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Eco (Atlantic) Oil & Gas Ltd. (EOG.V)
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New CPR for those who haven't checked it out yet
oh boy, lots of free shares being handed out
ECAOF has spent 5 years doing extensive technical and seismic analysis of the Canje block offshore to find the best areas to drill. The Jabillo-1 rig is presently actively drilling. Results due in a month or two. Another. The well due to start in August
No debt. Cash rich to finance future drills. 36% insider ownership . Low float. (117000 shares).
Just starting to come back into business after over a year delay due to covid. Lower stock price right now .
Worth watching, investing, and waiting for news from the ongoing drill results.
Watch the YouTube video filmed within the last 2 weeks.
Shell reports hitting it billion dollar big with their Graff-1 discovery in one of eco's territories : offshore Namibia.
Earlier article before today's discovery news:
''21 December 2021 Erik Meyer Hugh Ewan
Namibia is again under the spotlight as Shell bank on the highly anticipated Graff-1 to unlock frontier plays in the Orange Sub-basin. The deepwater exploration well was spud by the Valaris DS-10 drillship just days after Venus-1, the TotalEnergies operated wildcat in the neighbouring PEL 56 licence. Shell have indicated the success of Graff is independent of Venus, targeting shallower plays within the major delta system. If successful, Graff-1 could spark significant international investment to a region which has had minimal E&P activity over the last 25 years.'
Supermajor's ongoing Graff-1 probe has found liquids in Cretaceous reservoir
Supermajor's ongoing Graff-1 probe has found liquids in Cretaceous reservoir
What is the story here been long and totally disappointed
They had 2 successful drills in 2019 which sent SP to $2.21 then profit taking hit knocking down SP.
Then Covid hit and activity stopped. They spent there time mapping out prospective areas in their blocks to aim for light and sweet oil and have picked out a few areas that look promising for drilling this year2021.
They say they have leases in one of the top 5 blocks in the world.
Their last 2 well were in relatively shallow water, thus their costs were less. Well cost was about $3M and return was 100 M barrels of oil.
They have no debt and plenty of cash to fund 4-5 wells this year.
They have the second largest offshore leases in Guyana, second only to Exxon.
They also have leases offshore in Namibia surrounded by Exxon , chevron, Total and others.
Total shares outstanding are low at 199M with a float of 120M.
Entire management are investors with a 40% stake. Institutions own about 2% including 2 large Canadian banks. Africa Oil is their largest shareholder.
So, I expect ECAOF to begin drilling again, (after their shutdown the last 2 years due to covid), next quarter fully funded and ready to hit the spots they have mapped out while inactive these past years.
As far as the stock price action goes, it was dormant for a long long time at $.40 . Some days it had not one share sold but mostly very low volumes. Lately some stirring has occurred and SP has dropped to a low of $.31. At this point a few days say volumes of about $2M indicating, to me at least, there is anticipation of a breakout based on expectations of successful drilling resuming soon.
I got this info from their website and youtube. Worth a weekend read if you like To jump in on oil companies at the beginning of their ventures.
The Canadian drillers RECAF, Cgxef, and ECAOF have huge potential . Nobody ever became multimillionaire s investing in safe mutual funds at 8% . The big money come from taking a risk that pays off handsomely. It’s a risk but it’s tamponed down by understanding that your company is on the right track and can finance its business without help. These drillers fit the bill .
I’ll throw out another debt free Australian driller, drilling in the Prudhoe Bay Area of Alaska for you to look at. 88 energy. EEENF. Lots of talk on Reddit. Also youtube.
The drilled a well earlier this year which I understand showed presence of oil but ceased drilling due to equipment failure. Resuming drilling in October
It’s 3/12 cents now rising a bit fro 1.8 cents a few weeks ago . Highest was 9ir 10 cent just before drilling stopped.
They still haven’t released final results from their first well officially
Worth a look.. seems to have quite a following . Negative point is huge shares outstanding. Over a billion.
But if one bought, say, at 4 cents and it went to 12 cents, that’s a triple.
Some days have huge volumes, yet other days have minimal volume. Can’t find out why.., of what the company is doing at present.
RECAF has given me a 105% return sine mid January.
Cgxef .. 27% since June 15
ECAOF.. 22% since jun29
CLR … 129% since Jan 5
ECAOF not well known as yet .. look at the one days chart.. weird looking.
Almost no debt, till now only 200 million outstanding shares, they have licenses in good areas, everything sounds very bullish for me… for this price, worth the”gamble” patience will be rewarded, you need one good article and up we go……
The Port in Guyana construction has begun. Should help reduce drilling costs.
