Member Info for spudz

What leverage do Eco have with the government to get an extension on Orinduik?

Those mentioning that they think we sold for cheap, please remember we bought extremely cheap. 60% of Orinduik from Tullow, Total and Qatar Petroleum certainly on the cheap, Block 1 in SA was an unbelievable deal. Enjoy the day and look forward to more positive days ahead.

My reading of that is Eco needs to pay their part for mob and demob. So $11m plus 20% of the mob and demob, as that is excluded from the carry. Anyone agree / disagree?

I think you are misunderstanding. Taking Guyana for example, Eco's costs of $11m that are carried are 20% of total costs. ($55m)

So Navitas will pay their part and Eco's part. $44m + $11m

That's just how I am reading it. Others may wan to confirm.

I would say there are a lot of existing shareholders who are tired and worn out with Eco, and you'll find some selling into any strength. Suits me as I want to add more in the new year. This will climb a wall of worry!

Let's all sing together...

Felix Navitas, Felix Navitas, our new partner for life!

Felix Navitas, Felix Navitas, financing our future success!

I wanna wish you a partially funded carry

I wanna wish you a successful well

I wanna wish you the commercialisation of Jethro!

Volume seems to be picking up a little bit too. Dare we dream of something positive… anything!

compensation costs: $453,568 for three months ended sept 30 2025 compared to $271,845 in 2024.

share based compensation $267,109 for the three months ended sept 30 2025 compared to $0 in 2024.

"compensation costs increased in the current periods reflecting expanded operational activity and associated remuneration requirements"

bull****!

You can sense deep frustration from him. Very confident oil is there if the South African government can "get their act together". We have to take his criticism of them with a pinch of salt though as Eco have not got their act together either in both Namibia or Guyana either. He without sin should cast the first stone!

Minute 22 onwards https://youtu.be/ea5akjy9M44?si=vpAKCHJBZq66urM5

I reckon because Tullow deemed it uncommercial because the only way commercialisation could realistically happen is if we could piggy back on Stabroek partners if they decided to commercialise Hammerhead, which they have now done.

It's from 2019 BigBear

Great post Mr Mil. I myself have been guilty of blaming Gil for these delays but there are a lot of moving parts. I imagine he would have received a huge amount of criticism if he farmed out the Orinduik block "too early" before Hammerhead got FID. I also would like to give him credit for picking up Block 1 at what seems to have been an excellent deal. I think what bothers people the most is his over-promising and overly optimistic timelines. As an entrepreneur myself, I think we are inherently optimistic (you need to be with so many doubters around), and that spills over into his presentations.

While positive news on the Shell appeal would indeed be positive for us, I expect little impact on our share price. The market is waiting for confirmed farmout news, a confirmed extension of the license, or a confirmed drilling schedule. I used confirmed three times on purpose.

Justathought, I wondered that too. Would the licence then convert from exploration to production if a plan was submitted about how this could happen?

I wouldn't be getting too excited about gas in South Africa. As harel posted, SA have a shedload of gas offshore already with the Brulpadda discovery and it's going nowhere. The next bit of news I am now waiting for is an extension in Guyana. I don't know if the government are compelled to extend if Jethro is reclassified as non commercial to commercial. Anyone know?

My biggest takeaway was actually from the presentation. The image showing the extent of Hammerhead in our block was an eye opener. Gil also seems to be saying that a move to commercialise Jethro is a higher priority than finding light oil in the crustaceous, and they are discussing that with the Government. He stated 1 billion barrels of oil in Jethro.

You can search youtube for: CEO Gil Holzman Q4 2025 interview

Strange. Must be just something with your device. Anyway, you can find the same link from their site, and also the new corporate presentation:

https://www.ecooilandgas.com/investors/results-presentation/

Here's a direct link to the interview with Gil, released today.

https://www.youtube.com/watch?v=yzWwt-5bf0M

I still find it hard to believe it has come to this. It’s frustrating if we need to rely on the Guyanese government extending our license. Look at the mess with the Corentyne and Kanuku blocks which have both expired and both are in limbo. Maybe the Guyanese are keen to avoid a similar scenario happening here so that might work in our favour. Although I expect any extension will come at a cost

I wonder has Gil considered an out of the box scenario with a lower cost jack-up rig funded by private equity, who might have a higher risk tolerance.