Member Info for InJamesweTrust

It was a good interview and much more polished from RT than many before. He seemed at ease and fairly confident of the offers coming in if and when the oil flows. Hopefully at least one drill next year. AS reckoned getting a rig back to fix a cock up cost about $25m and a drill is probably similar. So with cashflow I'd hope Warwick and Lincoln can be drilled. The shuts ins and other analysis of Lancaster might have strongvread across to Halifax but suspect another drill is needed there also. Guess they need to balance this with need to have funds to repay convi bonds if it comes to pass. Options for the next drills begin in around 9 months which is not long.....

Wellwell They could do a 2pm UAE preceded by a 7am RNS. Can imagine AS be a bit miffed if the bb stole a march! This.probably being the 2nd biggest risk gates remaining (biggest being successful connection and flow).

Tarkers Thanks for the quick and detailed response it is really very good of you. That we may see sail away on here before the next mornings RNS is quite humorous. To this end they may get her to slip away in dead of night but the time difference would still scupper them!

The TOTAL farm in funds the business through 2019. They will be left with 15% of the field in Guyana and attendant development costs to move it towards actual production. However, I dare say the partners may carry them on this in return for say a further 5% interest. The NPV of the field is pretty significant if you look at 15% of 2bn barrels plus as is being indicated just now.
However, such concerns are some time away I'd say due to farm in funding the first drills for ECO. If they can prove oil in the basin and you get anywhere near $1.50 a barrel valuation for 15% of a 2bn field you are still at an SP 6x that of today.
The assets should.quickly turn to 2P as there will be plans on how to develop and conservatively the asset held is valued on NPV or a straight $ value per barrel in ground say $5-7.
Think generally markets are jittery and moving to risk off.

Tarkers sorry if you've posted and I've missed. Any word on how the old girl is looking?

Getting the message out there and it sounds positive. Looks like they are already planning the drill on Orinduik assets very quickly which seems indicative that all the partners (inc. TOTAL) want to get moving on the asset. This bodes well for the Farm In option which Gil was pretty bullish about also.
Drilling activity nearby in Namibia interesting but even more so is the hint from Gil about corporate activity in this area and eagerness of major O&G players to get involved in assets within the Walvis basin and particularly the blocks held by ECO it seems.

Apparently he has an interview with Gil tomorrow so probably available by Wednesday.

Unusual share price movement for a Saturday.

Doesn't take long to look at a duster so surely positive. Potential for an RNS alerting of CPR, farm in and drill simultaneously

Not sure it is so simple Maverick. This (AIM) market can be quite momentum driven with many funds restricted from participating. A good CPR should see interest rise followed swiftly by new (hopefully good) on TOTAL. The drill news should be quite quick may be simultaneous. Being carried on the drill (subject to TOTAL farm in) and the 're rate on 2C that will happen If successful will bring people in. If a drill rerates 350m barrels to 2C from P50 and values these at $1.00 then it is more than £2.00 per share. Discounting any rating of 2.6bn barrels in Namibia. Jimo

Zebbo I.think they are processing the final output from the consultants. Each of the parties have their.own advisor/team (Gustafson I think for ECO) who.will review the numbers to ensure all.parties agree with CPR. My take from what Gil mentioned is they are in this final review stage of dotting the I's and crossing the T's. Company should early guide if CPR is delayed - may explain recent drift.

Biffa With Foil likely in 2018 the BoD will fairly swiftly know the position with PBLJ and drilling options. Expect therefore their planning is for the knowledge of flow to be sufficient to take up the options in good time. They have hit their straps on timings for most items so far. Zennor finished by Jan/Feb then some maintenance and on to HUR.

Genghis Short cycle solutions screams FPSO solution. If you can be producing oil in 2.5yrs instead of 7 what is not to like. Exxon are doing this on a 3.2bn barrel field in Guyana where I think they may have 2 FPSOs on order and expect to produce 400k bopd. Essentially (without reading article yet) a tighter market with quicker time to production to ensure returns are achieved does not leave our reserves stranded. However, this kind of rhetoric is a strong reason for the BoD to have a plan other than waiting for a suitor.

Barring a meltdown CPR bound to take this higher if along the lines the CEO very strongly indicated. Personally fancy a bite at a few more as the timelines for CPR, TOTAL farm in, Tullow drill and Orinduik drill should all be drivers in the next 6 months or so (assuming newsflow is positive for each of these risk milestones). The company is then funded through to 2019 which removes one of the big risks - finance needs. These are conventional plays in areas where big operators are investing significantly and so have interest across a breadth of players potentially.

Might try and sneak a few more today.

Cracking article indeed. 120p or 230% upside before the CPR IS quite something given how Gil has described his expectations on the CPR. Should make a difference when it comes out. If Orinduik can spud before y/e Nd Tullow can drill successfully in Oct it is a cracking 6 months or so.

Might take a closer look at the annual report - perhaps the VCP only pays out on a sale so they are not incentivised to go it alone and create value as we would.akmost be too big to buy.....?

Ricfle That is one of the reasons Ice mentioned previously for a 2nd/multiple FPSO options. They are self-funding from EPS onwards. Frankly, the BoD is a little bit remiss if not having something like this at least under consideration.... There are FPSO's available in the market and with a Xmas tree being (it seems) the big lead order item and what is the cost of thisin relation to cashflow to ensure it can be delivered for a late 2020/early 2021 solution if needed.....

AdUK Like extrader I too am curious about how this is like Muskononics? It is funded by available cash over 2.5yrs from EPS and produces a wall of cash as a result.

ADUK Doubling the cost of a second FPSO (funded via current EPS) would yield a solution for say 150k bopd. Run $35 a barrel through that for 330 days per annum and you get $1.73bn p.a. free cash. For 7 years of a FFD that is in excess of $12bn so easily pays for an FFD.