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Agreed, but I'd hold off as long as possible. You may get in much lower than 17p the way things are developing.
This is tanking WAY lower than 1700 the way international travel, cornavirus and the wider economy/stock market is looking. I was in Manchester Airport recently and the place was dead.
I'm not investing in the stock market at all until we know what the hell is going on with coronavirus. Never known anything like this. Genuinely think people need to be aware of how serious this is shaping up to be, and yes, I am doing it out of concern. We people do exist. Great company but investing in the stock market at the moment is like setting fire to one's hard earned cash.
And even in worst case scenario of no drilling until late 2020 or H1 2021, it's only 9 or 10 months away.
With that amount of oil anything can happen. Money talks. Curveball could also cone from elsewhere.
Read Pro's history. Repeatedly lies then gets called out on his bull****. Holds no shares either. Utterly creepy.
New leads?
Certainly looks like a "huge pool oil"!
Proactive Investor:
Three-quarters of the oil was in the cretaceous horizons, which is believed to be where the lighter oil lies *
Over half of the 22 leads had a 30% chance of success or greater, said the CPR.
Eco (Atlantic) Oil & Gas Limited (LON:ECO) has reported a 29% increase in the estimate for the amount of oil contained at its Orinduik Block, offshore Guyana.
Gross prospective resources are now estimated at 5.14mln barrels on a p50 basis or best basis, which amounts to a net 771mln barrels to Eco for its 15% stake.
The competent persons report (CPR) also identified 22 prospects of which 11 are in the upper cretaceous horizon, where oil is expected to be lighter and more commercial than recent heavy oil discoveries in the tertiary layer.
Leads in the Tertiary horizon are estimated to contain 1.2bn while the Cretaceous section contains an estimated 3.94bn barrels with two targets in this section (Amaila/Kumaka and Iatuk-D) each containing 725mln barrels.
Over half of the leads had a 30% chance of success or greater, said the CPR.
Colin Kinley, Eco’s chief operating officer commented: "The understanding of our resources has gained strength and momentum with the discoveries we made in the Tertiary last summer and the recent discovery of light oil in Carapa-1, made on the Kanuku block to the south of us.
"Our choice was to first test the Tertiary section and to take the risk of opening a new play and a new opportunity for Guyana."
He added: "As previously announced, this younger section delivered a significant resource of heavy oil pay. Heavy oil is more challenging to produce than conventional lighter oils, but remains a marketable hydrocarbon. The company is conducting in-depth evaluation of the economics of this play, with independent third party economic advisory support."
"The Cretaceous pathway of lighter weight oils from the source kitchen to the north, through the Liza sands and through the recent discovery of light oil in Carapa-1 to the south confirms our theory and interpretation of transmission of high-quality oil across the Cretaceous sand channels and traps within the Orinduik Block.
Kinley concluded: "We have seen a growth of the overall oil numbers with the thickness of section and a greater understanding of the areal extent and thicknesses of our sands. Our confidence in the play continues and was greatly enhanced with the now proven light oil in the Cretaceous section immediately to the south."
Could be a BIG retrace on Mon. People are wise to the hype on this share after the price hype fiasco.
Prose, your post history is there for all to see. You repeatedly lie and misrepresent this share and on rare occasions when you try to make predictions on other shares it's a car crash of bad calls. You're once again desperately flooding this room (along with your nicknames) with deranged garbage. Why the creepy fixation with ECO?
Makes this year's drilling campaigns very intriguing and the discovery hasn't cost us a penny. Spoilt for choice.
While net pay is lower than pre-drill forecasts, the 27 degree API oil supports the significant potential of the Cretaceous play on both the Kanuku and adjacent Orinduik licences [yep, that will be us then!]".
This may not be the right time to ask, but is the long planned for liquidation party still going ahead? Would be great to put a few faces to the names in here.
If you aren't aware of how intricately bound up the current oil discoveries are with the politics of Guyana you haven't been paying attention. Mind you, judging by the calibre of your endless negative, misleading posts on Eco, I'm not surprised.
Tullow and Eco know this will be a massive commercial success, it's all a bit low-key because of Guyana. They want to temper expectations until the elections are out of the way; let Guyana know this oil business isn't as straightforward as they think.
An estimated 11 billion barrels in oil reserves have been found off Namibia’s coast, with the first production planned within four years, mines and energy minister Isak Katali announced Wednesday.
The finding could put Namibia on par with neighbouring Angola, whose reserves are estimated at around 13 billion barrels and whose production rivals Africa’s top producer, Nigeria.
Katali said that Enigma Oil & Gas, owned by London-listed Chariot Oil & Gas, has identified 11 prospects along the southern coast.
“The largest of these, the Nimrod Prospect in 350 meters (1,150 feet) depth, and most likely reserves in the event of success are estimated to be greater than four billion barrels,” he told parliament.
“Enigma expects to find oil rather than gas,” Katali said, adding that first production could begin as early as 2015.
Enigma holds a 50% equity in the offshore Southern Block together with Brazil’s Petrobras.
According to Katali, another Brazilian company, HRT Oil & Gas Ltd, has raised $1.3 billion on the Brazilian stock market, with $300 million earmarked for oil and gas exploration in Namibia.
He said that HRT has certified about 5.2 billion barrels of potential reserves. “This finding could turn offshore Namibia into a great producer of oil and gas in a short time,” Katali said.
In his statement to Parliament, Katali added that HRT would drill three to four wells in that area as early as next year.
Another find off Namibia’s central coast called Delta Prospect contained recoverable resources of up to two billion barrels of oil, by Arcadia Expro Namibia and British firm Tower Resources, he said.
“We expect that six to eight wells to be drilled in Namibia’s waters in the next 18 months, the highest number in Namibia’s exploration history,” he said.
*Namibia has long been seen as a potential new source of oil, hampered by a lack of exploration to determine the extent of its reserves. Its offshore geology is similar to Brazil, which is seeing a boom in oil.*
Exactly. Clueless people screeching about "heavy oil" like it can't easily be overcome. The tone of the RNS was positive. This will come good. Also, beware all the new names posting on here, attempting to scare people. Many copy and paste comments on multiple boards.
Not this irrelevant nonsense again. Marked change in approach I see from Phoebus. Short or looking for a cheaper way in. Previous posts support this.
Bullish*
Excellent in depth article. Rarely seen them so bullush. https://www.investorschronicle.co.uk/comment/2019/07/22/jersey-gushes-higher-on-transformational-licensing-award/
Sorry, pressed send before referencing Proactive Investor for article snippet!