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i think also a lot of investors dont want to be out when orinduik target selection will be announced in a few weeks, the fact it will happen pre spud bodes well, any info about a 2023 well on orinduik will be great for the sp.
According to the executive chairman of african energy chamber: "eco is very conservative, gazania is a 900m-1.4b boe prospect."
4 minutes in..
https://youtu.be/qU9i2tRfneo
The first farm in by major in the orange basin since the venus discovery is about to be inked, great news, 3b/4b should follow soon after...
https://www.upstreamonline.com/exclusive/chevron-set-to-enter-coveted-block-offshore-namibia/2-1-1276469
Indeed, seems like its good, shouldnt affect wte though..
Could the sp action be related to inside information from beebei-1?
Might be, td is long due by now and a slope discovery by tlw and total prior to orinduik target selection deadline is just what we need..
Tlw also on the move for a week now..
In the operational update:
"In Guyana, our partner Repsol is currently drilling the c.200mmbbls Beebei-Potaro prospect on the Kanuku Block, in which Tullow has a 37.5% equity, with results expected in the third quarter of 2022."
Tlw just reported results are due in the 3rd quarter, the longer it takes the better, it suggests its a discovery and for eco a stream of good news in guyana with a discovery near orinduik followed by a target selection in orinduik followed by the gazania spud, bodes well for some sp action..
Gil will present in this forum just after gazania, lets hope gazania will be the latest discovery in the basin at that time..
https://african.business/2022/06/apo-newsfeed/eco-atlantic-founder-to-participate-in-upstream-discussions-at-african-energy-week-2022/
they were surprised by gil's reaction of canceling the jhi deal, now they need to close their position..
as i said time is against them, if gazania hit they will lose 1000% of their position thats not risk worthy..
it will be an interesting two months..
still some pressure from the shorters along with a slide in poo, but i believe this slide in poo is temporary and what we need is catalysts to break the shorters that will probably wont dare to wait for the gazania results as shorts dont have a bottom, so next week the kanuku results are due and then one and a half months to spud a 25 days well, will be interesting, might be the reason gil said he expects 50p on spud..
posted on stockhouse-
Stock on Loan (Short) history.
Jan 2022 Zero
Feb 2022 Zero
Mar 2022 1.53 million
Apr 2022 2.35 million
May 2022 3.86 million.
So there is a lot of shorting of ECO ongoing....... as stated by Gil in the recent audio interview.
Canada short position of ECO (EOG) is currently 945K shares short.
So between London and Canada there is a near 5 million share short position.