Member Info for InJamesweTrust

Gudin

Not just that, there is no guarantee the funds will be used for the proposed purposes as previously they have been repurposed for the supposed great delineation.

Worth just looking at comments in the RNS about mud weights and gas inflow to wells. They certainly don't paint it as a deliberate strategy but I guess many will say that is just so they don't blow the big secret!!!!

I'll wait for the previous raises ramp and sell remainder based on current sentiment.

Someone might have forgotten Gazania 1 drilled in Sept-22.

While it is not beyond Exxon and partners to play hardball on HH unitisation to drag Eco towards the licence date without funds to commit to a drill.

Eco does have good government relations though and if the government has concerns about the power of Exxon and partners and wants a bit of alternative then allowing Eco time to secure funds from HH negotiations to use in Orinduik discussions is likely a major plus for them and part of the licence extension considerations.

Ultimately, Eco will need to share the discussions they are having with potential partners to give the government a degree of confidence in the progress of discussions and this will be NDA'd so they cam shade with givt much more than can be RNS'd for now or put in to a presentation.

Believe with activity in SA and DWOB we will have a drill as soon as legislative process allows for 3B/4B. Believe we have an established discovery in HH and in Jethro/Joe and all of these offers significant value. The HH FID must give partners confidence that these finds are commercial. Publication of the FEED for HH will be interesting.

- So there is a strong case to monetise Joe/Jethro

- There is a unitisation payment to come or alternative deal for HH

- there is a drill in 180 days after legislative process in SA completes.

Then potential deals in Namibia and wider farm out for Orinduik plus Block 1.

As expected no appetite to face open questions it seems it will be a carefully curated set of questions so he an dodge the brickbats of wasted money, questionable bonuses and failed drills.

Waste of time.

If they've taken the FID on Hammerhead then even with 15m barrels thats a major rerate for the stock.

10yr NPV 10 discounted for oil delivery in 2031 after Exxon and partners have recouped costs for 15m barrels is $195m.

So in 2031 I've used $20 a barrel and by yr10 it is $8.6 a barrel.

Thats 50p a share.

From the most recent S&P report on the Exxon rating

"World class developments in Guyana and Permian drive production growth Andover costs over next several years. Company expected to grow total production from 4.3mm bopd to 5.4mm bopd by 2030.

In Guyana the company expects to double production to about 1.3m bopd in 2030 from 650k bopd currently. Yellowtail onstream end 2025 with an additional four phases by end 2030.

I think negotiations with various parties are ongoing.

Gil can sometimes let enthusiasm get the best of him and be loose lipped (in the nicest way possible) hence I wonder if public utterances are deliberately limited as negotiations continue.

Kind of funny that after much mirth aimed at Sound over the years, the potential for micro LNG (as they are developing) is now applauded.

How times change from multi TCF and Ghawar size fields.

jersey hardly the most accessible location to open himself up to q&a by shareholders.

who knows maybe he will find a conscience and come to meet shareholders with an investor meets - rather than some *******s hand picked q&a.

66k from t&t what should it be by now!

still preparing mou-3- when is that going to be exactly?

There is the pump for the raise, swimming in oil in no time. Just need to get to 6p to raise £2-3m at a 40% discount so we can find it.

This time next year Rodney......

Its like Del Boy

Ironic the watch they found was a 'Harrison'

Well I take it as read that with the work done FID will be taken in favour of Hammemthead but your right (my bad), it has not been yet.

Im still buying as one catalyst is guaranteed, Hammerhead unitisation. Subject to court process, 3B/4B is also a huge catalyst.

For me, anything in Namibia is very much an added bonus than a key plank of the investment case. To that end, getting the licences extended to allow potential action is a good outcome.

News on SA courts or Orinduik are the key catalysts and likely news on both before Christmas.

Given the challenges I dare say the courts want to make sure the IEA has been done to the fullest extent.

TE Lawrence might harm the share price less being unable to give car crash interviews must be a plus.

I think DWOB refers to Deep Water Orange Basin.

Our field is part of a separate judicial process with IEA etc all submitted - if my understanding is correct.

All too easy to get distracted by shouts of rampers/derampers/trolls etc.

Equiom should be a good appointment, hopefully they last longer than the PR outfit appointed and discarded last year.

Focus on execution and thus far it has been poor. Not to say assets don't have potential but PG has alot to prove (up). TT will not on its own make the wait for many worthwhile.

Redwine

The breakeven for Hammerhead is around $40 per barrel (Liza Ph2 is $25). Long-term oil is not assumed to be $50 but more like $70. Hence $30 met over the 20-25 year field life.

For oil in the ground you would get $7-10 gross, hence even on the old CPR with 15m barrels in Hammerhead we would get $105-150m which is 5-7x the current SP.

600m doesnt discount back to 100m, I would guess off the top of my head it is 220m plus at an 8-10% discounting rate.

Discussions with parties close to the project, estimating what Exxon could hit them with for project costs if they push too hard on unitisation and extrapolating that to infer a percentage of the field.

By my reckoning even 5% of 388m barrels at $30 profit is $600m gross. So I'd suggest the $100m ceiling is on the pessimistic side.

If its more like 50m barrels at $30 then youre into a 10 figure number ($1,500,000,000). I don't expect anything like that for Hammerhead but it should compare favourably to the current £25m MCAP.

Granted this is a Limited Notice to Proceed but it does demonstrated Exxon & partners are pushing towards being ready if FID is positive.

https://www.modec.com/project/detail/hammerhead.html