down.

Enjoy sub 10p before the end of the year.

The target is 2p.


Regards,
F911

[erlaw] 18/11/2022 11:34

Ah well. Sh1t happens. (Shows what I know about drilling lol). Not selling. Waiting for the recovery in 2023. GLA.

[firestorm911] 18/11/2022 11:25

The hangman, Stockport nonce, and therealdealnonce all castrated.

All these kiddies fiddler members of the pro nonce club have been taken out.


Regards,
F911

[firestorm911] 18/11/2022 11:20

Look, the Stockport nonce is part of the bearded gang picking on white underprivileged minors. He's a well known "respected" guy in the slum Rotherham; he's the pack's leader.

Hunt that nonce and send him back to Karachi.


Regards,
F911

[davwal] 18/11/2022 11:12

Right now nothing would surprise me!

[davwal] 18/11/2022 11:11

Given Hill has twice stated they need to exit or buy, a move now could well happen. They will certainly have had a plan either to stick or move taking account of a Gazania duster.

[2000tober] 18/11/2022 11:02

Any thoughts on eco being taken out, they could be quite vulnerable, I think AOI could make a move

[pro_s2009] 18/11/2022 10:47

Thats the strong rumours is that its 2 exploration well free carry to farm in - eg they must drill 2 different prospects - cannot be 1 explo and 1 appraisal.

[davwal] 18/11/2022 10:41

We don't know that ECO will get a free carry with 3B/4B. Ricosure as the main holder will presumably be the main seller, if not bought out entirely.