Eco (atlantic) Oil & Gas Share Discussion Threads

[pro_s2009] 25/8/2022 10:09

Looks like an early October spud now, with the current "rig will arrive late September" comment.

[stockport loser] 25/8/2022 09:59

We need Pro to sell, hes killing any rise with his kiss of death.

[pro_s2009] 25/8/2022 07:06

All good. Will certainly watch the webinar on the 20th of September.




ECO (ATLANTIC) OIL & GAS LTD.

("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")

Unaudited Results for the three months ended 30 June 2022

Notification of Investor Presentations

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its results for the three months ended 30 June 2022. In addition, the Company is notifying the market of an investor event to be held on 19 September 2022, details of which can be seen below. Today's announcement follows the recently published Full Year Results and Operational Update announced on 1 August 2022.

Q1 Highlights:

Financials (as at 30 June 2022)

· The Company had cash and cash equivalents of US$38,753,695, and no debt.

· The Company had total assets of US$79.8 million, total liabilities of US$5.9 million and total equity of US$73.9 million.

Corporate:

· Two successful equity fundraises raising combined gross proceeds of US$37.8 million to fund its ongoing workstreams, including the upcoming drilling of the Gazania-1 well on Block 2B, offshore South Africa, and further G&G work across the entire portfolio.

· Completion of acquisition of 100% of Azinam Group Limited ("Azinam"), including Azinam's entire offshore asset portfolio in Orange Basin South Africa and Namibia, in return for a 16.5% equity stake in the enlarged Group.

· Acquisition, subject to completion, of an additional 6.25% Participating Interest in Block 3B/4B, Orange Basin offshore South Africa, for a consideration of US$10 million.


Operations:

South Africa

· Post period end, the Island Innovator rig, owned by Island Drilling Company AS, was mobilised ahead of the spud of the Gazania-1 well on Block 2B, in Orange Basin South Africa.

· The rig is currently offshore Spain heading to Las Palmas for refuelling and expected to arrive at the drilling location by the end of September 2022, subject to weather conditions. The Gazania-1 prospect is targeting a 300 million barrels light oil resource.

Namibia

· Following recent significant hydrocarbon discoveries offshore Namibia, Eco continues to assess options for progressing exploration and commercial activity on its acreage.

· Post period end, Eco announced Joint Operating Agreements with NAMCOR, the National Petroleum Corporation of Namibia, regarding to the Company's four operated offshore Petroleum Licence ("PEL") interests in Namibia, being PEL 97 (Cooper), PEL 98 (Sharon), PEL 99 (Guy), and PEL 100 (Tamar).

Guyana

· Eco and its JV partners remain committed to further drilling on the Orinduik Block and continue assessing opportunities to drill at least two exploration wells into the light oil cretaceous targets as soon as practical.


Investor Evening - London

Eco would like to invite current and potential shareholders to an early evening face-to-face presentation by management, followed by a Q&A session, on Monday, 19 September 2022. Drinks and refreshments will be served afterwards. The event will take place at The Brewery, 52 Chiswell Street, London EC1Y 4SD, at 5.30pm for a 6:00pm start. Those wishing to attend are requested to register by emailing: [e-mail]

Investor Meet Company Presentation - Live Webinar

Eco is pleased to announce that Gil Holzman and Colin Kinley will provide a live presentation relating to Q1 Results and upcoming South Africa Exploration Activities via the Investor Meet Company platform on 20 September 2022 at 3:00pm BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet ECO (ATLANTIC) OIL & GAS LTD via:



Investors who already follow ECO (ATLANTIC) OIL & GAS LTD on the Investor Meet Company platform will automatically be invited.


Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:

"Today's update follows the detailed corporate and operations update provided earlier this month. However, our Q1 results serve as an important opportunity to remind investors of the significant near-term catalysts that we see across our entire Atlantic Margin portfolio, with near-term high impact drilling offshore South Africa, significant interest in our Namibian portfolio and plans taking shape with regards to our strategy for value accretion offshore Guyana, the outlook has never been more positive.

"We are very pleased to invite current and potential investors to meet with our Board and management team at a shareholder event on 19 September 2022 in London and for those not able to attend in person we hope you can make the live webinar on 20 September 2022. We look forward to updating investors on our plans and answering any questions. We would encourage those who are able to do so to attend and learn more about our highly strategic acreage across the world's most attractive exploration hot spots."

[pro_s2009] 25/8/2022 04:01

A bullish sign with WTI futures poking up above the 20 day average, first time since June.

Could be a very strong couple of months ahead for oil prices with WTI over 100$ again......

