Eco (Atlantic) Oil & Gas Ltd V.EOG

Drilling

[Lonegaurdian19]

I sincerely hope "no more asset sales" from the Tullow CEO doesn't include a farm-down for a carried interest from Total, guess we will learn soon enough.

[argaiv]

Would that affect Eco Atlantic?  Are you a Tullow shareholder too?

[Lonegaurdian19]

Tullow controls Eco's Guyana future. No, I have 0 interest in Tullow. In fact, Tullow is now a company that has to compete with its former CEO who almost bankrupted it. New management has had to do everything it can to right the ship. I truly hope they farm down or get out of the way of drilling, but the new CEO has said no new asset sales and that they are focusing on producing assets so I am

[argaiv]

I do not see Eco letting the lease expire on the Orinduik block because it is important to see whether the oil is present in this block or not.  

[Schreibzey]

Be interested to see what happens with Tullow. If they're going to concentrate on producing assets, someone needs to be the operator here at Orinduik. With any luck they'll farm down, but then there might be a further drilling delay to bring the operator in. 

[Lonegaurdian19]

Delay is my concern as well. It is tough to get a read on the new CEO at Tullow. The previous one was a wildcatter with some okay producing assets. The new CEO came in with a salvage the ship mentality during a pandemic. Well, he salvaged the ship and refinanced the debt but is he a wildcatter? Not sure. The new debt has a ton of covenants. It would make sense for them to farm down for a carried

[Schreibzey]

Can't remember if I mentioned this or not, but I have an email from Tullow IR in September 2020, saying "no Orinduik commitments are due until 2023". Guy named Matthew sent me that. Obviously things could have changed since then, so we will hurry and wait. 

[Schreibzey]

https://nre.gov.gy/wp-content/uploads/2018/03/ECO_ATLANTIC_GUYANA_INC.pdf

[minigoon]

EOG did mention in a vidio presentation they had a lot of talant and they could go the green solar route with more potntial deals up coming, they were going this route because they coudn't see waiting around ( kind of what your concerned about ), i say we see news with another solar project purchase!

[Schreibzey]

Well, I guess that's better than nothing, but I can't imagine many of us are here for the solar projects. To your point about waiting, seems with the relatively recent hire of the geologist in Namibia, maybe that's on the forefront for the time being. Obviously RECO is different, but success there may bring some eyes toward EOG.