Eco (atlantic) Oil & Gas Ltd

0.00 (0.0%)
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 0.0% 17.50 88,496 07:49:30
Bid Price Offer Price High Price Low Price Open Price
17.00 18.00 17.50 17.50 17.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Crude Petroleum & Natural Gs 0.42 -6.56 -3.20 - 60.20
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:00 O 34 18.00 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
2023-06-09 15:35:0118.00346.12O
2023-06-09 15:16:4517.5029,0005,075.00O
2023-06-09 13:50:2418.006110.98O
2023-06-09 12:12:3817.4028,6664,987.88O
2023-06-09 08:01:0117.1011720.01O

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

Top Posts
Posted at 26/5/2023 13:55 by pro_s2009

Eco seeks deals to unlock drilling, with Orange Basin focus

“We have a very strategic position in the basin,” Eco CEO Gil Holzman said this week. “Block 3B/4B is exactly on trend with G...............

Posted at 11/2/2023 17:13 by thenorseman2
ALIGN RESEARCH TOP PICKS FOR 2023 – KZG, BMV, ECODecember 28, 2022 ----Last heard, Eco was waiting for satisfaction of the conditions required to complete the acquisition of an additional 6.25% Participating Interest in Block 3B/4B, Orange Basin offshore South Africa, for a consideration of US$10 million. This would give the company a total 26.5% interest in the Block.Growing interest in the entire Orange BasinTo us, all of this looks like the first step before the big boys of the oil and gas industry get involved given the proximity to recent discoveries. The acquisition announcement did mention that the board was seeing growing interest in the entire Orange Basin and in particular Block 3B/4B. We can guess that there are likely to be more than a handful of the biggest oil companies in the world itching to get involved in this play, which could serve to offer a big increase to Eco's return.A big oil company would need at least 40-50% interest in a block to show any real interest. The local player Riocure now has a 53.75% interest but in a farm out deal could not go lower than 20% due to Black Empowerment legislation in South Africa – which would only free up a 33% interest. What we see going on here is that Eco's acquisition of the additional 6.25% interest could provide the balance. If the major wants a 50% stake, then Eco and its strategic alliance partner Africa Oil could demand a rich carry.So, we clearly see that there is a farm out deal on Block3B/4B on the cards. Plus, there looks to be some developments afoot in Namibia, together with the likelihood that drill targets for Guyana could be announced.
Posted at 07/2/2023 12:15 by davwal
Reality is ECO is currently without a definite development project in the foreseeable, direct or indirect interest. It also has a major shareholder that has publicly stated it wants to terminate the present arrangement ASAP. I was surprised the share price lifted as it did. Yes we await confirmation of a 3B4B farm out, but given the previously stated multi-major hot interest and then apparent degree of advancement in final negotiations, it seems surprising the sign off is taking so long. TLW, meanwhile, will clearly do nothing in Guyana, but can't shift their share after a couple of years trying. All in all its no wonder the share price is languishing.
Posted at 29/12/2022 11:33 by daar
Total market solutions:Block 2B, covering an area of 3,062km2, has an estimated 349 million barrels of oil (Best Estimate – Gross Prospective Resources) in relatively shallow water depths of less than 200 metres, and hosts a previous light oil discovery, the AJ-1 well that flowed 191 barrels of oil per day back in the 1980s. 3D seismic data acquired in 2013 indicates further prospectivity up-dip from the discovery. Block 3B/4B, located between 120 and 250kms offshore, directly south of the Graff-1 and Venus-1 multibillion barrel discoveries announced earlier this year by Shell and TotalEnergies, covers an area of 17,581km2 and lies in water depths ranging from 300 to 2,500 metres. ECO signed a farmout agreement earlier this summer with Azinam to acquire an additional 6.25pc interest in Block 3B/4B, increasing the company's stake to 26.25pc.There was disappointment last month when Block 2B's Gazania-1 well reached its target depth of 2,360 metres but failed to show evidence of commercial hydrocarbons. The venture partners, which had believed the well had the potential to establish a 300 million barrel light oil resource, will now move on to executing our plans for more exploration wells, including a two-well campaign on Block 3B/4B offshore South Africa planned to begin in 2023, and at least one well into Cretaceous targets on the Orinduik Block offshore Guyana. As announced by the Operator of Block 3B/4B, a collaborative farm-out process, up to 55pc gross working interest, has been ongoing. ECO said that while 'it is naturally disappointing not having made a commercial discovery, the Gazania-1 well was only the first of four wells we have planned for the next 18-24 months across our wider portfolio.'Elsewhere, ECO continues to assess options for progressing exploration and commercial activity on its Namibia acreage, and, together with its venture partners, is drawing up plans to drill at least one well into light oil Cretaceous targets in the next exploration phase at the Orinduik Block, which begins in 2023.ECO's results for the six months to 30 September stated cash of $24.6m and no debt after paying $11.3m – the company's share of the Block 2B well. It had total assets of $67.3m, total liabilities of $5.7m and total equity of $61.6m. Last month ECO closed the sale of its 100pc interest in the Kozani Photovoltaic Development Project, raising $2.4m, boosting its cash to $17.5m.After gradually building momentum through the year the company's share price fell off a cliff last month after the Gazania-1 upset, plunging from 42p to 17.5p in the space of a day, where it has remained, pulling its market cap down to CAD$101m at the time of writing. Prospective investors coming fresh to ECO might regard that as an overreaction: the company has a cluster of other prospects, in South Africa and elsewhere. Perhaps now, while much of the market has turned away, might be the time to take a position.
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 ~17,581km² 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.

