Eco (Atlantic) Oil & Gas Ltd V.EOG

A reminder of what the drill will target........

[Proselenes]

Just a reminder........as we should be spudded by Monday/Tuesday next week.

The vertical well will target the main Gazania prospect, but also a secondary shallower target that is called Namaqualand.

If this vertical hits oil, they will then carry out a sidetrack into the Pelargonium target to see if that too has oil in it.

To be economically viable the discovery needs to be over 50m recoverable barrels.  The potential here is up to 500m recoverable barrels from all three targets

[Lonegaurdian19]

I'm going to throw this out there for the heck of it because it's days drill to depth. if history tells us it will be leaked, not saying that's a gaurantee as I'm not familiar with the Norwegian islander crew and SA involvement. in an event, if they excercize the 2nd drilling (side track) this thing should run. That means commercial and the side track is gravy. I've

[toptiger]

very good summary, should get people interested

[Suppe11]

Is there a (theoretical) scenario, where the main targets are meh/gassy/whatever, but the sidetrack hits ? Or will they only drill the sidetrack, if the vertical drilling is as planned=lots of light oil ?

[Lonegaurdian19]

I think the sidetrack is contingent on success. The well will give a general idea of the uplift and geology. So the simple answer is the side track will be drilled if Eco thinks it's economically viable to do so. If they don't do a side track they'll have to explain as much.

[Stampeder]

Great summary - thought I would add my high-level calculations of the value of a finding.  Size of Finding * Price per BBL ** Value of Finding Percent of Interest Shares Outstanding Value per Share   100,000,000               5.00