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From Africa Oil news release...notice how they emphasize they have a MATERIAL interest....sounds good. It may look like on timelines they have gone straight to sidetrack the third target........which would be very goods as that would only be done in the success case with the first two targets.
https://africaoilcorp.com/news/africa-oil-announces-third-quarter-2022-financial-122855/
..........Eco, the operator of Block 2B, offshore South Africa, announced the start of drilling operations on the Gazania prospect on October 4, 2022. The Gazania-1 exploration well is targeting over 300 million barrels of light oil. The results from this exploration campaign are expected by end November 2022. Africa Oil has a material 16.5% indirect interest in this block through its investments in Eco, Africa Energy and Impact. ........
Well, on the 22nd of October Gil said in an email "if we announce a sidetrack in 2 or 3 weeks time then get the champagne out"..........
And now.......Monday 13th of Nov will be 3 weeks from that email........
Which makes me think.........was in fact that sudden spurt in Canada earlier this week the drill bit going into Gazania.......and logging now and news on Monday ?
All good fun, the excitement continues...........
https://www.proactiveinvestors.co.uk/companies/news/997804/eco-atlantic-share-rise-as-investors-await-gazania-1-well-news-997804.html
Eco Atlantic share rise as investors await Gazania-1 well news
Excitement is evidently rising for the explorer's well offshore South Africa.
Shares in Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) shot up 10% in Wednesday morning dealing as the market hotly anticipates news from drilling offshore South Africa.
The AIM-quoted explorer has a 50% working interest in in Block 2B, which contains the Gazania prospect, and is the operator for the drilling of the well.
Drilling kicked off just over a month ago and Eco shares are up 22% since then (and are up about 130% in 2022 to date).
Finfluencers and social media investors speculated online whether a drill report may soon arrive as Eco’s shares pushed higher in Wednesday’s early deals.
On AIM, Eco shares were up 3.25p or 8.2% by around 9:45am.
Meanwhile, in Canada, Eco’s Toronto quote saw the price rise some 18% to 73 cents per share last night.
Gazania-1, approximately 25km offshore the Northern Cape in Orange Basin South Africa and in approximately 150 metres of water, is targeting a prospect of 300mln barrels of light oil.
If there is a discovery in the vertical section there is an option to drill a sidetrack from the main well bore.
Eyes are on the supply ship which is now back at port.
https://www.marinetraffic.com/en/ais/home/shipid:373623/zoom:14
Draught is 7m
See if she loads up and goes back to the rig......that would perhaps indicate ongoing work.........eg..........sidetrack.
And for those who dont know, the ships draught increases as its loaded up......so if the supply ship sails out of port to the rig and the draught is more than 7m.....its loaded with stuff.
Bit more on the horizon for ECO but from Namibia ?
Gazania-1 well update imminent (company making well)
South Africa 3B/4B farm out - imminent to a SuperMajor (likely free carry on 2 potential company making wells)
Guyana offshore drilling selection and update due year end (again company making wells)
And might we have some action in Namibia. ECO is the holder of the largest areas offshore Namibia and the Osprey prospect along is potentially neat 900 million recoverable barrels in size.....this from Namibia media below :
https://www.namibian.com.na/index.php?id=117677&page=read
.........TotalEnergies recently announced it had discovered oil at the Venus well, while Shell reported finding oil at the Graff well in the Orange River Basin offshore Namibia.
Eco Atlantic Oil & Gas is looking for another funding partner for the Osprey prospect's drilling programme in the waters off Namibia, while Global Petroleum's Welwitschia Deep prospect, with an estimated 50% prospective resource volume of about 670 million barrels of oil, is also expected to be drilled in the next 15 to 18 months.................
Big 18% jump in #ECO share price last night in Canada, where its ticker is $EOG.V Will there be news this week from @EcoAtlantic_OG on the Gazania-1 well ? $ECAOF #oil #oilandgas #oott Finished at 0.73 CAD which is 0.47 GBP
I think many people do not understand the significance of the 3B/4B farm out.
When it happens (and its when and not if) and when people see its a Supermajor farming in and that Supermajors farm in terms will be to fully pay for 2 deep exploration wells (which will target the biggest targets on trend with Venus and Graf...but bigger than Venus or Graf)......... thats worth 40p a share to ECO imo.
