Eco (Atlantic) Oil and Gas Ltd. (ECAOF)

[pro_s2009]

Worth watching this video.....the Executive Chairman of the African Energy Chamber says ECO are being super conservative, he reckons Gazania-1 is not going for 300m barrels recoverble, he says 900 million to 1.4 billion. 500 million recoverable easy in the success case ?!?!?!?!

From 4 minutes in for ECO/Gazania-1 comments.

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[pro_s2009]

Rig will be in Las Palmas on 30th August, and then to location to drill. So spud last week of September should be correct.

https://www.marinetraffic.com/en/ais/details/ships/shipid:313453/mmsi:259081000/imo:8769731/vessel:ISLAND_INNOVATOR

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[pro_s2009]

[pro_s2009]

Gazania-1 is target around 350 million barrels of prospective resources via the two main targets.

Upper is the Namaqualand and below that the Gazania target.

If those targets have oil, they will then do a sidetrack into the Pelargonium target which would then take prospective resources up to around 500 million barrels.

At 60 dollars oil price, a commercial discovery is anything over 50 million barrels.

So all the targets of the Gazania-1 are commercial as a stand alone, either Namaqualand or Gazania or Pelargonium - or if they all come in, its a 500 million recoverbale barrel monster discovery.

[pro_s2009]

As from the March 2022 CPR (link below)

EVO has over 8 billion barrels of Net (yes net to ECO) Prospective Resources.

Kind of blows other companies billion or two of prospective resources out of the water......... All in the worlds leading play areas that are super hot with interest (Orange Basin and Guyana) with all the Majors piling in and spending a fortune there.

ECO really has the potential for one massive ride upwards. Just need Gazania-1 drill to come in good and also the 3B/4B farm out and ECO will be nearing 300p, not 30p..........

https://wp-ecooilandgas-2020.s3.eu-west-2.amazonaws.com/media/2022/03/AIM2022CP-ECO-Report-final-3-22-2022.pdf

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[pro_s2009]

https://www.alignresearch.co.uk/eco-atlantic-oil-gas/eco-atlantic-oil-gas-tremendous-read-across-for-eco-from-offshore-guyana-discoveries/


Eco (Atlantic) Oil & Gas – Tremendous read across for Eco from the latest offshore Guyana discoveries

July 27, 2022

.........There was big news yesterday from leading global independent energy company Hess Corporation which was able to announce two new discoveries at the Seabob-1 and Kiru-Kiru-1 wells on the Stabroek Block offshore Guyana. We believe this has a tremendous read across for Eco (Atlantic) Oil & Gas.

Stabroek Block is the block tha..............


.........There is no doubt that Eco is exploring for oil and gas in some global hotspots of todays’ hydrocarbon world – offshore Namibia and offshore South Africa, along with offshore Guyana. In January 2022 we updated our research coverage on Eco with a Conviction Buy stance and a target price of 114.65p, when the stock was trading at 23.75p. ........

[pro_s2009]

Gazania-1 comes in good - ECO goes to a billion pound market cap.

Thats just a nice 10 bagger........... from 1 well.

Even the CEO says its a 10 bagger well.... listen to the interview... link below.

https://www.alignresearch.co.uk/eco-atlantic-oil-gas/dr-michael-green-interviews-gil-holzman-ceo-of-eco-atlantic-oil-gas/

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[pro_s2009]

30 Jun 2022

Eco Atlantic Oil & Gas says portfolio has several "company maker" wells

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[pro_s2009]

Approaching 10% up for today.

However, that is still so cheap given the potential. Company maker well in Q4 this year.......and then 4 company maker wells in 2023 as a minimum.

Hottest license areas in the world...... Orange Basin and Guyana.

[pro_s2009]

Price rising fast in London now. Gazania-1 comes in good, this should gain 1000%.........ten bagger.

[pro_s2009]

New August 22 presentation :

https://wp-ecooilandgas-2020.s3.eu-west-2.amazonaws.com/media/2022/08/ECO_AUG-2022-Website-Company-Presentation.pdf

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[pro_s2009]

Orange Basin offshore Namibia and South Africa is going to be the super hot spot of 2023....... along with Guyana. Lucky #ECO @EcoAtlantic_OG have all - Guyana/Namibia/South Africa. Lots of eyes on Gazania-1 well, spudding soon. Ten bagger potential for #ECO #oil #oilandgas

[pro_s2009]

Will it be Total farming in ? or Chevon farming in ? to Block 3B/4B ?

