Member Info for BrightSpot

Like a lot of punters on this board, I was disappointed at Rockhopper’s share price reaction post FID. I did not anticipate a retrace to a share price in the mid to high 60’s.

We are not working through the institutional and open offers and these bits of business and associated share transactions should be behind us very soon.

It’s pleasing to see today’s broker note and a good increase in the share price.

We are now entering a period of news flow related to contracts and planning. The FPSO will leave the North Sea to get refitted this year and a rig will mobilize next year.

A third partner and/or a Rockhopper sale are very possible.

Of course risks remain with Rockhopper and the majority of these risks are now associated with project execution or a sale of the company.

Barring any black swan, event I would expect the share price to climb steadily this year and push the 2025 high of low 90’s.

I had planned to derisk my holdings here post FID, but I have now decided to remain fully invested for the one pound party !

Medium to long term this is a great share to be invested in. The North Falklands basin will deliver over a billion barrels of produced oil.

Here comes the sun !

Good to read of Sintana getting a stake in PEL37, if the due diligence works out.

The Walvis basin is largely unexplored and could be massive or disappointing. More drills are needed to firm up the geology and commerciality of any hydrocarbon discoveries. There is no doubt that the basin will get a number of drills - the only questions are when and by whom.

On a wider note, I am pleased to see the Eco share price stabilize around 27p. I am expecting Falklands and Orinduik news in Q1 which will move the share price northwards.

Eco: best risk/reward opportunity on AIM.

The value in Borders is developing the acerage and extracting the hydrocarbons. I would suggest a takeover is the last thing we want right now. I have never experienced a takeover with 100%, 200%, 300% premiums in the oil and gas business. That does not happen.

We need Borders to farm out, have good financial carries and keep in the region of 20% of the joint venture. That’s realistic and will get the share price moving significantly. Logic tells me that’s a stretch but as an investor I’m looking for this. Q1 is very important to get something moving for Borders.

Good to read that a large holder has increased his share holding. Does he know something is afoot or not ?

If something is happening, it’s gone very quiet.

Logic tells me an unappraised deepwater gas condensate field in a virgin basin is a stretch to develop. But here I am, invested at just over 10p per share.

This is one of those punts - 30p plus or 3p !!!! Where’s garbled when you need him !!!

The RNS news this morning on Guyana is positive. As we know, Navitas and Eco are jointly managing the negotiations with the Ministry. Navitas are committed to Orinduik and Eco, and will consummate farming into the block and taking up Eco’s option.

As I understand it Joe and Jethro will be declared commercial and remain with the partnership. An appraisal well or wells will be drilled. Developing these fields is not straight forward and will take some constructive collaboration with XOM to utilize the Hammerhead host.

Hammerhead has obtained FID and the partnership will maintain the field share that is on the Orinduik block. Only a small percentage, but nonetheless very valuable to the partnership.

I would suggest the rest of the Orinduik block will be split. The partnership will negotiate access to the parts that they want and the Ministry will annex the rest of the block and include this new block in the next licensing round or action it outside the licensing round.

Eco have played this well. They could have lost the block completely but will maintain large sections of it.

Orinduik has good potential. It just needs a few drills to either justify this, or not. Tullow performed badly mainly due to a lack of vision and capital. Total and Qatar saw better potential elsewhere. Eco stayed the course.

No better risk/reward play on AIM as is Eco.

I agree with you IK.

I have looked at Challenger quite a bit over the last 18 months without investing. The Uruguay / Namibia lookalike is compelling, but drilling is a few years away.

Sintana have a great track.

I remain on the sidelines for now.

The Navitas farm in this morning to PEL001 was as expected. The deal makes good business sense for all. Navitas will not enter the southern basin unfortunately.

The Falklands southern basin remains unloved. “Chatter” has gone quiet and I’m questioning my purchase here at just over 10p. There is still time but the clock is running. Q1 is critical for Borders.

The Navitas farm in this morning to PEL001 was as expected. There maybe some additional business between Eco and JHI, but Navitas will retain its large holding in the block. The block is very prospective and development synergies with Sealion and the associated fields are clear.

It is unlikely that Navitas will enter the southern Falklands basin (I hold some Borders, so that pains me !).

