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These are not the official results, has anyone actually taken the time to ask Gil themselves?

I suggest they do before quoting unofficial guesses as fact!

It’s laughable.

The two market caps at 1.88p and 2.57p result in market caps of approx. £119m and £163m respectively. These are really not unrealistic market caps prior to drilling in what is a stable political jurisdiction with significant infrastructure within close proximity, should this appraisal drill result in a discovery.

What also draws attention is the ASX regulations that will result in a weekly update during operations. It doesn’t take much imagination to think about the fireworks that fast approach.

Imo, some of the predictions of 5p plus during drilling are not at all unrealistic given the prize at stake.

Given the time the article was released (during trading hours), the share price didn’t react both here and over the pond. None event, zero credibility.

Market cap tells you why this is undervalued for what lies ahead. Historical share prices prior and during drilling tell you all you need to know as to where this is heading.

It’s good to see those that are reducing risk selling into the market and the share price is holding up. Looks like significant consolidation on the 50’s as a £100m market cap for a company with two discoveries and exposure to Guyana is nothing short of a joke.

Once sentiment returns those that continue to unloaded will be underweight or would have missed the boat, again!

Drift or recovery from oversold position?

- Carapa-1 is a pretty significant event
- Possible additional data from fluid analysis
- Namibia

The lights for 2019 haven’t gone out yet. Oh and the forward momentum in the share price in anticipation of the January CPR and drilling campaign.

I have done a lot of reading but stayed relatively quite unlike prior to, and during this years campaign.

I think the buzz word is ‘sentiment’, a very telling word in the current lifecycle of Eco Atlantic. Many have attempted to destroy investor confidence, and guess what, in this cut throat world people generally don’t like to see others become successful. They may have missed an opportunity to prosper from this companies fortunes, but I also appreciate some shareholders have been burnt and for that I appreciate your frustrations. I agree that this campaign should of been more transparent, but know one more than the board will know this and will want to repair trust.

Underlying value.

With the likely forthcoming appraisal and data we know about Jethro to date, it would appear that the discovery has a high probability of being commercial. Hammerhead has been appraised and is commercial, for me this is very telling and the current share price does not factor in this upside.

A number of additional factors such as the Carapa-1 drill where a majority of Exxon’s discoveries have been made in this prolific basin is coming up. It’s chance of success based on Exxon’s prolific history in this sand body speaks for itself.

No funding required and a new campaign to look forward to, with 20 odd prospects to choose from, and let’s not forget Namibia, all for £100m market cap.

Beautiful.

Having watched EOG religiously for the last 9 months, it is very rare to see the price action we saw in the last 10 minutes across the pond today. Imo, tomorrow could be a very interesting day.

A director who is otherwise rewarded by RSU’s has no real need to buy shares in the open market but to take advantage of a depressed share price. To see this continued endorsement by the board is very welcome. Damned if you do, damned if you don’t, unless of course you are a shareholder.

What’s stopping eco from selling their share of hammerhead to one of the many interests parties who already have interests in these blocks?

Brilliant update and exposure to 2 discoveries, 20 prospects, 3 billion of which are in Cretaceous and fully funded for next years campaign. Not to mention the silent snipper, Namibia.

Exciting times, all for £100m market cap company, that’s value.

Hereandnow, the last couple of days every troll and it’s dog has attempted to talk the companies prospects down. I feel very sorry for some of the longer term shareholders who have fought the companies corner and have had to deal with some of these ********s.

Now in oversold territory it’s as if the market has forgotten that this is Guyana and hammerhead is analogous to Jethro where following the discovery Gil said that the oil sample easily flowed to the surface. I believe that Jethro will be appraised and flow tested and that this campaign will chase the elephants to increase the probability of commercialization.

Look, my problem isn’t with the heavy oil or the country it operates in, it’s the operator itself. Tullow do not have the deep pockets required to aggressively pursue the block and the sooner one of the partners takeover the reins the better.

I thought the new shares were subject to a 6 month lock in period as per the admission document?

Newsflow will now step up a gear

- New gas clients
- AIIM potential additional 5% transaction
- Supplemental Admission Document
- Operational Updates
- Exploration drilling in Niger
- EPS in Niger
- First Oil
- Potential Partner in Niger
- Bidding for Marginal Fields in Nigeria
- list goes on

Z - it’s worth noting that yesterday we had ‘non protected portfolio single protected transaction’, therefore a lot that were perceived to be sells were in fact buys, including my own.

SAVP will issue US$37mm of shares on completion (for the SSN and Stubb Creek purchase) at a price based on 5-day VWAP – at the current share price this would be approx 107m shares (current basic shares outstanding of 880mm). This once stood at 160m shares when the Hannam&Partners originally released their latest note of SAVP.

It makes perfect sense given the number of shares that are to be issued to watch L2 and see how smart the algorithm is in keeping the price down, it’s fascinating.

We know that the market makers have not been playing for some time now and that in my opinion on completion of the transaction will change.

It is reasonable to argue that with Friday’s RNS providing the court date that the share price already reflected a positive outcome.

You could argue that O&G is out of vogue, but I would argue that contracted guaranteed income, a healthy balance sheet and monthly free cash flow which is significant in comparison to total market cap is very much what the market is looking for, irrespective of sector.

Based on my calcs, with the company having to pay the FG tax by Saturday, it won’t be long now and our patience will be rewarded, we might even get an intraday or RNS tomorrow to clarify completion.

Time will tell, and we can be assured with less dilution due to a higher VWAP that the broker revisions will only go one way.

Assuming we will have 980m shares in circ. following the next tranche. (I won’t share how I came to that as to many variables using vwap)

Seven Energy is being purchased for $260,000,000 or 23p a share.

$74m is 6p in cash

Plus Niger with a risked value by brokers at 11p

My point being, we have a core value of 40p, broker core NAV 44p without taking into consideration the fact that SE was purchased as a distressed asset purchased at a significant discount to NAV.

40p for starters without the prospect of growth and the fact that the asset is significantly undervalued.

The $54m dollars is from the AIIM partnership and transfer of 20% of Accugas. As a result of AIIM’s direct ownership in the asset they will also be responsible for 20/25% of the debt. AIIM also has the option for a further acquisition by AIIM of an additional 5% (less one share) shareholding interest in the Businesses in return for additional cash consideration of US$16m, subject to AIIM's requisite corporate approvals.

An additional $20m is from former SNN holders to improve the liquidity position of the enlarged group.

We were also made aware in a recent article in Nigeria that the FG have an outstanding debt to 7E of $30m.

So all told it is quite possible that following completion of the transaction SAVP will have a cash balance of up to $120m with immediate free cash flow being generated month in month.

It is worth noting that I asked IR about the revenue generated during the period of the RTO and Jessica said that she was unable to disclose this information for regulatory reasons but all will be revealed in the supplemental admission document.

K I share your enthusiasm and I am unbelievably relaxed about the position current shareholders are in, given the upside potential.

Yes the sector is out of favorite but for those that have done the research, they are laughing all the way to prosperity.

Result!

Wow, well done to all shareholders. A massive well done to the company for completing what was a very complicated transaction. Transformational news and re-rate will now commence