600 MMBOE x $8 = 4.8bn So we have a m-cap today of approx 255 million ?
https://www.malcysblog.com/2019/03/oil-price-eco-atlantic-range-resources-and-finally/
Eco (Atlantic) Oil and Gas Ltd
Eco Atlantic has published an updated CPR on Orinduik this morning following completion of 3D processing and an additional six months of interpretation work. The result is an increase in Gross Prospective Resources P50 (Best) to 3,981 MMBOE from 2,913 MMBOE which is a more than handy 597.3 MMBOE to Eco.
The company has confirmed that the first well in June will be on the Jethro target looking for 214.5 MMBOE and will have a COS of 43.2%, this will be followed by a similarly risked well which the partners are selecting a location for now. Whilst the company are admirably keeping the adjacent Hammerhead-1 discovery by Exxon low key they do confirm that interpretation has confirmed the presence of oil on their block and that Exxon will drill an offset well on the Stabroek block in the near future.
Whilst Eco shares have performed very well of late I am sure that there is still significant upside potential, after all looking at their net resource number of nearly 600 MMBOE and even at a modest calculation of, say, $5-10 per barrel in the ground the £140m market cap looks strangely out of kilter….