[pro_s2009] 25/8/2022 03:40

WTI nicely over 95 and Brent over 100

[pro_s2009] 24/8/2022 14:49

Thanks for that.

[ride daice] 24/8/2022 14:47

Has this been posted before ? Africa Energy comments regarding Gazania-1.

[pro_s2009] 24/8/2022 06:45

In other words they are now correcting their previous incorrect data which was used to drive prices down.....once low enough, they then correct them....... got to keep stoking the demand destruction lies/fear....... Lets Go Brandon.




Oil Prices Rise On Major Crude Inventory Draw

By Julianne Geiger - Aug 23, 2022, 3:49 PM CDT

The American Petroleum Institute (API) reported a large draw this week for crude oil of 5.632 million barrels, while analysts predicted a draw of 448,000 barrels.

The build comes as the Department of Energy released a massive 8.1 million barrels from the Strategic Petroleum Reserves in week ending August 19, leaving the SPR with just 453.1 million barrels.

U.S. crude inventories have shed some 67 million barrels since the start of 2021, with a 4 million barrel gain since the start of 2020, according to API data.

In the week prior, the API reported a draw in crude oil inventories of 448,000 barrels after analysts had predicted a draw of 117,000 barrels.

WTI was trading up on Tuesday after Saudi Arabia suggested that the group could look at making production adjustments due to the disconnect between the physical and paper crude markets. WTI was trading up 3.72% on the day ............

[pro_s2009] 23/8/2022 09:42

Just the level AFAIK.

[ham74] 23/8/2022 09:40

Do the Canadian disclosures reveal who is shorting, or just the level of short interest?

[pro_s2009] 23/8/2022 08:44

Warning shot to Biden........




Oil Spikes After Saudi Prince Hints At Shift In OPEC+ Strategy
by Tyler Durden Monday, Aug 22, 2022 - 11:35 PM

For almost two months we have been highlighting the dramatic (and growing) disconnect between physical and paper (futures) markets in the oil sector.

It appears that Saudi Arabian Oil Minister Prince Abdulaziz bin Salman has finally recognized this as an issue.

The implicit leader of OPEC said “extreme” volatility and lack of liquidity in the futures market are disconnecting prices from fundamentals and may force OPEC+ to act.

“The paper and physical markets have become increasingly more disconnected,” he said in response to written questions from Bloomberg News.

While futures prices are tumbling, in the physical realm, inventories of energy and metals continue to fall from already uncomfortably low levels as demand remains above supply in all cyclical commodities, except iron ore. Timespreads, the single most accurate measure of underlying fundamentals, trade at unprecedented levels of backwardation, irrespective of the price sell-off.

Prince Abdulaziz said futures prices don’t reflect the underlying fundamentals of supply and demand, which may require the group to tighten production when it meets next month to consider output targets.

“Witnessing this recent harmful volatility disturb the basic functions of the market and undermine the stability of oil markets will only strengthen our resolve,” he said.

These headlines sent the front-month WTI future rebounding from the 'Iran deal imminent' plunge...

As we noted previously, Goldman was all over this disconnect and has been buying every barrel of oil it can find...

"this latest commodity sell-off is completely delinked from physical fundamentals and driven by financial liquidation."

In a response to questions from Bloomberg, Prince Abdulaziz responded in writing:

Will OPEC+ have to respond?

In OPEC+ we have experienced a much more challenging environment in the past and we have emerged stronger and more cohesive than ever. OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms of the Declaration of Cooperation to deal with such challenges and provide guidance including cutting production at any time and in different forms as has been clearly and repeatedly demonstrated in 2020 and 2021.

Soon we will start working on a new agreement beyond 2022 which will build on our previous experiences, achievements, and successes. We are determined to make the new agreement more effective than before. Witnessing this recent harmful volatility disturb the basic functions of the market and undermine the stability of oil markets will only strengthen our resolve.

Who could have seen that coming?

[bocase] 23/8/2022 07:01

Island Innovator making good progress. Now off the west coast of Portugal heading south at 6.9kn

[gooner1886] 22/8/2022 14:35

Shorting a stock thats on a run upto spud. Very odd

[pro_s2009] 22/8/2022 14:13

Big increase in the Canadian short position of ECO (EOG.V). Up over 1.4 million shares as they try to keep the price surpressed.

[pro_s2009] 22/8/2022 14:02

SP movement still poor, but its still August....things return to normal after mid September........not long to wait before volume comes back to the AIM market and stocks start to move upwards strongly.