So currently, at 40p.....on a duster it will fall yes.....and fall hard......but it will bounce upwards hard when the 3B/4B news comes........and that excluding the Guayana potential of Orinduick.
That is why I am still holding all my ECO shares, as for me, even a duster its just a case of holding and waiting and the share price will be over 40p again before too many moons pass.
I have a large lump of money waiting as well, to either buy good news or buy bad news next week.
WE might see a 50%+ fall, then followed with a 100% gain with bad Gazania news followed by 3B/4B farm out news.
Or.....if Gazania is good we should see 400% to 500% gain.......depending on how good the news is......and if the news is excellent and we see a sidetrack into Pelargonium going ahead.....that gain may be much higher still.
So all in all, good risk reward imo and ECO is a buy on bad news and a buy on good news........
Each to their own....I am very happy with my stake, its all fully paid for and its going to be a fun week next week......good or bad.
Very strong on the bid side in Canada......things are hotting up.
News next week very likely.....perhaps even Monday morning ?
For valuations IF there is a discovery, this goes over them.
https://ihsmarkit.com/research-analysis/the-upcoming-and-highly-anticipated-gazania1-well.html
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https://www.businesswire.com/news/home/20221026005435/en/ExxonMobil-Announces-Two-New-Guyana-Discoveries
ExxonMobil Announces Two New Guyana Discoveries .............
Might we be getting a Guyana Cretaceous well early in 2023 ?
https://oilnow.gy/featured/orinduik-partners-to-target-exploration-well-early-2023-eco-atlantic/
Orinduik partners to target exploration well early 2023 – Eco Atlantic
By OilNOW October 25, 2022
The partners in the Orinduik Block offshore Guyana are targeting an exploration well in early 2023, according to a report from 15% stakeholder, Eco Atlantic Oil & Gas.
This well is expected to be drilled in the second renewal period of the licence.
The partners are currently in the first phase which lasts for three years from January 14, 2020, to January 13, 2023. To enter the second phase, the partners will have to relinquish 20%, some 360 square kilometers (km2) of the 1,800 km2 acreage.
A recent report updated the gross estimate of resources in Orinduik to 8.1 billion barrels, to which Eco is entitled to 681 million barrels of oil and 544 billion cub..................
Meanwhile in Namibia.....
https://www.upstreamonline.com/exploration/shell-within-weeks-of-starting-critical-namibia-drilling-campaign/2-1-1339252
Shell within weeks of starting critical Namibia drilling campaign
Supermajor could drill up to three exploration and appraisal wells on and around its major Graff discovery
21 October 2022 11:04 GMT Updated 21 October 2022 13:59 GMT
By Iain Esau in Cape Town
Shell is within a few weeks of firing up what will be a closely watched drilling campaign offshore Namibia in the same block that hosts its large Graff oil discovery.
The supermajor hit oil with its deep-water Graff-1 probe in the Orange basin earlier this year and immediately drilled a follow-up well called La Rona.
While Shell unveiled the results of Graff-1, it has said nothing public on the outcome of its La Rona-1 well, with officials even declining to clarify whether it was an appraisal or an exploration well.
This has led to market talk that the discovery — albeit commercial — is significantly smaller than TotalEnergies’ Venus discovery to the west, with the supermajor needing to drill more wells to gain a better understanding of development parameters.
Multiple sources contacted by Upstream suggested that Graff holds hundreds of millions of barrels of oil, compared with the billions of barrels of oil and trillions of cubic feet of gas held in Venus.
According to Immanuel Mulunga, chief executive of state oil company Namcor, Shell plans to drill up to three wells in Petroleum Exploration Licence (PEL) 90, with the first probe due to spud in December.
Speaking at African Energy Week he .............article continues...........
Meanwhile in Guyana.......
https://www.upstreamonline.com/exploration/exxonmobil-to-appraise-step-out-discovery-offshore-guyana/2-1-1340200
ExxonMobil to appraise ‘step out’ discovery offshore Guyana
Maiden Fangtooth-1 find unlocked oil-bearing reservoirs in deeper plays in Stabroek block
24 October 2022 14:38 GMT Updated 24 October 2022 14:38 GMT
By Fabio Palmigiani in Rio de Janeiro
ExxonMobil has started an appraisal programme to a well originally labelled as a “step out” discovery in the Stabroek block offshore Guyana, as the US supermajor seeks to find additional oil volumes in the prolific play.
