Member Info for Phoebus

ECO not ECHO. Chalk and cheese.

He does like ECO though.

Is Overfinch building it? Will there be canapés and a fizz cooler for when we celebrate our profits?

Despite languishing for months it's very odd indeed how MATD soared massively just as oil was having one of the worst 36 hour periods in a decade. Almost like they waited until the moment when poeple would be least inclined to get on board before they let the price rise. Still don't trust them not to do another huge placing ready for next year just when people least expect it.

All it needs is the rig RNS and BOOM. MMs will gap this up big time and all the sellers will be locked out. Selling at this level is now a very dangerous game. Taking a huge risk to get back in a few % cheaper just to miss out on much greater upside. Not a risk I'd like to take. Best to dribble in funds as operations start approaches.

The shares were issued at approx 20% PREMIUM to the current SP. Wakey wakey! Microscopic dilution too. First drill campaign in two years about to start.

or about 20% above Friday's closing mid price. UJO and EOG must feel UKOG SP is too low if they are willing to take shares at such a premium. Excellent.

Here's the overlay showing the drill area cordinates in yellow and the Orinduik licence in blue. The top right point appears to be incorrect as it's outside the licence, but I have double checked the data.

https://i.postimg.cc/W4dNDwYk/Orindui-Drill-Area-Map.jpg

Bizarrely the area does not include the Jethro complex. It does however contain Joe, 6 Cretaceous prospects plus two others and extends just far enough to include the Hammerhead extension as we can see from this map.

https://i.postimg.cc/T34GXW2Y/ECO-Prospects-Map-2019-CPR.jpg

There is also a stark difference between this document and those that were issued for Hammerhead-2 and Hammerhead-3. The HH-2 and 3 notices covered an area of only 1km2 whereas this covers 848km2, approximately 50% of the Orinduik licence if the 1800km2 figure on the website is correct. This suggest a great degree of flexibility and multiple wells being drilled. I will overlay the coordinates on the licence map when I get a chance, which should give us an idea of where they anticipate drilling during this campaign.

'On June 01, 2019, Tullow Guyana B. V will commence a drilling campaign within the Orinduik Block of the Guyana Maritime Zone, which will conclude on December 31, 2019'

That's a seven month campaign for Orinduik. I'm sure Gil mentioned something like 45 days for the first well as they're drilling carefully all the way to the Cretaceous and a shorter time for the second well. With a couple of weeks between wells for rig movements that is clearly more than enough time to drill four wells on Orinduik never mind two. At some point in proceedings I fully expect an expanded drill programme to suddenly be revealed once early results enable targets selection to be finalised. Remeber ECO is now funded for up to 7 wells and Gil was at pains to point out that after the first well subsequent wells on Orinduik would be much cheaper as the rig would already have been mobilized. He would not have said that unless ECO was going drill more than two wells before demobilising the rig. Just have to wait and see which extra prospects are targeted. Deepen well to to hit Rappu or perhaps the double target of Hammerhead step-out appraisal plus deeper Cretaceous target. All to play for.

Ivans, go and read the farmout RNS for starters. According to the figures LOGP has given they would only need around £250K (less than 2.5% of market cap) to see them through until spring 2020, by which time Barryroe drilling should have been finished.

Looks like the drilling ban has been avoided and Iolar is underway. Should be mega bullish for PVR considering it's 100% Ireland focused with assets near Iolar. Also the site survey permit for Barryroe may issued in within 3 week so operations could be very close indeed. I know the US-Mexico story has hit the oil price today, but this is definitely not the time to be selling IMO. GLALTH

'We expect the next 18 months to be truly transformational for both i3 and your investment in us.'

mechanism and its use from a 2017 article.

https://www.irishtimes.com/opinion/government-relying-on-little-known-rule-to-block-bills-1.3133081

Sells @ 82.5p? Ignore the red, green and blue. I don't think there have been any sells at all so far today. The 10K @ 82.45p was a small top up by me.

Who else would the compensation go to? The shareholders own the companies that would be compensated and they have claim to any funds in accordance with their shareholdings. I would expect a special dividend to return money to shareholders. This is precisely why shares with pending damages awards see their shares rise strongly in anticipation. I've seen it time and again. It seems both sides admit compensation would be required, the only question would be how much. The government will likely support a largish number to help rubbish the green's position. Anyway, with the government having a veto it's all moot.

My comment was looking at it from a LOGP persepctive, but you could make a similar point for PVR too.

Excellent post Manyana. The government is supportive of oil and gas exploration and the constitution gives them the power to block any drilling ban. Even if a ban is enforced both sides are also aware that compensation would have to be paid. Looking at the last set of accounts LOGP's intangible assets, effectively the sunk exploration costs, are carried at £15M which is roughtly 2.3p per share. At that level our major shareholders would be significantly under water despite supporting this project for many years. I'm sure there would be an strong case made for the compensation figure to be much higher to include some of the lost future revenues and sunk time cost.

Did I really spell steak as stake? Must be all that CO2 going to my head. LOL

Expect we'll see a rally shortly. Plenty of consolidation since largely sticky placing and warrant excercises. Rig, drill and Hammerhead news all getting rather close. TSX-LSE differential over 10p at open with the TSX chart looking set for another leg up. No harm in adding back a bit if the SP starts to climb again. GLA