Member Info for itsyou

My main question is...why is Gil in London?

He can't be just here to see Malcy???

* "drilling on Hammerhead extension on Orinduik"

Although, Aurituk(TTE owned) appears to be an extension of Hammerhead, separated by a fault. So that does warrant drilling.

It's the Government of Guyana, that commented in the press, that they don't want the partners to also waste money drilling on Orinduik. Its got an 83% COS, so it's pretty much a given.

Why you ask, would it be that the Government wouldn't want the drill?

Simple, the partners are able to recoup all exploration and capital cost of development, before Guyana gets any funds out of revenue. Therefore an extra ~$30m for the drill, is money that can go to the people of Guyana.

Completely revamped today(was badly needed!) with new material

https://www.predatoroilandgas.com

Faced with US sanctions on one of its top suppliers Iran, India is charting new geographies to meet its energy needs. The world’s third-largest oil importer is looking to secure an interest in Guyana’s oilfields that are being hailed as one of the world’s largest oil finds in recent times.
...

“We have an opportunity in Guyana. Exxon has recently found a major oilfield there. It is going to turn the tables around and make Guyana one of the major producers," said an Indian government official, requesting anonymity.
...

“Essentially in Guyana, we are looking at whether we can get farm-in opportunities. We are also looking at getting steady supplies and to establish term contracts for our oil companies, among other things," said the government official cited earlier.

https://www.livemint.com/industry/energy/india-eyes-guyana-as-iran-oil-supplies-end-1556821410136.html

An Order to exempt Tullow Guyana BV and Eco (Atlantic) Guyana Inc from various taxes has been laid in the National Assembly.

Signed by Minister of Finance Winston Jordan on February 14th, 2019, the order specifies that the written laws mentioned in Section 51(2) of the Petroleum (Exploration and Production) Act or any part thereof shall not apply to or in relation to the Licensees Tullow Guyana BV, Eco (Atlantic) Guyana Inc and Total E&P Guyana BV as specified in the Production Sharing Agreement (PSA) signed between them and the Guyana Government.

Section 51(2) lists the Income Tax Act, the Income Tax (In Aid of Industry) Act, the Corporation Tax Act and the Property Tax Act as legislation which, by order of the Minister (subject to an affirmative vote of the National Assembly), shall not apply to a licensee in possession of a PSA with government

https://www.stabroeknews.com/2019/news/guyana/04/27/order-laid-for-oil-firms-tax-exemptions/

Here if you want to watch

from 43.30

http://parliament.gov.gy/chamber-business/sittings/113th-sitting-of-the-national-assembly/

600% IRR equates to only taking 2 months to payback capex, out of cash flow.

Maverick,

Roughly 7-10 days

Here's the 7yr old CPR below, where a COS was ascribed to the Tertiary Merada prospect as being 22%, which is now called the Moulouya Prospect, as detailed in today's RNS and the one in Feb

"A Competent Persons Report ("CPR") by SLR Consulting was published for the Licence (formerly named Merada) in May 2012. "

http://www.fastnetoilandgas.com/~/media/Files/F/Fastnet-Oil-and-Gas/financial-and-other-reports/cpr-report-pathfinder.pdf

Bear in mind that this CPR was done before SDX and Sound hit pay, so it would be safe to assume that the COS is much higher, if not "Remarkably High" as today's rns states

" SLR report that similar gas plays to the Moulouya Prospect are commercial in the Rharb Basin where the discovery rate is "remarkably high" "

Q1 2019 Hess Corporation Earnings Conference Call

Thursday, April 25, 2019 10:00 AM ET

https://edge.media-server.com/m6/p/z534qif3

ExxonMobil has signed the drillship Noble Don Taylor for a one-year contract off Guyana, driller Noble Corporation said in its latest fleet status report.

The 2013-built drillship will go to work for the US supermajor in the emerging oil province starting in early October 2019 and ranging through early October 2020.

The unit is currently working for Talos Energy in the Gulf of Mexico, a deal that Noble also said earned a recent extension from mid-April to early June.

The Don Taylor will add to two other Noble drillships already working off Guyana, the Noble Tom Madden and Noble Bob Douglas.

https://www.upstreamonline.com/live/1759789/exxonmobil-picks-up-noble-rig-for-guyana

Proper appraisal starting on Hammerhead, with both Stena Carron Drill Ship and Noble Tom Madden 2 Drill ships on doing appraisal drilling

https://marad.gov.gy/wp-content/uploads/2019/04/No.-19_2019_EEPGL_Drilling.pdf

https://marad.gov.gy/wp-content/uploads/2019/04/No_20_2019_EEPGL_Drilling.pdf

https://www.youtube.com/watch?time_continue=27&v=o3iB-ssb5DA

Talks PRD, but worth listening from 52mins for a bit on Morocco

https://audioboom.com/posts/7233737-versarien-strategic-minerals-emmerson-and-malcy-on-o-g

Just like the tax selling in Canada, up to the end of December which suppressed the SP, our April 5th final date has now gone.

Those selling to crystallise gains here, to offset against selling losers, or vice versa. Plus also those wanting to utilise the tax free £11,700 amount, which would be lost forever if not used by today.

Time to fill the new year ISA with £20k on Monday, although others may prefer to Bed and ISA. So expect some similar size trades(less fees) of £20k value within a few seconds of each other, from next week.

“News that the Company has raised funds ahead of its drilling programme is a sage move as it achieves two things, it allows the Company to be able to look beyond its immediate programme and in undertaking a raise at these levels, and ahead of the first well, it has captured the excitement of what has been one of the most anticipated drilling campaigns in the last two years.”

ECO has announced a successful placing and subscription that has raised £12.9m at 80p, a small discount in what was well oversubscribed. This will more than cover the cost of four more wells after the two currently planned for this summer.

Not surprisingly Africa Oil continues to support Eco, they know a good thing when they see one and the company has gained a bunch of high quality institutional clients and only diluted by 8.9%.

This raise means that the company is equipped for every scenario and will have no questions to answer on the funding front for the foreseeable future. This summer just got a lot more exciting for Eco shareholders…

https://www.malcysblog.com/2019/04/eco-atlantic-oil-gas/

Thanks for the kind words; same to you guys :-)

From the TLW annual results Q&A session, where TLW mention they are doing "what if scenarios" for potential appraisal drilling in order to "monetise quickly". Therefore ECO is now funded for these.

Q @ 56m 03s
A @ 58m 01s

TLW final results webcast :
https://edge.media-server.com/m6/p/hk4bajaa

Also, from 1hr 01m 22s, where they state they predicted the Hammerhead discovery beforehand from the 3D and they see the same with Jethro.

I'm therefore assuming that the "what if scenarios" may well be more firm, due to their confidence of finding oil, so ECO needed to put themselves in a financial position in preparation for 2 additional appraisal wells on both Jethro and Joe

Just a thought, but were the large buys yesterday and the ones today, one of the II's that couldn't get their full allocation?

Good to see African Oil increasing their actual percentage by 0.5%, from 18.34% to 18.8%

Cretaceous