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ECO Eco (atlantic) Oil & Gas Ltd

0.00 (0.00%)
Last Updated: 07:33:56
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Eco (atlantic) Oil & Gas Ltd LSE:ECO London Ordinary Share CA27887W1005 COM SHS NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 14.375 146,088 07:33:56
Bid Price Offer Price High Price Low Price Open Price
14.25 14.50 14.375 14.375 14.375
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Blank Checks USD 19.28M USD -36.55M USD -0.0987 -2.43 88.84M
Last Trade Time Trade Type Trade Size Trade Price Currency
13:49:14 O 11,976 14.30 GBX

Eco (atlantic) Oil & Gas (ECO) Latest News

Eco (atlantic) Oil & Gas (ECO) Discussions and Chat

Eco (atlantic) Oil & Gas (ECO) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type

Eco (atlantic) Oil & Gas (ECO) Top Chat Posts

Top Posts
Posted at 14/5/2024 20:08 by gisjob2
Re: Orinduik, The offering from ECO is much simpler now with Tullow gone and ECO happy to retain just 15-20%. Gil has already mentioned 9 or 10 expressions of interest from potential partners. Personally, while a Major like Exxon Mobil would be great, I'd be almost as happy with a mid-tier company as long as the deal was good and the partner could fund the drilling of a deeper well or two. Enough to see what's really there.

Re: Walvis Basin, Chevron may not have chosen ECO's blocks but the ECO's blocks surround Chevron's block of choice, so any success will make ECO's blocks extremely desirable, also Chevron may decide to increase their footprint in time. It's a hot area to have a few blocks in. Also worth mentioning that ECO's Walvis Basin blocks need seismic so maybe this deterred Chevron a little, does their newly acquired block have 2d/3d seismic ?

I believe that the Orange Basin 3b/4b block is ECO's best chance of drilling success and should be before Namibia Walvis Basin anyway.
Posted at 14/5/2024 19:31 by davwal
Fund raise for what? The company has stated it won't go it alone on Orinduik or Namibia. Personally, I will believe it when I see it that ECO gets a farm in at Orinduik, given Tullow, Total and Qatar have all given it up - Tullow after 2-3 years looking for a farm in partner, and T&Q to try another plot in offshore Guyana. Namibia, well its looking brighter, but it wasn't any of ECO's blocks Chevron wanted. ECO have been trying to farm out there for many years since Tullow shipped, losing their deposit in the process. Having held for some years and initially sold at 1.60, I still want ECO to do well, but I have doubts about the allure of their Guyana and Namibia interests to Majors.
Posted at 01/5/2024 06:10 by here and there
From Galp's results yesterday,

"The exploratory activities identified significant oil columns containing light oil in high-quality reservoir sands and confirmed a lateral

extension of one identified target. The reservoirs log measures confirm good porosities, high pressures and high permeabilities in

large hydrocarbon columns. Fluid samples present very low oil viscosity and contain minimum CO2 and no H2S concentrations. The

flows achieved during the well test have reached the maximum allowed limits of 14 kboepd, potentially positioning Mopane as an

important commercial discovery. In the Mopane complex alone, and before drilling additional exploration and appraisal wells,

hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher"

And now Chevron is the first major to farm into the Walvis Basin. Eco's blocks surround PEL82. ECO's blocks have had tens of millions of dollars spent on them on seismic acquisition working up drilling targets.

So, ECO has farmed out 3B/4B to Total , has a free carry and will harvest plenty of cash along the way. ECO has got over ten companies in the data room re. Orinduik farm out, 3/4 serious contenders will offer deals. Now Namibia is seriously in play.

Multiple huge discoveries in the region. Venus, Graf , Mopane. Many tens of billions of BOE. Chevron has just farmed into the Walvis. ECO has the most acreage there.

By year end , three farm outs in place with majors. Visibility on drilling on all our assets.

ECO hit a market cap of £360m back in 2019 on the Guyana discoveries, no reason they cannot get that kind of valuation again.
Posted at 30/4/2024 16:58 by bocase
From Malcy's blog today:

I have written quite a bit about Sintana in recent weeks and months, this dynamic company has been active in the Orange Basin and indeed Robert Bose has popped up as a director and investor in Challenger Energy Group. But it has now joined with Chevron in the Walvis Basin, ironically in a block where Exxon and Galp were involved a while ago. Also it’s Important to note that Bose and his fund (Charlestown Capital Partners) are a significant shareholders in Eco (this is how they first got introduced to Namibia).