ECO has offshore Namibia and South Africa - and its the new hot spot............news will happen before too long imo in terms of farms ins.....

For sure...........Many many eyes will be watching the Gazania-1 drill spudding September.........Orange Basin and on trend, does it extend all the way down ? Exciting times.


https://www.upstreamonline.com/exclusive/chevron-set-to-enter-coveted-block-offshore-namibia/2-1-1276469

Chevron set to enter coveted block offshore Namibia

Upstream understands the US supermajor close to farming in to high-potential Orange basin acreage

11 August 2022 11:24 GMT Updated 11 August 2022 12:16 GMT
By Iain Esau in London

US supermajor Chevron is set to take a majority stake in a highly coveted ultra-deepwater block offshore Namibia, just north of TotalEnergies’ huge Venus discovery, according to multiple sources.

Upstream understands that a farm-in deal covering what is probably one of the most sought-after licences in the Orange basin has almost been wrapped up and is due to be announced soon.

If confirmed, the transaction will mark Chevron’s first entry into southern Africa since its aborted foray into South Africa’s nascent onshore shale gas play some years ago.

The California-headquartered player’s current African portfolio is centred on its Angolan assets offshore Cabinda.

Three well-placed sources told Upstream that the upcoming deal covers Block 2813B, directly north of the multi-billion barrel Venus discovery.

This block is operated by Australian junior Harmattan Energy following Tullow Oil’s exit from the acreage just weeks before the results from the Venus-1 wildcat and Shell's Graff-1 probe were unveiled.

Commenting on Chevron’s proposed entry into the asset, one informed source said it is “pretty much a done deal”, adding that the US giant has looked at South African Orange basin acreage in the past “so a deal in Namibia is not surprising".........................

[pro_s2009]

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[pro_s2009]

Snippets from Africa Oil results :


https://www.yahoo.com/now/africa-oil-announces-strong-second-000000098.html

........Africa Oil President and CEO Keith Hill commented: "I am pleased to announce another robust quarter that has led to further strengthening of our now debt-free balance sheet with a cash balance of $191 million. Our shareholders can look forward to a busy second half of the year of catalysts including the expected license extension in Nigeria and refinancing of Prime's RBL debt facility; the two-well Venus appraisal program; the Gazania-1 exploration well; and the potential farm-out of Project Oil Kenya."............

..............The Venus discovery is a light oil and associated gas field, sitting approximately 290 kms off the Namibian coast. The Venus-1X discovery well was drilled by TotalEnergies on behalf of the joint venture group comprising TotalEnergies (40%), QatarEnergy (30%), Impact (20%) and state owned NAMCOR (10%).

An appraisal well and a re-entry into Venus-1X is being planned, with spud expected in Q3 2022. The operator plans to conduct flow tests on both wells.

Venus, together with the nearby Graff-1 discovery on the adjacent Block 2913A (the Company has no interest in this block), herald the opening of a major petroleum province in the Orange Basin with significant upside potential for the Company. As well as the immediate significance of Venus for the Company, both Venus and Graff discoveries also bode well for the Company's exploration efforts on Block 3B/4B, which it operates with a 20% WI and Impact's Orange Basin Deep Block, both located on trend in the Orange Basin, South Africa.

The Company has filed an application to extend Block 3B/4B license and to move into the first extension period. The Company is also continuing its technical studies on Block 3B/4B with the aim of maturing exploration prospects for possible future drilling. The Company and JV Partners are working together to collectively farmout up to 50% gross WI in Block 3B/4B.

The Company, through its shareholdings in Africa Energy and Eco, has indirect effective interest in the Gazania-1 exploration well on Block 2B, offshore South Africa, which is expected to spud in September 2022. The block has significant contingent and prospective resources in relatively shallow water and contains the A-J1 discovery that flowed light sweet crude oil to surface. Gazania-1 will target two large prospects seven kilometers up-dip from A-J1..........

[pro_s2009]

Cenkos comment today :

Eco (Atlantic) Oil & Gas N/R (ECO.L, 27.5p, £80m) final results. As at 31 March 2022, the Company had cash of US$3.4m and no debt. As at 31st March 2022, the Company had total assets of US$45.9m, total liabilities of US$5.6m and total equity of US$40.2m.

