Eco (Atlantic) Oil & Gas Ltd V.EOG

Gil Holzman presentation yesterday, 3/3/22

[dat51or]

https://channel.royalcast.com/sparebank1markets/#!/sparebank1markets/20220303_1
(courtery of Harel on another board) To view, go to 5:33 into the presentation, also listen to the Q&A at the end of the panel session.

I listened to most of Gil Holzman's short presentation and some of Garret ? from Africa Energy as well as a short part from Keith Hill of AOI.  Here are a few take a ways.

Ini general, not much new that we didn't already know, but overall very encouraging.

Guyana:  Jethroe and Joe.  1 million barrels. Tullow not experienced in heavy oil, but maybe Total will be.  Break even is at $48.00.

3 billion barrels in Orynduik Cretaceous.  They expect light oil.  Mentioned some excitement about CGX's discovery that is on the slope/shelf, somewhat similar to our drill sites in the SE corner.

Drilling in 12-18 months.

JHI:  We have 1.5% interest in the block.  Expect to begin 2-3 well drilling at the end of this year.

So, in Guyana "4 wells in the next 12-18 months".


South Africa, Orange Basin, 3B/4B and 2B. 

2B geology similar to 3B/4B.

Drilling rig to be mobilized in August. Travel from somewhere in the Scandanavian region to SA. Spud in October.

300 mmb

Only brief mention of 4 Walvis Basin blocks.  (Hmmm, not much mentions....in gegotiations to farm in...my speculation only)

Garret S.  AFE President on Block 2B

Mobilize August, spud October.  60% COS.  300 mmb.  Minimum size to make it commercial is 50 million barrels at $60.  Easy development.

Keith Hill on 3B/4B
Venus well is light oil...iin the upper 40's estimated prior to full tests.

AOI, on 3B/4B, owns 20% (I think he said AOI was the operator).  Of course ECO has 20% too.
Said, I think you'll see us dril a well there next year.
3b/4b has a lot of fedatures like Graff.  (note that AOI offered to buy iinto the Graff block, but Shell got it.  The point was that they'd seen the data room on that block and liked it.  Hill said that 3B/4b was huge in size and has a lot of features like Graff.

Elsewhere Gil mentioned that ECO is an exploration company whos model is to get into highly prospective areas next to the major comapny holding.  He mentioned ECOProve the resourse, then sell to maximize shareholder value.  I note that this objective has been consistent for the several years that I've owned ECO.  I like that approach as I'd like to see our holdings monetized sooner than later.

He also said, 12-24 monts....discover, then monetize. (I like it!)

Best to all,
dat

[Lonegaurdian19]

Appreciated Dat, nothing new there except Gils hilarious clear annoyance with Tullow. I wish Tullow had just gone bankrupt, their zombie status keeps annoying anyone partnered with them. They fact they hedged up at like $70 means their hands are tied. Shell seems to be a buyer of Russian oil which I don't like but tells me they're still aggressive. I hope they are the suitor for Guyana and

[AnMar]

I agree, would have been good if Tullow had just gone bankrupt.