Gil looks to be walking back earlier comments on drilling in 2020.
"While it is Eco's intention, and there remains the potential, to conduct a drilling program later this year, the need to integrate the new data learned from recent discoveries in the region into our understanding of the Block's geology may result in further drilling and appraisal activity taking place in H1 2021. However, a final decision on further drilling activity and the overall budget will be made in the coming months."
It's barely credible that Tullow can retain position of operator when it's probable that they can't come up with the required funds to progress it. Especially when the other partners dwarf them on almost every front.
It is Bronx. I'm surprised a time frame of 6 mths is mentioned:
Tim Torrington, Non-Executive Chairman of Lansdowne, commented:
"The Placing and Loan Conversions provide funding for the Company to the end of 2020. During this period the Company will continue with its ongoing farm-out campaign on Barryroe, with a number of parties currently active in the data room, and it is the Board's target to complete a farm-out deal within the next six months."
True James, you could have made a good case of the great potential of the share when they found oil last year over your 3, 6 and 18 month timeframes. £3 was considered themail destination. We all know what happened afterwards.
You have many global economic factors to consider also. The stock has potential! How much, we'll have to wait and see. I've seen plenty of similar companies overtaken by global events. The PI rarely comes out of those situations unscathed.
Bottom line is despite all this talk of world class reserves, CPR and vast potential, I've not heard of any large stake building and the all important judge values Eco sub 40 this morning.