Member Info for noix

I attach the PSA below and Article 11 can be found on P26, with Article 15.6 on P39.
https://nre.gov.gy/wp-content/uploads/2018/03/ECO_ATLANTIC_GUYANA_INC.pdf

extrader
Against other PCA's that I've read, it appears very equitable to all parties. Incidentally, it also shines a light on the other partner who has been omitted from the discussions on TLW's predicament and drilling timescales - the Guyana government :)
As you say it's in everyone's interest to monetise the asset as soon as. In that vein the general election result should have less to do with re negotiating a legal contract but more to do with telling people to get their skates on.

I've always been somewhat bemused by all this talk of the re negotiation of PSA's in Guyana. I've tended to view it merely as a misguided attempt by a lady of the night (or is it laddie) trying to force the price down to buy into ECO at as cheap a price as possible. How anyone believes what they post on these forums is a driver of share prices is beyond me. It merely exposes the perpetrators for what they are and serves as a destroyer of their credibility. A red light when they post if you like.
I've got a copy of the PSA for the Orinduik block stacked away somewhere and I'll re visit it in due course. However this article from memory is an accurate account of the main profit sharing points and I'd like to know what a Guyana government of any political colour would object to. By the way Guyana is a country that bases its legal system on British common law and contracts are binding.
https://oilnow.gy/featured/tullow-psa-guyana-share-profit-oil-increases-production/

Ha, ha, that might explain it :) "unless my bit of light research is missing something obvious,".
I'm getting a share price of circa 350 Israeli Shekels, at an exchange rate of around 4.5 to the pound.
The correct valuation makes for another interesting Guyana play, with plenty of upside. Nows where's my beginners guide to Hebrew .

Clearly, they don't keep the English version of their website up todate and all the Tel Aviv materiel would be in Hebrew, so not much use to the likes of moi. Notwithstanding that, unless my bit of light research is missing something obvious, that's quite a valuation of over 200 times that of ECO. I assume they have share bulletin boards in Israel and if so perhaps it's time to promote ECO :) We look an absolute steal in comparison.

Yup , that's the site I was having the difficulties with. Where are you getting the financials from, particularly the $40 million cash. At circa 172 million shares, not that different to ECO, and $20 million more cash (9p a share) that's some valuation, not withstanding their other prospects and not forgetting ECO's Namibia interests as a counter weight.

I'm sure everone will be pleased to know I've sorted the scrolling problem :)

harel
Presumably we are talking about the Ratio Pet listed on the Tel Aviz Exchange. I see that they are quoted at around £77 a share but unforunately I've not been able to access much of their web site because it will not scroll down ????????

I'm just quoting the figure stated in the interview, even though GH is prone to exagerating.
Why would seismic, improved or not, substantially reduce the cost of drilling ? Jethro, if I remember correctly, was circa $50m gross.

A surprisingly down to earth and balanced interview from GH. perhaps someone has had a word.
So the provisional budget for two wells of $120m gross was provisionally agreed late last year and no official word has been given that it's changed. Reading between the lines it sounds as if the meeting is next week and I don't see Total/Qatar letting things drift. It rather sounds as if the Jethro channel will be one target, with the "very big stacked Cretaceous target" of the 750 mmboe Iatuk as the first dipping of the toe into the lighter oil intervals.

Depends on what percentage of the portfolio is in gold and silver :)

The comments by Colin Kinley are very encouraging :
""The Cretaceous pathway of lighter weight oils from the source kitchen to the north, through the Liza sands and through the recent discovery of light oil in Carapa-1 to the south confirms our theory and interpretation of transmission of high-quality oil across the Cretaceous sand channels and traps within the Orinduik Block."
"We have seen a growth of the overall oil numbers with the thickness of section and a greater understanding of the areal extent and thicknesses of our sands. Most importantly, however, is our exploration risking, with confirmation that over half of our 22 leads now have an independently assessed 30% or greater COS. Our confidence in the play continues and was greatly enhanced with the now proven light oil in the Cretaceous section immediately to the south."

Each to their own but whilst nothing is ever mailed on in O&G exploration, I've rarely seen such a promising play backed up by so many discoveries of such large volumes in the immediate vicinity.

https://www.ecooilandgas.com/wp-content/uploads/2020/02/AIM2020CP-ECO-Orinduik-report-Feb2020.pdf

Highlights:

· Significant increase in Gross Prospective Resources to 5,141 MMBOE (771 MMBOE net to Eco) from previous estimate of Gross Prospective Resources of 3,981 MMBOE in March 2019.

· 22 prospects identified on Orinduik Block including 11 leads in the Upper Cretaceous horizon.

· Majority of the project leads have over a 30% or better chance of success (COS), enhanced by the recent discovery of light oil on the Kanuku block to the south of Orinduik.

· Leads in the Tertiary aged section estimated to contain 1,204 MMBOE, and within the Cretaceous section are estimated to contain approximately 3,936 MMBOE.

· Two targets in the Cretaceous horizon (Amaila/Kumaka and Iatuk-D) are identified as having in excess of 725 MMBOE each.

Brent isn't the only bear in town :)

ijwt
Not my field but logically with the development of Orinduik (if it occurs) the partners will piggy back onto the experiences of the Exxon Hess team, thus leading to cost and time savings.

ijwt
With efficiences of scale, even down to 6 months, according to Gregory Hill, Hess president and Chief Operating officer:

"So from a cadence to maybe one a year, maybe becomes every nine months or potentially even every six months as we get out in time. That's what those synergies will do for you.
So that's what we really see, we don't really see doubling or tripling up because that's very inefficient, but rather design one, build many but continue to collapse the timeframe based on efficiencies."

Just thought i'd post up this old WM article on the Stabroek block as it includes a bit on Hammerhead and the 300 mmbo Pluma discovery to the east of their block. This is of interest because it shares the same depth coordinates as many of our prospects in Orinduik.
https://www.woodmac.com/press-releases/ExxonMobil-Pluma-Discovery/

https://www.ecooilandgas.com/projects/guyana/

Orinduik and Kanuku have so far been de risked by drilling activity. I'd say that with Jethro and Joe the partners were testing the outer limits, where they believed it was feasible to explore (west and north) in the Lower and Upper Tertiary intervals. Which ever way you cut it, we have three discoveries on the block in those intervals.
The Cretaceous intervals on our block are updip of Liza. We appear to be smack bang in the migration channels. We have yet to prove up this migration in the Cretaceous and such is the prize I believe that will happen sooner rather than later.
There are certainly enough targets to have a pop at and presumably more will be revealed in the forthcoming CPR.
https://www.ecooilandgas.com/projects/guyana/

Based upon the Exxon/Hess figures, these are reletively cheap assets to monetise. Who in their right mind wouldn't want to realise their value quickly.