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Zak Mir interview with Gil from ECO
https://embeds.audioboom.com/posts/8161841/embed/v4
Zak Mir Trader's Cafe 22nd Sep 2022
Zak Mir talks to Gil Holzman, CEO Eco (Atlantic) Oil and Gas regarding the group's unique position in the market and forthcoming newsflow prospects.
You can watch the 13th Sept Town Hall meeting from Africa Oil at the link below.
South Africa from 28 minutes........
https://africaoilcorp.com/investors/videos/
He says 6 Major Oil companies in the Data Room looking to farm into 3B/4B license area.
This was the 13th of Sept.....he says "hope rig is on site and drilling in 10 days".............
https://www.energyvoice.com/oilandgas/africa/ep-africa/444274/africa-oil-hill-nigeria/
Africa Oil sees progress looming in Nigeria, Kenya
14/09/2022, 11:36 am
Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.
Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.
The company’s famously bullish CEO and president Keith Hill said the Island Innovator rig was 10 days out from arriving on location in South Africa.
Block 2B, the site of the Gazania well, is in a rift basin where a previous well has found oil. “It’s only in 150 metres of water and the contract terms are very good, so if we do find something we can bring it on quickly, it really has a lot of value,” Hill said.
“The value per barrel is probably double or triple that of deeper water barrels,” he continued, speaking at an investor meeting on September 13.
Eco Atlantic Oil & Gas and Africa Energy are both working on the block, with Africa Oil invested in each of those companies.
Hill discussed some of the challenges of the company’s portfolio approach. Africa Oil has a 16.7% stake in Eco Atlantic and 19.9% in Africa Energy. It is also has a 30.9% stake in the private Impact Oil and Gas.
While the move provides Africa Oil with exposure to a range of opportunities, the exit route is not settled. “How do we realise that value? We sell the interest, absorb the company or sell the whole company. We can’t keep doing what we’re doing, we need to divest them or give shares to our shareholders.”
Gazania could be a catalyst for a potential sale in Eco Atlantic and Africa Energy, Hill said.......................
Download link to the new Tennyson Securities Broker Note on I3E :
https://wp-i3energy-2021.s3.eu-west-2.amazonaws.com/media/2022/09/220915_i3e-Making-hay.pdf
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https://www.thetimes.co.uk/article/i3-energy-to-drill-at-new-prospect-2tsfpzc9c
I3 Energy to drill at new prospect
Greig Cameron
Tuesday September 13 2022, 12.01am BST, The Times
An oil and gas firm has confirmed it is on course to start drilling at a North Sea prospect this month.
I3 Energy said that if there is a positive result from the Serenity prospect it will then look to start planning for a full field development.
That came as the company announced it had more than trebled its revenue in the first six months of the year from £26.5 million to £101.6 million. It booked a £20.3 million pre-tax profit for the period, compared with a £7.8 million loss a year earlier.
I3 has its headquar.........
I3E presentation video from the 8th September.
Presentations postponed due to the Queens funeral. Likely now October.
https://www.investegate.co.uk/eco--atlantic--o-g/eco/postponement-of-investor-presentations/202209091730060034Z/
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https://www.investorschronicle.co.uk/news/2022/09/08/looking-for-income-on-the-aim-market/
......The exceptionally good performer among the 13 is i3 Energy (I3E), which combines oil and gas production in Canada with appraisal wells in the UK’s North Sea whose attractions have swelled enormously this year. Thus i3 is in the happy position of generating enough cash both to distribute generously to shareholders – dividends have been paid monthly since March – and to fund its capital spending. Management is committed to distributing 1.05p per share for 2022, though City analysts reckon that amount will be exceeded and the prospective 4.7 per cent yield shown in the table is based on a 1.2p pay-out..........
Interesting news today from EOG. They have got a 1m debt facility lined up "IN CASE OF SIDE TRACK AT SERENITY". Looking for even more oil with this appraisal then.
