11/29/2022 | 08:49am EST
Message :
MANAGEMENT'S DISCUSSION AND ANALYSIS
Expressed in US Dollars
Prepared by:
ECO (ATLANTIC) OIL & GAS LTD.
MANAGEMENT'S DISCUSSION AND ANALYSIS
Introduction
The following Management's Discussion and Analysis (the "MD&A") of the financial condition and results of operations of Eco (Atlantic) Oil & Gas Ltd. and its subsidiary companies (individually and collectively, as the context requires, "Eco Atlantic" or the "Company") constitutes management's review of the factors that affected the Company's financial and operating performance for the three and six month period ended September 30, 2022. This discussion should be read in conjunction with the audited consolidated financial statements of the Company for the year ended March 31, 2022, together with the notes thereto, as well as the Company's unaudited condensed consolidated interim financial statements for three and six month period ended September 30, 2022 (the "Financial Statements"). These documents have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board. This MD&A contains forward-looking information that is subject to risk factors including those set out under "Forward Looking Information" below and elsewhere in this MD&A, including under "Risks and Uncertainties". Further information about the Company and its operations can be obtained from the offices of the Company or at www.ecooilandgas.com. All amounts are reported in US dollars, unless otherwise noted. This MD&A has been prepared as at November 28, 2022. Forward Looking Information
Statements contained in this MD&A that are not historical facts are forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of petroleum and/or natural gas; capital expenditures; costs, timing and future plans concerning the development of petroleum and/or natural gas properties; permitting time lines; currency fluctuations; requirements for additional capital; government regulation of petroleum and natural gas matters; environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to operations; termination or amendment of existing contracts; actual results of drilling activities; results of reclamation activities, if any; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of petroleum and natural gas; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the petroleum and natural gas industries; delays in obtaining or failure to obtain any governmental approvals, licenses or financing or in the completion of development activities; as well as those factors discussed in the section entitled "Risks and Uncertainties " in this MD&A. Although the Company has attempted to identify important factors that may cause actual actions, events or results to differ materially from those described in forward- looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this MD&A and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required by law. 2
MANAGEMENT'S DISCUSSION AND ANALYSIS
Nature of Business and Structure of the Company
The Company's business focuses on the generation of shareholder value through high growth energy projects - primarily through identifying, acquiring, and exploring oil and gas assets. The Company operates in the Republic of Guyana ("Guyana"), the Republic of South Africa ("South Africa") and the Republic of Namibia ("Namibia"). The common shares of the Company (the "Common Shares") trade on the TSX Venture Exchange (the "TSXV") under the symbol "EOG", and on the AIM Market of the London Stock Exchange (the "AIM") under the symbol "ECO". Overview of Operations
Oil and Gas exploration
Eco (Atlantic) Guyana Inc. ("Eco Guyana"), the Company's wholly owned subsidiary, currently holds a 15% interest in the Orinduik Block offshore Guyana governed by a petroleum agreement between the Company, the Government of Guyana, Tullow Guyana B.V. and TOQAP Guyana B.V. (the "Orinduik License"). Effective June 28, 2021 and following a second investment in January 2022, the Company became the indirect owner of an interest in the Canje Block offshore Guyana (the "Canje Block") through the acquisition of a 7.35% interest (and up to 11.4% on a fully diluted basis) in JHI Associates Inc. ("JHI"), a private company incorporated in Ontario and headquartered in Toronto, Canada. The Canje Block is operated by ExxonMobil and is held by Working Interest ("WI") partners Esso Exploration & Production Guyana Limited (35%), TotalEnergies E&P Guyana B.V. (35%), JHI Associates (BVI) Inc. (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%) (together the "JV Partners"). The Company holds, through Azinam Limited and Azinam South