Monday9 Mar 2019 07:01
Will they open at 94-95p Monday as per Friday with a gap up before opening?
Closed at 96p on the TSX with good volumes, 565 000. Last two trading days have shown sustained buying on TSX. It seems the American institutions were buying up ECO. Someone posted that Meryl Lynch were buyers. All good , healthy trading signs.
We are still 3 months away from spudding a well. A long way to go yet. The implications of Hammerhead and Tertiary plays across Orinduik seem to be sinking in. We already have a discovery thanks to our 3D and Exxon's drilling.
If you think about the fact that the Lisa discovery, all by itself, significantly de-risked Orinduik prospects. Since then Exxon has made in total 12 hits out of 13. That stat is incredible. These discoveries are all stand alone commercial discoveries. All had been in the Cretaceous (save for Hammerhead). Every new discovery helped de-risk Orinduik's prospects. The partners were all excited about drilling Orinduik.
We then had the Hammerhead well. It opened up a whole new play, the Tertiary. What really surprised me here (though I am a complete 'land lubber' in oily/geo terms) was the choice of drill target for the first well. They are going for a Tertiary target, not a Cretaceous . Only 1 Exxon's hits out of 12 is Tertiary yet Tullow/Total/Eco are targeting a Tertiary prospect for their first well. This is really telling.
Clearly, Tullow with all their West Africa experience with Tertiary plays really understand the potential.
I can only conclude that the ONE Tertiary discovery, Hammerhead, that overlaps into Orinduik has de-risked Tertiary prospects in Orinduik MORE that the other ELEVEN Cretaceous discoveries have de-risked the Cretaceous prospects in Hammerhead. That is kind of extraordinary.
This is turning into one hell of a ride. Let's pray this is a Cove and not a Chariot.
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