Eco (Atlantic) Oil & Gas Ltd V.EOG

AFE confirms Gazania spud in September

[dat51or]

From AFE's quarterly report today: Garrett Soden, the Company's President and CEO, commented: "We are excited to drill the Gazania oil exploration well offshore South Africa this year. The Island Innovator drilling rig is now expected to mobilize from the North Sea in July and spud the well in September. Gazania is seven kilometers up-dip from an existing oil discovery and therefore has a high chance of success with material upside for our shareholders.

[Cooper97]

Thanks for the posting dat!

[IceDog13]

As much as I hope you are correct, I will be very surprised if we do spud in the fall. The reason, Dana Petroleum currectly has the rig under contract and should have (assuming they did) spud back in April. They have THREE options. After Dana Petroleum is done, Petrofac will be drilling, they have TWO options. If no options are excersised, we should be spudding in September (ish). Each option

[Badders]

Not sure why you think you know more about the rig contract than EOG but the Company have stated publicly on a number of occasions that spud will be in the third quarter of this year. Indeed the latest information came a few days ago when Gil stated at Afirica Energy Conference that the rig would be available a little earlier than thought and spud will be late August/early September

[IceDog13]

I am getting my info from the website of the rig that has been contracted. Do your own due diligence, but you can check them out here... Island Drilling Company AS. Note the news releases for the four contracts they have, with the two scheduled before Eco both having options. (Maersk is after Eco).  Don't get me wrong, I am heavily invested in Eco, but I take everything Gill says

[Badders]

Thanks for your reply. I think there is a big difference between publicly stating that drill targets on Orinduik will be announced (since that is dependent on the ever unreliable Tullow) and raising money in a Public Fund Raise for imminent drilling expected third quarter 2022. I am certain that spud is not dependent on potential options on the rig. 

[IceDog13]

Doing my own due diligence, I have looked for every thing that could possibly go wrong that I could think of. The biggest issue I could find was those damn options both Dana and Petrofac have. The AFE results report does say it is ahead of schedule and could mobilize in July with a September spud. If so, happy days are not far away. It is also possible those options could be for a later date at a

[Bri55bri]

Iceland has left the Dana well and moved to the next location in the North Sea for work-over and two options

[IceDog13]

Iceland is moving to the North Sea!!!! Going to need to update my atlas!

[Bri55bri]

Island Innovator of coarse. https://www.marinetraffic.com/en/ais/home/centerx:1.6/centery:60.9/zoom:10

[IceDog13]

Sorry, I couldn't resist. Great to see they are done with Dana. Gil must have known this was coming and is why he stated they are ahead of schedule. 90 day program finished in 60, and no options excersised. Hopefully they can finish up the Petrofac contract as efficiently and start moving to SA!