RE:RE:RE:Eco TimelinesTriple R44, Somewhere back there I had the idea that Eco had a drilling carry for Orinduik and now, thanks to you, I see that this is not true. The March 2016 Annual Report has in its notes Exploration Activities (in simiar form to the Commited work program you have copied above):
In the second box Year 7 (ending 2023) 1st renewal period Drill one exploration well (contingent)
Expenditure (estimated by management based on current costs) $US 60,000,000.
Company's share of Expenditure $US 24,000,000, (hopefully this well can be drilled cheaper).
This is a huge difference to my understanding prior to your last post. I thank you very much for your superior diligence. This makes a big difference and the options you mentioned (major dilutive financing or a farm out) are right on. I am forced to conclude that the final effect might be that Eco has an Interest in Orinduik that is about half of what it would have been with a drilling carry. More to worry about, especially since the Namibian licences (except Cooper, which would be cut in half for a Tullow drilling carry option) require Eco to pay its share of drilling. I don't see how this company can manage this and Guyana. Last year they dropped the Ghana licenses and when significant money is required, Namibia might be next. Thanks Triple R.....so sorry that you are not wrong! Like you said, Eco needs to hurry. rl