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Eco (Atlantic) Oil & Gas
Happiness is a thing called Joe and today the partners in Guyana have announced that the Joe-1 well is a discovery which has successfully opened a new Upper Tertiary oil play in the Orinduik Basin. Even Exxon have yet to find oil in the Upper Tertiary with its 11 Cretaceous and 1 Lower Tertiary discoveries nearby but any doubt about Hammerhead extending into the Tullow/Eco acreage is now extinguished. The well was drilled to a depth of 2,175m in water depth of 780m and evaluation of logging and sampling data confirms that Joe has encountered 14m of net oil pay in a high quality oil bearing sandstone reservoirs of the Upper Tertiary age.
As I said this is the first discovery in the Upper Tertiary and of course it de-risks the petroleum system in the west of the Orinduik Block where a ‘a significant number of Tertiary and Cretaceous age prospects have been identified’. Additional thinner sands above and below the main pay are being evaluated for possible incremental pay. These finds which make the partners 2/2 in this campaign are truly amazing and other adjacent areas are now surely going to be 75% COS success with so much upside to come.
These two discoveries add up to much more than a couple of finds on a frontier block and explain why Exxon has in its nearby discoveries gone into a fast-track development for Liza and its bigger neighbours. With drilling at nearby Carapa likely to now stimulate excitement even more the world is surely their lobster, indeed it could be that the partners decide to leave testing the Cretaceous until later and concentrate on the Tertiary in the meantime.
As for valuations and targets it looks like the original CPR is now already looking out of date and will have to be updated for this campaign. With the finds that they have just made and the whole area to be unitised with Exxon in the longer term I am ‘adjusting’ my targets. When I put Eco into the bucket list at 20p I had a TP of 200p and genuinely thought it could be a 10 bagger, now that is almost within touching distance those numbers need to be changed. Accordingly I think that 300p is comfortably achievable in the short term and I raise my long term target to 500p.
Angus McCoss, Exploration Director, commented today:
“I am very pleased that we have made back-to-back discoveries in Guyana and successfully opened a new, shallower play in the Upper Tertiary age of the Guyana basin with our second well. The Joe-1 discovery and its surrounding prospects represent another area of significant potential in the Orinduik Block and we are greatly looking forward to the next phase of the programme as we continue to unlock the multi-billion barrel potential of this acreage.”
Multi-billion potential will soon become multi-billion reserve
i didn't derisked before nor after Jethro, just took some wine money for a simple reason, I can't see company with such a massive upside potential, trustworthy management that for now overdelivers and ultimately now I have **** loads of reasons to be calm those who don't take risk don't drink champagne, the best is yet to come \
either new GL63 or...Dacia Duster
most CFDs SB if not all are based on one market maker model which is your broker, you are dealing with him and against him, your loss=his profit, its an artificial market same like binary options, forex platforms(not ECN) so how it can influence real price? It simply can't as it's not in order book or RSP on real market of any stock regardless whether is listed on SEAQ, SETS etc
@Alexios
nope, IG/Spreadex or any other SPs broker don't fill your traded on real marker unless you have been flagged on compliance/risk assesment and obviously dealing desk, then there's a decision whether to hedge your position on real market i.e STP / ECN on forex.
Your entire losses from SBs or CFDs+ commision are broker's profits, that's the conflict of interestes when they hedge your position so It's bassically a bet against your broker not the markets like in real life
@JohnHenry \
No, I'm not wrong.
>5 years worked for various brokers on dealing desk, now setting up brokers with FX/CFDs/SBs platforms , white labels etc
Even from definition of SBs or CFDs you can conclude that you DO NOT OWN the underlying asset i.e share, voting right
You could only see it if broker would hedge your position on real market.
Prove me wrong.
@debeege
since when leverage instruments i.e spreadbets or CFDs would show up on time&sales on L2 hm? You're betting on a platform that is "shadowing" underlying asset so for instance I3e but have no influence on the price, basically you are betting/playing on artificial market created by broker
Fu ck me seriously, are you so full of ****?
@ezfw
in brief, looking at price action @1HR chart:
1. Initial move from 53p to 30.15p, hit the bottom and bounced back to resistance level 33.25p where entire p&d crew was shouting it will hit 40-45p in minutes/hours/days, that was previous support level from Friday 10th of May
2. lower lows and lower highs since the price was rejected at 33.25p sell of continues with II's dumping massinve amounts of shares,
3. adding fibs extension levels with initial swing to 30.15p, it didn't even retrace to 76.4% zone|(35.6p) which indicates initial move will continue so fading this gap to 127.2% fibs extension @ approx 23.5p or all time lows 21.5p or 161.8p zone where it sp would definitely be if next drilll is a duster
1-2 day before the annoucement II was dumping shares which stinks as **** for me and imho sentiment was higher on my grandma's funeral than here so yeah 21.5p is a possibility I would bet on but..AIM and TA have proven many ppl wrong so 90p is possiblity as well in short term
sorry to lazy to draw everything on trading view now