Eating the cake and stil keeping it13 Jan 2025 08:56
Eating the cake and, still, keeping it, that's the deal with AOI that is now complete.
As previously shown on this page, 16% less dilution in ECO's shares means that the percentage sold in block 3b/4b (- 1%) corresponds to net, in profit per share after production from the field, being almost identical as at 6.25% ownership of the field with AOI remaining in ECO.
In addition to this, other assets in ECO become relatively 16% more valuable when our share's dilution decreases after AOI's exit. That is not a small consideration to do, Guyana.
Understandably, there was some outrage on chat sites tied to AOI. But, it's also a measure of AOI's estimate of the potential in 3b/4b.
Love this:
"Consequently, Eco is pleased to announce the appointment of Mrs Emily Ferguson as a Non-Executive Director with immediate effect. Mrs Ferguson brings 22 years of experience in the oil and gas industry, spanning technical, commercial, and senior leadership roles, with a particular focus on exploration assets. Most recently, she spent six years at TotalEnergies, where she served as VP of Exploration for Europe, the Middle East, North Africa, and Asia until August 2024. In this role, she was responsible for overseeing exploration activities across multiple regions. Before this, Emily was the lead negotiator for E&P asset divestments and acquisitions across Europe, South America, and Africa, with a particular emphasis on Southern and Eastern Africa. Prior to her time at TotalEnergies, Emily spent 12 years at Maersk Oil, where she held roles as Head of Kurdistan and Kazakhstan Exploration Assets, as well as Head of Kenya Exploration. She holds a BSc in Geology and Petroleum Geology and an MSc in Petroleum Geology from the University of Aberdeen, Scotland."
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