RE:LoneGuardianArgaiv
Going on 15 years now. Yes, this is speculative but Eco is in a good place in terms of time. The have a low burn rate and should have sufficient cash for two wells. There is also Namibia which is basically a free ride with the Venus 1 well. If it's successful that's a game changer, if not there is little to no value assigned to our Namibian blocks anyways. In Guyana, after successfully drilling 2/2 wells we learned there is oil in our block. We also learned that the shallower oil deposits (tertiary) contain oil similar to that of Venezuela. Then came Carapa which proved the Cretaceous contains sweet oil but as I said here before they drilled it the site was too close to shore and didn't have enough oil to be commercial. If you look at all the wells drilled there is a sweet spot that Exxon and Apache happen to have focused on. That line does not intersect our block but lucky for us Exxon drilled Pluma and Hammerhead that if you connect the dots could/should be a new fairway that does intersect our block. The southwestern part of our block is a complete unknown, the safest and most lucrative part is the eastern most part. The risk/reward here is skewed towards reward at these prices, there are several catalysts that could send this higher even before we know if we have light sweet crude in our block.
cheers