Africa Limited, two wholly owned subsidiaries of the Company, interests in two offshore petroleum licenses in South Africa. The interests held are a 50% Operated Interest in Exploration Right Block 2B, (the "Block 2B"), and a 20% Working Interest in Exploration Right Block 3B/4B, (the "Block 3B/4B"). The Company also holds an 85% Operated Interest in four licenses in the Walvis Basin, Offshore Namibia ("Namibia Licenses"): (i) Petroleum Exploration License ("PEL") #097 (the "Cooper License") and (ii) PEL #099 (the "Guy License") (iii) PEL #098 (the "Sharon License") and (iv) PEL #100 (the "Tamar License"). The terms of the Namibia Licenses are governed by Petroleum Agreements (each, a "Namibia Petroleum Agreement" and collectively, the "Eco Namibia Petroleum Agreements") between the Company, its Namibia Licenses partners, and Namibia's Ministry of Mines and Energy (the "Ministry"). The Company is in the development stage and has not yet commenced principal producing operations other than acquiring and analysing certain pertinent geological data in Guyana and Namibia and drilling two exploration wells in Guyana and one in South Africa. The Company is currently engaged in the exploration and development of its properties, in addition to evaluating the Jethro and Joe oil discoveries, to determine the appropriate appraisal approach. 3
MANAGEMENT'S DISCUSSION AND ANALYSIS
Renewable Energy development
During 2021, the Company's subsidiary, Eco (BVI) Oil and Gas Ltd, was renamed Solear Ltd., to source, acquire and develop an exclusive pipeline of potential high yield solar energy projects, with a geographic focus in southern Europe. An independent senior team was engaged in the review and analysis of several development projects with potentially promising returns to seek to generate shareholder value. In February 2022, the Board of directors approved the sale of the Kozani project and resolved to discontinue the renewable energy operations. The Company is awaiting receipt of the balance of consideration due from the acquiror in respect of this disposal, having received a non-refundable amount of €120,000 to date, and accordingly retains ownership of the project and maintains the assets. Due to the failure on the part of the acquiror to settle the consideration on the due dates, the Company was permitted to dispose of the project to alternative buyers and on November 25, 2022, the Company completed the sale for total proceeds of €2.3 million (US$2.4 million). Significant Developments
On June 27, 2022, the Company announced the entering into of a farm out agreement for the acquisition of an additional 6.25% Participating Interest in the Block 3B/4B (the
"PI"). On July 6, 2022 the Company announced receipt of TSXV approval of the acquisition which resulted in the issuance of 2,702,702 Common Shares at a deemed price of CAD$0.48 per Common Share and a cash amount of $1 million to the vendor of the PI (the "Vendor"). Upon fulfillment of future conditions the Vendor is entitled to receive: (i) a cash amount of $500,000 (ii) Common Shares, at a deemed price of CAD$0.48 per Common Share, having an aggregate value of $500,000 (or alternatively in lieu of such Common Shares, at the Company's sole discretion, pay an additional amount of US$500,000 to the Vendor such that the cash consideration is $1 million); (iii) Common Shares a deemed price of CAD$0.48 per Common Share having an aggregate value of $3 million, which Common Shares will be subject to contractual lock up restrictions; (iv) Common Shares at a deemed price of CAD$0.48 per Common Share, having an aggregate value of $2 million; and (v) Common Shares equal to $2 million divided by the greater of (i) the value of the 30 day VWAP per Common Share prior to the date of the press release announcing the issue of such Common Shares; and (ii) the lowest issuance price then allowed by the rules of the TSXV and AIM (to the extent then listed on such markets, otherwise the average (if listed on more than one market) on such markets as the Common Shares are then listed) subject to a maximum of 10,000,000 Common Shares. On June 27, 2022, the Company announced the successful completion of an equity financing on a private placement basis for gross proceeds of $12.3 million (the
"Financing"). The Financing resulted in the issuance of 33,406,531 Common Shares, at a deemed price of CAD$0.48 per Common Share, and an equal amount of warrants with each such warrant exercisable into one additional Common Share upon payment of CAD$.5215. TSXV approval for the Financing was announced by the Company on July 6, 2022. 4

