Eco (atlantic) Oil & Gas Share Discussion Threads

[chessman2] 04/10/2022 12:56

Including news for JOG, I hope.

As you say, always check volumes and price spikes as they give a good indication of the future.

In the meantime I’m sure ECO has a great future as well!! I’m holding a shedload here

[pro_s2009] 04/10/2022 12:42

Real fun times ahead with some oilers.......to name a few.


PANR flow test news can be anytime soon - strong rerating to around 175p to 200p if good.

I3E spudded Serenity 22nd Sep - Can triple the current share price if good.
30 days drilling/logging - potential side track if successful

ECO spudding Gazania-1 now - potential 10 bagger if good.
25 days drilling/logging - potential side track if successful

October is a month for "big" news.....

[pro_s2009] 04/10/2022 12:33

Everyone should be watching Canada volumes....in case of leaks.

As we all know, the main target "Gazania" is at the bottom of the well. Earlier on they will pass through a secondary target, the Namaqualand. Now with LWD they will know as they go through that if they have hydrocardons or not.

So if there is a sudden spike in volumes and share price rise after say 15 days or so.........then it maybe the secondary target has come in good and something has leaked.

So volume watching in Canada will be something everyone should do.

[pro_s2009] 04/10/2022 11:57

20 to 25 days for the vertical well.......excluding any sidetrack.

[2solaris] 04/10/2022 11:48

How long will this drill take Pro?

[pro_s2009] 04/10/2022 09:48

Flag day: Exploration probe spuds in South Africa's Orange basin

Eco Atlantic's Gazania-1 well is drilling ahead offshore Northern Cape province
4 October 2022 8:34 GMT Updated 4 October 2022 8:34 GMT
By Iain Esau in London

Eco Atlantic has spudded what will be a highly watched exploration well in South Africa’s Orange basin, chasing some 300 million barrels of potential oil resources.

Located in shallow water in Block 2B, the Gazania-1 probe is targeting at least two oil prospects that could house over 300 million barrels of oil in a rift play, close to a legacy oil discovery called A-J1 that was drilled in the late 1980s.

Semi-submersible Island Innovator in now drilling ahead in 150 metres of water, with the well aiming for a total depth of about 2800 metres subsea.

The probe will target two prospects in a syn-rift basin, a geological setting similar to plays in Kenya and Uganda where major oil accumulations were discovered by Africa Energy's technical team when they worked for Tullow Oil.

In the event of success at Gazania-1, the partners have the option to drill a sidetrack to target a third prospect.

Both the Gazania-1 well and its potential sidetrack will be logged and then plugged back to surface, with the well to be sealed and the casing cut off below the seabed. No equipment will remain on the sea floor.

Colin Kinley, co-founder and chief operating officer of Eco Atlantic, said drilling Gazania-1 "offers a significant opportunity to South Africa to open up the Orange basin” which, across the border in Namibia, is home to the TotalEnergies huge Venus discovery and Shell’s major Graff find.

“A number of prior discoveries in the region are changing the understanding of this basin both in South Africa and Namibia where recent multi-billion-barrel discoveries have opened the gate to a new era of economic and resource opportunity,” noted Kinley.

He added that “the discovery at A-J1 is extremely helpful in creating the opportunity on the Gazania-1 well that we are confident that decades of science will prove out.”

Kinley said Eco “appreciates all the support of the South African government, the local industries and local communities in the communication, participation and planning of this well.”

Jan Maier, head of exploration at partner Africa EnergyCorp, said: “The block has significant resource potential in shallow water and contains the A-J1 discovery that flowed light sweet crude oil to surface.

A-J1 is estimated to house about 50 million barrels of contingent resources, according to Eco Atlantic.

“Gazania-1 is a relatively low-risk exploration well that will target two large oil prospects seven kilometres up-dip from A-J1," according to Maier.

Block 2B covers on area of more than 3000 square kilometres and is located about 25 kilometres off South Africa’s Northern Cape province in water depths ranging from 50 to 200 metres.

Soekor, South Africa’s former state oil company, discovered and tested oil on the block in 1988 with the A-J1 borehole, which hit thick reservoir sands between 2985 metres and 3350 metres.

That well flowed 191 barrels per day of 36-degree API oil from a 10-metre sandstone interval at a depth of some 3250 metres.

Eco Atlantic has a 50% stake in Block 2B and is partnered by Africa Energy on 27.5%, with Panoro Energy on 12.5% and Crown Energy with an indirect interest of 10%.

[thenorseman2] 04/10/2022 09:44

«The probe will target two prospects in a syn-rift basin, a geological setting similar to plays in Kenya and Uganda where major oil accumulations were discovered by Africa Energy's technical team when they worked for Tullow Oil.»This team have done it before and could very well do it again. They know their stuff!https://www.upstreamonline.com/exploration/flag-day-exploration-probe-spuds-in-south-africas-orange-basin/2-1-1326674

[oapknob1] 04/10/2022 08:59

Devastated

[oapknob1] 04/10/2022 08:06

The dumping continues. Placees exiting while broker accounts pump.

[davwal] 04/10/2022 08:05

So Pro are you still expecting Cheveon to join 3B/4B?

[pro_s2009] 04/10/2022 08:02

Yes, everyone knows that.

More importantly, operations commence. No more threat of any legal challenge to halt operations, and so, another element of risk is gone.

Now is the waiting game.


Again, I ask.....who is long ? who is short ? who is not holding ?

Why are people so scared to state their positions ? Ego issues ?

