Member Info for Phoebus

Yes Islandgirl, RMP is fully funded for drilling in Q1, but they have A$10.3M is cash (1.4p per share) not A$6M as per last quarterlies. Both 88E and RMP should do very well from here in the run up to drilling. Exciting times. GLA.

73 trades on LSE today and over 700 on TSX! :o

Yes, an increase in COS based on the Exxon results to say 33% would mean roughly a 50% increase in pre result target price.

Touched 89c or 52.5p in Canada. The fact we've had such a hugely positive day after the knee-jerk sell on CPR yesterday is a massive positive IMO. It's been a long time coming, but Hammerhead and the CPR appear to have transformed the market's perception of the company and started a major rerate.

1.5M traded so far. Up 13.2% to 51.4p.

You mean AIM 'investors' remind you of Aussie loo roll commericals, 'like flies to schit', while they ignore the good stuff. Indeed.

RMP are fully funded for drilling in Q1. Last funding was done at a massive premium to the prior lows and the SP rebounded to rally highs within a day or two. No reason to expect anything different, especailly as the prize is 10 times greater this time around. Folks will be scrambling for any buying op. Still priced at less than 4p per barrel net of cash. Crazy cheap. GLA

would suggest. 3 largest leads account for 1.9 BBOE, about 2/3 of total. They have the highest COS of 22.5%. COS has not factored in discoveries by Exxon on Stabroek, so likely much higher (30-40%) once factored in. These 3 leads are the closest ones to Exxon's discoveries and to the centre of the hydrocarbon source and are of the same play type as Exxon's discoveries. Each one would add about 100 MMBOE net to ECO and 290 MMBOE in total. $5/B multipled by 22.5% risk factor gives a target market cap of around £250M and SP of around 160p heading into drilling based on these three targets alone. Increase the COS to 30-40% and the target price increases. Very impressive indeed.

So is the market cap. Way to low for a 126MMB net drill, especially with the big pile of cash.

Not what I found. The sell liquidity was excellent just before the close which suggests they are eager to pick up whatever shares they can. Bodes well for further siginificant rises.

49p now in Canada.

Now up 15.7% in Canada to 47.2p.

Almost there already. Very hard to buy any this morning. 50-60p range soon perhaps.

Raise funds? They've already stated an more than one occasion they should have funds for 3-4 wells in Guyana. Even the $12.5M from Total is enough on its own for two shots with drill ship or 3 with the jack up rig, and they will have $13M beyond that. ECO will likely be at a much higher SP or have been taken out long before another raise is on the cards. Gil has 4%. He doesn't want any unnecessary dilution.

Old data showed 900 MMB gross for 2 prospects. New diagram showed 7 targets. Assuming same average size gives 3,150 MMB gross. Assuming Total farm in, which looks very likely, that leaves ECO with 472.5 MMB net recoverable. Assuming all targets are discovered, a takeover price of $5/B would equate to a SP of over £10. I don't expect ECO will be quite that successful, but it seems to me that even if we only achieve a fraction of the potential success on offer the SP could easily hit £2 in the next 12 month or so. Still expecting this to be Cove 2.0. GLA

Looks like he's made the change from factor 10 to factor 5.

Well, farm out deal is estimated to close in Q3 which means good chance of within the next 4 weeks or soon thereafter. The 1.3p-1.4p previous placing level looks to be the bottom and I expect the canny are stake building ready for the rerate. The lack of liquidity here should make it very difficult to gain decent exposure one the price start to rise as evidenced by the market action today. Hopefully they will release further details of drilling timelines and targets when the deal is signed off. Be right and sit tight with this one. GLA.

Barryroe, one of the very largest undeveloped oil and gas discoveries in the whole of the EU and Norway.

Top notch post again sir.

That's a very astute comment Belisce and I like it. If you're listening Gil, take note.

from 8:04.