Member Info for InJamesweTrust

Wallact

Eco's 2% (20% of 10%) of Hammerhead is 3k bopd beginning in 2029. With $30 net, that is around $315m p.a. in revenue and worth 45p a share just on its own.

Thats 2% of the field. Our percentage ownership of other fields is 10-20x that and there are many prospects.

The weakness in thr SP should be temporary, while the news of farm ins to Block1 and Namibia is fantastic - the next leg up will come from Guyana/South Africa and more concrete dates for activity.

- Within a year(ish) by end H1'27 might we see an appraisal drill and exploration drill in Guyana - showing (160m discovered net barrels with FID and a further 1bn + barrels net of which 200m net to Eco may be Cretaceous discovery)

- Completion of seismic and drill of 1+ targets in Namibia - likely (200m+ net discovery and several hundred million barrels plus contingent)

- Drill of Nayla prospect in 3B/4B (45m + 200m boe net)

- timings for appraisal drill of oil potential as well as possible farm in by major for the gas field in PL001 (1TCF net and 800m boe+ net)

When dates become clear the math becomes almost ridiculous

Discovered | Contingent

Orinduik+ 160m | 1bn (200m drilled?)

PL001 1TCF | 700m+ boe

3B/4B N/A | 200m+barrels 2 drills

Namibia N/A |BP seismic - 3 drills 1bn+

Block1 N/A | Gas shallow Oil net 1bn+

Net figures with drilling by BP/Total/Navitas and yet to be decided for Block 1. 8 total drills planned and funded across 4 of the 5 licences. 4bn + barrels net to Eco at my estimation.

The certificate probably has a share reference number or something similar.

The broker should be able to use this along with your JHI letter to procure your holding of Eco in an account but youd need to open one with them if you dont already have one.

Worth speaking to them directly as they know what happens with issues.

Nick

I'd contact your broker who held the JHI shares for you. Were these held electronically in a brokwr account or via a share certificate?

If via a share certificate it might be a slightly longer process to get them into your account.

Ive always found the online brokers to be pretty helpful though.

If the equity is a call option, its a pretty long option period in terms of delivery.

At least there is a tangible date of drilling MOU-6 by end July. Although he said monetisation would be mid-April and here we are 5 weeks later with only dilution to show for his efforts.

An order in for Eco Wallact?

There is a thin market just now so a few sells have an impact. Id imagine also there may be some forward sales from JHI holders - as they probably want to spread risk after being in an olliquid instrument for a while.

When we get good news on Guyana licence and its extent and some idea of timings we will be off. Finalisation of BP deal and confirmation they are shooting seismic in this window is handy too.

Id like a drill on Orinduik this year and on PL001 but if it is in H1'27 I can live with that.

Not everyone only comments with hindsight tmsdxh6

I should say for clarity, the below post would be the annual revenue at $70 oil for the licence and they way I've worked it assumes around $33 breakeven, $7 off the top to govt then 10% on profits for govt with rest to Eco/Navitas.

For some context, with $70 oil on an 800m barrels field doing 120k bopd the govt gets about $270m and partners get $1bn+

With 20% that still makes Ecos share of 1 producing Orinuik field worth c£4 a share.

If a field like that deaws doen 800m barrels - the licence has 7-8 such opportunities. Probably more if Canje and other acreage nearby are included.

There are exclusions, however if youre negotiating do you hold tight to your exclusions and wave these and say we won this but lost the licence or do you work sensibly with the govt to get a solution that is a good outcome for all.

I'm more than moderately confident the outcome Orinduik licence discussions will be a significant positive for Eco.

Believe Eco are already well advanced in negotiating the PSA and were not expecting a straight extension on existing terms.

The revised terms are still pretty decent as it goes and give much room for development.

This negotiation is closer to conclusion than starting so think we will have news early Summer. Guyana doesn't have a weather window but may not squeeze a drill in 2026 but think Guyana will be pushing for drilling soonest.

Eco and Bavitas will have submitted work plans within their licence extension application.

Murasol

That's the point - so it is uneconomical to develop if the price realised is <$100 per barrel.

Venezuela doesn't have the reserves it claims. For barrels to be reserves they have to economically viable to extract. Im pretty sure Ive read a report saying a chunk of Venezuals oil needs oil well above $100 to be extracted.

Ecos licences of course are at nothing like this level and much more economically viable.

Https://www.navitaspet.com/investor-relations/

Should link to the conference call, some is in Hebrew. Can't remember how far in the Scots guy appears.

LTT

Navitas did a corporate results presentation a couple of months ago, it was linked on here. During that, their UK engineer chap mentioned the aim was to have the shiny new bigger FPSO on Sealion and move Aoka Mizu to PL001 if the drill finds oil. The call suggested in 2030 but the poster(on here) earlier this week suggested they may be looking to accelerate that.

Sorry I don't have the link for the video call to hand

Wallact

We have been here a while with Eco but they seem to have resoundingly come good.

Valuations are always a curated egg and much will depend on strategy, become a producer or sell to someone with pockets who wants cashflow or a bit of both.

Navitas want to accelerate Sealion with new FPSO, that sees Aoki Mizu on PL001 more quickly. So in 2029 Eco would have 22k bopd in value with more to come.

Then in the ground you have Johnson Gas and Jethro. Id say the cashflow from Aoka Mizu is wrth £2.50 a share while the value of gas and oil net to Eco is probably another £4-5.

That really only scratches the surface - if the drill proves the case. It has already for Jethro and Johnson.

Sorry that should ne near shore not onshore

Think CBK splits into shallow onshore gas, whicb would be easily exploitable and slightly deeper oil prospects.

SA are keen to exploit gas and imagine there is interest from many parties. Needing an environmental authorisation but Eco have shown they can execute on that.

Need to check exact wording as it was alluded to here earlier in the week but it was mentioned Sealion has inbound interest - the gas field was considered a discovery by Rockhopper and so could be considered reserves for Eco. Majors are keen on getting into something like the gas field, so would expect it has interest.

Given Exxon decision to go with HH, Jethro and surrounds could also be booked as reserves.

Net to Eco that would be in region of 160m barrels (Jethro) and c.1TCF gas for Johnson in Reserves not contingent resources.

That is before any drilling. That is well north of 64p a share.

Well looks like it will be tumbleweed here from now on then. Hope telegram has plenty of 🚀🚀🚀 emojis

Perhaps people will pop back here at the end of July to show us the error of our ways not trusting PG to deliver.

Or they will give him a continued open ended timeline with no pressure to deliver.