Member Info for InJamesweTrust

Hi Marvin,

Company cant come straight out to Stabroek partners and say give us some cash. As they might say where is your share to fund the $6.8bn.

The £200m NPV i mention below looks at cashflows from 2031/32 taking in to account the 2.5-3yr repayment of investment horizon that Exxon quote for these fields but if you look at the numbers it is much less.

At $60 oil the field generates $3.3bn annually. There is probably $400m annually in earlybstage running costs after CapEx. So it pays back the CapEx in just over 2 years at $60 a barrel.

So even if we get paid in 6 years, if my NPV is anywhere near right that is 8x my money today in 6 years thats a 40% CAGR.

For all the criticism of"trolls", paying them some heed would have stopped some being under water. Pre RNS to raise but no better to just be abusive and take pie in the sky as gospel

The fact they are pushing ahead with FID is a huge positive. When production starts Eco either gets a share of revenue or a payment. That is concrete value for the share and completely unappreciated by the market currently it seems.

Even if you suggest we have 15m barrels after development and payback, the NPV10 is $200m at $30 per barrel. Thats 60p a share - a big bump on today's price.

He hasn't said or done anything net positive for the SP for getting on 2 years now. Making an arse of testing and drilling so not sure what you think another pathetic diatribe from someone known to be disagreeable is going to do for the SP.

Might b3 enough BS in their to keep the zealots deluded but I doubt it.

Why are terms of micro-LNG deal not disclosed? Similar to Sound where they were diluted like Ribena in terms of their interest?

Seismic then drilling needed for the TCFs - again, dilution like Ribena.

Its ok though 280 barrels a day in T&T is going to have Exxon banging down their door to spend billions.

Again - how would exploration be funded? Dilution like Ribena.

Hardly a stellar performance from PG and the ship left bobbing in the waves with just enough income to keep the lights on amd pay his lovely consultancy fees but don't worry there is no debt so nobody to stop him being paid, or it seems just him for his many failures.

Ready to sell Morocco but need Seismic which isn't funded for the TCF potential plus drilling. So much for delineation.

Micro LNG signed - similar terms to Sound? Why a

Don't wish for the board to descent into conflict but the suggestion we would need to drill for unitisatuon is fairly unfounded, however we all have our own views. Harel's is as important as anyone's and nobody has a monopoly on it, so apologies if the nonsense bit is overly aggressive.

The board functions well and long may it continue to do so.

Ironically, if/when news comes we will be happy (I hope!!) But dare say the board will then be inundated.

Think for now a mid cap oiler is more of a favourite for Orinduik subject to extension.

Harel posted back in May, Eco didnt ask for a Covid extension but these were granted to other parties. Sets a precedent for licences eing extended by Guyana.

Harel

Now you aee just talking nonsense. Exxon sought Eco permission to assess extent of Hammerhead overlap into Orunduik shooting seismic on the licence. That data will have been shared with Eco and the area if the field will be clearly marked as part of the EIA submitted, firstly to drill and secondly to develop.

There is a strong relationship locally with Exxon.

Id say farm out is 60:40 not your 25:75 and I eate unitisation >90%.

On 3B/4b think the EIA submitted will reflect Gazania which was successful despite significant attention from environmental groups. That was Eco working alone so with Total's resources should be comprehensive. Lessons also will have been learned from challenges on Block 6&7.

Harel

Think 3B/4B comes good as the potential is just too good for SA to turn down/ignore with the parlour state of its finances.

Regardless of FO on Orinduik, there is the unitisation payment required for Hammerhead.

Namibia and Block 1 remain attractive opportunities but of course Block 1 needs 3B/4B to move to get any momentum.

Pareto

I'll happily congratulate people here if he has been delineating. I've a few hundred thousand shares now on a free ride. My holding is on basis thwre might be a CNG/LNG lite scheme viable for a few hundred bcf.

PG hasn't covered himself in glory at the last Q&A let's hope for better next week. A shame he didnt have the guts for live face to face Q&A.

Pareto

If anyone thought there was 1TCF this would no longer be in the hands of Griffiths and his share issuing diarroeah as anyone could have accumulated a majority here cheaply for such a prospect. As for 9tcf to 19tcf that is the stuff of blue sky dreaming I would imagine.

Delighted to be proved wrong but highly doubt it

Wallact posts fairly regularly and is in the Exxon camp around who we might deal with.

Remember the fight with Chevron for the Hess stake has only just seen the dust settle.

Meant to add again that the channels and areas around Jethro are around 845m barrels.

So the opportunity set for both this and the accumulation around Hammerhead are pretty compelling.

Justathought

The Orinduik area next to Hammerhead has a potential 725m barrels in Autituk-D (this is Cretaceous)

I cant see the prospective resources for Aurituk and Iatuk the Tertiary prospects but these would add significantly to the Hammerhead prospects.

Keith

The fact they started talking after would fit the narrative of dumping assets before selling themselves. If they'd appointed advisors it may have been they've canvassed opinion of.potential purchasers who would make clear their thoughts on ops and what the framework of a trade sale may look like.

That of course doesnt mean it is what happened but it isnt like PG has had a great time so far getting the assets to sweat.

Dont see any similar white knights waiting in the wings here but am sure the prospect will be pumped for some more trading opportunities by some.

Be very surprised if they managed to halt the monetisation of energy resources. For a country with the challenges SA has, the extra funds that could accrue to givt are enormous and not to be sniffed at. Tens of billions across licences.

RedWineDay

Gazania - they are in the business of exploration and this was an exploration well.

Had Tullow Exited by then they might have drilled in Guyana. The data though is probably useful for 3B/4B.

Commerciality of Jethro and the channel has been transformed by the FID on Hammerhead. The Board are working at capitalising on this.

Hammerhead FID is i think worth 60p-£2 per share in unitisation.

Guyana - they will be keen to complete a farm out but the Exxon/Chevron case has probably cast a cloud and delayed things.

Events at Tullow were beyond Boards control.

Solar a misstep but ESG and offsetting carbon footprint was a reasonable strategy but not well executed possibly.

Ao and Lunn are also beyond the boards control.

Clarification on legal position of Hammerhead would be great but don't think Eco are concerned about being done over by Exxon, they believe there is a strong relationship there.

I believe there is great value here (IMO) which may take some time to unlock but hold a higher number of shares than I did in 2019 and am comfortable doing so.

There is of course risk.

Should add, formation damage not deliberate but collateral damage of the deliberate overdressed drilling to delineate Ghawar2

One question that springs to mind, if the formation damage is so deliberate why the attempts to perforate and flow and the money spent doing so with multiple contractors. When all the time he knew he had the motherboard and was just diluting his share of the next Ghawar

Interesting that Graham skirts the question entirely around his trading.

Perhaps he wants to elucidate as to who he is suggesting is crooked or a crook and why....although doubt he will.