Post period, Eco successfully raised gross proceeds of US$37.8m, with the Company’s cash balance as at 29 July 2022 being US$37.7m.

In March 2022, Eco announced an updated CPR on its assets, highlighting prospective resources of 681mmbbls of oil and 544Bcf of gas in Guyana, 864mmbbls of oil and 309Bcf in South Africa and 6,705mmbbls of oil and 6.6Tcf of gas in Namibia.

Eco and its partners are assessing all opportunities to drill at least two exploration wells into the light oil cretaceous targets in Guyana as soon as possible.

In Namibia, Eco highlights that it is witnessing considerable interest in its licences post the Venus and Graff discoveries, and is currently assessing options as to how best move forward with progressing exploration and commercial activity on them.

In Block 2B, offshore South Africa, the JV partners remain on track to drill the Gazania-1 well in September 2022.

[pro_s2009]

With regards to Orinduik and drilling the "light oil" Cretaceous targets......I think we will be moving forward soon.

Tullow has its merger but also hopefully will be selling some of its Kenyan assets, which will give them much needed cash to go exploring again, including offshore Guyana in the Orinduik license area, which is perfectly located between Liza and the Carapa-1 oil discovery. The Orinduik Cretaceous targets are very prospective.

This Indian deal goes ahead for Tullow, they will have cash to splash again.

https://www.businessdailyafrica.com/bd/corporate/companies/india-eyes-tullow-oil-stake-in-turkana-for-sh356-5bn-3899736

Indian government to buy Sh356.5bn Tullow Oil stake in Turkana
Tuesday August 02 2022

......................

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[pro_s2009]

https://guyanatimesgy.com/after-33-oil-finds-guyanas-stabroek-block-one-of-the-most-prolific-of-all-time-expert/

Stabroek Block one of the most prolific of all time – expert
August 4, 2022


..........According to Parker, Exxon’s level of success in the Stabroek block has not yet been replicated by Exxon and other oil companies in other blocks in Guyana’s waters. He noted that of the four oil discoveries outside Stabroek, only one has commercial potential… although there has been talk by the Orinduik partners of revisiting one of the wells, Jethro, and its commercial viability............

[pro_s2009]

https://www.bloomberg.com/news/articles/2022-08-04/saudi-arabia-raises-oil-prices-into-record-territory-for-asia

Saudi Arabia Raises Oil Prices for Asia to Record Levels

Saudi Aramco raises Arab Light grade for Asia to record level
Move comes a day after OPEC+ agreed to a small output increase

BySharon Cho 4 August 2022 at 16:17

Saudi Arabia raised oil prices for buyers in Asia to record levels, a sign the world’s largest exporter sees the region’s market remaining tight.

Despite indications that slowing economies are starting to hit global demand for crude, state producer Saudi Aramco increased its Arab Light grade for next month’s shipments to Asian refineries to $9.80 a barrel above the Middle Eastern benchmark. That’s 50 cents than in August.

Still, traders and refiners had expected a bigger jump of $1.50, according to a Bloomberg survey in late July. That was before data emerged this week showing that Americans are driving less than they did in the summer of 2020, when pandemic travel curbs all but halted movement.

Aramco also increased all US grades, with prices for the region going up by 50 cents a barrel. It was the first change Aramco has made for American customers since May.

For Europe, the company lowered light crude varieties and raised medium and heavy types.

The decision came a d...........

[pro_s2009]

https://oilnow.gy/featured/100m-barrel-jethro-well-could-be-guyanas-first-oil-production-project-outside-stabroek-block/

100M-barrel Jethro well could be Guyana’s first oil production project outside Stabroek Block

By OilNOW
August 2, 2022

The fallout from Russia’s invasion of Ukraine has resulted in a spike in oil prices. Now, the Orinduik Block partners – Eco Atlantic, Tullow Oil, TotalEnergies and Qatar Energy – plan to revisit the commercialisation potential of the Jethro discovery.

Two tertiary discoveries were made at the Orinduik Block in 2019 at the Jethro and Joe wells, both heavy oil finds. Jethro, in particular, had encountered 55 metres of net oil pay. Tullow’s Chief Executive, Paul McDade had told S&P Global Platts that the Joint Venture (JV) is “confident of the commercial value” of the project, even as a standalone development, but a development decision did not come to fruition. The consortium had decided to move on with plans to target lighter crude in the future.

