Member Info for Phoebus

First renewal period is up in June and they are supposed to have drilled by then.

The way this SP moves is a complete farce. Anyway, won't the licences expire in less than 4 months if a well isn't drilled? Deadline is 2019-06-08.

https://www.bpcplc.com/our-operations/licences/

at Credit Suisse 24th Annual Energy Summit, so only news today should be more exciting details about Stabroek and Hammerhead. James, IfOnly only bought the other day near the high and bailed soon after. Fool is spouting BS because the shares are not dropping to allow re-entry. Hess presentation link:

http://phx.corporate-ir.net/phoenix.zhtml?c=101801&p=irol-EventDetails&EventId=5277663

:D

Buyers focussed on UKOG for the moment, but I expect ALBA to follow shortly as usual. Only a few weeks until the Horse Hill horizontal wells start drilling, which could see 200+ BOEPD net to ALBA. When the move starts here I excpect it will be savage as before, 100-200% in a few weeks.

It must have been a tiny position to sell it all that fast.

Drilling still a long way off with seismics to be done first. CLNR still has to pay its own share of well costs for the first licence and gets a promote on the option drill, so still requires drill funding or another farm down. Still good news though. CLNR is not dead and has a clear path forward.

Jonny come lately panicing and mansplaning on not making a quick buck is more tedious. ;)

General market weakness this afternoon likely due to this:
https://www.zerohedge.com/news/2019-02-07/stocks-erase-february-gains-reports-trump-xi-wont-meet

Trend is up and drilling only about 3 months away with Hammerhead appraisal perhaps sooner. Opportunities for buying back lower are likely to diminish going forward IMO.

LOL

100p pre drill seems a bit cheap. Based only on ECO's very preliminary CPR which appears to omit huges chunks of prospectivity, if we use a pre drill figure of 100p per net recoverable barrel, which seems reasonable given the huge success rate in the area, we get a pre drill SP of almost 250p! Will be a bit surprised if it gets that far, but there is clearly immense upside potential here even before the drill starts turning. Given the massive success rate Exxon has enjoyed right next door I don't expect there will be too many sellers. GLA

Indeed. A constant stream of buys again there up to 71.4p.

Expect ECO will RNS the news of the double discovery tomorrow morning. Should be good for a MM markup on open. 70p perhaps if we close at these levels.

https://news.exxonmobil.com/press-release/exxonmobil-announces-two-new-discoveries-offshore-guyana

Hmm? I'm feeling ever more confident ECO will be the share to make me an absolute fortune. Expect a lot of other peeps are thinking the same and will hold a good chunk of their position right through drilling where they might not have done so on lesser projects. Should make for an unusually strong SP as drilling approaches. Very good chance of a huge takeover offer within 12-18 months IMO. GLA

Fekir, the balance sheet is currently showing negative net current assets of about minus £300K and admin cost are high as you suggest at around £920K per year. Then there is ORCP's share of pre-close funding which has been reduced from 100% to 12.1% or £230K. So depending on whether they want to fund admin costs for 6 or 12 months it looks like they need to raise between £1M and £1.5M. The 87.9% of pre close funding attributable to the other partners and the project CAPEX costs are separate to this. The project looks great, but timings still seem a bit vague and it looks like they need extra funds now, so I'm a bit sceptical. Uncanny how many shares start to rocket when funding is required.

Doesn't PIRI have 2.9M ECO shares though?

price and TSX closed on the day high with decent volume. Will be intresting to see what happens at 2:30pm. Expect sellers will get squeezed. GLA

on Friday. By my calcs Pires' stake in ECO should be worth around 6p per share. Huge discount to NAV here and if ECO comes good as looks likely the SP here should explode. If you're having trouble buying try a limit order. GLA

Not been able to get a quote to buy any for an hour or so.

Haven't managed to get a quote since the bell.