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Let's also consider, would Qatar give a toss about this if it didn't see some pretty significant upside.....

So if the block has oil and they want to take the accelerated Exxon route to production. Brining in Qatar allows the parties to buy out ECO and farm down Tullow without taking too big a CapEx hit. Both have the balance sheets to ramp up moves to production if we find oil and fund free carry for Tullow while buying out ECO and paying their own costs.
Probably quite a sensible corporate move. It does though open a gap for someone else to sneak 40% and become operator themselves.
Ah the machinations of high finance.

We need the oil to flow but what Gil has done, with Total deal and subsequent raise is give us many goes on the ride to see what flows. All too easy to be like JOG (3 weeks ago) or Chariot or any number of 1 shot firms that miss the sweet spot and are confined to the dustbin of history.

That is still entirely possible but let's hope the opposite is our fate, Gil has given us a pretty good chance of ensuring it is.

Wallact
They're much better than they used to be, if Cayman is anything to go by. Porsche gave me one to try for a bit and the handling pack (Chrono I think) kept it all pretty tight despite my ham fisted efforts.

Be great if they have hit oil and even better if they RNS doing so tomorrow. However, guidance indicates 40 days so they may hold off given Tullows seemingly conservative approach.
If market starts to move then it is harder to defer the news if in possession of it.
Wouldnt bank on an RNS or be in the Range Rover/Porsche website just yet!

If the metric is $5/$1 or one fifth of the proven number up to $12 per barrel for proven then the numbers stack up pretty quickly compared to current MCAP.
The oil has to be there of course and while that will be amazing news, the market has been capricious at best in valuing oil stocks recently so the actual value attributed is anyone's guess but Gil has certainly mentioned his $8 figure regularly.

DanielSon
Not sure it will be another couple of years, if the oil is there then timeline is likely to be quicker. As Gil said, Tullow and Total don't need Eco to take it to production. If Stena Forth is on Jethro for next 5 months I'd say a 2nd vessel will be used to drill Cretaceous to start forming up the zones.
This makes a difference to Tullow farm out prospects also.
Not sure ECO want to wait 2yrs for full value (if there is oil) and they have other irons in the fire in Namibia to direct capital towards where their ownership is much greater.

Looking at the time, you don't need 5.months to sidetrack or drill again if no oil. Tullow said the 3 drills (including Carapa) were to test Lower/Upper tertiary and.cretaceous. so this was to test lower and then move on.
They also said, if.oil was found it was .basin.opener and they could.open another line item to fund appraisal - so wonder if that is the intention in the timeframe.
Comparisons have been made to it opening a TEN like complex which is.800m barrels or so is it.not.
Early days and little info but what a start if that is the case.

Be very interesting to see the coordinates relative to the licence.

Looking at Amaila it appears bigger than the Jethro extension would suggest. It may indeed be this/or this may be what is being tested but the alternative wording is an oddity. Time will tell I guess.
As someone said below, Tullow board is a bit dry. Much prefer Ian Cloke - Exploration EVP who is more excitable about his chosen field.

Wallact

Did.it show.any detail on size though for Amaila?

Perhaps barking up the wrong tree here and thought I'd posted earlier but seems not. On pg.17 of the Tullow.presentation today I note a prospect called Amaila. This is next to Jethro and in the Cretaceous but would (depending on scale) be an easy sidetracked from Jethro. It looks fairly sizeable but is not listed in the CPR as far as I can see.
Don't see much else in the cretaceous they can target if I'm honest as looks a bit further away if you look at Kumakka/MJ-3 etc.

The second is by their head of exploration and may be more realistic. Latterly Gil said 30-35 days for Jethro. On this basis 1st week in August seems about right. Wont take long to drill to the Cretaceous as it is a small single target in the complex/just a fulfilment of obligations and this will be tail end few days of the 40. Great if they report before but as well as core samples I dare say a lot of analysis on pressure, imaging (where possible), chromatography on any oil found will be done.
A) to make analogies to Stabroek and b) to understand potential volumes and oil quality which has a bearing on the wider resource expectation.
Wont just be rushed out to say it is (or isnt) a gusher.

Given Gil has mentioned 20 days, 30-35 days and now 40 days who knows!
Many expect 20-25 days to get results from the Tertiary aspect but one reason the drill may take some time is the core samples being taken for logging/analysis. My guess is these confirm the imaging from the seismic and either increase confidence or allow for adjustment in approach if there is variance.
Happy to be corrected by those more experienced. Frustrating that original timeline envisaged Joe results about now and we are awaiting Jethro still instead. Hey ho, seems the norm for O&G.
Should be some good info on the video today from Tullow.

Could be stench of burning shorts in an hour or so given the rebound on TSX yesterday.

Tweet from ECO 4hrs ago saying results expected first half of August. 40 day drill,, lower canyon turbidites, 250m gross prospective resources.
Wonder if they are trying to manage expectations of news being sooner.

Looking at last year, Tullow did a webcast to accompany results.

Wallact
90ft an hour or the 250m a day mentioned a few days ago would get us into the pay zone by now easily. Have said it many times, I'd be really surprised if Tullow didn't want to have data before their half year tomorrow. They'll certainly field plenty of questions on progress to date and likely Hammerhead if there is a Q&A. They may just produce a half yearly doc for wider distribution and do a private analysts call.

The spud is when the drill bit starts turning on the ground. All depends on how many feet/metres a day they can drill at. Would need to be 250m plus to be hitting the pay zone around now and having time to log some of the info and be sure of what it is they are reporting, if there is anything reportable.

Trends
Commenting yes but ignoring a fairly important factor which is the fund raise from a position of strength. A very sensible action which few shareholders would disagree with.
It's getting towards game time and the market seems quite tightly wound so be interesting to see the reaction one way or another.