This is not the first time the Orinduik partners decided to revisit the potential commerciality of the Jethro discovery. But now that the price of crude is high, the Jethro well is much more valuable. However, partners will have to contend with the fact that government intends to renegotiate fiscal terms for any find outside of the Stabroek Block that contractors intend to produce.

If the partners do decide to tap this well, it could be the first Guyana development outside of the prolific Stabroek Block. Another contender could have been CGX Energy with the Kawa-1 discovery, but the company dubbed it a “finder well” and is moving on to another prospect at Wei-1.

Orinduik Block operator, Tullow Oil, is also preparing to submit drilling commitments to the Government of Guyana for the Orinduik Block.

“Eco and its JV partners are committed to further drilling on the Orinduik Block and, with its JV partners, are assessing all opportunities available to drill at least two exploration wells into the light oil cretaceous targets as soon as practical,” Eco said. “The company is fully aligned with its JV partners on careful target selection based on the reprocessed 3D and the block and nearby oil discoveries for the next drilling campaign and Eco expects to be able to update the market on further drilling plans in due course,” the company said on Monday.

A recently updated report showed that the best gross prospective resource estimate for the Orinduik Block is 8.1 billion barrels of oil equivalent, with 681 million barrels of oil owed to Eco Atlantic and 544 billion cubic feet of gas.

The Orinduik Block lies 170 kilometers (km) offshore and covers 1,800 square kilometers (km²). Tullow has 60% operating interest while Eco-Atlantic has 15% working interest and the TotalEnergies/Qatar Energy JV has 25%.

[pro_s2009]

Link below to the MDA for the latest results.

https://docs.publicnow.com/viewDoc?hash_primary=891753D000B1EDA379DB4D4C18BF55B8312CFDAF

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[pro_s2009]

https://www.offshore-mag.com/drilling-completion/article/14280563/exxon-mobil-planning-drilling-spree-on-canje-block-offshore-guyana

Exxon Mobil planning drilling spree on Canje Block offshore Guyana

Aug. 1, 2022

Exxon Mobil has applied for an environmental permit to drill up to 12 further exploration wells on the Canje Block off Guyana during 2023-2024, according to Eco (Atlantic) Oil and Gas.

Offshore staff

TORONTO, Canada — Exxon Mobil has applied for an environmental permit to drill up to 12 further exploration wells on the Canje Block offshore Guyana during 2023-2024, according to Eco (Atlantic) Oil and Gas.

Eco has an indirect share of the block via its 7.3% interest in one of the partners, JHI Associates.

Earlier this year, Exxon Mobil plugged and abandoned the Jabillo-1 well on the block as a dry hole.

Elsewhere, the semisubmersible Island Innovator should mobilize early next week to drill the Gazania-1 well in Block 2B offshore South Africa at a location 25 km offshore in 150 m water dept.

The well, likely to spud in September, will be drilled to a depth of about 2,800 m to target a stacked pay section updip of the AJ-1 discovery and in the proven oil horizon. Eco plans to seal and plug the well after the test with no remaining equipment left on the sea floor.

In Block 3B/4B, 120 km to 250 km offshore in South Africa’s Orange Basin, and south of this year’s Graff-1 and Venus-1 oil discoveries, reprocessing is nearing completion of a 3D seismic survey. The results will be used to high-grade leads toward identifying drilling targets and preparing for potential drilling next year, Eco said.

[pro_s2009]

Eco Atlantic Oil & Gas says portfolio has several "company maker" wells

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[pro_s2009]

https://www.malcysblog.com/2022/08/oil-price-scirocco-eco-atlantic-sdx-longboat-prospex-gulfsands-and-finally/

..........This is a detailed and highly positive report from Eco Atlantic who have had a very busy time in the period but are also scheduled to be even more busy in the next few months. The Azinan acquisition has opened up the imminent drilling of the Gazania well on Block 2/B offshore South Africa whilst adding to the stake at Block 3B/4B in the Orange Basin looks very exciting to me.

Following quitting the JHI deal after unsatisfactory lock-up provisions were proposed, Eco still have two potential prospects in Guyana where Exxon announced further discoveries last week but Africa seems to be the area of most focus in the south as well as in Namibia.

Eco is another stock where the upside potential dwarfs the current share price, not least near Venus and Graff where I have already talked about further wells from Total and Shell are tight but would propel the post codes into a different stratosphere should the be more big discoveries. A must have for the beta end of the portfolio and the good news is that the action is not very far away...............

