Member Info for itsyou

New footnote comments in today's RNS on Guyana and Namibia. This got my attention 'The Company has applied for drilling permits on its Cooper (Operator) and Guy blocks.' Don't think we've been told about the drilling permit being applied for, on the Guy block???

This Saturday https://www.ukinvestorshow.com/speakers/

Lots more down there by the looks of it :-) 'Results to date have led the Company to draw initial interpretations of the thickness and quality of sands which appear to be very promising. We are seeing many more interesting features and targets across the Orinduik Block. Given these results and the need for a more expanded and detailed interpretation, we have taken longer than we originally envisaged to complete the processing with good merit. The existence of multiple exploration targets on the block will be very significant, not only in the resource numbers, but also in the economics of this shallow water play, in terms of both drilling and potential development for our partnership, and for Guyana. The dataset will be released to Total as per the Farm-out Option agreement, and we believe this thoroughness with regards to processing and interpretation, should lead to a heightened resource estimate to that based on the historic 2D seismic.'

As a side, the Kanuku block also lies up dip in shallow waters from Esso's discoveries. The continental shelf shown by a dotted line in this image http://oilnow.gy/wp-content/uploads/2017/05/Offshore-Guyana-696x495.png I also expect a 'transformational' year coming up for ECO, like Gil, as he mentioned.

Mirabeau, No, not suggesting anything. Just pointing out that Repsol as the operator, with their new partner Total are planning to drill right next to ECO's block. One could then guess who'd instigated the drilling of that block. Could be Total, or Repsol, or Tullow. As a co-incidence 3D shot last year, is also being interpreted atm on Kanuku block.

Respol are the Operator of the Kanuku block, which is the block adjacent to the south of ECO's Orinduik block. Total recently farmed into this block, gaining a 25% working interest. Both Repsol and Total hold a 37.5% share. CGX' s hold the Demerara block(NW of Orinduick) and also Corentyne(South of Kanuku block) Map : https://www.offshoreenergytoday.com/wp-content/uploads/2016/01/Tullow-Eco-Atlantic-to-search-for-oil-offshore-Guyana.jpg

Repsol, CGX to drill oil wells by end of year Two other oil companies, Repsol and CGX, are gearing up to begin offshore drilling operations here by the end of this year. Minister of Natural Resources Raphael Trotman yesterday confirmed with Stabroek News that that Canadian company, CGX is expected to begin drilling this year. Sources told Stabroek News that Spanish explorer, Repsol also has similar plans and has already begun working towards this end with the intention to announce their rollout by midyear. https://www.stabroeknews.com/2018/news/stories/04/13/repsol-cgx-to-drill-oil-wells-by-end-of-year/

SING(Singer Capital) became a MM of ECO today.

...Having said that, looks like it's a bit further north of Orinduik.border

New drill ship(Noble Bob Douglas) to drill a well to the NW of Pacora-1. But again right on the border of ECO's block. https://www.stabroeknews.com/2018/news/stories/03/23/drilling-at-another-exxonmobil-site-set/

The PSA signed in 2016 succeeded both Exxon and CGX contracts, so does favour Guyana more. Royalty of 1%, while profits will be shared on a sliding scale. The government will receive 50% of profits earned from the first 25,000 barrels of oil per day, 52.5% from the next 25,000 barrels, 55% from the next 15,000 barrels, 57.5% from the next 15,000 barrels and 60% for production above 80,000 barrels. Page 26 : https://www.nre.gov.gy/wp-content/uploads/2018/03/ECO_ATLANTIC_GUYANA_INC.pdf Exxon's contract is 2% royalty and a flat 50% oil profit to Guyana, although the 2% royalty only came into effect in June 17 after complaints about the controversial contract not benefiting Guyana enough. CGX Energy contract is 1% royalty and flat 53% oil profit to Guyana

Changes Page 17 : Feb : 'Orinduik Prospects .Dual objectives in Maastrichtian & Companion ' Mar : 'Multiple Orinduik Prospects .Several objectives in Maastrichtian & Companion' Feb : '3D has potential to further lift prospectivity and identify additional targets' Mar : '3D has is increasing focus on leads and targets' Feb : 'Well cost estimated at $20m-$30m' Mar : 'Well cost estimated at $20m-$25m' Page 18 : Feb : 'Eco�s Paying Interest on each exploration well is expected to be approx. $4.5m US' Mar : ' Eco�s Paying Interest on each exploration well is expected to be approx. $4m US'

