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The cash is quite an important bit, Eco is less at the mercy of other parties in terms of activity in Orinduik.
This should hit 30p + before the drill but the time to completion and time to actual drilling is some time away yet. Good to see the team get a win.
If they're drilling major targets, 6.25% of the first drill could be much more valuable than 15% of Joe/Jethro was considered to be 3.5 years ago.
*move to clean up
As I read it. $8m cash to Eco on completion. Another $5m when the permits are granted and 6.5m on spud. MY take on the market reaction, or lack of it is drilling is at least 1 year way. Only impact here is $13m this year. Relatively immaterial to the SP, so no rush to pile in.
Also, I suspect will see AOI more to clean up its stake in ECO and that could be anything from purchase to sale in the market, both SP moving events. I would think this will happen reasonably quickly as they must have been discussing it for a while knowing that this was going to happen.
Still $20mil decent amount of cash
Correction:
Maximum transaction value is, including carry, of up to US$32.1m to Eco, which includes payments due to Eco from Africa Oil and Ricocure, not the 31 MUSD I wrote below.
Agreed, 6.25% in this huge block is also reflected the fact that ECO chose the money track; 31 million USD in stages.
The money trail strategy indicates that management sees a settlement in the Namibian blocks and or other strategic movement. ECO will now, once again, be an actor in the international arena for new projects.
ECO has, in practice, been a one-project company, another farmout lifts the company past its previous potential when it was, only - in practice, a company active in Guyana.
Also, now we benefit from Total bying into Tungsteen explorer.
Sp will get above 22p before the spud.. easy 100% from here
Total taking over is the best news eco could expect, total has the best knowledge of the geology and this farm in proves this block is all we hoped for.
With 2 funded wells and 20m$ coming its way eco is back in the game.
this is not 6.25% of orinduik for example, this block is 10 orinduiks..
Eco still got its dreams to chase with 100% at orinduik, and 80% in 4 blocks in the walvis.
Eco has just been derisked as an investment and drilling decision, rig contract, spudding and discovering oil are all catalysts to expect in the near-medium future, with more farm outs as the big bonus .
All together this is s very happy day for eco atlantic.
Is Berenberg a PR and paid for that - or are they independent?
Beginning to think ECO is just a front for a money laundering racket lol as progress has been stagnant on all fronts for too long. 6% just shows at what level we are operating at and even if we hit a sweetshop SH ain't gonna get rich. Would love to bail but no chance at these levels!
Seems to be very disproportional. Africa Oil retained 17% from 26,75% previous and we dropped from 20% to 6,25% really?
Can smeone in the know please confirm?
Berenberg note. Price target £1.25
https://twitter.com/LordBadshot/status/1765298644163387430
A muted reaction. Lets hope the hordes will arrive shortly!
Azinam its wholly owned subsidiary, will farm out a 13.75 is that all
Upon completion of the Transaction, Eco will retain a 6.25% interest in Block 3B/4B.?
What’s happening here
Walvis next up hey.
Well done
I was looking at these yesterday but decided to sit on the sidelines. Well done holders and I'm sure there's plenty of time to re join the show later on.
No mention of Orinduik at all as if it didn't exist. Seeing Tullow pull out was of no concern. Seeing Total/Qatar pull out though... I'm writing that one off now.
Walvis Basin??? How long have we owned that.... how much work has been done there over the last 5 years?
Only thing that keeps me holding at this point is a possible 3b/4b farmout. Totally agree with Booradley, can't afford to sell at these prices. Once we get the boost from a farmout, will cut my losses. If it has not come by 3rd quarter... safe to say it probably isn't coming.
If Gil has been the master at one thing, it is dangling the carrot just out reach. I feel like I gotta stop being the a$$ pulling the cart and realize, never going to get that carrot!
And some for decades ...
We have been hoping that for four years...
Monica69.... you do make me chuckle...... Lighten up a little- you never know this may have some legs this year.....
...and out of all the stocks out there they pick this ??