Member Info for InJamesweTrust

There will be good newsflow to come and the investors who have just come in I dare say have a good line of sight on expected 2026 activity and have been happy to commit $25m on that basis.

Just a case of what aspect is first off the blocks.

Robin is definitely a good follow. He has been invested in Eco for quite some time.

The new investment should clear the way for news to follow I'd think. Not sure which of the assets will provide news first but excited to find out.

Lots of catalysts.

Getting 10m away with such little friction to investors who will understand what Navitas is aiming for in Eco says a great deal.

Very positive news and eminently sensible to take money when available like this. Not a significant dilution and news likely to start to filter out in the coming weeks now I'd imagine.

Wonder how much a drill and flow test in Guercif would have cost and yet strangely small increments in T&T pursued instead of the T-Rex proposition. How much has he raised and diluted shareholder by without proving it up.

£20m and probably 4-500m shares at a guess since Oct'23 ish.

silly me, i was sure adventures in t&t were meant to be self funding and not dilute the share base by a further 15%. i was also sure they were meant to be materially accretive to cashflows and fund morocco costs/g&a too around 18 months ago. can't remember the six figure monthly sum it was supposed to be producing which has targets not been missed again would funnily enough have preclude the need for this raise.

never mind, with his next options package i am sure pg will retain his % holding as ever without putting his hand in his own pocket only ever in the companies for his options despite **** ups and consultancy contracts he has the time to do despite the being the busiest man in o&g and busier and more productive than anyone on the last call.

delusional old sod.

...almost to fly to Toronto but perhaps around that time Managemrnt may do a Presentation and Q&A in London also.

Thought he would have a deal by the beginning of April.

Notice no mention of trick or treating since his last ridiculous call.

A more ridiculous CEO in a current role it is hard to envisage.

Would love to know how much of the £4m is consulting fees to staff as usual it is very high level which can hide a multitude of payments that don't stand up to rigour.

The money is unlikely to be there at the end but a forensic audit of the last 5 years would be very enlightening.

Im sure there will be some options awarded soon to make sure some folk are not diluted as a result of the latest 15% dilution for jam tomorrow.

Gruv

Not to get in to a bitter debate, you've posted for a good while on Eco and should continue to post as an echo chamber does nobody any good.

Eco has potential that is quite different to the current SP. However, we need to see plans and timings for the next leg up.

Initial appraisal for FID doesn't require billions of dollars. When it comes to FID there is reserve based lending available possibly or funding from Navitas who are throwing off cash with Shenandoah and have lent development capital to Rockhopper.

Getting confirmation of commerciality alone on JJ would be significantly value accretive from current levels.

Negotiations with the government remain important.

In the event of unitisation, just Ecos share of Hammerhead is worth multiples of the current SP.

Gruv

Why would you not count them as 20%, Navitas has shown that it will fund partners through lending for appraisal and development if required with SeaLion being the example.

Also, Eco will have further cash from more options coming in to fund some early additional costs if it so wishes.

To suggest Eco will concede down to 5.25% of the licence (per 3B/4B) just isn't credible with the current horizon.

Even if you wanted to value Eco for 5.25% of Orinduiks 6bn barrels at $5 for oil in the ground you would still get $1.6bn or around £4 per share.

Equally, there could be news on Namibia at any time. With majors looking there also while waiting for movement in South Africa.

Clearly they want to secure rights in SA too as per Shell's recent entry there despite current reg challenges.

The article looks aged as it references BP planning on opening their Tripoli office again in Q4'25.

Looks like a steady rise rather than a quick pump and dump here so hopefully some news to come. Whether it be a revised ITR or bid news, I'd imagine the former as think a bid is a while away unless a partnership where a portion of assets are conceded to drive investment.

Wallact

The upside potential for well beyond a 10 bagger is there. That would suit me fine though to be fair.

So much will have a bearing in terms of success with drill bit, govt negotiations, if and when successful what point Eco chooses to realise value that has been created.

How and when the market recognises the value potential in the SP.

Navitas has looked closely at the info Eco has (and bear in mind they have alot from Exxon on Hammerhead as well as their own data) and seen enough to say I'd like some of that please. They are also ramping up their staff and that is not for nothing.

So it will take some time but with the multiple catalysts id say between 1-3 years time this will have done nicely for holders (and should continue to broadly trend up in meantime).

Jimo

Catalysts

Jethro/Joe - 20% of 175k bopd is 35k bpd net to Eco. On an NPV its £6+ a share and gross is £15+ a share.

3b/4b should see a drill in the next 15 months I would imagine. That's worth $7 a barrel for Nayla and $3 for rest of licence so $900m or £2.50 a share.

Hammerhead - 10% on our licence and now owning 20% gives is 3,000 barrels. Thats £1.50 gross and 70p net (on basis of Navitas deal taking 80%).

The Hammerhead funds provide material equity for drilling as would proceeds from a sale of 3B/4B.

Farming out in Namibia and/or Block 1 as well as any wider element of the Orinduik licence is the cherry on top of an already quite enticing cake for my investment.

How big a discovery do you think an £85m MCAP warrants JBCo?

The MCAP after Joe/Jethro before was c.4x where it is currently for 15% of the interest in them. With the associated channels its an 800m barrels plus accumulation with 40pm barrels of it confirmed as discoverd, mobile and high temperature in good porous source rocks. There is now a partner with the financial means to take FID which alas Tullow was not in a place to do so.

Forgive me therefore if I think it is not even close to overpriced as it stands currently. Indeed, quite the opposite given the potential and should move when licence negs and/or other catalyst news is forthcoming.

The $55m is just the carry, with other options Eco has the cash to fund their 20% of significant additional drilling.

Additionally, any settlement from Hammerhead unitisation funds lits of drilling across Orinduik and goes a chunk towards development funding.

Eco will also be due money from 3B/4B if successful as/when development costs are required for Orinduik or exploration investment is needed in Namibia/Block 1.

In an ideal world there should be quite a good virtuous circle of self funding and a partner who on SeaLion have demonstrated their willingness to finance partner costs.

As the programme and timing becomes clear - it should indeed re-rate further.

Justathought

FID on Jethro is worth alot more than £3 per share for the current capital structure. Even just our 20% of it.

3B/4B is worth around that and we have only 5.25% of that. We won't hold that to production though and will likely sell out in event Nayla is drilled successfully.

Wallact

Iatuk and Kumakka Cretaceous targets could also blend the heavier oil if required and sit beneath Jethro and Hammerhead quite conveniently placed.

Crudetrader

Very well structured question there!!

If Guyana didnt want to extend the licence then negotiations would be fairly short and sweet.

That negotiations have not been short and sweet is fundamentally a good sign.

And at the end of the day, a FID on JJ would do me fine.

Battle

There are a couple of prospects which spill over the borders but I do not know into whose licence they spill.

Often at renewal, licence holders have to relinquished a portion of the block also and if this is being applied they will want to optimise what can be kept and what is relinquished. So it may be multi faceted.

Also, don't think this means relinquishing Hammerhead. My base case is we retain the licence but with multiple firm work commitments in first 12 months.

think it is good for eco shareholders if guyana is pushing for commitments to test the wider prospectivity beyond just fid on jethro/joe.

jj on its own is a fantastic prospect and the mention of development of this should warm the ****les of shareholders maintaining licence access beyond this adds even more.

the sp if fid was taken on jj alone though would be enough for many shareholders i'm sure (as it is worth many, many multiples of where we stand today).