Eco (Atlantic) Oil & Gas Ltd V.EOG

Slides from Africa Energy Corp looking at 2B geology.

[Cooper97]

While we wait.. www.africaenergycorp.com/site/assets/files/3246/2021-04-block2b-presentation.pdf

[argaiv]

Who will be paying for the well?   Until we get an actual hit it is speculation.  The story is a good one if you like to take chances.

[Lonegaurdian19]

That's the interesting part. Can ECO drill it as things stand % wise? Nope. Will Gil create a SPV that Africa oil takes a part in? Probably, will they bring in some other Capital partners? Possibly. It's a messy scenario, at this point the Graff discovery likely lifted all acreage's value. Would Venus hitting elevate it more? Yup, are other majors interested in this block? No idea yet.

[Harel1976]

The gazania-1 well is a low cost well with gross cost of only 25m$. I do believe they will farm out and if they wont they will need to raise only 15m$, after contracting the drill ship and selecting the orinduik next target and potentially farming out some of the namibian blocks, the mc should be around 300m$ cad, so dillution kept on minimum and the investing company should be aoi so thats a good

[Lonegaurdian19]

Back of the envelope, I'd say they are looking for $20 million. $15 mil for Ganzania and and extra 5 million buffer plus current cash. If they can swing that things are good, SP would be around $1.50 usd if they hit then add 50 cents when Tullow finally figures its future out and we drill Guyana. If they miss the SPV goes to nil but Guyana is still in play with an extra 5 million in the bank

[Splinnter]

Personally, I have a strong feeling with the expected oil prices during a UKR conflict as well as the huge potential of Guyana and Namibia that ECO is far more worth than 3 USD. The intent of ECO is not to become an oil producing company but to sell at the right time and the right price.  Pretty sure Gil ain't going to sell for less than 6$ over time. ECO is well positioned for a future

[Cooper97]

Six bucks is close enough - $US $3.50 would have been my call as to what Gil expected before Guyana. There may have been many interesting offers in the past, but what the company is worth at any given point in time is always going to be less then where GH sees the company six months to 2 years down the road. Success at 2B, 3B/4B, and Gil will be looking for $10 CAD, so interested parties should

[IceDog13]

My back of the napkin based on a successuful driill on target like Kumaka and Gazania would be north $5.50++ CDN.  We are an exploration company, the price of oil is irrelevant. Kumaka is over 700mbl and Gazania is 300mbl. Combined they are 255mbl net to Eco x $5 per barrel in the ground is $1,275,000,000. Divided this by about 250,000,000 shares (Once the Azinam deal completes I expect