Member Info for Phoebus

Not at all CL. I'm very positive on Columbia and have posted as such many times. Just re-calibrating a specific comment by PP as some newbies might not have twigged. Thanks for the correction on the percentage. Board working as it's supposed to.

Sorry, 25%. It's been a while since I read the farm out specifics. That is £21M net to OMI.

However, by that stage OMI will only have 20% of the project so even at $75M for phase 3, the total spend net to OMI would be £16.8M, which is less than the current market cap.

However, by that stage OMI will only have 20% of the project so even at $75M for phase 3, the total spend net to OMI would be £16.8M, which is less than the current market cap.

As much as I like the Columbia asset, I find this to be yet another uninspiring and lackluster installment from the CEO. Can he really not make a bit more effort, especially with N&A doing all the lifting at the flagship project? Shareholders are an asset and not an inconvenience you know.

It's hilarious how one adjective can have such an effect on the SP. There was me thinking the farm out parties weren't being serious and just doing it for a lark. Who knew? GLA
https://media.makeameme.org/created/wow-who-knew-728f0e4a9c.jpg

Looks like it's already made a couple of trips south of the border. We have the A-J1 oil discovery just down dip of Gazania-1 on 2B and the Ibhubesi Gas field is only about 15 miles away with 2P reserves of 94.3 MMBOE (540 BCF plus 4.3 MMB of condensate) which flowed at 100 MMSCF/D (16,667 BOE/D).

Sorry toptiger, but you're filtered.

Sorry, but distinguishing between getting facts right or wrong is not splitting hairs.

You do realise that ECO's Orange Basin acreage is in South Africa and not Namibia right?

Bit of superfluous unedited text on my last post ... I would add Tiger, if you haven't researched Guyana much, I'd take a very close look. The story there is also world class.

Indeed. PCL is up 11 fold since the first Graff news. Pity so few UK brokers offer ASX stocks. There is clearly huge interest in the Orange Basin and we are in an excellent position. If Total do indeed drill again in September as suggested and Venus West is successful we may get confirmation of these insane resource numbers right about the time we spud Gazania-1. :D
tIf you haven't researched Guyana much, I'd take a very close look.

And coming hot on the heels of that insane Venus upgrade. We really are right next to some astonishing acreage.

Some toe-rag splitting their sell orders again? Have a word broker.

In drawing any valuation comparisons with EME's Duyung partner CORO be sure to note that CORO has huge debts, which makes EME much more attractive. Their last half year numbers showed total current liabilities of $25.97M, which has to be factored into any comparison.
https://www.lse.co.uk/rns/CORO/half-year-report-js1yazuf1i0l5w8.html

Here are a couple of maps showing the location and relative size of Mako and its position relative to infrastructure.

https://i.ibb.co/6Pq00sg/Mako-Map-1.png
https://i.ibb.co/PWDZcF8/Mako-Map-2.jpg

The field has 495 BCF 2C gross, 42.1 BCF 2C net to EME. Makos South-1 flowed at 10.8 MMSCF/D and Tambak-1 at 11.4 MMSCF/D. It's the largest field in a region where there is strong demand for energy and is located close to nearby pipeline infrastructure. Hopefully they can conclude the GSA soon and release value for shareholders. GLA.

At only 20 BCF mean contingent resources Endeavour is indeed small, but Resolution at 206 BCF 2C is 2/3 the size of Pensacola at 309 2U. More importantly, Resolution and Endeavour are both actual discoveries whereas Pensacola is still only a prospect. Endeavour flowed at up to 34.3 MMSCFD plus 1,280 BCPD, whilst reservoir modelling of Resolution indicates rates of 17 to 22 MMSCFD per well. Also, Resolution is extremely close to the coast at less than one mile offshore and not far from the onshore gas network. Given the energy crisis and need for more domestic supplies of gas, I'm a bit surprised at Shell's move and disappointed as I believed it would have been an excellent value driver for EDR, which should have been able to pay its way from Wressle cash flows. Perhaps Shell is choosing to prioritize elsewhere. Its recent 2 billion barrel discovery in Namibia will no doubt be drawing its attention.

https://investegate.co.uk/deltic-energy-plc--delt-/rns/positive-well-investment-decision-on-pensacola/202103290700087142T/
https://investegate.co.uk/egdon-resources-plc--edr-/rns/cpr-on-the-resolution-gas-discovery/201904090700085001V/

The oil in a well is not encountered all at TD though, but over a period of days prior to TD that varies depending on the lithology of the given well. Jade is employing logging while drilling, so they should have a pretty good idea whether or not they've hit pay before TD is reached.

Swings are one thing, but to have such a low SP at this late stage after waiting so many years is a kick in the teeth for LTHs. It was higher pre-COVID when oil was much lower and drilling was years away FFS.

Zhende ma?