2d survey De-risked??Eco Atlantic (EOG) has 4 concessions offshore Namibia. Africa Oil (AOI) has a controlling interest in EOG.
The first EOG offshore well in Guyana was busted. In 2021, it's principal operator ExxonMobil drilled the Jubillo well in Guyana. It was designed to test Upper Cretaceous reservoirs in stratigraphic trap in 9,500 water. It came up dry. All the 2D or 3D seismic data were proven junk.
I had posted contemporaneously that investors should dump EOG when it was trading around $2.50.
Similarly, Horn Petroleum (renamed Africa Energy) drilled onshore in Puntland, Somalia with oil seeping out of the ground.They delayed announcing the flow tests but said they found good quality light oil and a working petroleum system and started drilling the 2nd well. That well was a duster and then subsequently announced that the first well turned into water due to migration and plugged. I also told people to dump after I sold that the delay in putting out first well results were suspected.
So far, no commercial oil has been discovered in Namibia. Just peddling stock.
lol, lol, lol