I understand the Sealion project plan is running smoothly with drilling planned for next year.

I also understand that Navitas will be actively looking for a third partner. They have previously had some unsolicited interest that did not materialize into anything.

As for the share price; it’s been disappointing since FID. The institutional and open offers need to play out. Remember there are warrants at 80p. Short term who knows how this will play out, but the journey to 150p plus is ongoing.

Patience is required now and the next big major news will be the “third man” which will take some time.

Here comes the sun !

It’s very rare to have mixed emotions when a share you own sees its share price retreat a bit.

Eco has been heavily bought for about three weeks and my feeling was the share price was a little frothy without confirmed news. I had also considered profit taking but that’s risky with news about to drop.

Those of us long term investors here have seen the dramatics of the share price with a confirmed drill, the lead to spud, drilling operations the eventual result.

In the bigger picture it was good to see the retrace from 25p a few weeks ago and today’s retrace from 33.5p.

Good updates on the new broker (same as Rockhopper) and the new VP of Operations. Both look like sensible appointments.

The Orinduik RNS will be very soon.

Targeting 50p in the short term.

Best risk/reward share on AIM !

There is a risk that a company sale could happen. Eco have great assets and an excellent partner in Navitas.

Post any sucessful drill the share price will be multiples of where we are today. Drills will happen in 2026.

I believe it would have to be a hostile takeover which is unlikely.

The market cap of Eco is relatively low so there is a lot of headroom here for the price to increase without a drill.

I think there is much unfinished business in Guyana.

Strong buys pushing up the Eco price again. News is leaking.

I would be surprised if this was a new deal pushing the price. Farm out(s) possibly if a major and drills are carried.

Drilling news on 3B/4b ?

Drilling news on Orinduik and a license extension ?

This will not move north in a straight line. Confirmed strikes will anchor the price.

Best risk/reward share that I know of !

I have taken up my allowance in the open offer and subscribed for some extra shares, although I think this will be unlikely given the oversubscription which will occur.

I strongly believe this will be my last ever purchase of shares in Rockhopper. It’s been quite the journey.

I had hoped to derisk post FID at over 100p but like most, I did not see the share price retrace. 100p will happen but it will take a little longer.

I believe Rockhopper is now a takeover risk and a medium to large sized company will pick it up “on the cheap”. I doubt Sam will see first oil, but he will be a very wealthy man.

2026 will be interesting as other Falklands blocks get reallocated and the larger picture takes shape. OilBrat realized that this was a multi-million barrel recoverable oil Provence and he was right.

Happy New Year to all holders from the locals at Sharkeys. One legged Pete sends his best !!

Here comes the sun !!

After what has seemed like years and years of frustration and patience, the picture with Eco has completely changed with the Navitas catalyst.

December has seen a tremendous increase in the share price, but yet the company still has a market capitalization of less than 100M.

2026 will be a very interesting year for Eco. Nothing is guaranteed. There will undoubtedly and eventually be drills; hopefully these will be positive. Farm outs will most likely happen.

It’s impossible to pick a high share price for Eco in 2026 but it could very well be multiples of where it has ended 2025.

Eco now is “in play” and has an exciting and hopefully prosperous year ahead for us.

Happy New Year to the both the long suffering holders and new holders alike ! 2026 could be an exceptional and transformational year for Eco.

Looks like there could be movement on PL001.

Perhaps a small catalyst for Borders ?

JHI is the sole owner of the Falklands PL001 block having purchased this from Argos Resources in 2023. Long term “Falklandites” will know that PL001 was always well regarded from an exploration viewpoint but Argos had difficulties putting together a deal and/or get the cash to drill an exploration well. The block is well covered by seismic which has been reprocessed to a high quality level.

Eco currently own 6.6% of JHI.

It has always made sense for Navitas to acquire PL001 and wrap up the Northern Falklands basin which has millions of barrels of recoverable oil.

I am intrigued why Navitas need Eco to join this PL001 deal but it looks like this is what could be happening.

I suspect PL001 could be acquired for a relatively small financial outlay, given it will be difficult to monetize for anyone apart from Navitas.

This would be a great deal for Navitas/Eco on a 50/50 partnership.

