The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Watching on Level 2 and this has been in and out of auction so many times today. Big buyer in background. Looks like the price was brought down to fill that 1100000 order. A cool £880000 buy.
I think you are spot on with Latuk, maybe we are waiting for the drills in the attachment before they commit. References Latuk here, we get a but if data from the other block through these guys drill.
https://www.geoexpro.com/articles/2019/03/great-expectations-oil-and-gas-drilling-campaigns-in-2019
Having a think about the 2nd drill, the fact that Eco have amortized costs for the mobilisation of the drill ship, therefore reducing costs of next drill would indicate that it will be one of the deeper water prospects. Otherwise a cheaper Jack up would be utilised. I'm going to make the assumption that they will target deeper water prospects while we have lower Drillship day rates, then focus on shallower water targets with Jack ups next year.
well, it was a matter of time. This share was under the radar for ages, it was a blessing. Now with the rise and the Guyana hype, the fools have arrived. Deep joy. Ifonly this had stayed under the radar.....
There has been a big buyer in the background for days here, still big delayed trades coming through. Limited stock available I guess is forcing the price up to entice sellers to fill those huge orders.
I honestly can't see ECO making it to summer without fending off acquisition approaches.
Sounds like they are already factoring in revenue from Guyana without the turn of a Drillbit.
From Financial Times
“RBC upgraded Tullow Oil to “outperform” and downgraded EnQuest to “underperform” in its 2019 preview for the oil explorers.
Assuming Brent at $64 a barrel, RBC estimated that Tullow could generate $400m of free cash flow this year thanks to management’s efforts to rein in spending. And with debt repayments rescheduled, investors could focus on Tullow’s progress delivering oil from its Guyana field and selling down its Ugandan and Kenyan prospects, RBC said. “
ExxonMobil this week was poised to spud two more exploration wells in Guyana’s prolific Stabroek block, underlining the company’s point that drilling and development activity is continuing unabated despite the recent escalation of tensions relating to territorial rights claimed by neighbour Venezuela.
The US supermajor was forced to suspend seismic acquisition survey in the western part of the Stabroek block on 22 December due to a Venezuelan Navy intervention against two vessels being operated by Petroleum Geo-Services (PGS).
ExxonMobil subsequently released a statement stressing that operations are continuing as normal elsewhere in the 26,800-square kilometre block.
Details of drilling plans in the south-west sector of the block were published in institutional advertisements placed in the Guyanese press.
The drillship Noble Tom Madden was said to be preparing to spud the Tilapia-1 well, located almost six kilometres west of the Longtail-1 discovery.
Meanwhile, the drillship Stena Carron was getting ready to spud the Haimara-1 wildcat.
ExxonMobil since May 2015 has made 10 discoveries off Guyana and the most recent of these, Pluma-1, increased the estimate of discovered recoverable resources on the Stabroek Block to more than 5 billion barrels of oil equivalent.
ExxonMobil last year also brought the drillship Noble Bob Douglas to Guyana to start development drilling on the Liza field.
The Liza Destiny floating storage, production and offloading vessel is scheduled to receive first oil in 2020, offering capacity for 120,000 barrels per day of oil.
A second, larger Liza floater is targeted for production start-up in mid-2022, and then the Payara floater is due to enter into production the following year.
ExxonMobil and Stabroek partners Hess and CNOOC Ltd-owned Nexen expect the asset to yield production of about 750,000 bpd from the first five FPSOs.
Meanwhile, exploration is continuing unabated as the co-venturers are planning this year to appraise the Hammerhead, Ranger and Turbot discoveries and are keen to explore prospects such as Tripletail and Yellowtail.
Exploration has proceeded more slowly to the west of the block, partly due to Venezuela’s attempts to assert territorial rights in the region. The recent naval action forced PGS' survey vessel Ramform Tethys and offshore service vessel Delta Monarch to halt operations in the area.
The location is more than 110 kilometres from the nearest ExxonMobil discovery on Stabroek, namely Ranger.
The Guyana government issued a statement in the wake of the Venezuelan action, rejecting what was described as an "illegal, aggressive and hostile act... that violates the sovereignty and territorial integrity of our country”.
ExxonMobil said that the acquisition of seismic data was being carried out under licence from the government of Guyana in the country’s exclusive economic zone.
Venezuela for more than a century has tried to stake claims to territory to t
And there we have it. 3 BILLION barrels on CPR with over 20% COS for 3 leads. Nuts.
My only concern is we are taken out too early.
