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
  -0.50 -2.13% 23.00 39,506 16:00:13
Bid Price Offer Price High Price Low Price Open Price
22.50 23.50 23.75 23.00 23.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.04 -2.14 -1.00 42
Last Trade Time Trade Type Trade Size Trade Price Currency
16:34:41 O 10,000 23.00 GBX

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Date Time Title Posts
20/6/202118:35Eco (Atlantic) Oil & Gas - Guyana and Namibia733
22/1/202117:50ECO Atlantic--Next door to Exxon Offshore Guyana7,455
18/1/202117:53THE ECONOMY1
18/1/202117:53ECO (Atlantic) Oil & Gas - Offshore & Onshore Namibia32
26/10/200910:06ecosecurities - carbon trading238

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Eco (atlantic) Oil & Gas Daily Update: Eco (atlantic) Oil & Gas Ltd is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker ECO. The last closing price for Eco (atlantic) Oil & Gas was 23.50p.
Eco (atlantic) Oil & Gas Ltd has a 4 week average price of 22.50p and a 12 week average price of 22p.
The 1 year high share price is 29p while the 1 year low share price is currently 17.25p.
There are currently 184,697,723 shares in issue and the average daily traded volume is 567,630 shares. The market capitalisation of Eco (atlantic) Oil & Gas Ltd is £42,480,476.29.
dat_51: Eco just hired a senior geologist.... Reposted from daveandi on stockhouse. Junior oil and gas company exploring offshore Guyana appoint Eco (Atlantic) Oil & Gas Ltd. the junior oil and gas exploration company with licences in Guyana and the highly prospective basins in Namibia, announced on Thursday the appointment of Selma Usiku to the role of Senior Geologist. Usiku will join the Company with immediate effect, Eco said. Usiku is a highly experienced geoscientist, with a strong track record in the sub-Saharan oil and gas industry and spent the last six years assessing exploration plays in the South Atlantic Margin, specifically in Namibia and South Africa. As an exploration geologist she focuses on regional geological and geophysical interpretation. She previously worked with Eco on the company’s Namibian blocks. The Senior Geologist serves on Namibia’s American Association of Petroleum Geologists Geosciences Technology Workshops Steering Committee and holds a Master of Science (MSc) focused on Petroleum Geoscience from Royal Holloway, University of London. She has also provided industry leading geotechnical services to the African Oil Exploration sector and in 2018 she was nominated and was awarded Global Women Petroleum & Energy Club Award for Excellence in Africa. “We are delighted to have Selma joining the team here at Eco,” said Colin Kinley, COO and Co-Founder. “She brings a wealth of exploration experience to our four Namibian blocks all recently renewed for another 10 years. As we seek out partners for the new Licenses, she will lead the technical support for Namibia through the farm out process and also help define the exploration path as we move forward.” He said Usiku also brings fresh and innovative interpretation to Eco’s exploration efforts and she is bringing welcomed insight to its advancing 3D reprocessing and target selection in Guyana for the company’s 2022 drilling program. “I am very excited to join the Eco team,” Usiku said. “This is a great moment for the company, with Eco having reset the four blocks in Namibia and plans to conduct further drilling in Guyana.” She said joining an exploration team with such great knowledge and experience in Geophysics and Geology and a long history of international exploration, will help broaden her perspective. “I look forward to working closely with the team going forward and progressing the exciting acreage we have in the portfolio.”
ricky307: pro s2009,is the movement likely to be because two days ago Reco reported it had commenced drilling the 1st of 3 wells this quarter,& that TD will conclude in 45 days time?Presumably if successful this would spark huge interest in Eco's acreage etc?Or could there be some other reason(s)? Maybe wise to closely follow Reco's share price up to the TD's
phoebusav: Winston, no flaw. In run up to Jethro and Joe campaign ECO share price ranged between 66p and 102p. Dividing market cap at those prices by the total P50 net to ECO for those drills indicates market was pricing ECO at between $2.67/BOE and $3.97/BOE pre drill results. WTE is currently only priced at $1.03/BOE for its campaign, which is like buying ECO at 25.4p just before the Jethro result. 66p / 2.67 x 1.03 = 25.4p.