[pro_s2009]

Will have to keep an eye out in case Gil does an interview.


https://ca.investing.com/news/stock-market-news/eco-atlantic-oil--gas-holzman-very-positive-about-future-2732402

Eco Atlantic Oil & Gas’ Holzman 'very positive' about future

Stock Markets 4 hours ago (Aug 01, 2022 04:45)

Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) chief executive Gil Holzman told investors the company remains “very positive about what the future holds” as the explorer released its financial results statement for the 12 months ended 31 March 2022.

It comes as the company has broadened and diversified its portfolio, picking up assets offshore South Africa whilst its acreage offshore Guyana benefits from the advancement of third-party owned and operated projects nearby.

"The past 12 months have seen us make considerable progress as a business, increasing our geographic footprint and overall acreage considerably, growing the company in some of the most active and exciting oil and gas exploration regions on the globe,” Holzman said.

“This, combined with the improved commodity price conditions, means that interest in exploration activity in the areas where Eco has strategically important acreage has increased significantly.”

Holzman added: "Our acquisition of Azinam has paved the way for our exciting near-term drilling campaign at Block 2B, offshore South Africa.

“The Gazania-1 well, in which we hold a 50% WI, is targeting a 300 million barrel light oil resource, which, if successful, would be transformational for Eco and the partners on the Block. We remain on track to spud the well in September with the rig mobilising from Norway in the next two weeks and we will provide updates as appropriate.”

Eco highlighted that it is now focussing exclusively on high impact oil and gas exploration projects, and specifically on progressing its near-term drilling opportunities offshore South Africa, Namibia and Guyana.

"Given the significant corporate activity over the last 12-18 months, as a company we remain very positive about what the future holds and our ability to generate returns for all our stakeholders,” the Eco chief executive said.

“The company possesses highly strategic acreage in exploration hot spots, a robust balance sheet with over US$37m in cash, an entrepreneurial and ambitious management team, and the potential for considerable operational catalysts that can create material and sustainable value for shareholders.

“As ever, we are excited about what the coming months will bring and look forward to updating the market on our progress over the coming months."

[pro_s2009]

News release today.

https://www.investegate.co.uk/eco--atlantic--o--38-g--eco-/rns/full-year-results-and-operational-update/202208010700113603U/

Looking forward to Gazania-1 well spud in September :)

[pro_s2009]

Looking forward to a good week, and good share price rise.

[pro_s2009]

At 95$ a barrel minimum size for a commercial discovery at Gazania-1 would be just 30 million barrels recoverable.

If we go to best case discovery of say 300 million barrels recoverable then at 95$ a barrel the NPV is around 3.2 Billion dollars of which 50% is ECO.

Even at a conservative oil price estimate of $65/bbl a discovery in the region of 300 MMbbls is expected to have an NPV of 1.6 billion.

Its easy to see why Gil refers to Gazania-1 as a potential "ten bagger" for ECO if it comes in good in this recent interview ( https://www.alignresearch.co.uk/eco-atlantic-oil-gas/dr-michael-green-interviews-gil-holzman-ceo-of-eco-atlantic-oil-gas/ )

Cape Town's Astron refinery is due to restart in Q4 2022, and this would be where any produced oil would be sent - so all is perfect timing for a discovery then quick development.

Gazania-1 well appears to consist of 2 seperate targets :

Lower Gazania target - estimated around 122 million barrels recoverable.

Upper Namaqualand target - estimated around 228 million barrels recoverable.

Total being potential 350 million recoverable and either would be commercial in the absence of the other.

Realisiticaly here you would want around 70 million barrels to be assured it would be commercially developed, so if the lower target comes in and the upper not, still commercial.


With ECO having a current market cap below 100 million US$, there really is one massive potential upside ahead, just for Gazania-1. And then on top of that you have Guyana and Namibia, with Guyana drilling expected to be H1 2023 (news on targets soon) and potentially deals to be done in the Orange Basin......with ECO potentially getting a free carry from a Major for 2 exploration wells to be drilled in 2023 in a farm out deal is a rumour that floated around.

All imo, DYOR !

[pro_s2009]

https://total-market-solutions.com/2022/07/eco-atlantic-oil-and-gas-ltd/

Date 28.07.22

Time for Eco Atlantic to ignite?


