Member Info for davwal

Tullow had already stated their intention to reduce their holding of Orinduik through a farm out, although not by how much. That was quite a while ago so there’s now a question of why that’s not happened.

Assuming no unexpected news announcements in the meantime, the submission for drilling one mandatory well in Orinduik in January, which ECO have maintained will happen by end of June, should be a positive near-term event. Don’t f it up, TLW…

Africa Intelligence suggests Impact is seeking a disposal of its 20% stake in 2913B Venus, with an alleged price of between $1.5bn to $2bn.
It’ll be interesting pointer to ECO and it’s shareholders regarding its own licenses in the area if the sale comes off.

Meanwhile it’s good to see an upward trend for ECO’s sp for a change.

Guess what the sp will be on Monday…

A lot of knees were jerking today. The RNS was very positive for the future (even if guarded in its wording), which is what the market should be focusing on. It’s been a known known that PFC was a ****tt show but that’s already been totally taken into account with the sp - with bells on. A few days now and this will be off upwards again as less emotional investors get on board.

Oh look, a nutcase has arrived. Been on LSE all of a month under its current handle and calling people names already. Piiiss off!

Will be interesting to see if Tosca buy more from here. Of course, they could well be the final bidder anyway.

One final preferred bidder selected for due diligence.. All others now out of the formal process.

I take that to mean an offer has been agreed in principle subject to confirmation after DD completed by the potential acquirer.

And Maersk Decom is exiting...

"Petrofac takes over from Maersk at Tullow decom work
Tullow Oil has chosen Petrofac to carry out well decommissioning offshore Mauritania, replacing Maersk Decom.
Maersk Decom has since confirmed that the handover of this contract will leave the company with “no further commitments” and that the company will close down."

An ill wind and all that - the stars have aligned for all core service providers but particularly PFC given it's just emerging from a very dark period. It seems impossible that there won't be a massive increase in demand in the next few years for all the services PFC provides. They are highly regarded still, so a return to the top table is within reach. A long hold for me.

I see Gil has confirmed the anticipated earlier start for Gazania. My apologies Early Bird.

That's when it leaves from off Scotland. Spud still (late) Sept.

Well said.

Those were the days. Right now though this share is lacking friends and the approach to drilling doesn’t look as rosy as Orinduik.

The bankers in Cameroon must be jolly nice folk if “maybe” they will provide a multi million loan to a company with no real cash, which needs a placing to pay the bills and with no solid assets to offer as security - all on a binary drill outcome that could instantly see them lose the lot. A most gracious and generous act, I’d say…

No, but for that specific clause, which was most likely included at their demand, suggests to me they want the option to offload pre-result.

So Azinam could de risk by dropping a load right at the wrong time. In fact it suggests that’s the plan.

A third of the consideration shares can be sold upon spudding of Block 2B or September 22:

The Vendor has entered into a lock-in agreement to restrict the sale of the consideration shares (being the first tranche, announced on 28 March 2022, and the Second Tranche) until the earlier of: the spudding of a well on Block 2B; or, 6 months following closing of the acquisition, being 28 March 2022 (the "Closing Date"), in respect of a third of the consideration shares, with two equal further tranches being released from the lock-in 12 and 18 months following the Closing Date.

Re Tosca, it’s not impossible that they are one of the interested parties.