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Excellent RNS, I expect a gradual uptrend from here into the drill in late September/October.
well the ceo stated in last interview he expects the SP to double from here in the build up to spud! we will see!!!!
Excellent, all on track nd with major oil companies flocking to Namibia due to Russian issues, it's looking good for those 4 x sought after blocks as farm in and iv's look a shoe in.
ECO really is in a very good place right now. Going to be an exciting October and I would expect the sp to be into the 40's or even 50's within the next 2 months. If they hit light oil and achieve successful sidetrack then could be looking at 200p a share here.
These were nearly £2 only a couple of years ago
yes but there has been some dilution since then, that said, adding what could be 150mmboe light crude (NET to eco) would be worth well over a £1bln.
By the time the release discovery or duster news in October, I would expect the oil price to be nearer $120's again so the also bots will be all over the oil sector.
Perfect storm ahead for ECO. We are only about 6 weeks away now from spud.
Rig actually still stationary at Orlando this morning. Will feel better once it’s underway.
CEO has said in recent interviews that spud would be 1 September. Now suddenly a few weeks later it's end of September. Why don't Eco ever explain even briefly what has changed rather than just moving deadlines and assuming investors don't notice.
A lot depends on the present commitments of the rig. Drills can take slightly longer than expected. Sometimes shorter time windows. The main thing is that its coming ECO's way.
I agree with you that it's positive but CEO specifically states in Align interview that it's due to arrive Sep 1 "and it will". This happens a lot and really undermines confidence.
If you know anything about Gil you know his form for at best over enthusiasm and at worst simply bs’ing. Everything needs to be taken with a big pinch of salt.
Oil and gas aswell as mining , never take dates as gospel
yes, largely agree with the gil comments, he is like a dog with 2 tails, but, i bought in here because of aoi and afe comments, and they are geologists, and aoi been right on just about everything so far, so they are who i follow and have majority of money in
I agree that CEO is glass half full but dates do matter. He elected to do that interview and should not make comments unless he can stand over them. If the last drill over ran, (which I doubt), then say so. It undermines all the other comments he made in that interview. What can or can't be relied on now?
Why make comments like the share price will have doubled before spud, talking about "baggers". He has no idea what the share price will or won't be. It doesn't matter what investors are relying on, this type of repeated commentary damages credibility and confidence.
The rig operator controls when the rig is available and when it is not. Clients often have the rig booked for a set period with some weeks over which allow for add ons like sidetracks etc. The rig was with two previous clients drilling in different areas so of course the timelines vary. If you read the RNS the biggest issue is 'weather'. So assuming the rig is all serviced after the last drill and ready to rock and roll, then that's great news. Now all we need is a nice weather window and we are in a good spot. Hit some nasty weather and we could some minor slippage into October. The rig is state of the art and designed to tackle the heaviest Mother Nature can throw at it.
Anyway... the sp will rise today and continue to rise in the weeks and months ahead as the catalysts are very strong here. The big news in that RNS is actually about Namibia. ECO's 4 x licence blocks are now ready and primed for farm in deals post the signing of the Joint Operating Agreements ("JOA's") with NAMCOR. This could see some very lucrative e deals done and all this on top of the sleeping giant in the folio that is the Orinduik Block offshore. Soon to be awakened is my bet... but not until 2023.
Fortissimo, I don't agree with your explanation. We've slipped a month in spud date at best. CEO stressed in an interview in June that it would definately be in situ for spud SEP 1. Its not the way to run a company. Again, you don't know that the share price will rise. Perhaps it will fall. Guyana is a big question mark now also with Tullow drill coming up empty. No commercial oil has been found in any blocks other than with Exxon. As for Namibia, it's promising but why has there been no interest to date. Look at all four licences, no one of note there except for small holding by Africa Oil
AA121, look at the share price? It's back to the placing price (which was for the insiders) and likely to go much higher. Of course there's no guarantees it will go higher. But markets are all about speculation and you can either be bullish or bearish or sit on the fence. So what are you going be?? Someone took the op this morning to sell out about 60k to 70k of their shares at 29p. Some punters like to sell into the news. But these punters tend to feel the pain the sp does the opposite to what they think. That wasn't you selling this morning was it ?? Thinking the market wouldn't like the drill happening 4 weeks later than the CEO guided??
Mmm... I think you'll find the markets attention is firmly on ECO's folio and that looks absolutely fab don't you agree?
I agree with AA121 on the fact GH has regularly said things that have subsequently been seen to be rubbish. Consistent over promising on Orinduik drill timing being the most prevalent. Other comments are not professional and certainly not the way a listed plc CEO should be speaking. Talking of baggers, speaking at a bank conference of the company cap being worth 1bn in a year and so on. If he says these things in public I cant imagine what his is saying on private to his large shareholders and potential partners.
He comments on things he clearly has no control over. Why cant he just be factual rather has his constant speculation. If he were that sure of the outcome he wouldn't be on proactive ramping.
I love Gil’s enthusiasm but have to acknowledge he’s been regularly guilty of over-promising, which has left many investors frustrated and even angry. With the rig business he must have been advised of the earlier date being possible by Island Drilling, though.
More fool people for believing CEOs. Aim is for getting in early and trying to get out at a good price.
This is the time to buy just under placing price. Even if it only his 40-45p come spud. Its a good result
Love it When the negative posters turn up….. happens on every forum around spud time….
A bit early on Eco but I expect come September they’ll be thumping the qwerty board with ape fists
Yes - you tell the posters on here that are none too happy with this one getting moving early doors. I think they were hoping to move funds from elsewhere to here in about 4 weeks to 5 weeks time. Of course, they can still do that but wouldn't surprise me if we are at mid 30's to 40's by then. If they get a Namibia deal on one or two blocks then who knows we could be looking at 50p+ before this next well even spuds.
It's a CEO's job to ramp a share. If he can't then who will! It's an investors job to decide whether he's ramping or whether he's spot on. Let him do his job and the moaners on here .... do yours!
It's a CEO job to ramp a share! Wow, statement says it all!
"The partners have also approved the option to drill a sidetrack well contingent on a discovery in the main target."
What's the reason for the sidetrack?
In this context to explore breadth of a discovered reservoir, or to get a second bite of the cherry if the first hole is less than forthcoming. Hopefully the first scenario!
AA121. Suddenly appears and moans over and over again about the same point. Talk about labouring it. Luckily the SP doesn't take any notice of you nor will I.