Member Info for Phoebus

Cowyed, your first ever post on ECO. Not built a position yet? Joker.

IJWT I agree 100%.

Posted as I was typing I guess. I concur re the Bronze One although once the permit hits and finance magically completes I guess it will be a case of Orange Man Good.

£10K a week? CEO of PVR maybe, but not LOGP. Annual running costs are about £360K all in and admin costs last year were only £193K. This is a very lean company.

In the event of a duster ECO's valuation would be supported by Hammerhead and cash PLUS the risked valuation of the other prospects on the licence, which in my opinion is VERY significant and ECO is funded for drilling another 7 wells targetting up to 9 of them. Remember the CPR indicates that the chance of hydrocarbon charge is 100% at all of the prospect whilst the risk relates to trap and seal and this is specific to each prospect. In other words if the trap and seal are OK then we should have a discovery, and if not it should have no bearing on the remaining prospect inventory.

IMO this is all down to the 10 month delay in issuing the site survey permit and nothing else and the buck stops with the Irish bureaucracy. Given the wait negatativity is understandable, but we are now extremely close to final sign off which creates the reason and incentive to complete the transfer of funds. Things should kick off any day now and the SP will soar. Don't look a gifthorse in the mouth.

Unless you have a small position this is not a stock to trade IMO.

Que? ;)

https://oilnow.gy/featured/stabroek-resources-now-exceed-6-billion-barrels-hess/

That's all folks.

https://www.youtube.com/watch?v=-_kwXNVCaxY

Ranger-2 appraisal recently spudded.

Tripletail results in October.

Completed drilling operations on HH-2 and HH-3 in June and July respectively, so they have been sat on results as we thought.

Increased estimate for gross discovered recoverable resources for Stabroek block to more than 6 BBOE.

Hess call ended. I did manage to listen to all of the Q&A session although I missed the first 15 minutes of the initial presentation. Will have a listen shortly when it's made available.

Q: Do they need to do more Hammerhead appraisal? A: Have enough data from these three wells to take the next steps.

First Stabroek FPSO has break even of $35/B and $25/B for second.

2019 Stabroek drilling schedule / Ranger-2 appraisal / Tripletail exploration well / 2 or 3 extra exploration wells with focus on SE part of Stabroek block between Turbot and Liza.

Plan to add 4th drill ship on Stabroek in Q4.

Very good mobility and connectivity between all three Hammerhead wells. Bodes well for development. Rolling data into development study.