This is from their RNS this morning.
https://www.londonstockexchange.com/news-article/EOG/loan-facility-secured/15621586
.....Simon Oddie, CEO of Europa, said:
"We are pleased to have secured this source of debt financing from UJO, which is one of our joint venture partners at Wressle. The loan will provide us with additional liquidity and reflects the prudent cash management philosophy that we adopt at Europa when looking at the various development settings that we could face in the near term. One of these scenarios includes a success case side-track that may be drilled in the upcoming Serenity appraisal well. The side-track could prove up further volumes in addition to those proven by the main wellbore and these additional funds will ensure that we have sufficient working capital to progress all of our assets under the potential growth scenarios that we are modelling."
October dividend news :
https://www.londonstockexchange.com/news-article/I3E/october-2022-dividend-declaration/15617477
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OMJ going to have some comments on PANR on Sunday.
Oilman Jim @Oilman_Jim
More on #PANR $PTHRF in the next issue of the Sunday blog:
https://oilman.substack.com
Don't miss it. You can subscribe for free.
OMJ going to have some comments on PANR on Sunday.
Oilman Jim @Oilman_Jim
More on #PANR $PTHRF in the next issue of the Sunday blog:
https://oilman.substack.com
Don't miss it. You can subscribe for free.
https://www.telegraph.co.uk/investing/shares/investors-should-normally-avoid-perfect-stocks-oil-company/
........................In doing so, we maintain our exposure to oil through this giant company as well as via the up-and-coming producer i3 Energy and the oil equipment and services play Hunting, covered here a week ago.............................
News release is out.
Flow test news early October.
US OTC QX in coming days.
https://www.londonstockexchange.com/news-article/PANR/operational-and-corporate-update/15615417
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Dont forget ECO has presentation meetings lined up, 19th in person and 20th online.
Investor Evening - London
Eco would like to invite current and potential shareholders to an early evening face-to-face presentation by management, followed by a Q&A session, on Monday, 19 September 2022. Drinks and refreshments will be served afterwards. The event will take place at The Brewery, 52 Chiswell Street, London EC1Y 4SD, at 5.30pm for a 6:00pm start. Those wishing to attend are requested to register by emailing: ecoatlantic@celicourt.uk
Investor Meet Company Presentation - Live Webinar
Eco is pleased to announce that Gil Holzman and Colin Kinley will provide a live presentation relating to Q1 Results and upcoming South Africa Exploration Activities via the Investor Meet Company platform on 20 September 2022 at 3:00pm BST.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet ECO (ATLANTIC) OIL & GAS LTD via:
https://www.investormeetcompany.com/eco-atlantic-oil-gas-ltd/register-investor
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London shorting update for August.
The figures are the average amount of stock borrowed from CREST.
ECO a reduction of around 600K shares - current loaned amount now 2.79 million.
(Canada=EOG USOTC=ECAOF)
PANR increase of around 2.2 million shares - current loaned amount now 26.48 million
(USOTC=PTHRF)
I3E a reduction of around 2 million shares - current loaned amount now 3.83 million
(Canada=ITE USOTC=ITEEF)
London shorting update for August.
The figures are the average amount of stock borrowed from CREST.
ECO a reduction of around 600K shares - current loaned amount now 2.79 million.
(Canada=EOG USOTC=ECAOF)
PANR increase of around 2.2 million shares - current loaned amount now 26.48 million
(USOTC=PTHRF)
I3E a reduction of around 2 million shares - current loaned amount now 3.83 million
(Canada=ITE USOTC=ITEEF)
London shorting update for August.
The figures are the average amount of stock borrowed from CREST.
ECO a reduction of around 600K shares - current loaned amount now 2.79 million.
(Canada=EOG USOTC=ECAOF)
PANR increase of around 2.2 million shares - current loaned amount now 26.48 million
(USOTC=PTHRF)
I3E a reduction of around 2 million shares - current loaned amount now 3.83 million
(Canada=ITE USOTC=ITEEF)
Drilling Rig has ETA Gazania-1 drilling location on 27th September.
https://www.marinetraffic.com/en/ais/home/shipid:313453/zoom:10
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Serenity to commence operations around 10th September
https://kingfisherbulletin.org/notice-map?noticeId=2625
Rig has left Las Palmas and now on its way to Gazania-1 location.
https://oilnow.gy/featured/tullow-expected-to-relinquish-20-of-orinduik-acreage-enter-new-license-phase/
Tullow expected to relinquish 20% of Orinduik acreage, enter new license phase
By OilNOW August 26, 2022
The Orinduik Block partners are expected to relinquish 20% of the acreage as the first renewal period of the license draws to a close, taking approximately 360 square kilometers (km2) off the 1,800 km2 block.