“…Prospective investors in ECO, then, have quite a bit to consider. Right now though, at around 25p, Eco looks quite cheap. With several campaigns underway in highly prospective fields, Eco Atlantic may be a tinderbox waiting to spark…”

Eco (Atlantic) Oil & Gas (AIM:ECO), an oil and gas exploration company focused on Atlantic margin basins offshore Guyana, Namibia, and South Afric.......

[pro_s2009]

https://www.alignresearch.co.uk/eco-atlantic-oil-gas/eco-atlantic-oil-gas-tremendous-read-across-for-eco-from-offshore-guyana-discoveries/


..........There is no doubt that Eco is exploring for oil and gas in some global hotspots of todays’ hydrocarbon world – offshore Namibia and offshore South Africa, along with offshore Guyana. In January 2022 we updated our research coverage on Eco with a Conviction Buy stance and a target price of 114.65p, when the stock was trading at 23.75p. To put it mildly, there looks as though there is potentially a lot of excitement to be generated in this stock over the coming months and we are more than happy to conform our stance at the current price of 26.70p..........

[pro_s2009]

Interesting article. I am hoping ECO will soon pull off a deal where they get free carried for 2 exploration wells Namibia/South Africa.

https://www.reuters.com/business/energy/ukraine-war-rekindles-europes-demand-african-oil-gas-2022-07-22/

Analysis: Ukraine war rekindles Europe's demand for African oil and gas

July 22, 20224:09 PM GMT+7

Potential for African projects costing up to $100 bln
Namibia oil discoveries could generate 500,000 bpd
Oil majors' steps dovetail with push by European governments
Africa sees golden chance to tap assets amid energy transition

BRUSSELS/LONDON/CAPE TOWN, July 22 (Reuters) - Europe's thirst for oil and gas to replace sanctioned Russian supply is reviving interest in African energy projects that were shunned due to costs and climate change concerns, industry executives and African officials said.

Energy firms are considering projects worth a total of $100 billion on the continent, according to Reuters calculations based on public and private company estimates.

African countries that currently have little or no oil and gas output could see billions in energy investments in the coming years, including Namibia, South Africa, Uganda, Kenya, Mozambique and Tanz..............................

[pro_s2009]

A new audio interview with Gil.

https://www.alignresearch.co.uk/eco-atlantic-oil-gas/dr-michael-green-interviews-gil-holzman-ceo-of-eco-atlantic-oil-gas/

Dr. Michael Green, resources analyst at Align Research, interviews Gil Holzman, CEO of Eco Atlantic Oil & Gas

Key questions posed:

1 – Matters have been active at ECO in recent weeks, talk us through the rationale behind the JHI deal cancellation and the new cash raise announced on Monday

2 – You seem to have landed fantastic exposure re the Namibian and SA fields given recent finds by majors – what CoS do you put on the upcoming Gazania drill?

3 – Why do you think despite the plethora of broker notes highlighting the undervaluation of ECO that the shares continue to trade at a derisory level?

4 – What are plans offshore Guyana for 2022/23 given it is near 3 years now since the “heavy oil” announcement? Why is it not profitable to develop and pump given current oil prices?

5 – How do you see the news landscape for shareholders panning out during the balance of 2022?

6 – What is the endgame for ECO shareholders on an 18 month – 2 year view?

[pro_s2009]

https://ihsmarkit.com/research-analysis/the-upcoming-and-highly-anticipated-gazania1-well.html

The upcoming and highly anticipated Gazania-1 well has the potential to create significant value for both investors and South Africa

28 June 2022 Analene Enslin Erik Meyer

The Gazania-1 new-field wildcat is targeting the up-dip extension of the proven 1988 Soeker oil-bearing A-J 1 discovery, located within the Orange Sub-basin. The discovery well encountered lacustrine sandstones with fair reservoir quality, exhibiting porosities between 10-15%. Although deemed sub-commercial, A-J 1 proved the presence of a working oil-prone hydrocarbon system within the A-J graben, significantly de-risking the Gazania prospect and the overlying Namaqualand prospect.

Upside potential to the Gazania prospect is found in an overlying, separate package of fluvial-deltaic sandstones of the Namaqualand prospect. Both prospects rely on an updip trapping geometry where the sandstones pinch-.......................

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[pro_s2009]

I think people seriosuly overlooking the assets of ECO. I agree with Malcy....massive gains very possible.