Eco Atlantic Oil & Gas : Q2 2023 Management's Discussion and Analysis

08/25/2022 | 01:38am EDT
Message :
MANAGEMENT'S DISCUSSION AND ANALYSIS
Expressed in US Dollars
Prepared by:
ECO (ATLANTIC) OIL & GAS LTD.
MANAGEMENT'S DISCUSSION AND ANALYSIS
Introduction
The following management's discussion and analysis (the "MD&A") of the financial condition and results of operations of Eco (Atlantic) Oil & Gas Ltd. and its subsidiary companies (individually and collectively, as the context requires, "Eco Atlantic" or the "Company") constitutes management's review of the factors that affected the Company's financial and operating performance for the three month period ended June 30, 2022. This discussion should be read in conjunction with the audited consolidated financial statements of the Company for the year ended March 31, 2022, together with the notes thereto, as well as the Company's unaudited condensed consolidated interim financial statements for three month period ended June 30, 2022 (the "Financial Statements"). These documents have been prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board. This MD&A contains forward-looking information that is subject to risk factors including those set out under "Forward Looking Information" below and elsewhere in this MD&A, including under "Risks and Uncertainties". Further information about the Company and its operations can be obtained from the offices of the Company or at www.ecooilandgas.com. All amounts are reported in US dollars, unless otherwise noted. This MD&A has been prepared as at August 24, 2022. Forward Looking Information
Statements contained in this MD&A that are not historical facts are forward-looking statements that involve risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of petroleum and/or natural gas; capital expenditures; costs, timing and future plans concerning the development of petroleum and/or natural gas properties; permitting time lines; currency fluctuations; requirements for additional capital; government regulation of petroleum and natural gas matters; environmental risks; unanticipated reclamation expenses; title disputes or claims; and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to operations; termination or amendment of existing contracts; actual results of drilling activities; results of reclamation activities, if any; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of petroleum and natural gas; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the petroleum and natural gas industries; delays in obtaining or failure to obtain any governmental approvals, licenses or financing or in the completion of development activities; as well as those factors discussed in the section entitled "Risks and Uncertainties " in this MD&A. Although the Company has attempted to identify important factors that may cause actual actions, events or results to differ materially from those described in forward- looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this MD&A and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required by law. 2
MANAGEMENT'S DISCUSSION AND ANALYSIS
Nature of Business and Structure of the Company
The Company's business focuses on the generation of shareholder value through high growth energy projects - primarily through identifying, acquiring, and exploring oil and gas assets
The Company operates in the Republic of Guyana ("Guyana"), the Republic of South Africa ("South Africa") and the Republic of Namibia ("Namibia"). The common shares of the Company (the "Common Shares") trade on the TSX Venture Exchange (the "TSXV") under the symbol "EOG", and on the AIM Market of the London Stock Exchange (the "AIM") under the symbol "ECO". Overview of Operations
Oil and Gas exploration
Eco (Atlantic) Guyana Inc. ("Eco Guyana"), the Company's wholly owned subsidiary, currently holds a 15% interest in the Orinduik Block offshore Guyana governed by a petroleum agreement between the Company, the Government of Guyana, Tullow Guyana B.V. and TOQAP Guyana B.V. (the "Orinduik License"). Effective June 28, 2021 and following a second investment in January 2022, the Company became the indirect owner of an interest in the Canje Block offshore Guyana (the "Canje Block") through the acquisition of a 7.35% interest (and up to 11.4% on a fully diluted basis) in JHI Associates Inc., a private company incorporated in Ontario and headquartered in Toronto, Canada. The Canje Block is operated by ExxonMobil and is held by Working Interest ("WI") partners Esso Exploration & Production Guyana Limited (35%), Total Energies E&P Guyana B.V. (35%), JHI Associates (BVI) Inc. (17.5%) and Mid-Atlantic Oil & Gas Inc. (12.5%). The Company holds, through Azinam Limited and Azinam South Africa Limited, two wholly owned subsidiaries of the Company, two offshore petroleum licenses in South Africa being petroleum exploration license number 2B (the "Block 2B"), petroleum exploration license number 3B/4B (the "Block 3B/4B"). The Company also holds four licenses in the Walvis Basin, Offshore Namibia ("Namibia Licenses"): (i) Petroleum Exploration License ("PEL") #097 (the "Cooper License") and (ii) PEL #099 (the "Guy License") (iii) PEL #098 (the "Sharon License") and (iv) PEL #100 (the "Tamar License"). The terms of the Namibia Licenses are governed by Petroleum Agreements (each, a "Namibia Petroleum Agreement" and collectively, the "Eco Namibia Petroleum Agreements") between the Company, its Namibia Licenses partners, and Namibia's Ministry of Mines and Energy (the "Ministry"). The Company is in the development stage and has not yet commenced principal producing operations other than acquiring and analyzing certain pertinent geological data in Guyana and Namibia and drilling two exploration wells in Guyana. The Company is currently engaged in the exploration and development of its properties, in addition to evaluating the Jethro and Joe oil discoveries, to determine the appropriate appraisal approach. Renewable Energy development