The operator has already unlocked nearly 11 billion barrels of oil equivalent in recoverable resources from more than 30 discoveries in Stabroek since mid-2015.
ExxonMobil began drilling the Fangtooth SE-1 well with the Stena Drilling drillship Stena Carron, according to updated information made available by Guyana’s Maritime Administration Department.
The goal is to appraise the Fangtooth-1 find made in early January by trying to confirm the presence of hydrocarbons further to the south-east.
Fangtooth-1 encountered about 50 metres of high-quality oil-bearing sandstones...........article continues............
No news this week could be a potentially good sign, but you never ever know.
Should be 20 days drilling or less on a dry hole basis (so Monday 24th Oct) or 25 days with hydrocarbon reservoir intervals/detailed logging....... so would be (Saturday 29th Oct)....so they should be into Namaqualand and Gazania target zones during this week.
Fingers crossed........
https://www.investegate.co.uk/eco--atlantic--o--38-g--eco-/rns/investor-breakfast-briefing/202210141620019958C/
Investor Breakfast Briefing
Further to the announcement on 9 September 2022, Eco Atlantic (AIM: ECO, TSX - V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, would like to invite current and potential shareholders to a breakfast briefing and rescheduled presentation. The event will be hosted by management and will be followed by a Q&A session.
The briefing will take place on Tuesday, 29 November 2022, at The Brewery 'Grubstreet Author', 52 Chiswell Street, London EC1Y 4SD. Breakfast served from 8.30am, with the presentation starting at 9.00am. Those wishing to attend are requested to register by emailing: ecoatlantic@celicourt.uk
An Ozzy look at Gazania-1
Dr. Michael Green interviews Gil Holzman, CEO of Eco (Atlantic) Oil & Gas
October 12, 2022 | Posted by admin
Dr. Michael Green, resources analyst at Align Research, interviews Gil Holzman, CEO of Eco (Atlantic) Oil & Gas, about the Gazania-1 well in South Africa.
https://www.alignresearch.co.uk/eco-atlantic-oil-gas/dr-michael-green-interviews-gil-holzman-ceo-of-eco-atlantic-oil-gas-2/
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From April 21, however, a good info refresher for the #ECO @EcoAtlantic_OG ongoing Gazania-1 prospect potential #oil #oilandgas #oott $EOG $ECAOF
https://ihsmarkit.com/research-analysis/the-gazania1-with-africa-energy.html
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November dividend news should be soon.
I will go for the next monthly divi being :
Dividend: 0.1425 pence/share
Ex-Dividend Date: 13 Oct 2022
Record Date: 14 Oct 2022
Payment date: 11 Nov 2022
https://www.upstreamonline.com/exploration/flag-day-exploration-probe-spuds-in-south-africas-orange-basin/2-1-1326674
Flag day: Exploration probe spuds in South Africa's Orange basin
Eco Atlantic's Gazania-1 well is drilling ahead offshore Northern Cape province
4 October 2022 8:34 GMT Updated 4 October 2022 8:34 GMT
By Iain Esau in London
Eco Atlantic has spudded what will be a highly watched exploration well in South Africa’s Orange basin, chasing some 300 million barrels of potential oil resources.
Located in shallow water in Block 2B, the Gazania-1 probe is targeting at least two oil prospects that could house over 300 million barrels of oil in a rift play, close to a legacy oil discovery called A-J1 that was drilled in the late 1980s.
Semi-submersible Island Innovator in now drilling ahead in 150 metres of water, with the well aiming for a total depth of about 2800 metres subsea.
The probe will target two prospects in a syn-rift basin, a geological setting similar to plays in Kenya and Uganda where major oil accumulations were discovered by Africa Energy's technical team when they worked for Tullow Oil.
In the event of success at Gazania-1, the partners have the option to drill a sidetrack to target a third prospect.
Both the Gazania-1 well and its potential sidetrack will be logged and then plugged back to surface, with the well to be sealed and the casing cut off below the seabed. No equipment will remain on the sea floor.