With link - Malcys comment :

https://www.malcysblog.com/2022/06/oil-price-genel-savannah-touchstone-eco-ceg-petro-matad-arrow-and-finally/

.....This is very important deal for Eco Atlantic, it shows just how important South Africa is for the company and that Africa Oil and a small coterie of South African investors and done at a premium to the market price. But much more important in my mind is that to me Blocks 3/b and 4/b are like gold dust and here’s what CEO Gil Holzman said about the deal.........

My belief that this is the right call follows on from the recent success by Shell at Graff-1 and by Total at Venus 1-x in the spring. At the time the Shell discovery was estimated as a 2bn barrel find whilst WoodMack suggested Venus had 3bn b’s and could produce at some 250/- b/d.

Since then Shell have apparently drilled to appraisal wells and whilst they are both tight, word on the street is very positive at least from the first drill. If the 3/B and 4/B region is up to best standards then industry watchers are suggesting as much as 7bn barrels there with all that entails, and Eco have yet to drill the Gazania-1 well very shortly.

Every single major is knocking on this particular door, with Shell and Total already there and Exxon and Chevron rumoured to be in the area with the cheque book open. This makes the finding, and closure of this deal to be a spectacular success for Eco, the very thought of what a farm-out might look like makes me feel giddy.

Whilst there is never anything remotely certain in this business I think that as the time comes for 3/B and 4/B to be drilled Eco shares may have increased by c.5X +

[pro_s2009]

Not long now to Gazania-1 spud in September.

Also news on Guyana targets for H1 2023 drilling should be coming out end of July

[nowwhat2]

You may be right......Lemme know if y'see it above The Red Line please & Thanks !


1 yr ago




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[futrcash]

Next six months should see some fireworks here...

futr

[pro_s2009]

https://oilnow.gy/featured/breaking-exxon-triple-discoveries-catapult-guyana-resource-base-to-almost-11-billion-barrels/

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[pro_s2009]

Namibia’s next great hopes, beyond Venus and Graff

https://www.energyvoice.com/oilandgas/africa/ep-africa/404399/namibia-exploration-basins-discoveries/

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[pro_s2009]

Reddit link for ECAOF (Eco Atlantic) discussion and info.

https://www.reddit.com/r/EcoAtlantic_ECO_EOG/

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[pro_s2009]

Africa Energy presentation from Sept 2021.

Info on Gazania-1 well is from 14 minutes 20 seconds onwards in the video.

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[pro_s2009]

https://businessinsider.mx/cnooc-china-oil-gas-exit-us-uk-canada-sanctions-russia-2022-4/

.......CNOOC is planning to buy assets in Latin America and Africa as it prepares to leave its Western operations, the sources said. In its 2021 annual report, the company said it was eyeing the Bohai and South China seas as well as parts of Guyana for production growth............

[pro_s2009]

In partnership with Tullow Oil and Total EP Guyana BV, Eco holds a 15% working interest in the 1800 km2 Orinduik offshore block in the shallow water of the prospective Guyana-Suriname basin. Notably, the licence area is adjacent and updip to ExxonMobil’s 13 world class discoveries on the Stabroek Block where recoverable resources are estimated to be over 6 billion barrels of oil. Guyana cretaceous drilling expected 2021

Offshore Namibia and South Africa ECO holds interests in highly prospective relatively derisked exploration assets.

[pro_s2009]

UK London AIM listing under ticker : ECO
Canada TSXV listing under ticker : EOG
US OTC listing under ticker : ECAOF

[pro_s2009]

Gazania-1 Well Information (Spud Q3 22) : https://www.africaenergycorp.com/site/assets/files/3246/2021-04-block2b-presentation.pdf

[pro_s2009]

Jan 2022 Research Note : https://www.alignresearch.co.uk/wp-content/uploads/2022/01/Eco_Atlantic_Align_Update_January_2022.pdf

[nowwhat2]

June 30th



June 30th




July 2nd......Was closed July 1st for Canada day








Both traded on Friday July 2nd........And the closing status was :
ECAOF = 28% above breakout level of .35
EOG = 24% above breakout level of .45


With Canada as its' primary exchange volume-wise

[DrillaHill]

"Eco Atlantic O&G Successfully Navigating Volatile Oil Markets"

www.businesswire.com/news/home/20150413006502/en/Canada%E2%80%99s-Eco-Atlantic-Oil-Gas-Exploration-Company#.VS4nIrWJhMs

With oil prices plunging more than 50 percent last year, many exploration companies have halted programs and cut staff in an effort to stay afloat.

