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Started: BrightSpot, Today 15:43
Last post: redwineday, Today 19:20
Yep, Brightspot is back. Pump and dump!!!
If a drill on Orinduik is $60m and Hammerhead value north of that. Getting Exxon to farm in and take 70% for two drills would be a handy bit of business.
Great news on Hammerhead. The field is tertiary, heavily oil and with some sulphur. I didn’t expect XOM to develop this field so soon in the Guyana journey. There are solid reasons why XOM will now develop Hammerhead. The resource size and project economics are obviously the drivers. Hammerhead also has prospects for tie backs.
I’d calculate that when hammerhead gets FID that this is worth about 15p to 20p for Eco. The downside is obviously Eco’s funding needs.
The bigger question is what this means for Orinduik. Will XOM farm in ? There’s not much chatter on what’s happening.
Interesting times as we look at Guyana. Namibia remains the key though, in my opinion. We will get a drill there in the next 12 months.
I have taken my position here and am hoping for a significant multi-bag exit, sooner rather than later. Let’s see.
Started: Starvinmarvin, 25 Jun 2024 19:34
Last post: Thenorseman, Today 16:04
“According to Berenberg Bank, one of the world’s largest multinational investment banks, it projected that Exxon’s Hammerhead discovery holds 800M net recoverable resources, with the Orinduik Block ”
Ours on top!
https://www.kaieteurnewsonline.com/2020/03/11/project-details-reveal-exxonmobils-hammerhead-project-to-produce-150000-to-190000-barrels-of-heavy-oil-per-day/
Eco will not be left out in any case, if exxon is not interested in orinduik they will have to reach a unitization agreement with eco, if they will go the logic way they will pay the same amount and get the extending reserves plus 250 m jhetro reserves to tie in..
Looks like this is getting primed for another pump and dump.
Nice timing, too, that the bids have to be in by month's end it might perk a few up!
I think at one point during Exxon Hammerhead drill Eco shared its 3D with them (nice neighbour).
I guess the big question is are Exxon up for a collaboration in Orinduik? Hopefully find out soon-ish
Started: ChartaRex, 25 Jun 2024 11:13
Last post: WAAA, 25 Jun 2024 17:15
I noticed there were no trades early today but volume was 5.8m and then seemed to go up in 200k increments upto 7m, still without any trades (thats accodding to my iPhone and yahoo). Never seen that before?
Oh darling, lets not argue :)
Don't start this again
There's some chunky buys going through this morning. Maybe an update on the way?
Started: redwineday, 25 Jun 2024 06:55
Last post: redwineday, 25 Jun 2024 11:07
It's a very long story.
Just really about size of Exxon investment and impact on Guyana. My take out Exxon are in there for the long hall and are backed by the Guyanese govt.
Can't read it - it's behind a paywall.
Any chance you could cut and paste it?
Thanks :)
Https://www.ft.com/content/2e4b2015-27e6-4b26-a02f-0040a71c6852
Lets hope they are looking at Orinduik
2925 is a guy guess but Gil has still not committed to that.
Dat,
It'll be even longer if we drill in 2925. Lol!
After some research bought in , getting quite interesting.
Thx much IJT. Hoping that 2925 is our year. It's been a long time in the making.
dat
Gil was in town this week.
Several bidders for Guyana - expected final proposals due mid July. They have a target hold for the licence that gives enough to bidders while maintaining a healthy interest.
SA - partners keen to drill as soon as possible. See the 3B/4B licences and surrounding blocks as one large field. Drill should happen by H1, some desire for Q4 if permissions in place but challenging.
Company in a month gets $9m in cash from SA deal so is well set.
Namibia hopes for a deal to carry on seismic and drilling by end of year. Guyana and SA timelines more concrete though.
On success, aim is to sell SA. Field viewed as >4bn barrels - I'd guess 6-8bn with boe in ground at $2-5per barrel. With 6.5% that gives maybe 390m-520m barrels net. So perhaps $800m- 2.6bn in value. Or £1.75 - £5.00 if SA drill a success. Idea is a special divi.
Started: harel, 21 Jun 2024 09:09
Last post: harel, 21 Jun 2024 09:23
Orinduik is drill ready, so any bid by a major, even for peanuts, is a game changer..
