Member Info for harel

The appraisal is an amazing opportunity to create huge value for eco, you can see in the maps that the jethro formation is double in size then the side that was discovered and the other side connected by a channel is called jethro channel and all the chances are that it will double the 800m oiip proved.

In 2019 after the discovery eco traded at 1.4£ for its 15% WI, once the farm out will be signed the value of the oil should be the same, the number of shares today is about 30% higher but the WI is also 30% higher after f.o completion.

But now eco has more assets, more money and carry to recieve and namibia has a longer extension run way and wells to be drilled in the block in between its blocks next year..

Still a long way to go from 0.2p

You are right about the timelines, to be more specific the orinduik farm out will be finalized within 3-7 weeks and the first well is expected in q426.

eco has great leverage to tie in to the hammerhead development due to the extension in to orinduik.

The market still trying asses the value of the jethro discovery, the potential appraisal upside and development upside which obviously is much more then 70m£ as only the oil with conservative valuation of 3$ a barrel is worth 200m$ for 20% WI.

But what we got here is a string of huge catalysts lined up:

Exercise of the orinduik option and 2.8m$ to add the 2m$ already paid.

Exercise of block 1 option and 4m$ to recieve.

Permit for the two funded wells in 3b4b and 8.5m$ to recieve.

A deal with navites onboard for merging/farming in with jhi in the falklands.

Drill decision for orinduik which is planned for q4/q1.

Drill update for 3b4b - q4/q1.

And the big money of all spuding and proving the black gold.

The appraisl in orinduik is almost guarantied to double the amount proved and a cratecous discovery is s company maker bonus, same about 3b4b, the best exploration you can find.

With some luck 4-5 quarters from now its another 10 bagger..

Block 2c, just between block 3b4b and block 1 was farm in by shell who took 60%!

That makes block 1 look like a deal of a life time and proves the majors who are in the know have full confidence working in south africa..

https://www.reuters.com/business/energy/petrosa-approves-shell-majority-partner-block-offshore-south-africa-document-2025-12-08/

They will get the extension and navites wouldnt farm in unless it was a given but to ease your mind according to the agreement with the gov. eco will retain its interest in any discoveries made and any appraisal to come!

We waited a long time for this deal and we are going to multi bag from here so be quick to buy your tickets because the exercise of the orinduik farm out is due in 4-8weeks and not a lot of float..

Navites with its buying cheap proved resources and developing it strikes again with the eco atlantic deal and another 10 bagger is born, eco has 100% of orinduik in guyana, has 300m boe discovered and exxon in the adjucent block fid'd its hammerhead discovery which extend in to orinduik and will tie in eco's discoveries.

Navites signed an option to take 80% wi and fund the next appraisal and cash payment.

Eco has a 30m£ mc and after the f.i completes will have 60m boe ready for quick development before the appraisal that can double the amount.

The farm out will be completed in 4-8 weeks!!

Navites will farm in to anogher great block in the orange basin and eco has another block there with total that will fund 2 more wells in 26, so a 10 bagger easy in terms of fondamental value.

Jethro is 250m boe before appraisal that could double the amount, hammerhead is around 20m boe, both valued 0 before the open today, this farm out once conclooded will unlock atleast 3$ a barrel and eco will have 54-100m boe net.

Navites has the best ceo, everything he touches turn to gold, the strategy is buying proved resources and developing them, they did with shanandua 5 years back and now produce 100k bbopd net, they did the same with sea lion and fid is expected in weeks and now they are targeting jethro which will tie in to hammerhead for a fast track development.

Thats just orinduik which will create around 200m$ of value the next few months.

Ratio petroleum, the operator with 50%WI and cateleya 50%WI, released a pr today saying they were obligated to inform the guyanese gov by november if they can commit to drill 1 well in the next period, and as they were not able to farm in a partner to fund the well they are not able to commit.

They will now try to extend the time frame but otherwise the block will return to the gov.

But dont forget this PT's are pre-dillution..

Ooip doesnt have any value, only recoverables has value, for now mopane has 800-900m recoverables, 5% WI means 45m boe in the ground net for sintana.

I think that for both sei and ceg investors this is a bad deal, it makes sense corporate long term wise but for sei investors its a huge dillution for a long term investment and for ceg investors all the upside is gone, a cpr in a year or so/off-3 f.o would easily drive the sp to the 0.3's and a spud to 0.4-0.5..

If we take the metrics used in the release, the purchase value at the day of release was 45m pound, a premium of 50% to the mc of ceg that day, now the purchase value is 31.5m pound, a premiun of 10% to current mc after the sp dropped back to pre release price.

Spot on,

When the merge was reported sintanas sp was 0.67, now its 0.49 so the shares value cegs SH will recieve is now 30% less.

Unitisation will be relevant only if eco progresses to the next period, and they might have to drill to prove it so dont count on it..

1. I think the odds are in favour of 3b getting drilled mid year 26- YE 26.

2. Though i give orinduik a 25% f.o the upside is huge.

3. The walvis might get a basin opener discovery next year with the chevron well.

4. Im stuck with a very bad investment here for years and hate selling 65%- so waiting for a chance.

All it takes is 1 good progress and as we know the share knows how to run..

Spudz,

i'm still here and still invested, i'll say again exxon is not a potential farminee, the discussions are with a mid-cap oiler, at this point nothing will progress until an exention is received and thats not a given so we'll have to wait and see, if eco get the extension it will be a good sign..

about 3b/4b you have to take in account that SA is one of the worst places in the world to do business, total had two of the biggest gas finds in the world the last decade and SA has 2 non working LNG plants due to lack of gas, total for years tried to fast track a development plan but couldnt due to political issues until it faced a loss of half a billion dollars and gave the block back to the gov.

now they are waiting for far too long to get a permit to drill 3b/4b but again political issues delays it and if they will hold it long enough total will give up again, so there is a big risk that is not being taken to consideration on this board..

To make things simple, eco for the moment is has nothing to do with hh and not intend to make any claims, only an extension of orinduik that would be a must to advance a farm out and a farm out that follows and only in that scenario hh will be relevant, i think the fact gil said they are considering the best way to appraise their discoveries suggests that the potential farminee would want to tie in to hh.

I think that could cause llegal problems, delays and disputes like it caused 10 years ago when companies like harbour decided in ghe last minute to not operate in th this disputed area..

Not without a reason the argos block was sold for less then 2m$.

But that the risk/reward here, atleast for navites who took for peanuts a 700m boe discovery, if there hasnt been a problem the field would be developed long ago or sold for a fair price.