phoebusav: Sure. Most folks probably haven't bothered to do their homework on WTE because working out their exposure is a bit 'hard' due to indirect holdings or because they think their interests are too tiny to be of any value. If you work it out though then look at the market cap and then consider this is right next to Stabroek it looks super compelling. OK, oil price was higher, but when ECO was drilling Joe and Jethro last year it hit $3.97/BOE in the run up to drilling before settling at $2.67/BOE just before drill results. Based on Tanager, Bulletwood, Jabillo, Sapote and GV-N drills WTE share price would need to be between 56p and 83.1p to reflect the same valuation per BOE pre drill. Current share price is like buying ECO last year at 25p in the run up to Joe and Jethro. ECO is 22.5p right now and they're not even drilling for some time! Current WTE share price looks a steal.
pro_s2009: ........Eco’s Guyana opportunity Eco Atlantic Oil & Gas Ltd (LON:ECO) owns a 15% stake of the Orinduik licence offshore Guyana in the Atlantic Ocean, alongside French major Total and Irish explorer Tullow Oil. In 2019, Eco made two discoveries in the Guyana licence: the Jethro-1 well encountered 55 metres of net high-quality oil pay, while the Joe-1 well encountered 16 metres of continuous thick sandstone. Further analysis revealed the reservoir to have a heavier grade than expected, with high levels of sulphur. Neither are cretaceous-age plays, the primary play type at Stabroek, though the company has multiple more prospects of like those in its remaining portfolio – which is slated to see new drilling in 2021. In the meantime third party activity, like the Tanager well will provide some passive catalysts. Sam Wahab, analyst at share price Angel, in a note today, commented: “ Following a transformational year offshore Guyana in 2019, it is encouraging for the sector to see Exxon resume drilling in the region. “Further exploration of the light sweet liquid rich Cretaceous formation will add clarity of the size of this already substantial hydrocarbon province and provide important read across factors to other UK listed companies such as Eco (Atlantic) Oil & Gas* in our view.”...............
pro_s2009: Although articles like below raise the potential of Namibia, nothing was really expected in 2020, apart from observing the results of other wells, with a farm out then envisaged in 2021. Cashed up, no debt and fully funded… is the Orinduik Block just misunderstood by the Market? The past 12 months have been something of a rollercoaster ride for Eco (Atlantic) Oil and Gas, listed on AIM (ECO.L) and the Toronto Stock Exchange (TSX-V) Last August – to use the words of CEO Gil Holzman – was a ‘revolutionary moment’ for the Canada-based company, when it announced two significant oil discoveries at the Orinduik Block in the shallow water of the prospective Guyana-Suriname basin, off the north coast of South America. Drilling estimated that the Jethro-1 and Joe-1 exploration wells in the 1800 km2 licence may contain over 100 million barrels of oil in high quality sandstone Tertiary and Cretaceous horizons. Eco is the smaller partner in the Orinduik joint venture, holding a 15% working interest with Tullow Oil (60%) and Total EP Guyana BV (25%). News of a rich new seam in what the United States Geological Survey ranks as the world’s second-most prospective and under-explored offshore basin, with untapped resources of 13.6 billion barrels of oil and 32 trillion cubic feet of natural gas, propelled the small-cap’s share price from levels of just under 70p at the beginning of August to around 170p a month later. But that early euphoria was short lived. In early November Tullow published the results of an initial analysis of the discovery’s oil quality which failed to meet the market’s soaring expectations, finding heavy crudes with a high sulphur content rather than the light, sweet crudes preferred by refiners. Eco’s share price was dragged down with Tullow’s, tumbling to around 55p within a couple of weeks. In the wake of pandemic the price has fallen further, to its current level of just under 20p. Reconsidering Orinduik A year on from the discovery, and with the industry adjusting to a Covid-19-era new normal, it