Link opens up the old February presentation. New one should be titled 'Pareto Securities - March 2018', not 'Corporate Presentation February 2018'

Phoebus, Drop does seem very engineered. Two scenarios get my best guess... a) Seen it too many times where the price gets whacked for no reason, then a low ball bid(say �1 here) for the company comes in. Shareholders previous expectations of multiple �'s realistic value if they hit oil are quashed by the fall, so end up accepting a lower bid. b)Someone wants in on African Oil terms and is willing to cash ECO up, so ECO can fund 2 wells in Guyana with its current 40% stake and payback Total it's $1m upfront payment. I did the sums last night, it makes lots of sense. Both above, just my guessing.

https://audioboom.com/posts/6706033-gil-holzman-president-ceo-eco-atlantic-oil-gas-eco-020318

Exact location from todays RNS(with my red circle added) https://i.imgur.com/QSGsMiU.png

Press Release: ExxonMobil Announces Seventh Oil Discovery Offshore Guyana - Dow Jones News 28-Feb-2018 13:00:01 Press Release: ExxonMobil Announces Seventh Oil Discovery Offshore Guyana ExxonMobil Announces Seventh Oil Discovery Offshore Guyana -- Pacora-1 well encounters approximately 65 feet of high-quality, oil-bearing sandstone -- High quality resources to be integrated into giant Payara field development -- Further drilling on the Stabroek Block planned in 2018 IRVING, Texas--(BUSINESS WIRE)--February 28, 2018-- Exxon Mobil Corporation (NYSE:XOM) announced today its seventh oil discovery offshore Guyana, following drilling at the Pacora-1 exploration well. ExxonMobil encountered approximately 65 feet (20 meters) of high-quality, oil-bearing sandstone reservoir. The well was safely drilled to 18,363 feet (5,597 meters) depth in 6,781 feet (2,067 meters) of water. Drilling commenced on Jan. 29, 2018. "This latest discovery further increases our confidence in developing this key area of the Stabroek Block," said Steve Greenlee, president of ExxonMobil Exploration Company. "Pacora will be developed in conjunction with the giant Payara field, and along with other phases, will help bring Guyana production to more than 500,000 barrels per day." The Pacora-1 well is located approximately four miles west of the Payara-1 well, and follows previous discoveries on the Stabroek Block at Liza, Payara, Liza Deep, Snoek, Turbot and Ranger. Following completion of the Pacora-1 well, the Stena Carron drillship will move to the Liza field to drill the Liza-5 well and complete a well test, which will be used to assess concepts for the Payara development. ExxonMobil announced project sanctioning for the Liza phase one development in June 2017. Following Liza-5, the Stena Carron will conduct additional exploration and appraisal drilling on the block.

Looking at the maps, it appears that the Pacora-1 well is down dip of the area to the NE of ECOs block, where hopefully the 3D will find new leads in the 'East Orinduik fareways'(page 16 of latest ECO presentation). Gil already commented about maybe finding leads in this area. https://www.stabroeknews.com/2018/news/stories/02/28/another-major-oil-find/ http://www.ecooilandgas.com/_resources/presentations/EOG_Presentation.pdf The Sorubim well(shown in first link above)- next to drill?? - looks like its down dip of ECOs amatuk lead(900mmbo)

'Pacora-1 is the closest discovery to the Stabroek-Orinduik boundary and in our opinion will increase industry's interest in the adjacent acreage. We expect this update to help support momentum in the company's share price over the next few days. The company's interim results contained no surprises or material updates.'

ExxonMobil makes 7th oil discovery offshore Guyana United States (US) oil giant, ExxonMobil, has found even more oil offshore Guyana but a company spokesman would not be drawn into comment about the amount found. Spokeswoman, Kimberley Brasington confirmed an announcement earlier Tuesday by Minister of Natural Resources that there has been another major oil find. She said the Pacora Well, where the latest oil deposit has been found, is located about four miles north-west of the Payara-1 well. ... http://demerarawaves.com/2018/02/27/exxonmobil-makes-7th-oil-discovery-offshore-guyana/