Eco (Atlantic), a partner in the license, said in a Thursday report, that the partners will enter the second exploration phase of the petroleum prospecting license, before which, they are required to conclude the relinquishment.
The first phase commenced on January 14, 2020, and will conclude on January 13, 2023, Eco indicated. The second will last three years until 2026, during which the terms of the license require one exploration well to be drilled. Eco estimated, on a preliminary basis, that the lone well will cost US$30 million.
According to Dr. Michael Green of Align Research, who interviewed Eco-Atlantic’s Gil Holzman, the Orinduik Block partners are preparing to submit drilling commitments to the Government of Guyana before the year ends.
Eco said the partners are currently further defining the Orinduik geological modeling, 3D reprocessing, prospects maturation and upgrading of the drilling targets inventory selection in an ongoing process.
Dr. Green said the two latest discoveries made at the Seabob-1 and Kiru-Kiru-1 at the neighbouring Stabroek Block, operated by ExxonMobil, are on trend with the contractor group’s light oil targets in the southeastern corner of the Orinduik Block.
The analyst said, “Each discovery made in the Stabroek Block is extremely positive and helps Eco better target its next drilling campaign.”
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 cubic feet of gas.
Two tertiary discoveries were made at Orinduik in 2019 at the Jethro and Joe wells. Eco had said the finds indicated the presence of heavy oil, but were undeterred by the results which were not as the partners had anticipated.
Due to the high oil price situation caused by the fallout from Russia’s invasion of Ukraine, the Orinduik partners are revisiting the commercialisation potential of the Jethro discovery, which holds more than an estimated 100 million barrels.
The Guyana government intends to pursue more favourable terms for contracts outside of the Stabroek Block, should operators apply for a production license. Vice President Dr. Bharrat Jagdeo said last Friday, to his knowledge, that the partners have not approached the government as yet on this matter.
The Orinduik Block lies 170 kilometers (km) offshore. Tullow owns 60% operating interest, while Eco-Atlantic has 15% working interest and TotalEnergies/Qatar Energy JV has 25%.
Q2 Results are out.
https://www.londonstockexchange.com/news-article/I3E/q2-2022-operational-and-financial-update/15601896
Highlights:
· Strong Q2 2022 average production of approximately 19,502 barrels of oil equivalent per day ("boepd"), representing a 116% increase over Q1 2021 and an 8% increase over Q1 2022, despite delays to drilling caused by expected seasonal wet weather conditions and maintenance shutdowns at third party facilities
· Average field sales estimates exited July above 20,000 boepd with current field estimates of approximately 20,500 boepd.
· Assuming the full implementation of the Company's previously announced Enlarged Capital Budget (as announced on 9 May 2022), full-year 2022 net operating income ("NOI" = revenue minus royalties, opex, transportation and processing) is now forecast to be approximately USD 200(1) million (based on current strip), versus previous guidance of USD 241 million, predominantly due to volatile near-term commodity pricing
· Ongoing multi-well pad development of i3's core Glauconite, Cardium and Clearwater holdings and the strategic delineation of the Company's high-impact Simonette Montney position
· Drilled 7 wells (5 operated and 2 non-operated) with production testing underway
· Completed a 25% working interest farmout of the Serenity discovery to Europa Oil and Gas ("Europa") with Europa funding 46.25% of the cost of the upcoming appraisal well, up to a gross capped well cost of £15 million. Preparations remain on track for a mid-September spud
· Inaugural annual sustainability report published outlining the Company's ESG initiatives and plans to reduce GHG emissions
· Increased minimum annual dividend to be paid in 2022 by 25% to £14.784 million (current monthly distribution of 0.1425 pence/share) on strong operational and financial performance and paid out £5.153 million in H1 2022
· Full year 2022 Enlarged Capital Budget as outlined on 9 May 2022 remains unchanged at USD 97 million, and i3 remains on track to deliver peak 2022 production above 24,000 boepd
As has been said, Supermajors want in, and ECO is prime position Orange Basin, Namibia and South Africa and also Guyana. Big things are going to be happening soon for ECO.
