Member Info for Miniforvalter

I am looking forward to see their new CPR/Reserves estimates as the ones in the 4Q report was the numbers per 22/3 2018, and the SDX have found a lot of gas since then.

The value of the company trades the company at EV/Ebitda of 2,7 compared with industristandard value of 5-8. If unchanged marketcap value SDX will trade the company down to 1,5, and therefore give a lot of upside….

https://m.londonstockexchange.com/exchange/mobile/news/detail/14005003.html Net P50 to ECO 597,3M Boe 597,3 x 8 $ (value per Boe according to Exxon and Hess) = 4.778.000.000 $ net to ECO

Could ECO do something like this at some point or will the company just cash in. https://www.oedigital.com/news/450289-lundin-inks-5-bn-johan-sverdrup-finance-deal

PEL 44 Namibia is said to be the analogue Liza discovery Exxon and ECO has 4 blocks all around this block. This could be much bigger then the Orinduik block Guyana, but we know much more in 1 year from now ;-)

ECO's partner i Namibia Azinam presented at Sparebank 1's oilconference

watch it here
https://webtv.hegnar.no/presentation.php?webcastId=97754856

http://event.congresso.no/uploads/account/f/33/e2c/f33e2c353891e38af99cd8587a8c9ab3.pdf

earlier from Paul Baay:

‘If we see oil prices move to $40 then we will have to look at whether we drill any more wells, but if they remain where they are then I think we will keep going forward. This is fully funded with our current cash flow and the cash we have got on hand. About 65pc of our costs are fixed, so as we increase the volumes like we have done, these fixed costs go down dramatically per barrel. We don’t want to be in the game of issuing equity to drill wells. We obviously raised some capital up front so we could fund the programme and get it going. But at oil prices of around $60bbl, our programme becomes self-sustaining when you get north of that 2,500bbl/d production levels. You really start to create shareholder value when you reinvest cash flow on a 3:1 basis.’

"Holzman notes that both wells will be cased, or in other words lined with a large diameter pipe, which will allow the wells to put on production if hydrocarbons are discovered."

Are the sdx delisting in Canada to make the reverse tankeover happen😉

www.valuethemarkets.com/index.php/2019/02/25/podcast-touchstones-paul-baay-discusses-potential-ortoire-block-ahead-three-drill-campaign-txp/

nice to read :-)

https://www.ecooilandgas.com/eco-atlantic-oil-gas-has-huge-prize-in-its-crosshairs/

Vox Markets

Try with ....**********

See this https://vimeo.com/311567123

Here Paul is talking about 2019 https://www.**********.co.uk/articles/reabold-resources-rbd-sdx-energy-sdx-and-malcy-eefcc4a/

Hannam & Partners 103 GBp
Pareto Securities 120 GBp
Berenberg 110 GBp
Finncap 96 GBp

Hannam & Partners
Valuation: >100% upside to risked NAV and >15x unrisked upside
Our risked NAV for Eco of 103p/sh includes a core value of 12p/sh (cash and farm-in proceeds), with the remainder risked exploration based on 4 prospects. The unrisked valuation is >15x versus the current price. With the cash and carry available, Eco is well funded for the two highly likely exploration wells and will have cash left over for either further exploration or a new country entry, potentially with Africa Oil following their strategic alliance.

Pareto Securities
We are increasing our target price to GBp120 from GBp95, mainly
due to greater clarity on the company’s exploration prospects
offshore Guyana, with resources estimates materially higher than
our previous assumptions.

Finncap
Investors have learnt the hard way this year that exploration is a high-risk business.
However, if you’re going to own any frontier exploration play, it’s probably best to
have one that sits right next door to >5Bboe of discoveries in the most exciting
exploration province since the pre-salt Santos basin in Brazil. Following a strategic
alliance and farm-out, Eco is cashed up and ready to start drilling this acreage in
2019. The first well on the 250mmbbl Jethro-Lobe prospect, worth an estimated
18p/sh risked (88p/sh unrisked), is slated to start drilling in Q2. Eco’s Orinduik block
also contains an extension of ExxonMobil’s Hammerhead discovery, which is a
candidate for the second drilling slot. We set our risked-NAV based price target at
96p. However, given the attractiveness of Eco’s acreage, a bid for the company
cannot be ruled out. Under this scenario, we believe that a large international oil
company could justify paying north of 300p/sh. We initiate coverage with a Buy rating
and 96p price target.

+ extra repayments on backdated receivables from the Egyptian part on the 25M US$ + 17M US$ in cash and an undrawn 10M US$ credit facility for Morocco.

will be interesting to see what assets they can buy in the coming year :-)

The free cashflow for 2019 with the CAPEX in the PM from the company and Brent at 60$ will be around 13M US$

Touchstone continues to be one of our preferred small cap names given the very attractive risk profile of the company.
Our eyes remains on the high impact Ortoire block where drilling is expected to start in 2019.

https://www.dropbox.com/s/518rvhfre1ffv8x/Analyse%20GMP%20-%2017-01-19.pdf?dl=0

SDX currently getting a net realized average gas price in Morocco, on 5yr contracts, of US$/mcf 10.5 or $63/boe. Operating costs are 1 $/mcf At NW Gemsa the netback are 15 $/Boe at 60$ Brent. At Meseda the netback are 30 $/Boe at 60$ Brent. At SD the gas price is around 2,85 $/mcf.

"The most material upside in the story remains on the Ortoire block where drilling is expected to start in 2Q19.BUY rating and £0.60 target price. Touchstone continues to be one of our preferred small cap names given the very attractive risk profile of the company. Our eyes remains on the high impact Ortoire block where drilling is expected to start in 2019.Our target price of £0.60 per share has been set close to our ReNAV."