Member Info for Phoebus

Oh ... and Brent is up 7%.

Results all look good and the Pilot project sounds like it's perfect for the current North Sea low carbon zeitgeist.

'All these activities will define the equity requirement for the project. This equity can come either from industry, through a farm in, or the markets. The directors, whose interests are closely aligned with shareholders, will choose the most appropriate option which minimises dilution whilst maximising value for all the Company's shareholders.'

The board has mega skin in the game here so they will definitely want to secure the best deal for shareholders. GLA

Give it a rest.

UJO is flying, but RBD is MUCH more highly geared to West Newton. This should rocket.

Not Crayola Mir again. Think he's going to need bigger sheet of paper and some adult crayons for his picky-wicky on this one.

https://drillordrop.com/2022/03/17/breaking-20-years-of-oil-production-approved-at-rathlin-energys-west-newton-a-site/

'... Patwa-1 ... expected to conclude soon. Drilling of the Lukanani-1 well should have concluded on Tuesday, according to a MARAD notice.'

https://oilnow.gy/featured/exxonmobil-drilling-yet-another-prospect-kiru-kiru-in-prolific-stabroek-block/

Patwa-1 is north of Cataback-1 with the Patwa prospect boundary only a few km from Canje. Luakanani is in a more up-slope position between Pluma-1 and Barreleye-1.

'... Patwa-1 ... expected to conclude soon. Drilling of the Lukanani-1 well should have concluded on Tuesday, according to a MARAD notice.'

https://oilnow.gy/featured/exxonmobil-drilling-yet-another-prospect-kiru-kiru-in-prolific-stabroek-block/

Patwa-1 is north of Cataback-1 with the Patwa prospect boundary only a few km from Canje. Luakanani is in a more up-slope position between Pluma-1 and Barreleye-1.

Honestly Harel, that's excellent news. Huge thanks for keeping us up to speed. Free carry on the next Canje drill makes the JHI deal look even more of a bargain and significantly reduces medium term risk here IMO. Looks like Gil has played a blinder with these two acquisitions.

Oh dear. I'm feeling a bit giddy. I need some air.
[Shocked Face]

Ah! Harel, are you suggesting we have carry on some of the Canje drilling?

Looks good for risk on across the market. I expect ECO will outperform. GLA

Sorry ... from 22cm depth. LOL

Cracking intercepts. Nanoscopic market cap. Amazing value.

I was a little surprised to see the recent pullback in the metals given recent geopolitical developments, although I did half suspect as much ahead of today's Fed meeting. With gold reacting like this perhaps it will now resume its move higher given the major macro drivers. GLA

I was a little surprised to see the recent pullback in the metals given recent geopolitical developments, although I did half suspect as much ahead of today's Fed meeting. With gold reacting like this perhaps it will now resume its move higher given the major macro drivers. GLA

Should read 'net current assets'.

To be honest, that is a lot more cash than many companies at this market cap. That said, I'm a bit surprised they haven't placed given the huge amount of volume in the stock the last couple of months.

Last time I checked net current asset position was around £1.95M. Rechecking it adjusting the next current assets from the latest balance sheet for the placing and admin and employment expenses I get a total of about £1.6M. So yes, a little lower than £2M.

Harel, GBP's net current asset position looks to be around £2M or more, so it is incorrect to say they have no cash. Enterprise value here is around £2M, which is basically options money and lower than some cash shells on the LSE, so Namibia is practically in for free.

We both like ECO and although it has four blocks in Namibia, as far as I can tell only the Cooper, Sharon and Tamar blocks have a CPR, whilst Tamar does not. Of the prospects identified on these three blocks only Osprey on the Cooper block has a half decent COS of 17.9% and 245.5 MMBOE 2U recoverable, whilst all the other targets are low COS leads until more work is done on them. This is neither here nor there for ECO shareholders because as we know, the lions share of ECO's much larger market cap is down to the huge upside of their Orange Basin and Guyana assets. Nonetheless, GBP's top drill target, the Marula prospect, compares very well with ECO's Osprey given it has a higher 22% COS and 210 MMBOE 2U recoverable.

We should also note that ECO's most advance Namibia licence, the Cooper licence is directly east of GBP's PEL 94 and we can see from the GBP prospectivity map that some of GBP's targets overlap into ECO's licence. PEL 94 is also down dip from ECO's Cooper licence and closer to the depths at which the Graff and Venus discoveries were made.

https://i.ibb.co/h71BnLB/PEL-94-Prospect-Map.jpg

Also, if we look at the following map we can see that one of the highest probability areas for Kudu Shale source rock in the Walvis basin is in the bottom right quadrant of GBP's PEL 94, with much better predicted coverage on GBP's block than ECO's Cooper block. It is this shale which is interpreted to be the source for the Venus and Graff discoveries to the south.

https://i.ibb.co/t3SNpdq/PEL-94.jpg

Perhaps if ECO are so confident with Cooper they should pick up PEL 94 for £2M net of cash. If neither they nor a major is interested, then given the Graff and Venus results and similar geology I won't be surprised if a smaller company takes a percentage in return for shooting 3D and increasing the COS ahead of a second farm down. All projects have their price, and for how they are positioned right now, GBP looks too cheap at the current enterprise valuation.