Eco (atlantic) Oil & Gas Share Discussion Threads

[davwal] 22/7/2022 16:54

And yet largely downbeat in tone for the future of o & g exploration in the region. I can't say there's been too many signs of an industry rapidly mobilising itself. Have any new deals gone through in Namibia - there are enough minnows still waiting for their licences to be farmed into?

[pro_s2009] 22/7/2022 11:00

Well worth a read.....this thread of 4 posts.

We are currently well below "normal" demand levels of oil, due to China restrictions, a lack of airplanes to fly people and many other reasons. As these reasons disappear the growth in oil demand will far outstrip the "recession small drop".......its only going one way, demand way higher than supply.....and oil prices.....upwards.



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[pro_s2009] 22/7/2022 08:33

ExxonMobil lines up aggressive 35-well campaign offshore Guyana

US supermajor seeks licence to advance drilling in the prolific Stabroek block

21 July 2022 12:47 GMT Updated 21 July 2022 12:47 GMT
By Fabio Palmigiani in Rio de Janeiro

US supermajor ExxonMobil has submitted environmental plans calling for the drilling of up to 35 new wells in the prolific Stabroek block offshore Guyana.

The proposed campaign is expected to begin in the third quarter of 2023 and be completed in late 2028, as the company plans to search for additional hydrocarbons on top of the 11 billion barrels of oil equivalent in recoverable resources discovered so far in Stabroek.

“While some of the 35 wells will be drilled for exploration purposes, it is also possible that some of the wells may be drilled as appraisal wells within the proximity of previously drilled exploration areas,” ExxonMobil said in the 41-page plan.

The company has depicted four areas of interest within the Stabroek block to carry out the programme, but highlighted the exact locations of the wells have not yet been finalised.

“If discoveries are found at particular locations, subsequent wells could be drilled in the vicinity of such locations to further assess the commerciality of the discoveries,” said ExxonMobil, adding it will continue to submit all necessary information to obtain the required licence with Guyana’s Environmental Protection Agency (EPA).

ExxonMobil also said that in the event of new discoveries, drillstem tests may be performed. The company currently has six drillships operating offshore Guyana — the Stena Carron, Stena DrillMax, Noble Bob Douglas, Noble Tom Madden, Noble Don Taylor and Noble Sam Croft.

The operator intends to use shore bases located on the east side of the Demerara River to support the programme, which will be concentrated in the centre and south-eastern portions of Stabroek, where most of the discoveries like Liza, Paya...................................

[pro_s2009] 21/7/2022 09:15

Gazania-1 spudding in 5 to 7 weeks time - Orange Basin - here we go.....




South Africa could host 291 Tcf of gas and 27 billion barrels of oil — government official

Petroleum Agency executive touts nation’s huge hydrocarbon onshore and offshore potential

20 July 2022 8:06 GMT Updated 20 July 2022 12:28 GMT
By Iain Esau in London

South Africa’s total prospective hydrocarbon resources amount to 291 trillion cubic feet of gas and 27 billion barrels of oil, according to the latest estimates from the country’s upstream regulator................

.............The promising Orange basin offshore the west coast could house 22 Tcf of gas and 16 billion barrels of oil, while the potential offshore the east coast could be 8 Tcf of gas and 2 billion barrels of oil................

[pro_s2009] 20/7/2022 11:28

Confirms what is already known, economic slowdown, recession, its not going to solve the problem of under supply of oil that cannot keep up with demand. The US SPR oil releases stop in a few months.....then what ?????




Halliburton believes oilfield services sector is 'all but sold out'

Chief executive sees oil and gas prices on the rise due to supply shortfall
19 July 2022 18:31 GMT Updated 19 July 2022 18:31 GMT

By Mark Passwaters in Houston

Halliburton expects oil and gas drilling and production activity to continue to grow through the remainder of the year and into 2023, but the US oilfield services provider painted a gloomy picture for those hoping for lower commodity prices.

Halliburton chief executive Jeff Miller said producers and the services sector are incapable of matching demand with supply after years of cutbacks in both equipment and personnel.

“Never has energy security been a bigger issue to governments and people all over the world. However, political agendas and years of underinvestment in many markets make it harder to address this critical requirement,” he said during the company’s second quarter earnings call.

Halliburton reported net income of $372 million, or 41 cents per share, in the second quarter of 2022, down 6.3% from a net income of $397 million, or 45 cents per share, in the same period a year ago.

Miller said he expects “pricing gains to continue”, as the oilfield services sector is already struggling to keep pace with rebounding demand. He said the market, especially in North America, “remains all but sold out.”

“Existing active equipment and experienced crews are in high demand and will continue to be highly sought after to efficiently execute programs in the second half of this year and into 2023,” he said.

“Supply chain bottlenecks even for diesel fleets make it almost impossible to add incremental capacity this year.”

Miller added that Halliburton, as well as other oilfield services companies, have changed their business models to focus on returns and did not spend excessively on employees or equipment during the past several years.

As a result, service companies cannot keep pace with rapidly increasing demand.


“This means any economic slowdown will not solve the structural oil undersupply problem,” he said.

Halliburton’s North America revenue............