https://www.upstreamonline.com/exploration/supermajors-eye-prime-orange-basin-block/2-1-1284744
Supermajors eye prime Orange basin block
Farm-out talks underway on South Africa licence ahead of 2023 exploration drilling
25 August 2022 12:57 GMT Updated 25 August 2022 13:25 GMT
By Iain Esau in London
The biggest stakeholder in a highly prospective Orange basin exploration block in South African waters is in farm-out talks with supermajors.
Ever since TotalEnergies and Shell made their huge play opening Venus and Graff oil and gas discoveries offshore Namibia earlier this year, the Orange basin has become the world’s hottest new exploration play and is firmly in the sights of the big international oil companies.
One of the most attractive tracts in the basin is deep-water Block 3B/4B where Africa Oil and its partners, Eco Atlantic and Ricocure, aim to start an exploration campaign in 2023.
Canada-headquartered Africa Oil and Eco Atlantic each have 20% stakes in the block, while Ricoc...................................
For me, the Rockhopper news of yesterday was also something good for ECO. As was mentioned in the Irish papers.......companies may use the same legal case against the government of Ireland.
https://www.irishtimes.com/business/2022/08/25/frustrated-irish-exploration-investors-could-tap-190m-italian-precedent
This is for me where the shorting is coming in, some people are betting that the green wokey brigage will stop the Gazania-1 drill before it spuds. So I dont expect the shorts to close until spud is about to happen.....so there might not be a run up in the share price until right before spud.....once its confirmed and no way it can be stopped, then the shorts will close out imo.
This will be the likely buyer of the Block with Gazania-1, in the success case. Total I believe will come straight in with interest if Gazania-1 hits oil.
https://www.upstreamonline.com/exploration/totalenergies-readies-wildcat-campaign-for-southern-africa/2-1-1283754
TotalEnergies readies wildcat campaign for southern Africa
French supermajor could potentially spud up to five wells in acreage offshore South Africa that is almost untouched by the drillbit
24 August 2022 10:46 GMT Updated 24 August 2022 15:33 GMT
................TotalEnergies could potentially drill up to five deepwater wells in Block 5/6/7 which overlays what has previously been identified as the southern limit of the Orange basin.
Drilling could start either in the fourth quarter of 2023 or in the first half of 2024, according to environmental documentation filed with South Africa’s government.........................
All good. Will certainly watch the webinar on the 20th of September.
https://www.londonstockexchange.com/news-article/ECO/unaudited-results-for-3-months-ended-30-june-2022/15599942
ECO (ATLANTIC) OIL & GAS LTD.
("Eco," "Eco Atlantic," "Company," or together with its subsidiaries, the "Group")
Unaudited Results for the three months ended 30 June 2022
Notification of Investor Presentations
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX - V: EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, is pleased to announce its results for the three months ended 30 June 2022. In addition, the Company is notifying the market of an investor event to be held on 19 September 2022, details of which can be seen below. Today's announcement follows the recently published Full Year Results and Operational Update announced on 1 August 2022.
Q1 Highlights:
Financials (as at 30 June 2022)
· The Company had cash and cash equivalents of US$38,753,695, and no debt.
· The Company had total assets of US$79.8 million, total liabilities of US$5.9 million and total equity of US$73.9 million.
Corporate:
· Two successful equity fundraises raising combined gross proceeds of US$37.8 million to fund its ongoing workstreams, including the upcoming drilling of the Gazania-1 well on Block 2B, offshore South Africa, and further G&G work across the entire portfolio.
· Completion of acquisition of 100% of Azinam Group Limited ("Azinam"), including Azinam's entire offshore asset portfolio in Orange Basin South Africa and Namibia, in return for a 16.5% equity stake in the enlarged Group.
· Acquisition, subject to completion, of an additional 6.25% Participating Interest in Block 3B/4B, Orange Basin offshore South Africa, for a consideration of US$10 million.
