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Eco (Atlantic) Oil & Gas Ltd V.EOG

Alternate Symbol(s):  ECAOF

Eco (Atlantic) Oil & Gas Ltd. is a Canada-based oil and gas exploration company with offshore licensed interests in Guyana, Namibia, and South Africa. The petroleum and natural gas interests of the Company are located offshore in Guyana, South Africa, and Namibia. In Guyana, the Orinduik block is situated in shallow to deep water (70m-1,400m), approximately 170 kilometers (km) offshore Guyana in the Suriname Guyana basin (Orinduik License). In Namibia, the Company holds four offshore petroleum licenses in the Republic of Namibia, being petroleum exploration license number 097 (the Cooper License), petroleum exploration license number 098 (the Sharon License), petroleum exploration license number 099 (the Guy License) and petroleum exploration license number 100 (the Tamar License). In South Africa, it holds two offshore petroleum licenses in South Africa, being petroleum exploration license number 2B (the 2B Block) and petroleum exploration license number 3B/4B (the 3B/4B Block).


TSXV:EOG - Post by User

Comment by grh525on Mar 22, 2012 4:34pm
116 Views
Post# 19706861

RE: RE: EOG vs OYL

RE: RE: EOG vs OYL

RobTheRheyno, you don't even want to start the discussion about costs. OYL cheapest well (Eagle Shallow) is costing them $50 million, Chariot well to be spud early April will cost $34 million and will be deeper than what EOG would need to drill on Sharon - so you are looking at Sharon wells probably costing under $30 million.

Of course, no one is saying EOG will even get to the point of drilling a well when you see what happened to UNX Energy. They got taken out for $730 million before drilling a well and EOG would most likely get more than that due to their blocks being in Walvis Basin that has more potential than Orange Basin (where UNX blocks were) as in my opinion, Orange could be gas prone. Walvis is mirror to Brazil's Santos Basin.

EOG don't need a ton of money any time soon. The big money would be needed if they got to drilling stage and would probably be half what CGX Energy is spending on their Cheapest well. Also, see this post concerning PP:

https://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=30834067&l=0&r=0&s=EOG&t=LIST

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