Member Info for Thunder2040

Well none of us were made aware we needed an extension because as shareholders here why would we be told anything tbh. We have basically given up one of the blocks, perhaps as a sorry for doing f'all with the rest since we've had them. Does Gil even read this?

Not the one I was hoping for, but the deep water Namibia blocks sound like they will get farmed out and explored if I read this correctly, how long is the question.

Come on, own up, which one of you lot took another tranche this morning haha?

So digging into the South Africa stuff a bit this afternoon, Lunn Family Trust is shareholder of Ricocure, which in turn has 19.75% of 3b/4b, so I take heart that Lunn Trust selling here last month was not them exiting the project entirely - perhaps they have enough exposure already. Someone with older knowledge of how they acquired their Eco shares in the first place may know more but I seem to think it was linked to the acquisition of the block.

Secondly, I have looked up the bio of the judge who ruled for Western Cape High Court against the SA Government on the environmental drill permit on Shell/Totals other block:

https://www.judgesmatter.co.za/advocate-nobahle-mangcu-lockwood/

I let you make your own mind up on what the motivations were. I am fairly confident the best interests of the entire country would be better served if South Africa were to develop its energy reserves.

DYOR

Rescinding a drill permit already granted is the pinnacle of shooting yourself in the foot - It wasn't even our block. There are 4 catalysts currently we are waiting on:

- 3b/4b drill date

-Guyana farm out or unitisation

-Namibia farm out

-Block 1 farm out

I fail to see how one of those won't land - hence why I am here and not selling.

I wonder if Lunn Family Trust are still selling down? Either way there is very little interest on the buy side at the moment. Share price closing on on all time low, after the Africa Oil 16% share cancellation its technically already there on a valuation basis..and yet Gil keeps saying it's very busy, its a great year haha - he should either get Guyana done or he should walk imo - but selling now ahead of the 3b 4b drill is also very stupid IMO

Just the market doing it's job. You can't expect the share price to not react with such little positive news. South African government needs to get a grip also, why are they issuing exploration licenses when no one can do seismic or drill anything due to all the green activists - it's utter madness and I feel that is hitting the share price now

Absolutely no action here at the moment, share price falling on low volume. Gil didnt even bother with a presentation lately, I find their lack of communication with shareholders annoying tbh - given how much they are being paid I have to question what on earth is going on some days. The promise of a rerate on news starts to feel very hollow when we have been waiting this long. I hope those of us still keeping some degree of faith are rewarded soon.

Guyana election is today I believe.

"The Company remains engaged in an active farmout process for the Orinduik Block and is evaluating the Jethro and Joe heavy oil discoveries to determine the appropriate appraisal approach."

This sounds rather like production is on the cards, I still believe this is the most exciting block on the books - but patience is indeed being testing somewhat....

Hey 1889, current thoughts on Guyana, still think it will lapse?

Elections are scheduled for 1st September, after that is sorted perhaps the FID on Hammerhead and our long promised farm out may happen

You are right to temper the enthusiasm somewhat Redwine but who is to say that its only Exxon farming in, the last that was heard there were 3 parties? The time expiry is an issue, but I do believe the FID on Hammerhead will come before that and then, there is a more guaranteed tie back option on Jethro for any potential dev. Also if FID is granted prior to license expiry, surely that crystallises unitisation for ECO? Any news on anything would be a welcome reprieve from the current drift

A lot of recent chatter on here as been about 3b/4b drilling campaign and Guyana, quite rightly. I do however wonder what is going on with Namibia, with 4 huge blocks right at the heart of the action, I do wonder why no farm out there either. What catalyst is there to spur a deal and when can this be expected. These are the sort of questions the CEO should be answering but we have not had a presentation from him for a long while now - the radio silence does not help sentiment even if there is no new firm news.

I think the FID on Hammerhead holds the key, that is now due any day

Hammerhead was supposed to get FID by mid year, so that appears to have slipped unless I missed the news

It's up to Gil to prove this isn't a 34/4b one trick pony, regardless of what he says about it being a busy year, so far it has most definitely not been and Eco IMO has under delivered, hence the share price drifting and even IIs selling.

There is a very old research note from 2019 about this:

https://www.ecooilandgas.com/wp-content/uploads/2019/11/20-11-19_ECO_10_20191120_technicals_on_heavy_oil_Hannam.pdf

I think its probably a ship that has sailed, as it gets little air time from the company in updates these days.

Thanks James, good to have your thoughts.

I was mulling over the last RNS and ECO's comment on revisiting the Jethro discovery parameters. It is late in the day on this license, but I seem to recall the terms on Orinduik license are the old style terms that are economically favourable compared to the new license round in terms of royalties etc. Jethro is circa 6km from Hammerhead I believe. At the time of discovery it was stated the well pressure was very good at Jethro, has mobile heavy oil. I think it is an estimated 100-200m barrels estimated sized resource but not sure it was assessed further at the time due to it being heavy.

FPSO tie backs can range from between 10km up to 30km - so honestly do believe it would be a viable development well now given Hammerhead (ECO always maintained it could be a standalone field dev)- it's just frustrating not to have the news we want, but I still have not lost hope that we get a farm in and that Jethro gets developed.

I suppose if a partner was to farm in on a development basis they would want Hammerhead to have FID and regulatory approval both which are expected this year I believe.

I mean should they even be issuing licenses in SA if they won't let people drill!? I think it's a storm in a teacup, given plenty of wells have already been approved and drilled - potentially an issue with that specific license which is not ECO's anyway. A resubmission should sort it out.

I still anticipate Guyana news to hit anytime, call it blind faith, but now is the time with the Chevron/Hess deal clarified.

What % do they hold?