Most drilling companies today use real-time topside logging during a drill. At this point of the game so close to TD they will know what’s in the borehole.
If there were no Hydrocarbon indications then I doubt very much MB would say in his statement that he looks forward to updating market. It’s a tight hole, they are doing a grand job keeping it that way.
No great concerns about the delay.
Snow Leopard - once drilling and LOGGING complete.
Mike Buick looking forward to updating market.
Sounds like a hydrocarbon find to me.
Tullow Oil’s partner in the Orinduik block off Guyana, Eco Atlantic Oil & Gas, is confident of landing a farm-in deal with Total after ExxonMobil’s latest discovery on the adjacent Stabroek block “substantially de-risked” at least one of their own prospects, writes Eoin O'Cinneide.
The French supermajor has an option to take 25% of Eco’s 40% stake in Orinduik, where the partners will soon begin selecting prospects and operator Tullow aims to start drilling in the third quarter of next year.
ExxonMobil late last week revealed it had made an oil discovery at the Hammerhead-1 well on Stabroek, its ninth find on the prolific tract to date.
The well is the closest to Orinduik drilled to date on Stabroek, with Eco saying the discovery “ has now materially de-risked one of the many similar channel systems”.
Eco chief executive Gil Holzman told Upstream that, when the company and Tullow shot 3D seismic on their block last year, they gained permission from ExxonMobil to shoot across the boundary from Orinduik to get a better understanding of the play either side of the blocks.
“We see the prospect, which we call Latuk, that stretches and covers Hammerhead and goes into our Orinduik block — it is the same prospect in many ways,” Holzman said of the most easterly prospect so far identified on Orinduik and next door to Hammerhead.
“The Latuk prospect in particular was substantially de-risked with this discovery, simply because it is the same play,” he said, adding it is just six or seven kilometres up-dip of Hammerhead.
“The good news about the Hammerhead-1 discovery is that the sands there are much thicker than we originally thought.”
Tullow and Eco will “in the next few weeks” publish a competent persons report on Orinduik, based on a full data interpretation, where all prospects and a resource estimate will be provided.
Once Eco turns in all the interpreted data to Total, the French giant has 120 days in which to exercise its option to farm in, with Holzman confident it will do so.
“I think it is inevitable. I don’t see any slight chance that they will not exercise the option.”
If Total decides not to farm in, Holzman said there is plenty of other industry interest.
“There is a line of big companies that are waiting behind the door to come in if Total for whatever reason will not exercise the option,” he said. “Majors, supermajors, large independents, mid-tier, smaller companies — everyone that ever heard the name ‘Guyana’ is lining up.”
Until we get to September and are then told Oct....
Very frustrating, I sold out this morning also, I'll look to buy back perhaps later, the company has great prospects, but the more I read into the Total deal the more I see it's a bad deal, $12.5 m is pocket change to Total, the reserves they get for that may be huge. I'd rather have seen a fundraising to keep our %age of the block.
That would be a start Ojay, thanks fella. Would be disappointed if there was no chilled bubbly too. At least you’ll know for next time. There’s a good boy.
Oh here we go, poster since June, that must mean I know nothing. Been investing in MATD since 2009, made good money in 2009/10 with xcite/matd/gkp/ all the usual suspects like Des/rkh/fogl burned me. Oh but I’ve just joined this board in June, that of course means I’m a noobie. Sums the mentality up here perfectly.
Typo ... not know but ....no!
I used to be sceptical about people bashing shares to swing the price being paid/working for companies that can profit it of it, until I noticed a very obvious connection. When LSE site was down a few weeks ago, I tried to log into my IG account, their website was coincidentally down at the exact same time, on two separate occasions. Now I might be jumping to conclusions, but I reckon there’s a connection there. Maybe there is and it’s already known but just sticking my two pence in. And yes it’s only my 2nd post... and know that doesn’t mean I’m inexperienced or have alterive motives, bought MATD back in 2009 when good old Doug was the CEO. What a mess that was. I’m astounded at the emotion that gets aired on these BBs. You buy your shares you take your chances. The drill bit turns, trying to estimate depths/speeds is just crazy and merely a way to pass the time I assume. What will be will be and the news will come when it’s ready. If you don’t have the minerals then sell. If you like a high risk/high reward play. Hold or buy. Getting caught up in tit for tat battles on a BB isn’t going to change the outcome, the companies board must just sit with their head in their hands watching all this go on.
The 1.8m trade after hours. Look at the acting chairmans share transfer exactly 12 months ago.... 1.8m. coincidence?