Ones to watch for September for me will be PANR, I3E, EOG, ECO

PANR - flow test news late in the month.

I3E/EOG - Serenty appraisal drill.

ECO - late Sept spud of Gazania-1 well

All of those should start to build up strongly from mid-Sept imo.

[theblackbaron] 22/8/2022 12:42

I think most on the old desire thread are dead unfortunately as most were elderly retirement looms but what fun memories

[mr hangman] 22/8/2022 08:23

The Falkland days, those were the days

[theblackbaron] 22/8/2022 08:20

Pro has a history of pump dumping most of the time he gets caught up and wiped out. Eco still the most exciting stock on the U.K. markets with the South African drill which is basically drilling on an existing discovery which flowed in 1988 risks though but minimal compared to the falklands days

[pro_s2009] 21/8/2022 12:20

A fossil fuel investment resurgence amidst Europe’s energy crisis?

With conflict in Ukraine and sanctions on Russia continuing to exacerbate supply issues, rising energy prices are fuelling new opportunities for private equity in the European oil and gas industry.

This squeeze on energy prices began last year as the post-pandemic recovery in demand for energy highlighted weaknesses in the transition to renewable energy, with dwindling oil and gas capacity causing prices to climb.

But are concerns over energy security and rising energy prices enough to make fossil fuels attractive as a long-term investment opportunity? Particularly as countries stand by their commitments to reach net zero, and investors increasingly focus on impact and ESG strategies?
Commitment issues

Commitments to reducing fossil fuel consumption and investment in oil and gas have been at the forefront of investors’ minds in recent years.

As European governments set increasingly ambitious climate targets, including the European Green Deal that pledges net zero emissions by 2050, so too are funds that are increasingly examining their role in achieving climate goals.

Last October, Dutch pension fund ASP announced that it was looking to divest €15 billion of coal, oil and gas assets by 2023. It joined some 1,500 organisations around the world that have pledged to dispose of $39 trillion of assets in the sector, according to data from DivestInvest.

Private equity investment in the sector also draws negative attention, particularly following the publication of the Private Equity “Dirty Dozen” report by the Private Equity Stakeholder Project, which listed the fossil fuel assets of 10 of the largest private equity groups.

However, energy prices are escalating at unprecedented levels across Europe as the EU tries to reduce its reliance on Russian gas imports. This has led to concerns about fuel poverty and shifting climate priorities down the agenda. As supply constricts, fossil fuels will remain a necessity until alternative energy sources are sufficient to meet demand.

Too lucrative to ignore

Private equity investors have taken advantage of rising energy prices as overall investment in fossil fuels in 2021-22 soared.

By the end of last year, buy-side deals totalled $149.3bn globally, notably including Sval Energi’s $1bn purchase of Spirit Energy’s Norwegian oil and gas operations, with backing from Norwegian private equity firm HitecVision.

This year has seen a continuation of international private equity interest, with $35.5bn worth of investment as suppliers responded to increased demand. Other investors have also sought to expand their reach in Europe, including Israeli conglomerate Delek Group’s $1.5bn acquisition of Siccar Point Energy.

Despite attempts at divestment away from fossil fuels over recent years, statements made in May by asset managers reflect how increased activity in the sector may prove too lucrative for investors to step away from.

Although committed to achieving net zero across its portfolio by 2050, Vanguard doubled down on investment in fossil fuel projects and refused to end support for coal, oil and gas production, citing its fiduciary duty to maximise investment returns.

Similarly, BlackRock indicated that it was likely to vote against shareholder resolutions influenced by climate activists that pursued bans on new oil and gas production.

It is clear that investors have responded to the increased consumer and political demand for fossil fuel-based energy in the sector and the political demand for secure lines of supply for domestic energy consumption.

Towards a renewable future

In part, this interest from investors has come as Russia’s invasion of Ukraine sparked discussion about the role of fossil fuel investment in transitioning towards a net zero future.

From Europe to the US, governments are now placing increasing importance on energy security alongside climate targets, particularly as renewable energy sources are not yet able to bridge the gap in demand following Russian sanctions.

In some instances, investment in certain fossil fuels is being viewed as a stepping stone to greener energy sources. Shifting away from coal and towards ‘cleaner’ fossil fuels such as oil and gas could be a viable strategy to achieve energy goals, whilst retaining sustainable ambitions.

With energy sovereignty now a priority for leaders across the globe, further investment in fossil fuels could be seen as a necessity to ensure a smooth transition away from reliance on Russian energy.

However, in the long term, the potential for stranded or underperforming assets because of negative public attention needs to be considered by private equity sponsors.