Eco (Atlantic) Oil and Gas Ltd. Announces Launch of Eco Atlantic Renewables New venture seeking to develop exclusive pipeline of low cost, high yield solar photovoltaic energy projectsTORONTO, ON / ACCESSWIRE / January 26, 2021 / Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO)(TSX-V: EOG), the oil and gas exploration company with licences in proven oil province in Guyana and the highly prospective basins in Namibia, is pleased to announce that it has formed a new company ("Eco Atlantic Renewables") with Nepcoe Capital Partners Ltd. ("Nepcoe"), a renewable energy developer and investment company, to source, acquire and develop an exclusive pipeline of potential high yield solar projects. Eco (Atlantic) Oil & Gas Ltd. ("Eco Atlantic") owns 70% of Eco Atlantic Renewables and the remaining 30% is owned by Nepcoe.HighlightsEco Atlantic Renewables has been formed to source, acquire, and develop exclusive renewable energy projects and to create value through low cost, high yield, solar power development.Investment into renewables, alongside its principal oil and gas exploration business, will see Eco Atlantic becoming a diversified, growth oriented energy company.Eco Atlantic Renewables has been established to capture opportunities in the shifting energy market and subsequent attractive economics driving global solar photovoltaic ("PV") energy demand growth.Eco Atlantic is providing a shareholder loan of up to US$6m (the "Loan") for its 70% stake in Eco Atlantic Renewables. It is anticipated that the Loan will be repaid in full upon a monetisation of the solar PV assets, from future third party investment into Eco Atlantic Renewables or from future project cash flows. Eco will maintain its majority interest following repayment of the Loan.Through the joint venture with Nepcoe, Eco Atlantic Renewables has secured exclusivity to a potential pipeline of more than 2 Gigawatts ("2 GW") of prospective PV projects, mainly in Southern Europe's high solar hours' sunbelt.First acquisition of a fully licensed and permitted ready-to-build project for an aggregate consideration of c.#$%$1.1m paid by Eco Atlantic Renewables using funds available from the loan completed on 25 January 2021. The acquired 10.57 MW Kozani project in Greece has a secured feed in tariff and management estimates an internal rate of return ("IRR"), once built, of c.9% unlevered and c.13% levered.Subject, inter alia, to the availability of follow on project finance, Eco Atlantic Renewables is targeting the development and construction of c.100 MW of operating grid connected projects, in addition to securing the rights for an additional c.800 MW currently in development, in its first full year of operationEco Atlantic Renewables will have Executive Board oversight by Eco Atlantic and is planned to be independent in terms of operating management, governance, and future equity and customary project debt finance funding needs.As part of the wider financing strategy for Eco Atlantic Renewables, Eco Atlantic will assess the potential for its shareholders to participate directly in the growth of Eco Atlantic Renewables.Eco Atlantic will maintain its focus on oil and gas exploration as it continues to see considerable upside in its prospective hydrocarbon assets, offshore Guyana and Namibia, and is committed to explore and deliver value from these exploration assets as soon as possible, and once the Orinduik Block Offshore Guyana partners (Tullow Oil and Total) finalise drilling targets selection in Q2 2021.Gil Holzman, Co-Founder and Chief Executive Officer of Eco Atlantic, commented:"We are not a management team that likes to sit and wait for outcomes. Following several months of extensive strategic work and identification of multiple projects by the management team and Board of Directors, this exciting opportunity has crystalised. Our decision to form this new majority held renewable energy company was partly driven by a lack of oil and gas acquisition opportunities that are as good and as prospective as the ones we already hold.While we remain focused and fully committed to achieving near term exploration success in Guyana and Namibia, we are fully aware of the global energy transition that is firmly underway. The creation of Eco Atlantic Renewables is a clear demonstration that Eco Atlantic is responding to the changing marketplace. We have structured the new venture in such a way that our oil and gas assets in Guyana and Namibia remain the core of our business, we have retained adequate near term financing and both of our regions continue to demonstrate significant potential for our shareholders.The creation of Eco Atlantic Renewables is very exciting, and the recent shift in energy market dynamics presents compelling, near term opportunities and the potential to grow yet another ground-breaking independent energy company. Eco Atlantic's skill set is diverse, and we are leveraging our capacities, knowledge and experience of integrated proj
Ridiculously slow last couple of years obviously.Next year to two should be really busy.
Drills on 2B, Canje (succession) and Orinduik and perhaps of 3B/4B.
What just happened??
A lot is being collected it seems, they own promising areas. The price has doubled, it seems to work as the "purchases" without spending money.. Had hoped that eco would stay under the radar a little longer.…..
From Oilprice news site July 4/21
“ Eco Atlantic is the latest oil firm to join the major players acquiring a stake in JHI Associates and taking its share in the Canje Block off the coast of Guyana where Exxon operates.
A 2021 multi well exploration program will develop upon activities in the Canje block to see how far the regions hydrocarbon system extends. The low risk drilling project could provide greater insight into the extent of Guyana’s oil reserves.
Eco has stated “ this transaction will increase Eco Atlantic’s presence in the Guyana-Suriname basin to include a three well drilling program, with the first two firm wells on the Canje block drilling in 2021 and at least one in the Orinduik block, subject to partner approval.”
This will develop upon Exxon’s discovery last month at Longtail- 3 in the Starbroek block. “
YESSIR LONG AND STRONG WE REAP THE BENEFITS
Low float 117M. 36% insider ownership.. highest volume in a long long time..
dry hole sapote
Although proven elsewhere in the Guyana-Suriname Basin, this is the first time these reservoir targets have been encountered in the Canje Block. JHI said it believes this finding provides additional exploration potential across its significant acreage position.
Looks like ECAOF has spent their time, while inactive due to covid, mapping out drilling sites , mapping trenches and traps, and are now ready to restart their drilling in Guyana ,with 2 wells planned in aug/sept expecting to hit light oil. 3rd well planned for early 2022.
They also have 4 blocks offshore in Namibia with 10 year leases and looking to drill next year.
They have spent their time well while in dormancy and are ready to restart the company.
They have no debt and plenty of cash to fund their operations.
High insider stock ownership and low float.
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