Harel
Get impression there is a mix of Guyana bidders some significant O&G and some bringing cash where Eco has shown with Gazania drilling experience to execute.
3b/4b is on the least, according to thd table its planned for mid 25.
Once time line is finslized and a vessel is contracted the re rate will commence.
Orinduik- any bid from a major or big oiler to get leaked can re rate.
Any advancment in chevrons walvis block will support eco and if a f.o will be completed in the walvis its a re rate..
More wells are expected in the kudo gold lane that is on trend with block 1, any success there will support the sp.
A lot to expect the next 12 months.
Started: Booradley, 19 Jun 2024 19:44
Last post: Booradley, 19 Jun 2024 19:44
Hey Harel...
You always seem to be in the know...what have you heard re Orinduik? Are we negotiating a farmout presently? Some say to give up on Orinduik but I just cannot...pretty sure if we drill into cretaceous we will be happy....been waiting and waiting like everyone else here. But honestly tired of waiting. Thnx in advance for your insight.
B
Started: WAAA, 16 Jun 2024 20:22
Last post: WAAA, 17 Jun 2024 13:31
Agreed. However, these things have a habit of seeping out and becoming baked into the share price ahead of time.
I'd be surprised if we don't start seeing share price action in the next week or so. We'vr alresdy had a spike coupled with suspiciously high volume a few weeks back.
Bear in mind while the deadline for bids is end June, these then need to be evaluated. So it will likely be a few weeks before the outcome is known.
9 credible companies interested in orinduik fo. Deadline for submissions end of June. ...tik tok!.boom or damp squib...
We'll find out very soon!
Lucky you being up plenty.
Personally, although I also bought more at 8/9p, I was awaiting 19p where my original investment took place.
Sold half at 161p, which seems decades ago and now holding the same amount yet again.
Pure play on licences/drills so time will tell - cup half full at present.
I got in at 8p, so I'm up plenty :)
If it drops back I'll seriously load up more, when this does move it'll move fast :)
So a farm in was indeed in its final stage, was hoping for an orinduik f.o but a new block was not something to expect.
block 1 is huge and around 4000 square km in the north west looks right in the money..
a lot of action is expected in adjacent blocks in the next 12 months and no commitments due in 3 years gives eco the perfect conditions to find a partner.
the support of the sa government is a good sign as well as they initiated the deal.
so short term this will not create a catalyst hence the drop, but medium term catalysts are piling up and orinduik is in the process of farming out, looks like short term will be an average down opportunity..
gla
Started: feelinlucky, 8 Jun 2024 17:31
Last post: feelinlucky, 8 Jun 2024 17:31
Watch out for the cowboy de-rampers! I'm sure there's a perfectly rational explanation, such as deal takes into account 'carry for drills' etc...remember these are legal agreements not valuations
Started: Goraxx, 7 Jun 2024 10:29
Last post: Olderandwiser, 7 Jun 2024 13:05
Why discuss a Mar 6th transaction now?
I think they maybe on the naughty boys step over the unauthorised director deal. A negative on mark for them. That was weird.
@gil_holzman very interesting table someone highlighted in private group on X.
Also suggests why market doesn't trust @EcoAtlantic_OG & you
Recent farmout of 3B/4B to $TTE by $ECO.L #ECO was done at 1/3rd the value $AOI $AOI.TO achieved for same deal
comment? $ECO.L #ECO
🧵 6 Mar 24 $ECO.L #ECO @EcoAtlantic_OG farmed out 13.75% stake in Block 3B/4B to $TTE for $25.4 mn, valuing Block 3B/4B @ $185 mn ($25.4/13.75%)
Same day $AOI $AOI.TO farmed-out a 9.25% stake in same block to $TTE for $46.7 mn, valuing Block @ $505 mn ($46.7/9.25%)
1) was there a back hand deal enriching mgmt/other actors at the expense of #ECO $ECO.L @EcoAtlantic_OG shareholders to the tune of $35 mn?
2) Management simply inept?
3) Why should shareholders trust mgmt?
Started: wallact, 7 Jun 2024 09:11
Last post: Olderandwiser, 7 Jun 2024 09:53
What words of wisdom is Oilman Jim saying, behind his paywall?
This is not a smart idea to drill 3b/4b before drillings in the near blocks... after that drill we will get much more info and de risking for the drill...
i have time ...