During 2021, the Company's subsidiary, Eco (BVI) Oil and Gas Ltd, was renamed Solear Ltd., to source, acquire and develop an exclusive pipeline of potential high yield solar energy projects, with a geographic focus in southern Europe. An independent senior team was engaged in the review and analysis of several development projects with potentially promising returns to seek to generate shareholder value. In February 2022, the Board of directors approved the sale of the Kozani project and resolved to discontinue the renewable energy operations. The Company is awaiting receipt of the balance of consideration due from the acquiror in respect of this disposal, having received to date €120,000, and accordingly retains ownership of the project and maintains the assets. However, the acquiror has confirmed its commitment to completing the acquisition and the Company is considering a legal claim in the event that the consideration is not received in the coming months. 3
MANAGEMENT'S DISCUSSION AND ANALYSIS
On April 5, 2022, the Company announced a private placement offering of Common
Shares at a price of CAD$0.50 per Common Share (the "Issue Price"). Subsequently, on April 6, 2022 the Company announced that it had placed an aggregate of 64,885,496 Common Shares at the Issue Price for gross proceeds of $25.5 million. On May 16, 2022, the Company announced the granting of 2,850,000 Restricted Share Units to directors, officers and advisers, of which 2,500,000 are to existing Executives and Directors, pursuant to the Company's Restricted Share Units Plan as well as the granting of options to subscribe for up to 7,050,000 Common Shares at a price of CAD$0.50 per Common Share at any time up to 5 years from the date of issue. On June 27, 2022, the Company announced the entering into of a farm out agreement for the acquisition of an additional 6.25% Participating Interest in the Block 3B/4B (the
"PI"). On July 6, 2022 the Company announced receipt of TSXV approval to the aforementioned acquisition which resulted in the issuance of 2,702,702 Common Shares at a deemed price of CAD$0.48 per Common Share and a cash amount of $1 million to the vendor of the PI (the "Vendor"). Upon fulfillment of future conditions the
Vendor is entitled to receive: (i) a cash amount of $500,000 (ii) Common Shares, at a deemed price of CAD$0.48 per Common Share, having an aggregate value of $500,000 (or alternatively in lieu of such Common Shares, at the Company's sole discretion, pay an additional amount of US$500,000 to the Vendor such that the cash consideration is $1 million); (iii) Common Shares a deemed price of CAD$0.48 per Common Share having an aggregate value of $3 million, which Common Shares will be subject to contractual lock up restrictions; (iv) Common Shares at a deemed price of CAD$0.48 per Common Share, having an aggregate value of $2 million; and (v) Common Shares equal to $2 million divided by the greater of (i) the value of the 30 day VWAP per Common Share prior to the date of the press release announcing the issue of such Common Shares; and (ii) the lowest issuance price then allowed by the rules of the TSXV and AIM (to the extent then listed on such markets, otherwise the average (if listed on more than one market) on such markets as the Common Shares are then listed) subject to a maximum of 10,000,000 Common Shares. On June 27, 2022, the Company announced the successful completion of an equity financing on a private placement basis for gross proceeds of $12.3 million (the
"Financing"). The Financing resulted in the issuance of 33,406,531 Common Shares, at a deemed price of CAD$0.48 per Common Share, and an equal amount of warrants with each such warrant exercisable into one additional Common Share upon payment of CAD$.5215. TSXV approval for the Financing was announced by the Company on July 6, 2022. On August 12, 2022, the Company announced that the Island Innovator rig, owned by Island Drilling Company AS, was released and mobilised. The rig is now under contract to Eco and its JV partners and will move on to the Gazania-1 well on Block 2B, 25km offshore the Northern Cape in Orange Basin South Africa. The rig is expected to arrive and spud by the end of September 2022, subject to weather conditions. The Gazania-1 prospect is targeting a 300 million barrels light oil resource. The well will take approximately 25 days to drill, and the JV partners plan to seal and plug the well after the test, with no equipment being left on the sea floor. The partners have also approved the option to drill a sidetrack well contingent on a discovery in the main target. 4
MANAGEMENT'S DISCUSSION AND ANALYSIS

