Yes agree Marcel, thats the groove. CGX also drilling Demerara block new year. Would be a massive de-risk for Orinduik IMO. CEO mentioned twice during the recent presentation that their view of Guyana has not changed post Suriname dissapointment.
Olderandwiser; My point is based around de-risking for Eco The Demarera and Kanuku blocks are closer to the beach geographically and Carapa-1 is a modest light oil discovery and the target in Demerara is in an adjacent block to be drill 1Q 22, close enough for me. Eco as I think you know (at the moment) only hold interest in the Orinduik in Guyana.
On your other point yes Eco extended a loan to the new business so guessing circa 11Million dollars in the bank I think.
I still have 50% of my original investment so waiting for history to repeat itself or better.
I think Exxon had Hammerhead as the sixth or seventh FPSO slot in their development plan however It may have slipped down the ranking a bit due to other discoveries within the block. They have limited public info on the find but they sunk 3 or 4 well from memory and I believe the Oil is classed as heavy/ish. IMO they will develop this asset some day.
Just to refresh my own understanding Hammerhead is believed to be interfacing and spreading into Orinduik. The Jethro/Joe discoveries were said to have hot res temps and mobile crude. Add this to Two more exploration wells in different intervals and it looks epic. Say no more.
Yes agree Eco is good choice IMO They have a 100% hit rate in Orinduik and substantial volumetric reserves in Jethro/Joe already. And who knows what they may bring. They have been my main Guyana (but not only) investment since the IPo.
Interestingly if you listen to Gil at the SB1 presentation he mentions TLW in a subtle way, don't want to quote it but if interested have a listen, its in the public domain.
Also agree news could come anytime not necessarily a wait for the next spud. I don't trade in and out for a crust, just took a nice profit near the peak, waiting game for me. GLA
Plans to drill in the Demerara block early next year; nice and close to Orinduik and shallow water too. Noted they say its got a different source kitchen from Orinduik so promoting a light find.
taking into consideration the Carapa find and now this planned work its going to be an interesting next year. Regarding the SB1 presentations yesterday I noticed there were holders (including us) of heavy oil reserves to be (so they say) progressed in line with rising Oil price.
When considering the macro environment with fossil v renewals and the drive for carbon neutral for majors; Guyana seems top of the tree for exploration. If Tlw blank the Orinduik then its foolish IMO but wish them well if they move on.