Eco (atlantic) Oil & Gas Share Discussion Threads

[bocase] 10/8/2023 11:52

malcy's take on the news:

This block, or rather the way that Tullow has held up its development for the last ten years drives me mad, it was a long time ago that the original plans were made and it should have been drilled out by now. As it is Eco will now be able to get on with a partnering process not to mention the technical challenges of being the operator.

With new partners and a decent exploration budget Eco can return to focus on Guyana although now it is fair to say that with its fantastic exposure in southern Africa the Orinduik block is no longer the only asset in the portfolio that could be a ten-bagger for the company.

[chessman2] 10/8/2023 11:00

ECO is now even more interesting than previously and it looks like it will go even higher today.

[chessman2] 10/8/2023 08:36

This is just the news for which ECO has been waiting.

The terms of the agreement are quite satisfactory for ECO, furthermore the opportunities in this area are extraordinarily good.

I wonder if EXXON will wish to become involved although their hands are probably full with the discoveries they have already made in the area.

[pro_s2009] 10/8/2023 07:12

Finally dumped Tullow...........great !!!

Now ECO have to try to farm this down to get a free carry on drilling.

[bocase] 10/8/2023 06:22

Sounds to be good news. Tullow have long been the problem. With them out of the way the potential can be unlocked.

We'll see what the market thinks.

[mick_oi] 10/8/2023 06:19

TULLOW OIL PLCGUYANA UPDATE 10 August 2023 - Tullow Oil Plc ("Tullow") is pleased to announce that it has agreed to sell its total interest in Tullow Guyana B.V. ("TGBV"), which includes the Orinduik licence (Tullow 60% operated equity) in Guyana to Eco Guyana Oil and Gas (Barbados) Limited ("Eco") (the "Transaction") in exchange for a combination of upfront cash and contingent consideration.Tullow's decision to exit the Orinduik licence is in line with its strategy to focus on its high return production assets in Africa and infrastructure-led exploration around producing hubs and delivers its objective to unlock value in emerging basins. In 2019, Tullow drilled two exploration wells on the Orinduik licence which yielded uncommercial oil discoveries. Nonetheless, Tullow recognises the material oil resource potential remaining in the Orinduik licence and as such, the terms of the Transaction allow Tullow to retain exposure to any potential future success in the region.Transaction summary:US$700,000 cash payment upon transfer of TGBV's 60% equity and operatorship of the Orinduik licence to Eco, to be paid to Tullow Overseas Holdings B.V. ("TOHBV') on completion of the Transaction (the "Initial Consideration").Contingent consideration is payable to TOHBV, which is linked to a series of potential future milestones and triggered as follows:US$4 million in the event of a commercial discoveryUS$10 million payment upon the issuance of a production licence from the Government of GuyanaRoyalty payments on future production – 1.75% of the 60% working interest entitlement revenue net of capital expenditure and lifting costsTransaction and payment of the Initial Consideration outlined above is subject to certain market-standard conditions precedent, including Government and JV approvals.Proceeds from this transaction will be put towards general corporate purposes.Completion is expected to occur in the second half of 2023. Jean-Medard Madama, Director Exploration, Non-Operated Assets and Decommissioning, commented today:"This transaction is in line with our strategy to optimise our portfolio through opportunities to unlock value from our emerging basin licences, whilst focusing our capital expenditure on our high return producing assets and growth opportunities around existing infrastructure."

[ltinvestor] 10/8/2023 06:18

Todays news regarding the purchase of Tullows stake in Orinduik is excellent news.Eco will take control and hopefully unlock the light oil which is residing in the Cretaceous zones of the block.

[chessman2] 26/7/2023 16:11

At last ECO is attracting buyers and I see the share price continuing to head northwards.

Meridian Capital Limited remains interested in investing a portion of its portfolio in higher-risk opportunities with the potential for significant returns. We invest opportunistically in early stage exploration.

I believe ECO will once again be of interest to the market especially as it has the potential for significant returns.

[yellowdog] 26/7/2023 15:09

He's also bought 6.9% in CHAR

[mick] 26/7/2023 15:07

I see that Askar Alshinbayev has increased his stake in Afentra to nearly 22% - just announced this morning. Interesting.

[thenorseman2] 26/7/2023 06:18

Should be ...ice cream anyone...?

[thenorseman2] 26/7/2023 06:18

? anyone? https://www.askaralshinbayev.com

[ltinvestor] 25/7/2023 14:35

Nice to have a billionaire accumulating stock!

[pro_s2009] 15/7/2023 01:34

Eco (Atlantic) Oil & Gas' $10.5mln deal "has a broad effect without diluting shareholders"



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[chessman2] 14/7/2023 12:17

I haven’t checked the trades here but I do believe ECO are on their way up.

IMO the current share price is extremely good value as the future deals, when/if they are announced will send ECO skywards.

[bocase] 12/7/2023 06:15

Gil Holzman's comment followed by Malcy's take on the sale of a partial interest to Africa Oil.

“We are very pleased to agree this transfer of a portion of our WI on the Block to our strategic alliance partner Africa Oil. The restructure of the WI will result in Africa Oil holding 26.25% and Eco 20% and will strengthen the JV position amid ongoing negotiations with third parties to farm into the Block and execute a drilling campaign. Since Africa Oil is already established as JV partner and Operator on the Block, receipt of the requisite regulatory approval for the transfer is expected to be straight forward.

“We look forward to continuing our work with the South African government and regulatory bodies in terms of our Environmental Authorisation process and in the active exploration of Block 3B/4B. The initial cash to be received from Africa Oil will enable Eco Atlantic to fund its growth opportunities elsewhere and with no shareholders dilution, while maintaining a strategic and considerable 20% working interest in this highly prospective Block (pre farm out to a third party).”

Malcy commented:

You can’t keep a good man down and Gil Holzman is one of those who regularly surprises with another deal which is just around the corner. Today he unveils a plan to raise some $10m+ without any dilution by admittedly bringing in fellow investors in the extremely prospective Block 3B/4B.

Myself and the international oil industry have been watching this acreage and of course I am also a huge fan of Africa Oil, a great company to be your partner here. Expect more deals as the time has now come for the partners to do more farm-outs and prepare to go to work on the Block.

The shares have fallen in the last few, quiet months, I do not expect this to continue as the excitement grows about 3B/4B where there is much potential, as I said, expect more surprises from Mr Holzman, Lechaim!

[cashandcard] 03/7/2023 14:54

So nothing really until year-end or next year.Cash

[pro_s2009] 29/6/2023 11:04

Not me......... does not look good at all currently........very bad enviroment for raising cash.

I wonder if someone will just swallow up ECO in a lowball offer soon ?

[trop] 22/6/2023 14:05

What can be said ? FFS