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Who could afford to sell at these ridiculous prices? Im afraid im locked in. One reason i stay cautiously optimisitic is the volume being traded...somebody is accumulating?
Just what i was thinking too...looks like a copy n paste from 2 years ago !! Clearly duck all happening and they need the spin to keep investors bought in.
Sounds like same old blah blah blah. How bout the focus on one "post code" and get it goin already!
Another possibility in the AOI - Eco separation discussion is that ECO could trade AOIs shares for a percentage of ECO's ownership and/or operator status in the Orynduik bloc. Pure speculation on my part.
dat
AOI has its interests to protect. In the case of Eco Atlantic after a farmout in 3b /4B, the 20% that is the entry into the deal is no small part. It is important to note, regardless of how the deal is designed.
Aoi wants to clean up its portfolio before a larger merger with another company, this could mean buying all of Eco or selling its share in ECO to another independent or major. After a farmout, of course, our part of block 3B / 4B is of substantial value and therefore also interest.
How is news of a new major owner in ECO received? I think this situation is well prepared by the central parties involved. It is, after all, a central part of the business concept itself with the creation of our company.
I can only guess they will wait for news to sell on high volume and at a better price..
But divorce is never nice to watch.. (;
Harel
Whats your take? How messy will the divorce be?
He also mentioned the would amicably withdraw from ECO. Means something like 55m shares to be dealt with. Assuming a farm in comes how will ECO manage that? I would guess they will seek to buy the stake back? So farm out funds might need to be diverted to AOI. Just guessing obviously, maybe they can find another investor.
The farming out of 3B / 4B in orange Basin is led by AOI. Judging by the comment from the CEO of AOI when extending the time in the data room through Q1 for new stakeholders, a settlement with Total was close, but the drilling start date unspecified. If I interpreted it correctly.
After the settlement between Aoi et al in the Venus concession, there is the same type of settlement as a possible outcome, carried up to production. In the Venus concession, this cost half of the holding plus historically sunk costs. Should ECO have such a construction with 10% left after the settlement, it stands out against what AOI and Sintana have in previous similar settlements until now.
The result of the settlement, the remaining share in block 3B/4B, will be an obvious purchase object in the market. Via Eco and / or as a separate deal where all or parts thereof are sold. Funded and ready.
The geological story for 3B/4B is compelling however negotiating the terms of a farm out on behalf of a partnership requires a good alignment. What do we know about Ricocure?
Is Gil the issue though ??....is it not the fact that nobody is interested in farming-in !
Spudz,
Hi. I was also invested when Jethro and Joe were discovered. Reality is they were heavy oil discoveries with impurities and not very large.
The key will be to farmout to a midcap or major for the Cretaceous age prospects. Really wish they could get Exxon or Chevron involved here. They have the most geological knowledge of the area from Stabroek into Orinduik.
Guyana aside, the action is all happening in Namibia. Rhino resources released first images of GALP and Sintana's Mopane oilfield (currently drilling the appraisal well Mopane X2). Rhino is a private operator close to the boundary with overlapping 3D seismic. Mopane field is big, approx 430-450km2 thus far . Venus is 650km2.
Gil needs to pull his finger out and conclude a deal on 3B/4B. It has larger outline prospects than most in Namibia - with the exception of the Saturn Superfan.
Old shareholder here from the Joe and Jethro drilling days, and have recently bought back in. Been catching up on the recent news - can someone confirm that Eco got the 25% from Total / Qatar Energy for free? Any idea why they walked away instead of selling like Tullow? Gil seemed a little positive that someday Joe and Jethro could potentially be put into production, but feels very unlikely given the majors are walking away.
Post on the Total board then.
Https://thebrief.com.na/2024/02/totalenergies-to-spend-n5-7bn-on-namibia-oil-exploration-in-2024/?fbclid=IwAR035h4-WXPST_K6RKys_UWbOwBaTwh0okhQw6cWATjeyn49tTZOP57p0ZQ
Total is steping up.
And apparently, judging by the tumbleweeds, have no prospect of drilling.
Why would Eco even need a rig.....they aren't drilling !!
Will this affect Eco's ability to secure a rig?
So they've drilled Mopane X1 and got two 'significant' light oil columns. They are now moving about 5-6miles West/southwest to X2 location. Which they thought was the better of the two prospects.
I'll stick my neckout and say they'll be achieving numbers to the upper end of the 'JV-estimated mean 10bln bbl OIP'. Not only that - the remaining Upper Cretaceous prospects on the license are massively derisked now. Also, the acreage a few miles to the West (PEL90) with Chevron just got alot more interesting - same geology. Sintana will be participating in Chevrons 10well campaign in Q4 this year.
Eco take note, that's how you do a Discovery.
Galp (80%, operator), together with its partners NAMCOR and Custos (10% each), has successfully drilled, cored, and logged a deeper target (AVO-2) of the Mopane-1X well in block PEL83.
In AVO-2, Galp has also discovered a significant column of light oil in reservoir-bearing sands of high quality.
The rig is expected to be relocated to the Mopane-2X well location to evaluate the extent of the Mopane discoveries, after which a Drill Stem Test (DST) is expected to be performed in Mopane-1X.
Galp will continue to analyse the acquired data during the coming weeks to assess the commerciality of the discoveries.
Ill add that predrill estimates were 10 billion boiip, sintana is carried through production..
Will we ever drill stands more chance of eliciting a response rather than when.
Cant wait to drill. Any guesses as to when we may actually get to drill??
The 3d seismic they revealed cover a small fraction at the north of the block where the total of all the prospects identified sums to 2 billion barrels.