Member Info for Justathought

Https://x.com/robin25461631/status/2011712731200545222?s=48&t=WlBSle8fKgnAn4UpZXHpqQ

Your right, it made a big discovery called Jethro, not priced correctly yet, was initially deemed non commercial by Tullow (Had my net issues at the time) until Exxon proved the commerciality of the same heavy oil with the Hammerhead discovery. This is the reason Navitas have partnered ECO and reason for extension and waiting on approval of appraisal drill in Orinduik Block

The $55 million is the minimum starting point as per Guyana new agreements which I think appeases the application for appraisal drills in an instant with Guyana Gov.

As Gil mentioned in his latest interview is that the surrounding areas could hold 1.5 Billion barrels.

I believe Jethro appraisal is a starting point on continued appraisal agreement and drilling costs may increase.

A new exploration agreement I believe will be granted and again with minimum requirement of $55 million drilling program.

The news will be an interesting read

Then additional agreement

I think we will get same terms in licence for Jethro and Joe finds and appraisal drill approval.

I also think we will extend the license with new terms, having to give further details and defined dates of another $55 million exploration drill.

IMO, if u am right this will be a very good earner 👍

This is where the $55 million comes from.

Guyana's new oil licenses, particularly for blocks like S4, signal a shift towards more stringent terms, demanding higher minimum exploration budgets (e.g., $55mn), clearer work programs with 3D seismic and drilling, and potential higher state take (like a proposed 10% royalty vs. the old 2% rate) compared to Exxon's original Stabroek Block deal, with a focus on greater government control and benefits, even as Exxon continues its massive exploration efforts in the existing prolific blocks, seeking new permits for expansion. 

Key Changes in New Licenses (e.g., S4 Block):

* Higher Minimum Spend: New agreements mandate significant upfront exploration budgets (e.g., $55mn for S4), broken into defined phases.

* Mandatory Work Programs: Specific requirements for 3D seismic acquisition and exploration drilling are outlined in the agreements.

* Increased Government Take: New models aim for a higher state share, with proposals for a 10% royalty (up from the initial 2% in Stabroek) and a larger overall government take.

* Defined Royalty Mechanisms: New licenses aim to "plug loopholes" for fairer royalty collection, addressing past issues. 

Wish I knew the dates of the submitted appraisal programme.

Once this news arrives we re-rate the re-rate 👍😀

At today’s oil price, Jethro is worth over £3 on FID and production

Dear JHI Shareholders,

I am pleased to announce that JHI has signed a non-binding Head of Terms (“HoT”) agreement with

Navitas Petroleum Limited Partnership (“Navitas”) and is now working with Navitas to join our PL001

license offshore the Falkland Islands as operator via a farm-in agreement. PL001 is adjacent to Navitas’s

Sea Lion project. The Sea Lion field has 319 million barrels of certified resources. The first phase has a

peak production rate of 50,000 barrels per day and is expected to come online in the first half of 2028.

Under the HoT, Navitas will acquire a 65% participating interest in PL001, assume operatorship, and

provide a loan covering JHI's share of costs for an exploration well (and an appraisal well in the event of

a discovery) up to a mutually agreed cumulative cap, plus reimburse a pro-rata portion of JHI’s past

costs. The loan, bearing interest, will be repaid from 85% of JHI's free cash flow from production. JHI

retains a 35% participating interest in PL001. The transaction is subject to due diligence, definitive

agreements, and government regulatory approvals in the Falkland Islands. JHI and Navitas have agreed

to a 90-day exclusivity period (extendable by 30 days) within which to reach a definitive agreement.

What Navitas has done to begin the development of the Sea Lion field is nothing short of extraordinary.

Where no other company was willing to invest the resources necessary in a remote environment,

Navitas stepped up. Their technical understanding of the North Falkland Basin and the ability to

commercialize any discoveries on JHI’s PL001 license via potential tiebacks to planned Sea Lion

infrastructure are unmatched.

We look forward to concluding a definitive agreement with Navitas in short order and beginning the

process of selecting the first prospect to drill in PL001.

We will keep you updated on progress. Thank you for your continued support

Last Reported Figure: As of December 31, 2021, JHI had approximately US$19.7 million in cash and cash equivalents.

Recent Status: As of November 2025 and June 2025, investor updates note that anything more current than the 2021 figure has not been disclosed, and that JHI's directors are generally considered to be conservative with spending.

