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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 Company operates a 100% working interest in the 1,354 square kilometers (km2) Orinduik Block 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. The Company holds operatorship and an 85% working interest in four offshore petroleum licenses in the Republic of Namibia, being petroleum exploration licenses (PELs) 97 (the Cooper License); 98 (the Sharon License); 99 (the Guy License); and 100 (the Tamar License), representing a combined area of approximately 28,593 km2 in the Walvis Basin. In South Africa, the Company holds an approximately 6.25% working interest in Block 3B/4B and pending government approval of a 75% operating interest in Block 1, in the Orange Basin, totaling some 37,510km2.


TSXV:EOG - Post by User

Comment by grh525on Mar 22, 2012 4:34pm
117 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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