is perhaps time to put Eco’s prospects into perspective – and conclude that the market’s response to Tullow’s analysis was perhaps an over reaction. Put simply, whatever the precise composition of the oil found at Orinduik, this looks like a big find in highly prospective territory: the licence is adjacent and updip to ExxonMobil’s 13 discoveries on the Stabroek Block where recoverable resources are estimated to be over six billion barrels of oil. Eco makes the plausible case that Orinduik crude is not dissimilar to the commercial heavy crudes in Exxon’s nearby Hammerhead discovery, and similar to those currently in production in the North Sea, Gulf of Mexico, the Campos Basin in Brazil, Venezuela and Angola. Analysis to date suggests that while the crudes are deemed to be heavy, the oil is mobile, located in high quality porous sand accessible to horizontal drilling. In February Eco was able to upgrade its Competent Person’s Report to reflect a significant increase in Gross Prospective Resources to 5,141 MMBoe (with 771 MMBoe net to Eco), up from a previous estimate of Gross Prospective Resources of 3,981 MMBoe in March 2019. The Orinduik Block has 22 prospects, with 11 leads in the Upper Cretaceous horizon, with the majority of the leads having a 30pc or better chance of success. Eco and its joint venture partners are currently preparing geological models to pinpoint Orinduik’s highest value targets. Their analysis has been complicated somewhat by the recent discovery of light oil in the Carapa-1 well on the Kanuku Block to the south of Orinduik. Eco says that the need to integrate the implications of this new data into their research means that the next round of drilling, originally scheduled for later this year, will likely take place in H1 2021. A decision will be announced in ‘the next few months’. Eco is fully funded for its share of the cost of appraisal work at Orinduik: the company’s annual results, published earlier this month, stated that as at 31 March, the Eco had cash of US$18,782,196 with zero debt. Namibian possibilities Although Eco’s news over the past year has been dominated by its Guyana prospects, the company’s interests off the coast of Namibia, to the south west of Africa, are also worth noting. Eco is the majority stakeholder and operator of four Namibian licence blocks spanning 23,000 km2 across the Walvis Basin, estimated to hold some 25 billion barrels of prospective resources. Like Guyana-Suriname, the Namibian coast has attracted increasing attention from exploration companies over the past few years: Eco has established partnerships in the region with NAMCOR, AziNam, ONGC Videsh and Spectrum Geo Ltd. Peering through the mist It has been hard for the market to put Eco’s prospects into proper focus, with the unexpected Guyana discovery being followed by confusion about the quality of its resources, and then the chilling effect of the pandemic on the global oil and gas industry. But as the mist begins to clear it is possible to discern a company with solid fundamentals: the tangible possibility of success in Guyana, a set of promising resources off the Namibian coast, and a plenty of cash in the bank. With a share price orders of magnitude below its level just a few short months ago, Eco (Atlantic) is well worth returning to.
phoebusav: Not sure I quite agree there Pro. share price dip is because people are worried that once the opposition get into power, which now looks inevitable, they will with the exception of Stabroek seek to change all of Guyana's oil licence agreements including Orinduik, which would create real uncertainty for ECO. In that light I expect the share price is more likely to collapse in the face of an opposition government than rally, particularly if they use their victory platform to reiterate that they will be challenging the oil contracts. It seems to me there are only a couple of retail buyers in the market at the moment including yourself, whilst the big money appears to be awaiting the outcome of the election and licence issue. If it wasn't for you adding I suspect the share price would already be quite a bit lower. There's nothing special about sub 20p especially as cash per share is around 8p, so you might do better to just wait a bit.
