The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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Big oil buying Guyana assets
https://x.com/javierblas/status/1716383046834798933?s=61&t=Ls59QCPJlmgnRyxPu2tlVg
Good to hear from Gill again.
Fully understandable that the various transactions are taking time.
I expect news of a partner in South Africa and planned drills in 2024.
Massive upside here.
There's a new interview with Gil Holzman in the All About Africa Oil youtube playlist https://youtube.com/playlist?list=PLxW4Bxspg4Sl9HmCyhyTfdcIYrzY6wseH&si=tDIemUuvb5SPEjbg
Block 2B SA ???????????
https://youtu.be/N3T9X2xSJcU?si=GddG9sHjYmxUQi5A
ECO sale of a partial interest (6.25) to Africa Oil. The price paid by Africa Oil has been broken down into four elements: $2.5 million within 30 days after the signing of the LoI; $2.5 million when the government approves the transfer; $4 million upon completion of a farm-out deal; and $1.5 million when the first exploration well starts drilling.
Any Director purchase is positive.
Doesn't matter how much they spend. You know they're not doing it to lose money.
Maverick
The clue is in the up to 10.5m in cash for the farm out. The actual payment will idnimagine have specific milestones attached and as such not yet have crystallised as actual cash at hand.
Haven't gone back to look at the conditions/RNS but would imagine it is down to this rather than burning 10 million bucks in a month.
The last time the CEO bought shares was 26th November 2021
https://www.lse.co.uk/rns/ECO/director-dealing-9sn06zyuz2sntjg.html
Approximately 30 business days later there was an accretive acquisition
https://www.lse.co.uk/rns/ECO/strategic-acquisition-73hb3kijgrqawml.html
Within four months of the CEO buying on 26th November 2021 to March 2022, the share price had increased by over 100%
Much to be positive about with today’s news.
Also means he is not aware of upcoming market moving inside info, so no news for a while yet I think.
Director dealing. And I guess these farm-ins move at glacial speeds so hope for news moving forward
Monica69: When I read your posting history I see you are very pessimistic. Do you have any links that the farm-out at 3b won't happen?
And: Orinduik is just announced, not even closed! How should we farm out an asset, the we don't own?
Looks like there is little interest in farming in to both 3b and Orinduik which is a complete disaster. On that basis could fall further still.
Concern over a share raise.
The company needs cash, and the deal is taking too long.
On the 1st August Eco stated “ Eco has cash and cash equivalents of US$6.4 million on the balance sheet as at 31 July 2023.”
On the 30th August Eco stated “ Eco has cash and cash equivalents of US$4.7 million as at 30 August 2023.”
However, on 1st August Eco also stated “ Post period end, the Company signed a legally binding Letter of Intent with Africa Oil to farm out a 6.25% Participating Interest in Block 3B/4B, offshore South Africa for up to US$10.5 million in cash.”
So how much cash do we actually have, where’s that $10.5million gone and we are burning cash
Been waiting over 3month for SA government to ratify aoi, 6 25% purchase of 3b/4b from eco, don't usually take that long does it.
Really surprised to see this fall to single digits.
News has been “coming soon” for quite a while.
I am not aware of anything negative affecting the company ?
Fingers crossed that is it done. Over 17m sold yesterday in 4 transactions.
With 2m apparently offloaded in one trade, that TR-1 could well land tomorrow. Could possibly have been the end of their selling programme.
I was under the impression that it had to be declared immediately once threshold was crossed, would have expected an update today.
Probably ECO haven't been informed by whoever it was, reckon its the Venezuelan ganglords as they create havock with the offshore licences.
Is anybody able to explain why we have not had a TR-1 RNS for the large recent share dump?
Tend to agree Molokai, bit of a general malaise. Only 50,000 shares in ECO for me but underwater myself with a similar average. Need to see a bottom, so sitting on my hands re doubling up.
Been one of those years, Serica and i3 energy on a painful pullback, but hopefully back on an upward curve again.
Still remember buying these at 16p initially and bought up to 35p then offloading half at 161p. So you could say I am on a free ride - down the way!!!!!!!!!!!
Timing as usual - although I do feel thats now or getting close - stick or double up. GLA
It’s pretty much across the market for me right now….. currently about £105,000 down on various shares- spread across 38 companies.
250k shares in Eco avg 28p
Thank goodness none of it is on margin so it’s a waiting game.
I’ve written off this year on my ftse/aim/main market shares….. property saves the day again!
Reliable Gil to the rescue?!?!?!
$4.7mil, should be another $2 5mil coming soon
Hi RoadRunner,
These things take time to deal with, sometimes years :(
However, ECO have stated they're currently in Farm out discussions with other Majors, so at least things are happening in the background. Just a matter of patience. It may be worth taking a break from looking at your shares just now, it'll only lower your mood. Sometimes a short break can give you clarity/peace of mind.
As I said about the eggs, it's best to spread your money around a few companies, less profit but also less of a hit. I've got holdings in Greatland Gold (just topped up again at 7p), Mila Resources (microcap Gold Explorer that's found gold & just signed a cracking deal with Liontown, a $6BN company, to explore for Lithium on it's acreage, and Afentra, which is an absolute no brainer & will be a cach machine for years to come. Some of these I have decent wedges of cash in & others are small "punts". But my foundation Portfolio is basically blue chips.
Maybe re-evaluate your strategy & personal risk tolerance levels.
Hope that's helpful & best of luck :)
Rex