Member Info for Phoebus

The well is located between Cataback-1 and Lau Lau-1. Together with Tarpan-1, Barreleye-1, Lukanani-1 and Patwa-1, I make that 5 exploration drills either underway or about to spud on Stabroek at present. Quite a drill rate. Canje is next.

Make that Lukanani-1.

The well is located between Cataback-1 and Lau Lau-1. Together with Tarpan-1, Barreleye-1, Laukanani-1 and Patwa-1, I make that 5 exploration drills either underway or about to spud on Stabroek at present. Quite a drill rate. Canje is next.

Hardly any volume. It's meaningless.

If that's the case, it looks nonsense. Perhaps they don't want to up the target price until the AZINAM and JHI deals are done and dusted. Don't want to look like we got too good a deal.

In the Oslo presentation the other day, Gil stated, 'We are only a $120M market cap company, but the high impact portfolio that we have in those basins can easily get us to $1 billion at the end of this year.' Listen from 05:34:38.

https://channel.royalcast.com/sparebank1markets/#!/sparebank1markets/20220303_1

$1 billion by year end is is a country mile past 125p per share and that does not include future drilling on Orinduik or 3B/4B as that is not penciled in until next year. Massive upside here.

I generally take broker target prices with a pinch of salt, although the notes themselves can sometimes contain useful extra info about the company in question. The AZINAM deal and subsequent Graff and Venus results were definitely worth an upgrade in target price IMO.

And did Berenberg increase their TP on the AZINAM acquisition?

Bargain deal for ECO.

I think a few on here hold a fair few also.

And WTE will hold around 10.5M ECO shares.

Especially given this sentence Fernan. 'Canje is covered with 6,100km2 of 3D seismic and holds over three dozen prospects in four proven plays in the Lower Tertiary and Upper Cretaceous confined channels, Lower Cretaceous Carbonate structures and, with recent drilling of Sapote-1 well and Stabroek discoveries, now offers the opportunity of yet deeper horizons.'

Sounds like there may be a significant CPR upgrade to come and I expect ECO will commission a new one. I'm really looking forward to seeing the prospect map, particularly the bottom right region just north of Haimara.

WTE also has exposure to Kaieteur, which ECO/JHI does not. Kaieteur drilling decision is expected next week and the CPR for that block looks excellent with some large very high COS targets. If we get a discovery near Tanager then the 65 MMB discovered there may also come back into play.

It should be noted that this massively increases WTE's stake in ECO from 1.5M shares to roughly 10.5M. This means we now have much greater exposure to ECO's upcoming Gazania-1 drill in Q3 as well as the Orinduik and South Africa 3B/4B drills which look scheduled for 2023.

With a huge drilling line up and a super low SP, this looks an excellent entry point ahead of drilling. GLA

First AZINAM and now this. What a transformation in just a few weeks. Today's acquisition has probably tripled ECO's exposure to Guyana on a 2U/2C basis to over 2 billion barrels. This new and more diverse ECO offers a much more balanced spread of transformational drilling catalysts in world class exploration locations, whilst reducing overall risk significantly. Cracking work Gil. Well done.

Just the MMs having a bit of fun first IMO. With Gazania-1 now looking fully funded, that should be the green light for re-rate into drilling.

Just the MMs having a bit of fun first IMO. With Gazania-1 now looking fully funded, that should be the green light for re-rate into drilling.

https://oilnow.gy/featured/eco-atlantic-to-acquire-100-of-jhi-associates-in-deal-valued-over-us50-million/

This is perfect timing. The 30 day public consultation period regarding Canje drilling is up today, so we should get the green light for the Exxon led 12 well campaign on Canje from the EPA at any moment. According to the documents submitted to the EPA, the respective 12 well campaigns on Kaieteur and Canje are both scheduled to start this October and given announcement of the Kaieteur drill program is expected next week, Canje drill target nomination could be just round the corner.

We should now get to see the CPR for Canje. Off the top of my head it should be around 9,000 MMBOE gross, 1,575 MMBOE net to ECO. Can't wait. :D

And the small matter of the oil price.

I'm adding. The current ORCA market cap is a complete joke given its 78.8 MMB of North Sea oil reserves never mind the additional 95 MMB of 2C contingent resources. This is currently priced like a wildcat exploration stock, which would be stupid enough in normal times, but given the current Russia situation and the government's emergency drive to up North Sea production and find new sources of hydrocarbons it look utterly ridiculous. What on earth is the market thinking? Time to load up.