Member Info for Phoebus

Beginning to feel like this is doing an ECO, down, down, down into drill result and then BOOM, but only on results RNS. Thought we'd be sitting pretty here by now. I guess wider market turmoil, oil price decline and size of last placing are having a dampening effect. It's certainly frustrating. GLA

SP is epic fail so far.

What's it gonna take for this to get it's mojo going. Drill program is tantalising. This should be moving much higher given NAV on offer. Seem to remember working out a NAV per share of around 500p in success case based on company figures after taking debt required away from project NAV. I guess the second and third wells will be the ones to really move the SP. Mid October for the second drill result? Would others concur?

finally appear to be correlated once again.

What Tony should do is put a statment from APEC in the RNS along the lines of 'We are pleased to hear the site survey permit has been received and despite the delays in payment clearance we remain fully committed to the project'. Any detail of what's holding up the payment clearance would be good too.

'This is a revolutionary moment for Eco.' Gil H.

Nomadic, when you say Rappu it isn't one of the better prospects are you just looking at the COS? If we look at the March 2019 CPR we can see that there are only six prospects with a higher COS than Rappu. Two of these are Jethro and Joe, which we are drilling first. This leaves Hammerhead, which although 81% COS has already been drilled 3 times and is only 11 MMBOE P50 on Orinduik. Jethro Extension and Jimmy are 43.2% COS but they are much smaller than both Jethro and Joe. The only other Tertiary prospect is KB which is much larger at 350 MMBOE and 28% COS.

All the other prospects are Upper Cretaceous and many of them are very large indeed, 4 of which are significantly larger than Jethro. This is also the main play type among the discoveries on Stabroek with 12 of the 13 discoveries being Cretaceous. Of these prospects Rappu has the highest COS at 28% and a P50 of 536 MMBOE, which is 2.5 times the size of Jethro.

The Orinuik partners have seismic data that covers the Tertiary Hammerhead discovery and the oil strike there enabled them to derisk the Orinduik Tertiary prospects. They did not have seismic data covering the Cretaceous Stabroek discoveries, but as they gain Cretaceous data from Jethro's deeper intervals and also from the Kanuku drill they will be able to calibrate and derisk their Cretaceous model.

Although Hammerhead Extension, Jethro Extension and Jimmy have a higher COS than the other prospects, they are rather small. Of the remaining prospects KB and Rappu offer the best mix of COS and MMBOE. Rappu is significantly bigger than KB whilst only slightly lower in COS. The fact that Rappu can be drilled as an extension of Joe-1 also means that it can be done much more cheaply and quickly than as a stand alone drill.

Obviously TLW's own prospect inventory may differ somewhat from the insight provided by ECO's CPR. However, based on the available evidence Rappu looks a very appealing drill target.

Finally, it is interesting to note the order of prospects in the CPR is Jethro, Joe, Jethro Extension, Rappu.

O&W, I agree 100%. I think the plan is to look at the well data from the Cretaceous section of Jethro-1 which underlies the discovery interval and calibrate it with the seismic model and I guess they will be doing that right now. If the results are good I don't see why they won't deepen Joe-1 into the Cretaceous to intersect Rappu given that the incremental cost and time would be minimal indeed. Gil said in today's interview that the well results were spot on with the seimsic model so I guess the signs are good for the Cretaceous. Jethro and Joe are transformational for ECO, but a strike at Rappu would be a quantum leap and should see us north of 500p.

Meanwhile TLW continues to rise. ECO playing catch up on added market cap to working interest basis. LOL

Good chance previous TSX high might be support level over there, so perhaps time to BTFD.

Actually the previous TSX high set on May 5 was CAD1.86 and today's low is CAD1.86. That's seriously pathetic.

Are Canadians a bit dim? I see some of them are selling at only 13p above the previous TSX high. Crazy.

In today's podcast Gil is says that the P50 214.5 MMBOE for Jethro in the CPR was based on 183ft of reservoir and Jethro-1 has intercepted 181ft. By comparison Hammerhead was 190ft. Bodes very well indeed.

Just use my link.

https://www.podparadise.com/Podcast/910474791/Listen/1565611178/0

Remember, this result is for Jethro which ECO's CPR had at 214.5 MMBOE P50 and 43.2% COS. It also has 46.1 MMBOE P50 for Jethro Extension risked at 43.2%, which surely now looks odds on to be successful too. That gives a total of 260.6 MMBOE P50 gross or 39.1 MMBOE net to ECO. Very exciting.

125p-134p on Level 2 and yet it's ALL buys with some at full or over the ask LOL! Looks like MM have posted a holiday snap.

https://www.fish-factor.com/wp-content/uploads/2015/07/j2une-woman-reeling-in-fish.jpg

Dave, you should note that EXXON and Hess are indicating that their Stabroek developments have the very lowest of break evens for an offshore oil project anywhere in the word. In today's RNS Tullow described the Jethro discovery as a 'substantial and high value oil discovery'.

Says Dave who's as far as I can see has never posted on ECO before.

I hope they do drill down into Rappu. Why not? The rig will be there and all they need to do is keep it turning for a few more days. Would be a waste of money not to. If Rappu is a hit this should go well north of £5 per share. Only a few weeks to find out. GLALTH