leoneobull: Eco share price not responding to Brent price. I guess zero production so far but I'm optimistic about 2021
maccamcd: STRONG BUY: TP 110p from share price Angel Transformational resource potentialThe past 18 months has seen Eco (Atlantic) Oil & Gas ("Eco" or "the Company") emerge as a hugely successful explorer in frontier regions. Two large discoveries offshore Guyana made in 2019 will be followed by two further wells planned for next year, targeting the prolific Cretaceous formation at its flagship Orinduik Block. Drilling offshore Namibia is also due to accelerate this year, which we believe could directly de-risk the Company's considerable acreage position in the region. We therefore initiate coverage with a STRONG BUY rating, setting a 110p/share Target Price.Orinduik Block misunderstood by the marketIn our view, the sell down of Eco's stock late last year was unwarranted and presents a significant opportunity for investors to take a position in the Company at a deep discount to NAV. Whilst analysis confirmed the Tertiary formation at Orinduik contains heavy, sour crude; the reservoir is high-quality, over-pressured and at a high well head temperature, all of which will help with the mobility of the oil. Eco has since highlighted that the crude tested to date appears not dissimilar to the commercial heavy crudes currently in production in the North Sea, Gulf of Mexico, the Campos Basin in Brazil, Venezuela and Angola. This is supported by the commentary from Hess on its Tertiary Hammerhead discovery, which is heavier than the Cretaceous discoveries on the Stabroek block, offshore Guyana.Cretaceous drilling will drive Eco's valuation next yearHowever more importantly in our view, is the transformational potential of the Cretaceous formation which has yielded multi-billion-barrel light sweet crude in adjacent fields and will be targeted by Eco and its partners at Orinduik next year. Given the substantially de-risked nature of the play, we would expect another resurgence in the Company's valuation from current subdued levels.Offshore Namibia has emerged as one of the hottest regionsWhilst offshore Namibia has had a somewhat chequered drilling history, recent confirmation of a working petroleum system and the region's underexplored status, has led to a land grab from many of the world's leading explorers. The next 18 months will see up to five exploration wells drilled on behalf of Exxon, Total, Maurel and Prom, Shell, and Galp, and we would expect further interest in Eco's enviable portfolio of licences in a success case.We initiate coverage with a STRONG BUY rating and 110p/share TPIn our view, Eco's shares offer investors a compelling entry point into a technically adept explorer, with a transformational asset base. The Company has successfully demonstrated that it has the ability to unlock new basins, securing first mover advantage and attracting blue-chip partners. With significant de-risked activity planned offshore Guyana next year, alongside an enviable portfolio of prospects offshore Namibia, we firmly place Eco within our STRONG BUY list, setting a 110p/share price target.
gmr64: Berenberg note on Eco. BUY recommendation. Target price GBp145 Still in the right postcode ● Guyana acreage retains huge potential: Eco Atlantic’s updated CPR indicated gross best estimate prospective resources in excess of 5bnboe (c771mmboe net). It is hard to ignore or overstate the success that Exxon has had on the neighbouring Stabroek Block – with recoverable resource estimates now in excess of 8bnboe (before the Uara discovery in January). More work needs to be done to establish the commerciality of the Jethro and Joe discoveries, but it is clear that Eco’s acreage is in a prolific hydrocarbon province with potentially transformational prospectivity. Next drilling likely in 2021: Our expectation is at least two wells will look to test the Cretaceous potential, with several leads indicating individual target volumes in excess of 700mmboe. ● Attractive economics in success case: The fiscal terms on the Orinduik Block reflect the emerging nature of the basin. The royalty of 2%, cost recovery of 75% and profit split from 40-50% are among the most attractive oil and gas terms in the world. On our modelling, and a $65/bbl long-term oil price, this contributes to a pre-drill NPV10 of c$6.5/bbl. ● Funded for a multi-well campaign: Eco reported 31 March cash of $19m (no debt) with no remaining exploration commitments in 2020. In addition, management and board have proactively decided to take a pay cut of up to 40% to preserve the balance sheet. We are therefore confident that Eco will be funded for its share of a potential multi-well campaign in 2021. ● Catalysts and risks: The key catalyst is to high-grade leads in the latest CPR into drillable prospects, and firm up an exploration drilling programme for 2021 – likely to be confirmed later in 2020. The key risk to this timing is the impact of an extended oil price downturn on the JV’s appetite to commit exploration capital, although we view this as unlikely given the prospectivity of acreage. Clearly, once drilling is confirmed, the key catalysts and risks will be the individual well results. We think there is limited scope for disruption to activities as a result of the ongoing electoral uncertainty in Guyana. ● Valuation: We transfer coverage Eco Atlantic to James Carmichael, retain our Buy rating and adjust our price target to 145p. Our core NAV reflects our forecast of the company’s net financials at YE 2020, adjusted for 2021 G&A and E&A. Risked NAV comprises a risked valuation of Tullow’s Jethro and Joe resource estimates and the CPR assessment of on-block Hammerhead volumes. To highlight the transformational potential of exploration success, we include illustrative valuations of three leads from the updated CPR. In our view, the potential upside inherent in Eco’s stake in the Orinduik Block makes the risk/reward attractive.
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