I am long......and will not sell a bean before news.

[sos100] 04/10/2022 07:58

when was it ever suppose to be an appraisal well?

[oapknob1] 04/10/2022 07:40

" We are drilling this strictly as an Exploration well. "

[pro_s2009] 04/10/2022 07:23

04 October 2022

ECO (ATLANTIC) OIL & GAS LTD.

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

Eco Atlantic announces Commencement of Operations on the Gazania-1 well, offshore South Africa

Eco Atlantic (AIM: ECO, TSX ‐ V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce the arrival of the Island Innovator Semi-Submersible Drilling Rig on Block 2B and the commencement of operations of the Gazania-1 Exploration Well.

Eco holds a 50% Working Interest ("WI") in Block 2B and is Operator of the block. The drilling location is located 25km offshore the Northern Cape in Orange Basin South Africa in approximately 150 meters of water. The Gazania-1 Exploration Well is being drilled to a depth of approximately 2,800 meters through a multizone pay section. The well is being drilled up dip of the AJ-1 Discovery Well on the block, which proved approximately 50 million barrels of contingent resources.

The Gazania-1 Prospect is targeting over 300 million barrels of light oil. Pending discovery in the vertical section the JV partners have the option to directionally drill a second sidetrack well from the main well bore. Both the vertical well and the sidetrack optional well will be logged and then plugged back to surface, the well will be sealed, plugged and the casing cut off below surface. No equipment will remain on the sea floor.

The JV partnership in respect of Block 2B comprises Eco Atlantic (50% WI and Operator), Africa Energy Corp (27.5% WI), Panoro 2B Limited, a subsidiary of Panoro Energy ASA (12.5% WI), and Crown Energy AB (10% WI).

Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:

"Drilling Gazania-1 offers a significant opportunity to South Africa to open up the Orange Basin. A number of prior discoveries in the region are changing the understanding of this Basin both in South Africa and Namibia where recent multi-billion-barrel discoveries have opened the gate to a new era of economic and resource opportunity. The Discovery at AJ-1 is extremely helpful in creating the opportunity on the Gazaina-1 well that we are confident that the decades of science will prove out.

"This well is being drilled to define the opportunity and the initial path in the Basin. We are drilling this strictly as an Exploration well. Once we have defined the resources here, South Africa and the JV partners will make its choices and we will determine the next stage of development. Eco appreciates all the support of the South African Government, the local industries and local communities in the communication, participation and planning of this well.

"We are entering an exciting and busy period of drilling and work programmes and we look forward to updating the market, our partners and all stakeholders in the coming weeks on our progress and the Gazania-1 exploration well results."

[pro_s2009] 03/10/2022 23:41

Chevron wraps up deal to operate sought-after Namibia block - big payment involved

US supermajor wraps up farm-in to highly prospective licence north of multi-billion barrel Venus find

3 October 2022 16:20 GMT Updated 3 October 2022 16:20 GMT
By Iain Esau in London

Chevron has completed a highly significant deal in Namibia that sees it take control of a coveted exploration licence immediately north of TotalEnergies' huge Venus oil and gas discovery.

The deal marks the US supermajor's return to Namibia after a near 20-year absence after it quit as operator of the marginal 1.2 trillion cubic foot Kudu gas field which it had discovered in 1974.

Two sources confirmed the US supermajor has now farmed into Block 2813B - also known as PEL 90 - after completing negotiations with Australian junior Harmattan Energy and its local partner Trago Resources as well as state-owned Namcor.

This is the same block that Tullow Oil decided to exit, just weeks before the results from the Venus well and Shell's nearby Graff wildcat were revealed, with both making huge discoveries.

Upstream reported two months ago that a deal was in the offing.

It is understood that Chevron has agreed to pay $100 million to enter the block, said two sources, one of whom added that the eventual payment could be higher depending on certain events taking place.

[pro_s2009] 03/10/2022 20:14

Yes indeed.

[manicat] 03/10/2022 20:06

i think its the block tullow gave up

[chessman2] 03/10/2022 19:49

This would appear to be a tremendous step forward for ECO.

No wonder the share price has been heading northwards recently. I wonder how much credit the market will give ECO when it opens tomorrow?

I continue to hold a shedload here!

[oapknob1] 03/10/2022 19:49

SEI paid $5.7million for 49% in Inter Oil who have 20% stake in PEL 90. SEI up 24%.

[thenorseman2] 03/10/2022 19:33

Blocks 3B/4B dwarfs 2813 btw!

[thenorseman2] 03/10/2022 19:20

«It is understood that Chevron has agreed to pay $100 million to enter the block, said two sources, one of whom added that the eventual payment could be higher depending on certain events taking place.»«The deal marks the US supermajor's return to Namibia after a near 20-year absence after it quit as operator of the marginal 1.2 trillion cubic foot Kudu gas field which it had discovered in 1974.»https://www.upstreamonline.com/exclusive/chevron-wraps-up-deal-to-operate-sought-after-namibia-block-big-payment-involved/2-1-1325804

[martinfrench] 03/10/2022 19:11

any links for the above ?

[oapknob1] 03/10/2022 18:32

Chevron set to enter coveted block offshore Namibia Read more Two sources confirmed the US supermajor has now farmed into Block 2813B - also known as PEL 90 - Chevron wraps up deal to operate sought-after Namibia block - big payment involvedUS supermajor wraps up farm-in to highly prospective licence north of multi-billion barrel Venus find.3B/4B