I too have a large chunk of ECO and will continue too hold simply for 3b/4b. So trust me I want this to do well. The rest I take as pure speculation. Gil has a history of making comment particularly on timing that later turns out to have been optimistic and I’m being polite. So until there is a concrete announcement I am sceptical.
I assume ECO or their PR advisors read this. They should understand what their PIs are thinking. Good and bad,,,
Let’s hope for a drill date soonest.
The market didn't take too well to the last farm in, too much cash and not enough equity and no defined Drill dates.
Starting to think maybe this share is valued fairly?
Don't get me wrong still hold a chunk of original IPO shares so wish for the best, could happen one day.
Started: Crazych38, 5 Jun 2024 07:54
Last post: wallact, 7 Jun 2024 08:53
Well Gil had a chance to update the market on other than Block 1 news and he said nothing. Did hint though a a farm in partner for Block 1. WTF
You can say what ever you want but i know eco from 2018...
and i think that in the current stage its very intersing position...
yes there are many risk... (exploration)
but i like the potantial..
lets see :)
Please forgive me. I bow to your expert knowledge. Here was me thinking you were just someone posting anonymously on an internet board....
If you talk about me your worng...
Im sure i know eco history before you :)
When most of the investors here said shes cheap and sintana is just nothing i said the opposite and i was right when everyone was wrong...
maybe you dont know me but im sure that i have much more expirance and knowledge in this than you
:) for me i dont care what eco will do today or next month... im there for the next year...
good luck
Your ramping is obvious.
Most here have far more experience of ECO and its history than you obviously.
Started: Troajan, 6 Jun 2024 11:14
Last post: Troajan, 6 Jun 2024 11:14
Started: wallact, 5 Jun 2024 08:08
Last post: wallact, 5 Jun 2024 08:08
If Gill does some Media. He can update us on the other stuff.
Started: applicable, 4 Jun 2024 10:06
Last post: applicable, 4 Jun 2024 10:06
Started: Maverick7, 3 Jun 2024 19:32
Last post: rionel, 4 Jun 2024 01:07
You mean the news we were scheduled to get two years ago? Whats the hurry? ;_;
Is on its way, this has become not wanting to be out for the weekend? Come on Gill, you’ve kept us waiting long enough
Started: Starvinmarvin, 31 May 2024 00:05
Last post: Crazych38, 31 May 2024 09:20
But something happend :) open your eyes...
Cheveron farm in to the walvis in the middel of the 4 blocks of eco.
S4 the block that total has bid in guyana is in the same place of orinduik just shllower...
So orinduik is worth something .
We have 3 big jokers...
South africa 3b/4b
Namibia 4 blocks with 85%!
Guyana block with 100%!
Marvin
There is something tangible.
I know from a Tweet since taken down there are several very credible bidders for Guyana including one of the TQP partners who relinquished due to challenges in the JV. That they are still in with their knowledge of the geology says a great deal.
The farm in for SA is definitive and with a partner who has local knowledge and success. I'd anticipate this giving them £1.50+ to sell out post a successful first drill if they strike oil.
The company could easily use this for Walvis and Guyana if minded to do so - should a partner not be on place by then.
Agree. And all the speculation around Guyana and Wallis is hot air until something happens, or if something happens. However the difference this time is the Total farm in. This is a when not an if event and when the timing is known the SP will react. Just need (even more) patience to double your money.
Run it up and then gut it while you run to the bank with 100%, or leave half on the table and take a vacation. Rinse and repeat, year after year after year ...
Last post: InJamesweTrust, 29 May 2024 11:48
Hi Wallact,
With the timings I think it may be Guyana (watch this age badly!!!). Bids were due I think end of June but may have been received early allowing an announcement to be made.
I wonder if they hope to sell SA if successful and use funds to drill Namibia
IJWT yes agree some news out there in the ether. looks like its holding.
All a guess hey but I still think Walvis!
Who knows
Tsx did no favours so back down she goes!
Think among management there are enough sticky shares to stop AOI getting a super majority to force holders to sell.
Was hoping to meet someone from Eco soon to get a sense of news but may already be leaking out. Understood deadlines were still some time away buy if bids have come in early or Total has started EIA for SA then game on.
I'd like to have picked up more by now but aim to keep accumulating.
