Member Info for davwal

Which is definitely something that can’t be said about Malcy…

Must say, it’s good to see +40p again. The potential worth of the new, robust company structure, together with it’s world-class asset portfolio has finally been recognised- just when the true need for long-term, safe energy sources has brutally brought home.

I think the fall back is simply short-term traders cashing out at a reasonable profit. That sets off a domino effect as other profiteers jump before the price goes too low for their liking.

“other esoteric AUM building activities“

Esoteric - Don’t you just know right there that Sahney had nothing to do with writing the announcement..!

MW’s paw prints all over this. Looks a different company - for the better obviously!

Note below that 3B/4B had different splits when Azinam farmed in. I haven’t seen anything relating to the inshore license having since changed again, which should in theory mean ECO has 51%. The AO farm in only refers to ‘offshore’.

Azinam Limited, the Seacrest Capital-backed South West African oil exploration company, is pleased to announce the acquisition of a 40% operating interest in Block 3B/4B and a 51% operating interest in Nearshore Block 3B/4B in the Orange Basin, offshore South Africa, with Ricocure (Pty) Ltd (“Ricocure”) retaining 60% and 49% in the blocks respectively.

Thanks. I couldn’t find that explicitly stated - not that I trawled through every document. A very expensive throw of the dice for ECO and AO then, and limited farmout wiggle room.

I’m being a bit thick - How do the drilling costs stack up in regard to 3B/4B? Both ECO and AO state they are in for 20% while Ricosure holds a whopping 60% but is carried. Carried by whom..?

I’m eagerly waiting for Upstream to break the next big news - the result of Shell’s Graff-2 drill. The relevance to ECO & CO’s strategic thinking is colossal.

As ever, we just need a big gun onboar.

I wonder how they'll raise the cash for Orinduik, now they've mentioned the subject.

M V is still at anchor off Walvis Bays, so not gone in to replenish stores/equipment just yet. Ensco DS-10, Graff’s drilling ship, was in to port and out again very quickly by comparison.

For clarity, the last sentence about a Jabilo carry was mine, not part of ECO’s update.

JHI paid for their share of Sapote-1 so how have they further carries going forward? From ECO’s operational update last November:
As previously announced in June of this year, Eco acquired a 6.4% interest in JHI Associates Inc. ("JHI"), a private Canadian company, which holds a 17.5% working interest ("WI") in the Guyana Canje Block. JHI, with a current very strong cash balance, has already paid for its 17.5% of the Sapote-1 well from treasury. No costs are attributable to Eco. There would have been a carry on another Jabillo well if that hadn’t been a duster.

A significant loan from the partner required in order to drill..? Blimey, talk about over extended.

Given the oil media interest in developments the area it’s surprisingly quiet re Venus-2. Total must be saving up.

Graff-2 has been underway for about a month now, so drilling must be halfway assuming no problems. What an impact a good result will have on interest in Namibia, given it should then prove up the significant extent of the Graff discovery. I’m sure Upstream will once again be breaking the ‘news’ early. Fingers crossed.

Listening to Gil both here and the recent conference, to my ears he keeps referring to Total over Tullow when talking about Orinduik. In fact at the conference he was openly dismissive about TLW in regard to extracting heavy oil and basically said Total would be better. All leads me to think Total will take over Orinduik operations quite soon.

Azinam has completed though, and that apparently wasn’t worth anything!

As for today’s inactivity on TSX, if hardly anyone is moved to buy when ECO announces such a deal I don’t personally see that as meaningless.

TSX price fall suggests Canadian investors weren’t impressed with today’s news. Perhaps they think ECO overpaid.