Eco Atlantic Oil & Gas : Q1 2023 Management's Discussion and Analysis

And finally…
WTI $120.93 +26c, Brent $122.27 +26c, Diff -$1.34 u/c.USNG $8.61 -24c, UKNG 160.50p +12.5p, TTF €85.415 +€2.915.Oil priceOil up yesterday and about a dollar better again this morning. All the usual factors are influencing, perhaps Libya is getting worse with output falling again, it’s now around 100/- b/d. That wont help Opec+ at the next meeting
WTI $120.93 +26c, Brent $122.27 +26c, Diff -$1.34 u/c. USNG $8.61 -24c, UKNG 160.50p +12.5p, TTF €85.415 +€2.915. Oil price
Oil up yesterday and about a dollar better again this morning. All the usual factors are influencing, perhaps Libya is getting worse with output falling again, it’s now around 100/- b/d. That wont help Opec+ at the next meeting although I’m still of the view that mostly they can’t fill the gap and even the ones who can are keeping it in their back pocket. The 2 day Fed meeting starts today and there are now whispers of a 75bp rise, like the Bank of England , who also meet this week, they have been well behind the 8 ball reading this particular situation. Lots more info in next 48 hours, the Opec and IEA monthly reports and the API and EIA inventory reports, I hope people read the product stats as much as the crude numbers…
And its retail gasoline day and it gives me no pleasure to say that the average across the USA has tipped over the crucial 5 dollar mark. A gallon of Exxon’s finest will set you back $5.006 which is up 13.0 cents w/w, it is up 51.5c m/m and $1.937 y/y. In the West Coast it is $5.868, take out California it is still $5.428. Eco (Atlantic) Oil & Gas
Eco, and JHI Associates Inc. have  mutually agreed that Eco will no longer proceed with the proposed acquisition of the balance of the issued share capital of JHI not currently held by it. JHI holds a 17.5% participating interest in the Canje Block offshore Guyana. While all the main commercial points were agreed upon in keeping with the Commercially Binding Term Sheet announced on 14 March 2022 (including the proposed issuance of 127m new common shares of Eco to JHI shareholders), it was not possible to agree on the terms of lock-up arrangements required by Eco, designed to restrict and control any subsequent immediate sale of the consideration shares to be issued to the shareholders of JHI, to provide Eco Atlantic’s shareholders with the appropriate levels of protection in such a transaction. As a result, the Board of Eco Atlantic has decided not to progress with the acquisition at the current time. Gil Holzman, Co-Founder and CEO of Eco Atlantic commented:
“With the exclusivity period of our JHI negotiations ending last night, we have terminated the JHI proposed acquisition. We are unable to proceed without the appropriate protection for our shareholders that such lock-up arrangements were designed to provide. We look forward to remaining a significant shareholder in JHI with over 7% of the company and, as such, retain exposure to the potential of the Canje Block. We wish the JHI management the best of luck in growing and monetizing the business to benefit all shareholders. Notwithstanding termination of discussions, we and JHI may re-evaluate the proposed acquisition at a future date. We look forward to commencing our drilling campaigns planned in the prospective Block 2B in South Africa and Guyana this year and providing further corporate updates as appropriate.”
Always a danger sign when existing directors don’t want to lock-up their shares in a takeover so in my view huge congratulations to the Eco board for calling their bluff and walking away. They have been prepared to avoid any potential collateral damage to shareholders which would happen if they took the risk of the JHI directors knocking out stock ahead of the Gazania spud in September with the dilution risk that would present. With the combination of a stake in the Canje through the existing holding in JHI, the recent successes in South Africa and the exciting corporate actions increasing Eco’s exposure down there I’m glad the board took the decision they did and of course probably told the JHI directors that they know where to find them should they change their minds…
SDX Energy
SDX has issued the following trading and operations update in advance of the Company’s AGM today at 10.00 am BST. The information contained herein has not been audited and may be subject to further review and amendment. All monetary values are expressed in United States dollars net to the Company unless otherwise stated. Year to date 2022 Operations Highlights
Average entitlement production as at 31 May 2022 of 3,778 boe/d was 10% higher than mid-point 2022 market guidance of 3,425 boe/d. Production in Morocco and at South Disouq was above 2022 guidance, with West Gharib below due to mechanical issues with a previous rig that is now being replaced. West Gharib production is expected to increase in the second half of the year. In South Disouq, the planned three-well campaign has been successfully completed with three discoveries being made. SD-5X has been brought online ahead of schedule and is now contributing to production and cash flow. SD-12 East is undergoing a pressure build up test with MA-1X testing expected to commence in the coming days. Condensate production from SD-5X is also better than expected at gross 100-110 bbld/d compared to pre-drill expectations of 25-30 bbl/d. Based upon the results of the recent South Disouq drilling campaign, Management has reassessed the remaining prospectivity in South Disouq and has identified gross unrisked P50 prospectivity of 145 bcf of which c100bcf is in acreage that requires re-award by the Egyptian state. In West Gharib three wells have been successfully completed with production already commenced from the MSD -21 and MSD-25 wells. The recently completed MSD-24 well is expected to commence production in the next four weeks and operations are continuing at the MSD-20 well. In Morocco, preparations continue for the recommencement of the drilling campaign that was suspended in December 2021. The first of up to seven wells to be drilled in the next year is expected to spud in July 2022
In February 2022, the Company announced the disposal of 33% of the shares in the entity that holds its interests across its South Disouq concession for US$5.5 million which has been fully received. Year to date 2022 Financial Highlights
Closing cash as at 31 May 2022 was US$15.2 million
Capex as at 31 May 2022 of US$8.3 million, reflects:
US$5.2 million for the three-well drilling campaign at South Disouq split between: US$1.8 million for the drilling and completion of the SD-5X well, US$2.2 million for the drilling and completion of the SD-12 East well and US$1.2 million for the drilling of the MA-1X well. US$1.2 million of pre-drilling and standby costs associated with the re-commencement of the Moroccan drilling campaign, US$0.3 million on the SAH-4 workover as well as US$0.3 million of infrastructure works; and
US$1.3 million of West Gharib drilling costs across the MSD-20, MSD-21, MSD-24, and MSD-25 wells. Mark Reid, CEO of SDX, commented:
“I am very pleased to report a strong operational and financial performance update ahead of this year’s AGM. Our drilling results in South Disouq and West Gharib over the past five months have been excellent with six successful wells and with operations ongoing on another well at West Gharib. A one hundred percent success rate to date. Our drilling success in South Disouq in particular has enabled us to identify further material prospectivity in and around our leases. Production continues to be above guidance and we have further grown our cash balance to US$15.2 million as at 31 May 2022.”
Probably the last comment on SDX before the company is taken over, although for the life of me I can’t find anything in the statement that even indicates that a raid has taken place which is funny really..
And finally…
Last night the Warriors beat the Celtics without this time any help from Steph Curry and go 3-2 up in the series. On thursday night they can win the series in the Garden or if the Celtics win at home they head back to the Bay in the decider. The second cricket test is close, currently New Zealand are 282-9 looking to bat it out or set a hard target for England, right now all four results remain possible. And of course Royal Ascot starts today, uncertainty about the presence of the Queen but little doubt about the quality of equine participants. Add related topics to MyProactive