I think the opposite will happen, aoi will consume eco (i have both)
Started: Roadrunner73, 21 May 2024 11:15
Last post: molokai, 26 May 2024 21:13
Recent article:-
North Sea energy firms look beyond UK after tax squeeze25 May 2024 12:14
North Sea energy firms look beyond UK after tax squeeze
North Sea oil and gas producers are merging and shifting overseas as Britain's windfall tax slashes profits and as the opposition Labour Party threatens more tax if it wins the next general election.
The change of strategy could accelerate the decline of domestic production, risking increased dependency on imports, greater vulnerability to higher consumer prices and more job losses.
Oil majors such as Shell, Chevron and Exxon Mobil have long since pulled back from the ageing basin in pursuit of more profitable oilfields, divesting assets to smaller producers.
These independent oil and gas producers are now looking further afield and merging to cut costs and boost revenue.
"Unfortunately, the UK government has turned the UK North Sea into a very harsh business environment," Gilad Myerson, executive chairman of Ithaca Energy, one of the largest North Sea producers, told Reuters last month.
"We're more interested in doing something that diversifies us outside of the UK right now, because that's probably our biggest risk," said David Latin, Chairman of Serica Energy, highlighting opportunities in Norway.
Ithaca, which has stakes in two of the largest remaining undeveloped oilfields in the North Sea, has agreed to combine its operations with the UK assets of Italy's Eni,
"When you have a fiscal challenge, the bigger you are, the stronger you are," Ithaca's Myerson said, adding the company was looking to expand overseas to Norway, Denmark and elsewhere.
Harbour Energy, meanwhile, agreed in December to acquire oil and gas assets from Wintershall Dea in an $11.2 billion deal.
And last week, Chevron said it plans to sell its remaining assets after more than 55 years in the basin, although the decision was unrelated to the windfall tax, it said.
"Any 'windfall' due to high commodity prices has long gone and the high tax situation is ill-suited to a mature oil and gas basin such as the UK North Sea," Serica's Latin said.
Production in the North Sea has declined to around 1.2 million barrels of oil equivalent per day (boed) in recent years from a peak of over 4.5 million boed in 1999.
Analysts at brokerage Stifel estimate that over the remaining lifespan of the North Sea basin, a higher tax rate and removal of the investment allowance would lower investment by 30 billion pounds ($38 billion) more than its current estimates, leading to a faster decline in output.
Under that scenario, Stifel projects that by 2030, the UK's oil and gas output would halve…
My comment:………
MAJORS SHOULD FARM INTO ECO !
0.14
Think it closed higher on TSX
I dont think so...
We are in the support levels...
Feels like this is going back to 10p. Utterly ridiculous but atleast we know there are some serious company making discussion going on behind the scenes. The question is how long do we have to wait?
Started: Crazych38, 24 May 2024 13:38
Last post: Crazych38, 24 May 2024 13:38
Https://oilnow.gy/featured/some-winners-of-guyana-oil-auction-to-find-new-partners-jagdeo/
Why majors are looking for bids in the shallow water in guayna? S4 block is very neer to orinduik block... try to find it at googel... "s4 block guyana" (images).
Started: WilkCoutts, 22 May 2024 13:01
Last post: WilkCoutts, 22 May 2024 13:01
TotalEnergies plan for wildcat in South Africa’s Orange basin given a boost
Key government department approves drilling plan, with two conditions
TotalEnergies’ plan to drill a wildcat in South Africa’s part of the prolific Orange basin has been given a boost after a key government ministry approved the drilling operation, albeit with certain conditions.
The French supermajor is keen to explore the Deepwater Orange Basin (DWOB) block because it lies immediately south of its huge Venus and Mangetti discoveries in the basin’s Namibian waters.
South Africa’s ruling African National Congress and the Democratic Alliance party — which may end up forming a coalition government after this month’s elections — are both keen to see offshore exploration in the country, particularly off the west coast.
In October 2023, South Africa’s Department of Mineral Resources & Energy (DMRE) granted an environmental authorisation for the TotalEnergies to drill an exploration well — the first of up to 10 wells — in DWOB.
However, third parties had a right to lodge a formal appeal against the DMRE’s decision, with the Department of Forestry, Fisheries & Environment (DFFE) receiving its eight compliant appeals by the mid-November deadline.
