Member Info for gruvgunnar

"As at December 31, 2020, JHI had net assets of approximately US$46.3 million and recorded a net loss of approximately US$8.28 million.

"The two-well drilling program currently underway on the Canje Block offers Eco near-term, low-risk exploration drilling catalysts with significant upside. JHI is carried on the costs for the drilling of the first well, Jabillo-1 and would also be carried for an offsetting appraisal well in the case of a discovery on Jabillo-1. The Canje Block partners have also committed to drill the Sapote-1 well later this year in Q3 2021," Eco said.

Gil Holzman, Co-Founder and Chief Executive Officer of Eco Atlantic, commented:"After a period of thorough technical analysis of the Canje block, by both our team at Eco and our strategic partners at Africa Oil Corp we are delighted to advise the market on this exciting transaction, and to be back drilling with results expected imminently."

https://www.oedigital.com/news/488764-eco-atlantic-joins-exxonmobil-s-canje-block-off-guyana

Kieth Hill on the board and a significant cash position. Nice

The loan will be amortized. Money back and a valuation of a profitable 70% part of a future better than most bonds. What's the problem? A signal about the future, or a safe haven given a unpredictable future?

I must be a little contra productive, I sold at USD 0.49 and look forward to a new entry. But the thesis here is too much. Please let the share price down, but change the motivation for that.

1. There seems to be a demand from owners of Africa Oil to put some energy to their shareprice. A stake in a 700 MMB might be / seems to be an alternative for the CEO of AOI as well as the CEO of ECO. Tullow will be given an offer. My reference is Mr Hills presentation i Stockholm and the interview with the CEO of ECO.

2. Will Tullow prefer an increased number of shares rather than a dilution in the acctual block / drilltarget down from 60% to X% and carried? It's their decision, but a success/failiur being carried in one or two of the elephant targets will that prevent Tullow from raising money? No. A drillstart this summer or fall may give Tullow a chance, before drilling, of b o t h farm out the targets a n d raise capital if they find that strategy an alternative. The bottom line here is that all participants recognize the value driver that these drill targets represent.

3. Jethro being commercial is not a question on the degree of sulphur content, but on the API. The sulphur content reduces the price and is therefor a question on the market average expected price for oil. The API has a more absolute meaning, is it possible to lift and transport the oil to the refinery? The indicated API in the in the report we got the other day indicate, to me, that it seems to be around 13, +/- 1%. Meaning that it is possible to produce. Given the water depth it seems that a large field gives the economics a push. There for I think we will see recommendations for two appraisals before a decision is made here. Is the optimism about Jethro so big so that it will compete with one of the two 700 MMB drill targets, drill targets that might change the economics for Tullow over the night if successful? For ECO that question might be of minor interest, both targets adds value, if successful.

No matter if the drilling starts this year or 2021 there seems to be a nice possibillity to gain 100% before the drillresults is presented. For those of us that is fine with that gain for one year of invested capital todays development should be carfully followed. No matter of other peoples time horizones.

Tank you, Auson for your input. My sources for the sulphur content in Kaken can you see down below. There are another picture here, slightly over 0.5%. Not slightly over 1% as the other sources stated.
https://shipandbunker.com/news/world/556029-shipowners-buying-raw-crude-to-use-as-imo2020-bunker-fuel

There is of course an advantage, having as low as possible, when it comes to the sulphur content. The API at 13.7 for Kaken is what is more important when it comes down to production costs moving from 20 to 18 USD/bbl, which was the essens of my post. Remember though, in more shallow water than Jethro. Jethro seems to hold more heavy oil than Kraken, a stand alone field in the North Sea. When the refineries have made their work the price will be less than the oil from Kraken as noted per barrel. So how much bigger is Jethro compaired to Kraken? As I noted in my earlier post, it is just a matter of price.

Will TLW go for a development having 60% part, will the drilling of the next holes be carried or not? That is a parallel process to the acctual prospecting process that might be closed by a deal even a month after the drilling of the next hole has acctually started. Also that depends on the price. It's a fair guess that the price of farming in to the 60% block have increased after the Carapa-1 well, isn't it?

My sources: http://abarrelfull.wikidot.com/kraken-oil-field

https://www.ft.com/content/e4867740-d396-11e9-a0bd-ab8ec6435630

The investigation on Jethro that seems to be holding a lager portion of heavy oil than the heavy oil field Kraken, operated by Enquest. Kraken sulphur content exceeds 1%, but I imagen, Jethro will have some Venezuela numbers. Anyway, something for the refinaries to handle. No problems, it's a question of price. No more, no less. Kraken's production costs down from 20 to 18 USD/bbl this fall. Kraken is situated on shallow water.

https://www.edisongroup.com/edison-tv/bitesize-briefing-heavy-oil-in-guyana/

When the gov. delivers a decision on Kallak it will also, most likely, be followed by a decision on some sami issues.

In mid April there is a so called "spring budget" (follow up budget) proposed from the gov to the parlament. In that budget you might find issues directly or indirectly connecting to Kallak. Be that financing the double ore track to Narvik, the transformance of the melter SSAB to a non fossil plant - or some sami issues. The latter might do not have to be of a financial matter.

Last fall we had a move because some of us invested in the possibility of a stable elected gov. After that happened there was another move by the traders that counted the days in every week when we would have a decision. I think we now are getting closer to the real time April-May when the decision is really expected. I think this will give us more intens news and debate.

Yes.

What is evident by these two pushes is that "ENS", the broker used by the latest financing round not is in the market on the sell side.

My suggestion is that the market will test that hypothesis.