Malcy's Blog - Oil price, Eco (Atlantic), SDX. And finally…

Eco Atlantic says won’t proceed with deal to buy Guyana investee
“We look forward to remaining a significant shareholder in JHI with over 7% of the company and, as such, retain exposure to the potential of the Canje Block." Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) announced its deal to acquire JHI Associates, to increase its interests in exploration assets offshore Guyana, is off after technical terms of the deal could not be finalised. The AIM-quoted company said it could not agree lock-up terms that would’ve protected its shareholders from JHI shareholders selling newly issued acquisition shares immediately after the deal. JHI’s owners would’ve been issued some 127mln new Eco shares in the transaction, had it gone ahead. “We are unable to proceed without the appropriate protection for our shareholders that such lock-up arrangements were designed to provide,” said chief executive Gil Holzman, Eco Atlantic chief executive. “We look forward to remaining a significant shareholder in JHI with over 7% of the company and, as such, retain exposure to the potential of the Canje Block. “We wish the JHI management the best of luck in growing and monetizing the business to benefit all shareholders. Notwithstanding termination of discussions, we and JHI may re-evaluate the proposed acquisition at a future date.”
Looking to operational matters, meanwhile, Holzman added: “We look forward to commencing our drilling campaigns planned in the prospective Block 2B in South Africa and Guyana this year and p roviding further corporate updates as appropriate." Eco in March agreed to acquire JHI for US$52mln in an all-share deal. JHI’s owners would’ve held the equivalent of 34% of Eco as a result of the deal. It would’ve increased Eco’s stake in JHI from 7.35% to 100%, giving it a material stake (17.5%) of the Exxon operated Canje block. Exxon-operated Canje is located adjacent to the Stabroek area, the American oiler’s flagship block offshore Guyana. Stabroek, as many Eco shareholders already understand, is the stellar oil block in the region. It flanks Eco’s own Orinduik block and is host to the vast majority of Exxon’s multi-billion barrel oil discoveries offshore Guyana. The large-scale Liza field development is located within Stabroek and is rapidly ramping up to a new production peak of 220,000 barrels of oil per day in the coming months.