On 6 May, SLR Consulting — which is handling the DWOB environmental approval process on behalf of TotalEnergies — said that DFFE approved the drilling plan, with two conditions.
One is that the drilling plan will be stopped if a shipwreck or archaeological site is discovered during pre-drilling seabed surveys.
The second condition requires the appointment of a liaison officer to keep coastal communities informed of the drilling activities at regular intervals and who would be available to address questions and concerns.
TotalEnergies debut DWOB well will be drilled in a 9712-square-kilometre “area of interest” located between Port Nolloth and Hondeklip Bay, about 188 kilometres offshore at its nearest point and in water depths between 750 and 3100 metres.
Hot money moving to the next speculation - all aboard XPP this morning no doubt
Started: Trends, 15 May 2024 08:56
Last post: redwineday, 20 May 2024 16:50
You'd need be a special kind of stupid (and Maduro might be a gangster but is probably not stupid) to pick a fight with the US Navy 4th Fleet, who'd be immediately parked off his coast. Exxon have a very powerful voice in Washington.cf Rex Tillerson.
This is China and Russia playing geo politics. They keep supplying Maduro with arms so he will sabre rattle and worry US for their oil interests locally.
Venezuela has enough oil deposits to keep the world going for years they are too stupid to monetise them.
15 years ago PDVSA could access borrowing from European Fin Instrututions. They wouldn't touch them with a barge pole now.
Even with weapons they're army is probably more useless than much of Russias.
https://edition.cnn.com/2024/05/14/americas/venezuela-essequibo-guyana-csis-intl-latam/index.html
venezuela expands military presence at guyana border in ‘perpetual prewar footing,’ says report
by tara john, cnn
4 minute read
updated 12:36 pm edt, tue may 14, 2024
venezuela continues to build up military infrastructure and hardware close to the border with guyana as president nicolas maduro and his supporters scale up their threats to annex an oil-rich piece of guyanese land.
in a report shared with cnn, the washington-based think tank center for strategic and international studies (csis) warns that while the venezuelan government “has little to gain and much to lose from a full-blown conflict” it continues to play “a dangerous game” over its claim over the densely forested essequibo region.
“the constant drumbeat asserting ‘the essequibo is ours,’ alongside the creation of new military commands and legal structures to oversee the defense of the region, is helping to institutionalize a sense of perpetual prewar footing,” it wrote.
tension over the region, which amounts to about two-thirds of guyanese national territory, mounted last year after a venezuelan referendum in which voters assented to creating a venezuelan state within the disputed region. guyana had called the move a step towards annexation and an “existential” threat as the specter of armed conflict loomed over the region.
cnn previously reported in february about an expansion of operations at venezuela’s anacoco island military base despite both countries agreeing in december to pursue a diplomatic avenue to resolve the conflict.
© mapbox © openstreetmap improve this map
punta barima
anacoco island
using satellite imagery and social media, csis found that the expansion of anacoco island’s military base has continued. a bridge is seen being built across the cuyuni river to connect the venezuelan riverbank to the island, which has been a point of contention between the countries after it was awarded to guyana in an 1899 ruling by an international tribunal. venezuela annexed it in the 1960s.
el palito refinery of the venezuelan state oil company pdvsa is seen, in puerto cabello, venezuela, on february 10.
related article
us to reimpose sanctions on venezuela’s oil and gas sector
the island’s airfield has expanded and now includes a small control tower, csis writes. satellite imagery from march showed an area next to the airfield with more than 75 field tents, “enough for a battalion-sized unit of several hundred personnel.” the field tents have since been relocated to the southern side of the airfield “demonstrating the base’s continued ability to provide logistics and resupply for a sizeable military force continuously for over a month,” it wrote.
meanwhile, by the coast, at least two iranian-built peykaap iii (zol***har) fast missile boats are seen at venezuela’s small coast guard station at punta barima
Look at ECO as number 3 in the diagram!
https://theextractormagazine.com/2024/04/24/namibias-offshore-oil-deposit-could-contain-100-billion-barrels-dr-mello/
Started: dat, 17 May 2024 21:42
Last post: dat, 17 May 2024 21:42
Https://www.theglobeandmail.com/business/international-business/article-namibia-targets-first-oil-production-from-totalenergies-venus-field-in/
Credit to Mr Mo for posting on another board ....