Developing dual-track strategies provides a potentially effective way to address this. For example, in March HitecVision announced the creation of a new renewable venture alongside power company TrønderEnergi with an initial investment capacity of up to €2.1bn.

Overall, opportunities in the European oil and gas industry have clearly become more attractive for private equity sponsors.

Whilst sentiment is moving in favour of fossil fuel companies as a means to achieve energy independence, buyers need to be aware of the challenges and negative attention the sector generates, and have a clear strategy in mind for the future of their energy asset portfolio.

[pro_s2009] 20/8/2022 06:49

Plans for massive gas production off the coast of South Africa

South Africa expects TotalEnergies SE to submit a production plan within weeks to leverage a productive offshore gas discovery that will be a key part of the growing investment in the sector.

Petroleum Agency South Africa is “very confident” that the French major will complete talks with state-owned PetroSA and complete the required production plan to keep the license, which would otherwise expire on Sept. 6, chief executive officer Phindile Masangane said in an interview . A spokeswoman for TotalEnergies declined to comment.

The most industrialized country in Africa has no commercial oil and gas production, making it dependent on imports of the fuel. The search for domestic resources has met unprecedented opposition in recent months from communities and activists who have successfully blocked the exploration activities of companies, including Shell Plc.

“As the Petroleum Agency, we recognize that South Africa’s upstream oil and gas industry has become contentious,” Masangane said. Steps are being taken to improve guidelines around local consultations, which have been criticized by groups in court, as the regulator aims to increase activity, she said.

Production of the newly discovered Block 11B/12B could breathe new life into PetroSA’s 45,000-barrel-a-day gas-to-liquids plant in Mossel Bay, which has run out of raw material. South Africa also plans to use the fuel to move away from coal, which is used to generate nearly all of the country’s electricity.

If TotalEnergies meets the requirements, obtains environmental permits and starts development — located in an area considered one of the most difficult ocean environments due to the Agulhas Current — production could begin as early as 2026, Masangane said.

South Africa has also turned its attention back to the Karoo, a gas-rich, semi-desert region of the country where dozens of wells were planned by Shell and other explorers nearly a decade ago before environmental problems and legal uncertainty curbed activity.

The environment minister last month issued regulations for public comment on hydraulic fracking, a drilling technique that has raised concerns about water use in the Karoo.

According to Masangane, the government will conduct seismic activity by the end of the year to determine which blocks should be licensed after the rules are finalized. Groundwater and geological studies are also being conducted in the areas rich in biodiversity, she said.

The next oil and gas well in South Africa is expected to start in September. Eco Atlantic Oil & Gas Ltd and its partners have hired an oil rig scheduled to arrive off the coast of South Africa and start exploration in Block 2B. Processes leading up to the activity have been closely monitored, according to Masangane. “We are satisfied and do not anticipate a legal battle.”

[pro_s2009] 19/8/2022 15:09

..............Refinery margin jump lends fresh support to crude oil

Crude oil, in a downtrend since June, is showing signs of selling fatigue with the technical outlook turning more price friendly while fresh fundamental developments are adding some support as well. Worries about an economic slowdown driven by China’s troubled handling of Covid outbreaks and its property sector problems as well as rapidly rising interest rates were the main drivers behind the selling since March across other commodity sectors before eventually also catching up with crude oil around the middle of June. Since then, the price of Brent has gone through a $28 dollar top to bottom correction.

While the macro-economic outlook is still challenged, recent developments within the oil market, so-called micro developments, have raised the risk of a rebound. The mentioned energy crisis in Europe continues to strengthen, the result being surging gas prices making fuel-based products increasingly attractive. This gas-to-fuel switch was specifically mentioned by the IEA in their latest update as the reason for raising their 2022 global oil demand growth forecast by 380k barrels per day to 2.1 million barrels per day. Since the report was published, the incentive to switch has increased even more, adding more upward pressure on refinery margins.

While pockets of demand weakness have emerged in recent months, we do not expect these to materially impact on our overall price-supportive outlook. Supply-side uncertainties remain too elevated to ignore, not least considering the soon-to-expire releases of crude oil from US Strategic Reserves and the EU embargo of Russian oil fast approaching. In addition, the previously mentioned increased demand for fuel-based products to replace expensive gas. With this in mind, we maintain our $95 to $115 range forecast for the third quarter..............

[bocase] 19/8/2022 13:28

Island Innovator now scheduled to arrive in Las Palmas another day early now 11.00 on 29th August.

[gooner1886] 19/8/2022 10:14

They will have to close at some stage