Operations:
South Africa
· Post period end, the Island Innovator rig, owned by Island Drilling Company AS, was mobilised ahead of the spud of the Gazania-1 well on Block 2B, in Orange Basin South Africa.
· The rig is currently offshore Spain heading to Las Palmas for refuelling and expected to arrive at the drilling location by the end of September 2022, subject to weather conditions. The Gazania-1 prospect is targeting a 300 million barrels light oil resource.
Namibia
· Following recent significant hydrocarbon discoveries offshore Namibia, Eco continues to assess options for progressing exploration and commercial activity on its acreage.
· Post period end, Eco announced Joint Operating Agreements with NAMCOR, the National Petroleum Corporation of Namibia, regarding to the Company's four operated offshore Petroleum Licence ("PEL") interests in Namibia, being PEL 97 (Cooper), PEL 98 (Sharon), PEL 99 (Guy), and PEL 100 (Tamar).
Guyana
· Eco and its JV partners remain committed to further drilling on the Orinduik Block and continue assessing opportunities to drill at least two exploration wells into the light oil cretaceous targets as soon as practical.
Investor Evening - London
Eco would like to invite current and potential shareholders to an early evening face-to-face presentation by management, followed by a Q&A session, on Monday, 19 September 2022. Drinks and refreshments will be served afterwards. The event will take place at The Brewery, 52 Chiswell Street, London EC1Y 4SD, at 5.30pm for a 6:00pm start. Those wishing to attend are requested to register by emailing: ecoatlantic@celicourt.uk
Investor Meet Company Presentation - Live Webinar
Eco is pleased to announce that Gil Holzman and Colin Kinley will provide a live presentation relating to Q1 Results and upcoming South Africa Exploration Activities via the Investor Meet Company platform on 20 September 2022 at 3:00pm BST.
The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet ECO (ATLANTIC) OIL & GAS LTD via:
https://www.investormeetcompany.com/eco-atlantic-oil-gas-ltd/register-investor
Investors who already follow ECO (ATLANTIC) OIL & GAS LTD on the Investor Meet Company platform will automatically be invited.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
"Today's update follows the detailed corporate and operations update provided earlier this month. However, our Q1 results serve as an important opportunity to remind investors of the significant near-term catalysts that we see across our entire Atlantic Margin portfolio, with near-term high impact drilling offshore South Africa, significant interest in our Namibian portfolio and plans taking shape with regards to our strategy for value accretion offshore Guyana, the outlook has never been more positive.
"We are very pleased to invite current and potential investors to meet with our Board and management team at a shareholder event on 19 September 2022 in London and for those not able to attend in person we hope you can make the live webinar on 20 September 2022. We look forward to updating investors on our plans and answering any questions. We would encourage those who are able to do so to attend and learn more about our highly strategic acreage across the world's most attractive exploration hot spots."
Africa Energy's Update on the Gazania Prospect
Just in case anyone was wondering why then mention of Helium in the news yesterday, confirms the seal quality is superb and therefore adds to the overall "World Class" description.
This is all just fluff though..........all that matters for the share price is the news is very good.......and onwards we go to 175p and then 250p once we get the Alkaid flow test results and they are good !!!!!
Because of the extremely small size of elemental Helium, and its very light mass, atomic weight is 4, the presence of elevated Helium in the Theta West samples is another indication of the excellent seal quality encountered by Theta West.
I3E presenting in London on the 8th of September.
https://www.proactiveinvestors.co.uk/register/event_details/407
This means we should have an operations update and new presentation released before the event or on the day.
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https://jpt.spe.org/alaska-north-slope-projects-mush-on
Alaska North Slope Projects Mush On
A trio of oil projects gears up to boost throughput on the Trans-Alaska Pipeline System.
August 19, 2022 By Jennifer Presley
Journal of Petroleum Technology
Alaska's North Slope is seeing a surge of activity as companies continue to advance big exploration projects closer to the goal of turning these fields over to production in the next decade.
Several projects are in the race to be the first to add fresh oil to the Trans-Alaska Pipeline System (TAPS) and, in the ......................