As the majors struggle, one junior oil and gas exploration company is getting the attention normally reserved for the big boys.

Eco (Atlantic) Oil & Gas Ltd. (TSXV:EOG) is in an enviable position compared to other junior oil exploration companies. Recognizing it had to be creative to maintain its dominant position as a license holder offshore of Namibia, the Africa focused company has secured around $10 Million of cash in the bank and most of that amount won’t be used anytime soon.

Executive VP and co-founder Alan Friedman says Eco Atlantic recognized early on the potential of its assets. “We realized we can use them as currency to bring in a significant industry partner.” And over a short period, several joined Eco Atlantic in projects, including Azinam and world renown Tullow Oil, which carries the Company in executing its exploration programs, including the drilling of a well on one of its blocks. Eco Atlantic went on to acquire co-explorer Pan African Oil, solidifying its position as the dominant license holder offshore Namibia.

The oil junior has cut expenses mirroring the industry trend, providing for a low G&A. Friedman says “Eco can sit comfortably on its $10 Million buffer for the next year and a half.”

“Not only has the company proved that it can survive in this poor environment” says Friedman, “but it has demonstrated that it can execute transactions with oil majors in one of the worst oil environments and find creative ways to raise cash.”

It’s survival instincts allow Eco to look beyond dried up equity markets. The company now has enough cash to look at other assets in Africa.

“We have very strong relationships in Africa and have the ability to access assets economically and through direct negotiations, as opposed to participating in expensive bidding rounds. We will certainly keep our eyes open for prospective projects in geopolitically attractive jurisdictions that make economic sense and which have become attainable in the current market conditions.” says Friedman.

Eco Atlantic’s main goal is having cash and getting through the current state of weak oil prices, which Friedman predicts will improve substantially over time, pointing out the oil business is cyclical. The Company’s notable partners will carry the expenditure on the Namibian exploration program for at least the next eighteen months enabling the Company to progress their very prospective blocks in Namibia.

The Company’s optimism and confidence in the prospects of its’ licenses and the oil market in general, is reflected in the recently announced share buyback program through a normal course issue bid. Management and the board of directors currently hold around 45 percent of the company’s issued and outstanding shares. “We believe Eco Atlantic’s current value, trading at around cash, presents a great investment opportunity,” Friedman says insistently. We are financially comfortable, have technically prospective blocks in geopolitically attractive countries, and have world class partners who are assisting financially and technically with the development of our assets.

Eco (Atlantic) Oil & Gas Ltd. is a Canada-based oil and gas exploration company, focused on the acquisition and development of upstream petroleum opportunities around the world.

[DrillaHill]

Corporate Presentation - March 2015 Namibia & Ghana

Corporate Presentation - March 2015 (pdf)

[DrillaHill]

Third Quarter Results (Cash C$10MM vs MC C$8MM)

www.ecooilandgas.com/news/index.php?&content_id=97

Advancement of License Milestones, Carried Exploration Activity, and Stronger Balance Sheet Including Cash of over CAD$10 million

Toronto – February 25, 2015 – Eco (Atlantic) Oil & Gas Ltd. (“Eco Atlantic”) (TSX-V:EOG, NSX:EOG) today reported its financial and operational results for the three and nine month periods ending December 31, 2014 and provides an update on recent corporate achievements and anticipated milestones for the remainder of 2015.

Of particular note, Eco Atlantic reported on the achievement of the following operational and business milestones:
•Execution of 1,000 km2 3D Seismic program on the Cooper License;

•Execution of 1,100 km 2D Seismic program on the Guy License;

•Acquisition of 3,000 km 2D Seismic program on the Sharon License;

•Completion of an amalgamation with Pan African Oil Ltd. (“PAO”) in which the Company acquired $2.9 million in cash and two additional Namibian petroleum exploration licenses; and

•An amended Farmout agreement with AziNam Ltd pursuant to which the Company transferred a portion of its working interest in the Offshore Licenses in exchange for, among other things, an aggregate of $4.2 million in cash. The Farmout Transaction closed on February 4, 2015 and cash was received on February 24, 2015 increasing the treasury to $10.3m;

•Continuous decrease in operational and overhead costs, and corporate business development including capture of new acreage opportunities in low cost, highly prospective oil provinces