Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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I bought 54K shares today at 8.62p and it is listed as a sell. Shows what a nonsense the buy/sell indication is. Best ignored
Share bottomed at 7.95p last week .
A little rally today up 10% to 8.8p with 4.6% spread.
Good bit cheaper then my last look 7th January when they fell to 10.7p , which was not as low as the previous 9p bottom mid December 2023.
Question is who will be the buyer of the 14.8% AOI stake and at what price. Looking at AOI annual report, if I read it correctly they are holding a book value based on the Sp at 31/12/23 or 11p per share or approx £6m. Seems a pretty small price for someone to pay to access the assets.
Video doesn't seem to appear on the link, what's the gist of the story? Is eco still safe with total and plan ahead still solid or could divert?
Someone is building a nice position here. No surprise with whats happening in the areas we are looking to farm out.
"Galp said it conducted testing operations at the Mopane-1X well in January and the Mopane-2X well in March. In both wells, which are 8 kilometres apart, it said "significant light oil columns were discovered in high-quality reservoir sands".
Galp said flows achieved during the tests reached the maximum allowed limit of 14 thousand barrels per day, potentially positioning Mopane as an important commercial discovery.
"In the Mopane complex alone, and before drilling additional exploration and appraisal wells, hydrocarbon in-place estimates are 10 billion barrels of oil equivalent, or higher", Galp said.
Many thanks Booradley, interesting comment from CEO;Shell not that happy with volumes Graff/Jonker.
Lets hope for us the low-ish share price is the seller action.
Could be a reason for the lack of movement on the SP? That is an expectation that the AOI divestment is an overhang of sorts no matter how it is managed.
You may be loving it, but its fair to say Sept 2019 was a long time ago when I offloaded half at 161p. I've been buying myself in the last week and today. Good luck on the life changing money, I did the same with Serica with an average of 10p, so just perhaps lightning does strike twice for me and you of course!!!
I’m loving the SP right now, I’ve been buying for a couple years now & have amassed 650,000 shares at an average price of 14p. Just a waiting game now for life changing money ;-)
Still surprising the share price remains subdued, seller working a position in the background perhaps.
We have a drill in next 12 months on acreage aiming for 4bn barrels with an initial drill that would likely target 500m barrels plus (bear in mind size of fields already discovered).
We have 6.5% of it and a carry so aiming for 260m barrels (big fields get bigger mind you). So at $5 a barrel that's $1bn plus on an MCAP of what £30m.
There is then of course Guyana where there are bidders in the data room for a field again of 4bn barrels plus where we have 100% and likely to get carried with an ongoing share of 15-20% so 600-800m barrels net. Again take 5 bucks a barrel and you get a chunkier number.
This will rerate osignificantly once drill timelines clear and Guyana news is available.
It's interesting looking at what is marked as a buy or a sell. I just put an order through to buy 60k shares but it appears on the trades as a "sell". Of course, for every trade that takes place, one person buys and another sells. What determines whether it is shown as a buy or a sell?
Yes, but it's only something like+1% of Canji. We have 100% of Orinduik but will probably farm out 80% for a deal.
Https://corporate.exxonmobil.com/news/news-releases/2024/0412_guyana-offshore-development-whiptail
Must be adding huge value to our Guyana assets. Correct me if I’m wrong but we still have direct interest in Canji block as well as indirectly through shareholding in JHI? As well as Orinduik?
Could be news on Guyana, Orinduik looks to be nailed on for massive oil for anyone willing to fund it. Plenty of interest around there.
TSX ... 5,150,500 shares on the bid side at $0.135.
Noted a high-ish volume yesterday on TSX.
I know monica, because news never leaks - said no one, ever! Lol :)
Surely not - not before the info has been released to the wider audience. What exactly are you inferring ??
Just noted 8 large BUY deals going through, most in the £8-9K region, within the last few hours.
Maybe good news coming shortly. Here's hoping :)
Correction.
I had then turned to the two owners in Starbroek and submitted the proposal to each of them for one borehole and, in the event of a commercial hit, another carried borehole.
Certainly there is a geopolitical interest for ECO to have Exxon or Chevron (the owners of Stabroek) as partners. What if another player bids 2 boreholes carried, all else being equal? I had then turned to two the owners in Starbroek and submitted the proposal for a borehole and, in the event of a commercial meeting, another carried borehole.
Partners matter.
For those who want to assess risk in the individual cases, see the changed approach to the border conflict with Venezuela in this link.
Worth noting is that before the US policy shift, Venezuela chose to have an aggressive attitude 2013 where they seized boats that shot seismic. After the shift, we know Stabroek's development.
"Then US President, Barack Obama had nominated Holloway in July, 2014 to be the next American Ambassador. Following his approval by the Senate in August, 2015 , he arrived in Guyana the following month. By May, 2015 US oil giant, ExxonMobil, announced a major oil find in the offshore Stabroek Block."
( "... Perry Holloway played a major role in changing the tone of the US’ position on the border controversy. “Previously, we had simply supported the timely resolution of the Venezuela-Guyana border controversy. In large measure because of Ambassador Holloway, the US government now calls on all parties to respect the 1899 arbitration decision...")
https://demerarawaves.com/2018/11/16/united-states-shifts-position-on-guyana-venezuela-border-controversy/
Brazil, China, GB, France...maybe Venezuela have Putin , for what it is worth in this case.
The largest prospect has been identified by every literate explorer, it cannot be heavy oil (deep source rock interval immediately underlying reservoir ), it is a very large object. This geological play is working across the border, beyond expectations.