Posted at 15/11/2022 14:43 by pro_s2009
As far as I am concerned.....

When good things happen on drills - spikes in the share price happen - price rises.

When bad things happen (like mechanical issues) - share drops happen - price falls.

The Gazania-1 well is a 25 day well on a dry hole basis.

30 days on a discovery in either the Namaqualand or Gazania targets.

With sidetrack into the Pelargonium this would extend to 45 days.

Now we know :

No oil in Nam/Gaz then no sidetrack. So if they are sidetracking then its not a duster.

The share price has risen strongly, with spikes and frenzied buying at times. That points to "good things" at the drill site.......and not any problems.

So as I have said all along, I am more than happy to hold all my ECO shares and have not sold one.

Regardless of Gazania result.......we still have 3B/4B farm out coming with drilling, as well as Guyana drilling, as well as possibly Namibia drilling. All of which will push the share price past what it currently is anyway.........

Fingers crossed we will soon hear of a "Major Oil Discovery"............

Posted at 15/11/2022 12:23 by dicko80
it all depends on the size of the find, what the find is worth and whether there are further prospects in the licence area

in ECO case its c500mmbbls recoverable @ 50% ownership, with oil around $95 its worth $10 per bbl as per link below based on 300mmbbls

"With Brent Oil prices forecasted to remain above 90 USD/bbl for the next decade, a discovery of 300 MMbbls is expected to have an NPV above USD 3 billion"


but more so the licence area 2b would be de-risked which is estimated @ 1 billion bbls recoverable

so mkt cap @ £150m in theory is pricing in 20mmbbls recoverable to ECO,
potential of 230mmbbls additional upside to current mkt cap
Plus further de-risked prospects in the basin

this doesn't give any value to Namibia, Guyana or 3B/4B South Africa which overall net to ECO is potential 8 billion bbls recoverable

Posted at 10/11/2022 21:49 by thenorseman2
While we are waiting: See below note from Pareto Research.They state a valustion of 2.5-3 SEK/Share on 300 million barrels discovery and long term oil price of USD70/barrel.Africa Energy has approx 1.4Billion shares in issue do that makes 3.85 Billion SEK which is £310 million (using SEK 2.75/share)Africa Energy has 27.5% vs. Eco 50% so Ecos stake would be valued at £564 million.Assuming £50million of Ecos current market cap of £150 million is some of Gazania priced in we can say oir market cap will be £664 million on 300 million barrel discovery.Eco has 344 million shares issued plus options. If we say total equivalent to 400million shares the share price that may be justified would be around £1.66. apparently Pareto says they believe news next week
Posted at 09/11/2022 10:31 by pro_s2009

Eco Atlantic share rise as investors await Gazania-1 well news

Excitement is evidently rising for the explorer's well offshore South Africa.

Shares in Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) shot up 10% in Wednesday morning dealing as the market hotly anticipates news from drilling offshore South Africa.

The AIM-quoted explorer has a 50% working interest in in Block 2B, which contains the Gazania prospect, and is the operator for the drilling of the well.

Drilling kicked off just over a month ago and Eco shares are up 22% since then (and are up about 130% in 2022 to date).

Finfluencers and social media investors speculated online whether a drill report may soon arrive as Eco’s shares pushed higher in Wednesday’s early deals.

On AIM, Eco shares were up 3.25p or 8.2% by around 9:45am.

Meanwhile, in Canada, Eco’s Toronto quote saw the price rise some 18% to 73 cents per share last night.

Gazania-1, approximately 25km offshore the Northern Cape in Orange Basin South Africa and in approximately 150 metres of water, is targeting a prospect of 300mln barrels of light oil.

If there is a discovery in the vertical section there is an option to drill a sidetrack from the main well bore.

Posted at 04/11/2022 05:08 by pro_s2009
Brent nicely up at 96 USD a barrel. Would be a lovely time to announce a major oil disovery, fingers crossed...............

Oil discovery - ECO thread full of happy people - major multiple hundreds of percentage point rise for ECO share price.

Duster - ECO thread invaded by Trolls spouting they knew it was going to be a duster since 1998 - they are just so clever...... LOL

You can feel the Trolls have itchy fingers......prbably signing up multiple new user names ready to pounce and post their bile in the event of a duster........


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