Eco is the best risk/reward share that I am aware of. It looks like 2026 will eventually see this bad boy come good again.

Rational thought would dictate a deepwater gas condensate discovery in an undeveloped basin would be very difficult to bring to market. That has been the case since Darwin was discovered. My thoughts were that Darwin would have its day but probably about a decade from now.

That all changed about six weeks ago when “credible chat” suggested that Borders was “in play”. Nothing has happened to the share price in that time to suggest this though. Sealion FID has made no impact on Borders unfortunately.

Navitas have had discussions with Borders, it would be strange if they did not. Navitas are now busy with Eco Atlantic and most likely could well develop the Orinduik block in Guyana.

All logic dictates that Borders are “stuck”.

H1 2026 is critical for Borders to move their business forward.

I remain invested. A contrarian opinion possibly, but perhaps it’s time eventually to look east.

Eco have cash in the bank and most likely a good cash injection from the Navitas Orinduik option.

They are carried on the 3B/4B drill. The Walvis basin blocks need a small cash burn before eventual farm out.

The Orinduik block, post option is carried up to 55M gross. One well is definitely covered; perhaps two depending on the well location and targets.

Gill has been far from perfect in his leadership of Eco but he has managed placings very well with the last one being necessary to drill Gazania.

I don’t anticipate any placing anytime soon. Eco dont need the cash right now and it would be poor business to raise money at the current share price levels when there are many share price increase catalysts to come in the short to medium term.

Q1 2026 will be very interesting !

No share price moves upwards in a straight line and Eco are no different. The current price is probably in the ballpark for now.

However, the Navitas deals has fundamentally changed Eco’s “blue sky” possibilities.

I have no doubt the Orinduik license will get an extension and that Navitas will take up their option. Should kick the share price on by 20%+. I suspect that Jethro/Joe will get appraised first employing a rig that’s drilling on XOM’s acerage right now. This is a major catalyst for the share price. A Jethro/Joe development plan and discussions with XOM on Hammerhead as an hub are another major catalyst for the share price. A Cretaceous drill on Orinduik is major and a strike is another company maker.

And then there’s South Africa and Namibia …..

Gill has always wanted his “pot of gold” with an Eco sale. He missed the opportunity after the initial Jethro / Joe strikes. He will not miss a second opportunity.

I suspect we will see positive Orinduik news, perhaps a 3B/4B drill and then Navitas will complete its oil company mantra with an exploration arm in purchasing Eco.

Near term worth here could be north of 50p a share and the blue sky is multiples of that.

If you are here for the journey the inter-day share price is meaningless. If you are trading, good luck.

There is not a better risk/reward share on AIM right now !

Navitas have historically entered partnerships with proven but undeveloped hydrocarbon resources. Guyana is in line with this, with the Jethro-Joe discoveries. Jethro was drilled for about $42M and Joe for about $21M.

I strongly suspect we will see the initial Orinduik work programme focus on Jethro-Joe and appraise the area such that a development plan can be engineered and budgeted. Navitas will carry Eco on this work programme.

I suspect there is a high probability of declaring a commercial find with an associated development plan for Jethro-Joe sometime in H2 2026. This maybe standalone or more likely a hub and spoke development with Hammerhead as the central point.

There is a good chance that, after all of these years, Orinduik could indeed be the “company maker” with a share price of multiples of where we are today.

From tumbleweeds to exciting times in one RNS !

With FID accomplished, a new set of risks emerge as the partnership enters into project execution. Navitas have a solid team in place and there is nothing out of the ordinary at the current time.

It is very likely that a third partner will enter the arena in 2026 and I know Navitas are actively progressing this issue.

A scenario of a Rockhopper takeover cannot be overlooked as it is probable. There are few global opportunities of entering a new virgin basin pre-production with proven hydrocarbons. A correlation with the Orange Basin in Namibia / South Africa is not that fanciful. I suspect that Sam will not want to give up the reins anytime soon and the rewards of a significantly much higher share price at first oil are immense for him and all shareholders. Nevertheless the risk remains.

Rockhopper is well set up for 2026 and beyond. I look forward to participating in the open offer but part of me feels that it will be the last time I purchase Rockhopper shares before the inevitable happens.

Here comes the sun !