[pro_s2009] 19/7/2022 01:41

Rig is now drilling its final North Sea well before moving to South Africa to drill Gazania-1 for ECO



Island Drilling’s rig gets started on its next gig

July 18, 2022, by Melisa Cavcic

Norwegian offshore drilling company Island Drilling has completed its work with Dana Petroleum on the UK Continental Shelf (UKCS) and moved to its next assignment in the UK North Sea prior to moving to South Africa and Mauritania for the next jobs on its list.

Island Drilling informed last week that its Island Innovator rig finalised the BP7 well for Dana Petroleum – awarded in October 2021 – and has already started drilling on the Orlando field on behalf of Tailwind Energy thanks to a deal, which was secured in December 2021.

“The good HSE performance and low levels of rig and operations non-productive time was particularly recognised as impressive by Dana Petroleum,” explained the company in its statement.

The 2012-built sixth-generation harsh environment semi-submersible drilling rig also installed a completion and a subsea tree by use of the heave compensated crane, based on the firm’s statement. Island Drilling further elaborated that the use of the crane for installing the subsea tree “reduced the installation time by almost four days.”

“The Island Drilling company appreciate the cooperation with both Dana Petroleum Limited and Petrofac on the operation,” added the firm.

Moreover, the drilling company confirmed that once the work on the Orlando field, block 3/3b-13y, is finalised, the Island Innovator rig will prepare to sail towards South Africa, where it will start drilling the Gazania-1 well for Eco Atlantic Oil & Gas. This well is located in the Orange Basin in South Africa and the deal for this assignment was disclosed in March 2022...................................

[mr hangman] 18/7/2022 18:15

Yep, I advise any watchers just to get in, this is only going one way

[theblackbaron] 18/7/2022 16:25

Moving on up

[pro_s2009] 18/7/2022 14:24

L2 up...... 2 v 2 now 25.5/26.5

[ifthecapfits] 18/7/2022 14:12

Yeah, this should show some excitement in coming months.

[pro_s2009] 18/7/2022 02:38

Exciting times ahead with 2 wells due to spud soon.

I3E/EOG spudding Serenity in around 6 to 8 weeks time.
ECO spudding Gazania-1 in around 6 to 8 weeks time.

Hopefully both will spud in the 1st week of September.

[brynsy] 14/7/2022 17:52

!FOLLOWFEED
My these shares are taking their time to roll through. If anyone wants to also join us on telegram please do so at

[davwal] 14/7/2022 12:29

Interesting, although way over my head in most parts. I liked the last sentence best;'There will be many prospective ponded sand bodies equivalent to the Venus trap type and Graff lookalikes found along the length of the Namibian and South African outboard fairway, surrounded by Aptian source rock, which is likely in the oil window.'

[pro_s2009] 13/7/2022 19:05

The Orange Basin - An Underexplored Oil Giant?

The recent Venus and Graff oil discoveries have renewed interest in the prospectivity of the Orange Basin, offshore Namibia and South Africa. These two new proven plays calibrate the deepwater source rock story and help guide the identification of analogues along the margin with equivalent reservoir, traps, and charge scenarios.

Below: Regional collapse structure of Late Cretaceous overburden containing Cenomanian/Santonian reservoirs, detached on Cenom ........................

[pro_s2009] 10/7/2022 18:36

Some Guyana news should be this month.... Beebei-1 drill results. A successful well would give some good sentiment effects for all Guyana players.



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[pro_s2009] 07/7/2022 18:11

Wonder if yesterday was the summer bottom for 2022 for the AIM market and now we go storming upwards soon ?


free stock charts from uk.advfn.com

[pro_s2009] 07/7/2022 11:28

Another new major holder.

[pro_s2009] 06/7/2022 06:00

Oil to Remain Above $80 Even With a Recession: Analyst

[pro_s2009] 06/7/2022 04:34

Oil heading back upwards again.......yesterdays rout is tomorrows surge....same old market gyrations.

Its all about "VOLATILITY".......they make money up or down......they only need it to keep moving around......always remember that. Yesterdays oil rout is tomorrow oil surge........




Crude oil futures rose nearly 3% on Wednesday as investors piled back in after the heavy rout in the previous session, shifting their focus again to supply concerns even as worries about a recession mounted.

Brent crude futures LCOc1 rose $2.82, or 2.7%, to $105.59 a barrel by 1222 GMT, after plunging 9.5% on Tuesday, the biggest daily drop since March.

US West Texas Intermediate crude CLc1 climbed $2.46, or 2.4%, to $101.95 a barrel, after closing below $100 for the first time since late April.

"Today is sort of a reset. No doubt there is short covering and bargain hunters are coming in," said John Kilduff, partner at Again Capital LLC.

"The fundamental story regarding global tightness is still there ... The sell-off was definitely overdone," he added.

OPEC Secretary General Mohammad Barkindo said on Tuesday that the industry was "under siege" due to years of under-investment, adding shortages could be eased if extra supplies from Iran and Venezuela were allowed.

Russia's former president Dmitry Medvedev also warned that a reported proposal from Japan to cap the price of Russian oil at around half its current level would lead to significantly less oil in the market and push prices above $300-$400 a barrel.

[pro_s2009] 05/7/2022 17:03

Nice to see a new large shareholder