Colin Kinley, co-founder and chief operating officer of Eco Atlantic, said drilling Gazania-1 "offers a significant opportunity to South Africa to open up the Orange basin” which, across the border in Namibia, is home to the TotalEnergies huge Venus discovery and Shell’s major Graff find.
“A number of prior discoveries in the region are changing the understanding of this basin both in South Africa and Namibia where recent multi-billion-barrel discoveries have opened the gate to a new era of economic and resource opportunity,” noted Kinley.
He added that “the discovery at A-J1 is extremely helpful in creating the opportunity on the Gazania-1 well that we are confident that decades of science will prove out.”
Kinley said Eco “appreciates all the support of the South African government, the local industries and local communities in the communication, participation and planning of this well.”
Jan Maier, head of exploration at partner Africa EnergyCorp, said: “The block has significant resource potential in shallow water and contains the A-J1 discovery that flowed light sweet crude oil to surface.
A-J1 is estimated to house about 50 million barrels of contingent resources, according to Eco Atlantic.
“Gazania-1 is a relatively low-risk exploration well that will target two large oil prospects seven kilometres up-dip from A-J1," according to Maier.
Block 2B covers on area of more than 3000 square kilometres and is located about 25 kilometres off South Africa’s Northern Cape province in water depths ranging from 50 to 200 metres.
Soekor, South Africa’s former state oil company, discovered and tested oil on the block in 1988 with the A-J1 borehole, which hit thick reservoir sands between 2985 metres and 3350 metres.
That well flowed 191 barrels per day of 36-degree API oil from a 10-metre sandstone interval at a depth of some 3250 metres.
Eco Atlantic has a 50% stake in Block 2B and is partnered by Africa Energy on 27.5%, with Panoro Energy on 12.5% and Crown Energy with an indirect interest of 10%.
https://www.londonstockexchange.com/news-article/ECO/commencement-of-operations-on-the-gazania-1-well/15656223
04 October 2022
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")
Eco Atlantic announces Commencement of Operations on the Gazania-1 well, offshore South Africa
Eco Atlantic (AIM: ECO, TSX - V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce the arrival of the Island Innovator Semi-Submersible Drilling Rig on Block 2B and the commencement of operations of the Gazania-1 Exploration Well.
Eco holds a 50% Working Interest ("WI") in Block 2B and is Operator of the block. The drilling location is located 25km offshore the Northern Cape in Orange Basin South Africa in approximately 150 meters of water. The Gazania-1 Exploration Well is being drilled to a depth of approximately 2,800 meters through a multizone pay section. The well is being drilled up dip of the AJ-1 Discovery Well on the block, which proved approximately 50 million barrels of contingent resources.
The Gazania-1 Prospect is targeting over 300 million barrels of light oil. Pending discovery in the vertical section the JV partners have the option to directionally drill a second sidetrack well from the main well bore. Both the vertical well and the sidetrack optional well will be logged and then plugged back to surface, the well will be sealed, plugged and the casing cut off below surface. No equipment will remain on the sea floor.
The JV partnership in respect of Block 2B comprises Eco Atlantic (50% WI and Operator), Africa Energy Corp (27.5% WI), Panoro 2B Limited, a subsidiary of Panoro Energy ASA (12.5% WI), and Crown Energy AB (10% WI).
Colin Kinley, Co-founder and Chief Operating Officer of Eco Atlantic, commented:
"Drilling Gazania-1 offers a significant opportunity to South Africa to open up the Orange Basin. A number of prior discoveries in the region are changing the understanding of this Basin both in South Africa and Namibia where recent multi-billion-barrel discoveries have opened the gate to a new era of economic and resource opportunity. The Discovery at AJ-1 is extremely helpful in creating the opportunity on the Gazaina-1 well that we are confident that the decades of science will prove out.
"This well is being drilled to define the opportunity and the initial path in the Basin. We are drilling this strictly as an Exploration well. Once we have defined the resources here, South Africa and the JV partners will make its choices and we will determine the next stage of development. Eco appreciates all the support of the South African Government, the local industries and local communities in the communication, participation and planning of this well.
"We are entering an exciting and busy period of drilling and work programmes and we look forward to updating the market, our partners and all stakeholders in the coming weeks on our progress and the Gazania-1 exploration well results."