Acquisition Context: In March 2022, Eco (Atlantic) announced a plan to acquire JHI in a cashless deal that would have included JHI's US$15 million cash balance at that time, but the deal was mutually dropped in June 2022 over lock-up agreement differences.

A mutually agreed cumulative cap for 35% of drill.

Say drill is $50 million so they would require $17.500,000

Doesn’t seem they have much collateral with the cash reduction of $4.7 million in 3 months from Dec 2021 to March 2022.

A lot still to be said on this deal. Hope ECO can get a 10% stake on this drill. The way the cash depreciates would like it to be 6.6% of company only.

The way this is worded I believe there is a IN for

That will not happen RNS states -

The provisions under the Petroleum Act allow the Company to maintain rights to the Jethro-1 and Joe-1 discoveries pending approval of the submitted appraisal programme.

They have the rights for appraisal which I believe is in the interest of all to be quick and still exploration of further leads to be approved

Happy with the update.

Appraisal and Exploration mentioned, looks good and am sure an early drilling campaign with get all required approvals.

Glad we got the update well done Gil.

Your right Redwineday, love the different ways of thinking, might write something and then thoughts are changed, have that one wrong.

Hope to see an early drill in Orinduik as well as a new presentation. Hope for a Namibia update as South Africa block 3B/4B is ready when environment is aligned l.

The Essequibo-2 well was drilled in 1977 by the German company Deminex in offshore Guyana. The well reached a total depth of 13,000 feet and recorded shows of oil and gas.

Key details about the well:

Operator: Deminex.

Year Drilled: 1977.

Location: Offshore Guyana, in the Essequibo area, which has been the subject of a long-standing territorial dispute between Guyana and Venezuela.

Total Depth: 13,000 feet.

Results: The well encountered shows of oil and gas, but it was ultimately considered non-commercial at the time and was abandoned. This followed an earlier well, Essequibo-1, which Deminex drilled in 1974 to 11,200 feet, also yielding oil shows.

The results from these early wells, while indicating the presence of hydrocarbons, were not sufficient to establish commercial production, and significant commercial oil discoveries in the region did not occur until much later, primarily by ExxonMobil starting in 2015.

https://bisi.org.uk/reports/oil-politics-and-power-the-essequibo-dispute#:~:text=Essequibo%20has%20been%20the%20heart,only%20drawn%20more%20strategic%20focus.

The four wells drilled are:

Essequibo-2: Drilled in 1977 by Deminex.

Essequibo-1: Drilled in 1978 by Deminex.

Jethro-1: Drilled in August 2019 by Tullow Oil, which resulted in a commercial oil discovery in the Lower Tertiary formation.

Joe-1: Drilled in September 2019 by Tullow Oil, which also resulted in a discovery in the Upper Tertiary formation

Little disappointing no news on Orinduik Licence today.

Gil did mention yesterday the final details with Navitas are happening now.

The license extension is price sensitive and it should be advised asap even if the full details of work on the block are still to be finalised.

Be disappointed if nothing tomorrow on Orinduik.

Hopefully a full updated presentation by month end

Donald Dump is back to mock, dumping 😂 look at yesterdays and today’s volume 😀 clown 🤡

At some point this buying will push the share price to higher highs. Everyone as got to be holding with so much news flow expected.

Add Navitas drill rig in Falklands to be scheduled to drill the new block. Hope we take a bitter bite out of this, JHI won’t be able to cover 35% themselves to guarantee a loan surely. 🤔

Needs more bones to this deal, can ECO take a bigger piece of the pie.

If we have 6.6% of 35% it is 2.3% overall or 71 million barrel's of potential 3.1 billion.

Https://in.investing.com/news/company-news/navitas-to-farm-into-jhis-north-falklands-basin-licence-93CH-5181854

IJWT, thing is ECO have said nothing regarding Hammerhead.

Have they had discussions with Exxon.

Another piece of the jigsaw in Guyana

RNS from Gil -

“Following a joint visit by our teams to Guyana later this month, we expect to gain clarity on our work programme and appraisal plan for Orinduik. We believe this partnership paves the way for our planned exploration and appraisal programmes on the block towards commercialisation, which will be carried and operated by Navitas, and will serve as a high-impact catalyst for the Company”

I expect exactly what Gil said and hope drill dates are in Q1 👍