Member Info for davwal

Oh that Tullow would help the cause!

The result, hopefully positive, of this drill must be imminent. Guyana and ECO desperately needs good news outside of Stabroek.

Feet? Fret about…

It matters not a jot in the great scheme of things, but the lack of real movement causes us to look at and feet about the micro detail. Hopefully that will soo change. Strange times.

Not surprisingly, Impact is clearly happy with its current position, to the point the opportunity to sell now for a massive profit has been discounted. Our on trend 3B/4B holding really could bring a mighty prize, if Venus is proven up in the coming programme.

Impact raising funds for their part of Venus :-

‘Impact Oil & Gas Limited (“Impact” or the “Company”)(“Impact” or the “Company“), a privately-owned, Africa-focused, exploration company, is pleased to announce an Open Offer to existing shareholders to subscribe for new Ordinary shares in the Company, to raise up to $60 million. The capital raised shall be used towards funding Impact’s participating share (held through its wholly owned subsidiary, Impact Oil and Gas Namibia (PTY) Ltd) of the Venus appraisal programme, in Blocks 2913B, offshore Namibia.

Highlights:

Proposed Open Offer to existing shareholders to raise up to $60 million
Each existing shareholder (as per the company register at 5.00pm on 12 July 2022) is entitled to four Open Offer Shares for every 33 Existing Ordinary Shares held
Open Offer Closes 12.00pm (British Summer Time) on 4 August 2022
Major Shareholders, representing 93.62% of the voting rights in the Company, have committed to take up or procure the entirety of their respective Basic Entitlements under the Open Offer
The expected proceeds of up to US$60 million from the Open Offer, together with existing cash reserves, is intended to be used by Impact to fund the upcoming appraisal programme, in Namibia, following the Venus discovery announced in February 2022, and other exploration activities, into early 2023
The Venus discovery is a world class light oil and associated gas field, sitting approximately 290 kms off the Namibian Coast. The Venus-1X discovery well was drilled by TotalEnergies on behalf of the joint venture group comprising TotalEnergies (40%), QatarEnergy (30%), Impact (20%) and state owned NAMCOR (10%)
An appraisal well and a re-entry into Venus-1X is being planned, with spud expected in Q3 2022. The operator plans to conduct flow tests on both wells. The joint venture will also continue to progress its exploration activities on Blocks 2913B and neighbouring Block 2912, including the acquisition of a 3D seismic survey.’

HL inform me today they will no longer cover TED (updates etc). Strange - what do they know that I don’t..?

Good luck. It’s certainly a good time with the seller keeping the sp depressed.

Meanwhile it’s the pits.

I’d like to know why ECO still has active shorters post JHI.

So a significant new holder has managed to take 3% of the company stock without creating any ripples while doing so - that’s neat!
Still, it’s a positive sign so welcome all the same.
Time to update the major shareholder list, Gil.

35p equivalent at the close. Nice one.

+18%, different world to here.

I think the published short shares currently numbers 2.5m approx, so it wouldn’t take much to create a squeeze - and assuming they were directly linked to the anticipated, but subsequently terminated, JHI deal (where by the sound of it JHI would have dumped a load ECO stock pdq).

Naughty.

Getting quoted 26.7 to buy. Let's see if we still have a seller lurking.

If the shorting was based on there being a big sell off post JHI acquisition that could possibly suggest the shorter being closely associated with people (very) close to events. No wonder ECO pulled out.

Tullow clearly still lacking commitment inOrinduik. Gil still seems to hint at the other partners doing something anyway if TLW refuse to commit soon, but quite how that comes about is obviously unclear at this stage. It would be loose change for Total and Qatar to buy enough to take control - and boy would I like to see TLW go far away.
Knocking ECO for expansion related dilution is understandable to a point, but at least they’ve acquired some incredible acreage with short-term activity now built in - mostly acquired at very reasonable rates.

Anyone care to explain the short selling Gil referred to in regard to JHI?

Gil also seemed to be playing down the idea of any major currently active in negotiating entry into 3B/4B.

Sounded like they could retain some portion of 2B on success, but with a major producer taking it forward.

Why..?