But the big winner must be Eco Atlantic who have carefully built up a substantial portfolio in the Walvis Basin and as the long predicted dash for acreage here has finally got underway. The best way of showing it is via this map, where Eco are very strongly represented, their licences are in pale blue and they own 85% of each and are operators.

Gil Holzman, CEO of Eco Atlantic said to me that ‘this is a farm-out basin opener and as we knew and expected everyone will now rush to the Walvis Basin, after Chevron showed has signed up for this block. We are the largest acreage holder in the Basin and expected intensified exploration activity going forward’.
Posted at 07/3/2024 19:48 by gisjob2
I don't think ECO have been shafted, better to be funded for drilling and have the partner of choice, than issue shares like confetti to fund drilling and take on huge financial risk.
If ECO relied on issuing shares to raise money to fund well drilling the share price would collapse and any hydrocarbon finds watered down by the billions of share in issue anyway. Any dry wells could have meant collapse. It's much better to avoid the risk and benefit from any finds albeit in a smaller way. With Total in charge and having rigs in the area, the exploration wells are likely to happen sooner too.
Posted at 07/3/2024 16:30 by gisjob2
Can't believe the share price reaction today. While I can understand the intial disappointment about the retained share after the farm-out, it's fully carried and will generate staged cash payments for the company. Total are the company of choice in the area and on a successful drill result ECO could be sitting on a small share of a very large resource. The hope is for the drilling to commence around year end (possibly best to allow a small delay) which will surely increase the share price on anticipation of any success.
I see this as securing ECO's near term future prior to farming out Orinduik and Namibia.

I can't quite believe that the share price is around the same as before the RNS yesterday, Eco seems in a much better place today than last week.
Posted at 06/3/2024 17:48 by bocase
Malcy's take on the Farm In.

This too is a very good deal, a strategic fit if ever there was one which leaves Eco in a very strong position in South Africa with Total and Qatar as partners. Indeed as partners Total fit the bill down to a T, they have immense knowledge of the petroleum system, are involved in blocks 5,6 and 7 as well as deep water blocks and now have two rigs of its own in the area one of which is earmarked for the Orange Basin.

This is the biggest deal Eco has done, a great deal of money brought in in a number of payments including the spud of an exploration well and more importantly a full carry of all its JV costs repayable from production. But this is a smart deal in more than one way than one, with its 6.25% Eco will be in a very strong position in one of the best post codes in international oil exploration.

The 4 billion barrels in the CPR mean that even 6.25% of that really ‘moves the needle’ in any valuation of Eco, they are kushti in that after any discovery and payback they have the put and the call. My guess is that Qatar would buy more of the block so would be a natural buyer at a premium or Eco could just hunker down and watch the value rise.

Once this has been done Eco have the small matter of their acreage in Namibia to farm-out and with the interest locally interest may be substantial. Finally the company are doing a formal farm-out process with regard to their Orinduik block in Guyana where current interest is also very keen.

Eco shares are up very modestly today, it will take a while for the market to work out quite how valuable they are after this deal and I’m sure that will come with time, they stay in the bucket list out next week.
Posted at 22/1/2024 20:58 by mick_oi
Malcy's daily blog Eco comments today:

Nothing much to add to this purely confirmatory announcement, for Eco they have completed on this deal but the management remains bursting with confidence in South Africa and I for one wouldn’t be surprised to see further activity in the post code.

Guyana is a large process now but not without its upside and Eco will be looking for partners now that the original partners have left town.

Overall I’m confident about Eco at the moment, it is looking in as strong a position as I’ve seen for a very long time and the company has no need for fresh funds at the moment and remains a favourite with a great deal of upside.

Posted at 22/1/2024 08:03 by mick_oi
Orinduik License Operational Update

As Operator, Eco Orinduik BV, gave notice to the Minister of Natural Resources of the Cooperative Republic of Guyana ("MNR") to enter the Second Phase of the Second Renewal Period of the Orinduik Licenseeffective as of 14 January 2024. This Second Phasehas a commitment to drill one exploration well to the Cretaceous formation during the remainder of the license period which ends on 13 January 2026. Further, Eco advised MNR last week that TOQAP Guyana B.V (the SPV joint entity held by TotalEnergies and QatarEnergy 60:40) hasrelinquished their 25% WI for strategic reasons and will not participate in the next phase, the former TOQAP Guyana B.V 25% WI will be assigned to Eco Guyana. Subject to the requisite government notifications, Eco will remain the Operator holding 40% WI in Orinduik License as Eco Guyana and 60% WI as Eco Orinduik BV.

Posted at 18/11/2022 12:43 by ifthecapfits
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 ~17,581kmĀ² 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.
Eco (atlantic) Oil & Gas share price data is direct from the London Stock Exchange

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