Eco (atlantic) Oil & Gas Share Discussion Threads

[2000tober] 19/11/2022 16:29

Hope so, I was thinking guyana aswell,15% costs

[david56920] 19/11/2022 16:17

Farm out JV

[david56920] 19/11/2022 16:15

Next 2 drills hopefully part of Falmouth deal and free carrys, possibly announced 29th in presentation.

[2000tober] 19/11/2022 15:56

I am a holder of eco and will buy more, if it drops, my slight issue now is they only have around $7mil left after gazania-1, is that enough?

[david56920] 19/11/2022 15:54

Or will AOI chance a lowball offer

[bspgamer] 19/11/2022 15:08

Especially with oil explorers, dusters are 90-95% the outcome I have not seen that many success's with oil explorers longterm other than a few at most. I have seen all the blags in this game, oil explorers are most dangerous of all investments. But once in a blue moon they do strike and they re-rate but like I said earlier they are very rare!!

[bspgamer] 19/11/2022 15:04

Not a chance this will be 40p by Friday, seriously I have been in this game for a longtime and made loads of mistakes along the way. A profit is a profit do not ever fall in love with your investment. You need to always take a profit or slice along the way. Simple tips to making money investing!!

[bspgamer] 19/11/2022 15:02

Like it or not this will dip down Monday and I will be filling my boots. I don't hold any stock higher up and I brought before news and sold the day before they released the RNS with a profit. I do believe that this share will lift but this will be no where near 30-40 until they start another drill campaign in 2023. I don't need to average down I will be making my entry hopefully between 13/14p Monday/Tuesday!!

[david56920] 19/11/2022 12:19

Yes we may dip a bit Monday/ Tuesday, but by Friday I think we'll be making roads back to the 40p level, we're far to cheap and bargain hunters will see that,there's to much in the pipeline in next 6 months /year to ignore.

[david56920] 19/11/2022 12:16

Having researched over last day or so I've come to the conclusion this is a bargain at these prices

[thenorseman2] 19/11/2022 12:02

You can think what you want! Upwards and onwards

[bspgamer] 19/11/2022 10:10

Unfortunately the Canadian market will have no effect on Monday. AIM leads the way and these will drop back further Monday. Monday maybe Tuesday will be too up time. I think we will see 13p again, that's my target toLoad up!!

[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!