As a reminder :
Year end 2022 we will have........
Production will be circa 24K boepd (currently 21K+)
Monthly dividend of 0.1425p per share
Debt free
Net cash
Generating lots of FCF
Revenues in Dollars.
Assets valued in Dollars.
Many hundreds of drilling locations to keep increasing production, to 30K boepd and to 40K boepd ahead......
Increasing ownership of Clearwater play, the most economic of all North American oil plays.
And - pending drilling results from Serenity - potentially the first resources associated with the North Sea - all current resource estimates have zero attributed to any North Sea asset.
Just a reminder........as we should be spudded by Monday/Tuesday next week.
The vertical well will target the main Gazania prospect, but also a secondary shallower target that is called Namaqualand.
If this vertical hits oil, they will then carry out a sidetrack into the Pelargonium target to see if that too has oil in it.
To be economically viable the discovery needs to be over 50m recoverable barrels. The potential here is up to 500m recoverable barrels from all three targets
I3E is ITE in Canada
ECO is EOG in Canada
https://www.hydracapital.ca/2022/09/23/crosscurrents/
...........but there are two other junior exploration stories that I like given that both are imminently drilling on material oil prospects.
They are i3 Energy (ITE.TO, last at $0.35) and Eco Atlantic Resources (EOG.V, last at $0.49).
ITE is in the North Sea and its Serenity well (currently drilling, 75% ITE working interest) is fairly low-risk as far as exploration wells go. ITE is looking to prove a theory that a thin oil column encountered in a previous nearby well is in fact connected to a thicker oil column up dip. The company’s interpretation makes the drill target look pretty straightforward and, if successful, Serenity would represent a major discovery and growth wedge for the company. ITE even pays around a 5% yield from its existing ~20,000 boepd of North American production, so Serenity is a bit of a free call option.
The other one, EOG, has no production, but it has a lot of exposure to emerging hydrocarbon fairways in offshore West Africa. In the near-term, EOG’s most relevant asset is its Block 2B exploration target in the nearshore of South Africa’s northwest coast. The company is about to spud the Gazania-1 well in order to test its theory that a down dip oil discovery extends substantially up dip, potentially holding some 300 million barrels of oil. EOG has a 50% interest in the well and it’s the kind of well that will attract attention if it hits, maybe even before. On success, I think either stock could see a step change in valuation, so I own them both in moderation. And yes, I still own some Africa Oil (AOI.TO, last at $2.53) as I think it’s just too cheap not to own.
I3E is ITE in Canada
ECO is EOG in Canada
https://www.hydracapital.ca/2022/09/23/crosscurrents/
...........but there are two other junior exploration stories that I like given that both are imminently drilling on material oil prospects.
They are i3 Energy (ITE.TO, last at $0.35) and Eco Atlantic Resources (EOG.V, last at $0.49).
ITE is in the North Sea and its Serenity well (currently drilling, 75% ITE working interest) is fairly low-risk as far as exploration wells go. ITE is looking to prove a theory that a thin oil column encountered in a previous nearby well is in fact connected to a thicker oil column up dip. The company’s interpretation makes the drill target look pretty straightforward and, if successful, Serenity would represent a major discovery and growth wedge for the company. ITE even pays around a 5% yield from its existing ~20,000 boepd of North American production, so Serenity is a bit of a free call option.
The other one, EOG, has no production, but it has a lot of exposure to emerging hydrocarbon fairways in offshore West Africa. In the near-term, EOG’s most relevant asset is its Block 2B exploration target in the nearshore of South Africa’s northwest coast. The company is about to spud the Gazania-1 well in order to test its theory that a down dip oil discovery extends substantially up dip, potentially holding some 300 million barrels of oil. EOG has a 50% interest in the well and it’s the kind of well that will attract attention if it hits, maybe even before. On success, I think either stock could see a step change in valuation, so I own them both in moderation. And yes, I still own some Africa Oil (AOI.TO, last at $2.53) as I think it’s just too cheap not to own.
Bidding process ongoing for 3B/4B......soon to complete - so news on that soon.
The rumours months ago was that the Supermajor coming in will pay 100% of costs for 2 exploration wells........lets hope that rumour is true and we get that news very soon.