Eco Atlantic says won’t proceed with deal to buy Guyana investee

AEX Gold Inc (AIM:AEXG, TSX-V:AEX) said a 2021 exploration campaign at its Nanoq gold project in South Greenland “materially increased” the resource size potential. Geological mapping and drone imagery at Nanoq highlighted the presence of a total of three key altered mineralised shear zones each over 20 metres wide. Cobra Resources PLC (LSE:COBR) announced the start of aircore drilling at its Wudinna gold/rare earths project in South Australia, the first phase of the company's 2022 field programme. Aircore drilling - a low disturbance, low-cost technique - will be used ahead of reverse circulation [RC] drilling planned for the third quarter. discoverIE Group PLC's (LSE:DSCV) focus on the structurally growing markets has continued to support strong growth, house broker finnCap said. The broker noted that full-year results from the group announced today provided evidence that it is able to pass on cost increases to its customers and manage supply chain issues, with the operating margin rising to 10.9% from 10.2% the year before. The placement represented about 7.9% of the company's existing issued shares. Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) announced its deal to acquire JHI Associates, to increase its interests in exploration assets offshore Guyana, is off after technical terms of the deal could not be finalised. The AIM-quoted company said it could not agree lock-up terms that would’ve protected its shareholders from JHI shareholders selling newly issued acquisition shares immediately after the deal. Anglesey Mining PLC (AIM:AYM) reported positive results from the initial four holes of an infill drilling programme at its Parys Mountain polymetallic project in Wales. “As expected, there are numerous discrete high-grade zones, with zinc equivalent grades of over 10%, within an overall larger mineralised system,” said chief executive Jo Battershill. OnTheMarket PLC (AIM:OTMP)  said residential housing activity in the current financial year is still very active. Demand continues heavily to outweigh supply, according to the online property portal, though the level of new instructions has started to increase and that might lead to price growth easing. Bezant Resources PLC (AIM:BZT) reported the results of a recent drill programme targeting previously untested near-surface copper-gold mineralisation on the Hope and Gorob project in Namibia. Drill assay results have been received for eight diamond drillholes testing near-surface copper mineralisation at the Gorob prospect. discoverIE Group PLC (LSE:DSCV) , the designer and manufacturer of customised electronics for industrial applications, said its new financial year has started well with continued strong growth. The group added it is well-funded, with a strong balance sheet and cash flow, and has significant funding headroom for further acquisitions. O pen Orphan PLC (AIM:ORPH, OTC:OPORF) said its hVIVO subsidiary won its third significant deal in under a month as it announced a £7.2mln human challenge contract with an unnamed ‘top five’ global pharma group. The clinical research group will test the pharma's orally administered antiviral product, using hVIVO's respiratory syncytial virus (RSV) Human Challenge Study Model. Kinetiko Energy Ltd (ASX:KKO) has encountered significant gas formations at all three Korhaan Project wells in the Northern Karoo Basin of energy-hungry South Africa with Korhaan Well 3 (K-3) the latest standout performer. Significant gas flow rates have been achieved in K-3 with a flow rate of 83,000 standard cubic feet per day. ClearVue Technologies Ltd (ASX:CPV, OTCQB:CVUEF) has now received UL certification (UL 61730) for its triple-glazed IGU panels up to 3.6 square metres. This means the UL mark can now be applied to all ClearVue products including large format IGU panels. The certification for the smart building materials company now extends the existing UL certification to apply to large format glazing panels for high- and medium-rise construction opportunities in the US.

Proactive news headlines: Altus Strategies, DiscoverIE, OnTheMarket, Open Orphan and more

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JHI Associates is an oil and gas exploration company focused on frontier exploration in the Guyana-Suriname Basin. On March 14th, 2022, JHI Associates was acquired by Eco (Atlantic) Oil & Gas.

JHI Associates

Eco (Atlantic) Oil and Gas

Name	Work History	Title	Status
John Cullen		Chief Executive Officer	Current
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