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2.6p = .26p pre consolidation!
7p to .26p in real terms?
Paul why not optimistic ? Their bank accounts are seized if they don’t pay. It all comes down to the court findings which will undoubtedly go our way. I saw a clip about the Tunisian government moaning about zenith on their parliament somewhere several weeks ago lol. They know it’s a lost cause they’re just trying to drag it and lower it a little with negotiations in my opinion. But let’s see.
Paul
With Zen I find words like should, would, hopefully and if are becoming very common in my experience.
Still…. Here’s to good news soon… hopefully!!
'All we need is the court case to be concluded and on that win alone we should be '
The two words there are 'should be', for some reason I'm not so optimistic.
Paul the whole uk market is trash. In fact zenith is probably the stock I’m down on least think my break even is around 4.5-5p can’t be sure. I had ukog at 2p LOL.
All we need is the court case to be concluded and on that win alone we should be getting 10 times the current share price sell out and find another stock to reinvest.
70% down on this share, along with RBD & UJO my three oil investments that have spanked me.
I know lots of patience is required and those investing in renewables and climate change 'pap trap' will eventually lose out in the long run.
'60 days to complete legal and technical dd (from approx 20th Dec 2023) but there's actually no timeline when the Kazakhs will grant approval.'
That may take a while as they will probably make an announcement on all blocks together. The Congo experience still sits deep!
Won’t say no to a couple mill to the market cap a year.
Now Kazakhstan next and we’re good to go!
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Update on Italian Energy Production Portfolio
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international energy production and development company, is pleased to announce the full completion of an acquisition in Italy, as well as providing an update on its Italian energy production portfolio.
Acquisition of additional stake in Sant'Andrea natural gas production concession ("Sant'Andrea")
The Company is pleased to announce that it has acquired, and received the necessary final regulatory approvals, for the acquisition of an additional 10% interest in Sant'Andrea (the "Acquisition") from Petrorep Italiana S.R.L. ("Petrorep").
Following completion of the Acquisition, Zenith's 40% interest in Sant'Andrea has increased to 50%.
As previously announced, the Company plans to reactivate the S. Antonio-1 well located in Sant'Andrea, with an expected initial production rate of approximately 1,500 cubic metres of natural gas per day.
Under the terms of the acquisition, Petrorep has paid Zenith's Italian subsidiary the amount of EUR 248,000 (approximately GBP 212,000 or NOK 2,850,000) to cover its share of future plugging and abandonment costs calculated pro rata based on its participation in Sant'Andrea.
The Company is confident that production from Sant'Andrea will commence in October 2024.
Zenith's partners in Sant'Andrea have communicated that they do not intend to fund the costs associated with its reactivation. Zenith will therefore receive full entitlement to the production revenue to be received from Sant'Andrea, as well as bearing the full costs associated with the reactivation of production, estimated in the amount of EUR 20,000.
Italian Electricity Production - Torrente Cigno Concession ("Torrente Cigno")
The Company continues to generate electricity at the Torrente Cigno with an average monthly production of approximately 950 megawatt hours ("MWh").
Electricity prices averaged approximately EUR 96 per MWh during January 2024 and averaged approximately EUR 84 during the month of February 2024, resulting in cumulative net revenues of approximately EUR 171,000 for the period.
Zenith's current net production costs remain fixed at approximately EUR 35,000 per month.
Andrea Cattaneo, Chief Executive Officer, commented:
"We are pleased to have increased our participation in Sant'Andrea which we hope to bring to production later this year, creating an additional revenue stream for the Company.
I am pleased to report that the Company is currently evaluating a potentially significant additional acquisition in Italy, and I look forward to providing updates in due course if negotiations prove successful."
Paul1
Zenith have agreed to ship the rig, but it would be madness to do so without (as they say) "the reciept of all necessary regulatory approvals in the republic of Kazakhstan" for the approval of the acquisition.
60 days to complete legal and technical dd (from approx 20th Dec 2023) but there's actually no timeline when the Kazakhs will grant approval.
Last week I felt red flags going up, especially when some of my posts were getting removed regarding the Tunisian case.
This week I have alarms ringing!
Https://oilprice.com/Energy/Crude-Oil/Kazakhstan-Eyes-Expanded-Routes-for-Oil-Exports-in-2024.html we really do need an update from Zenith in regards to the Kazakhstan deal as the assets there are looking extremely good for 2024...............will email the company and see if I get a response as I feel once Kazakhstan s signed that would be ultimate turning point in the share price.........dyor & gla
I believe Kazakhstan is an Islamic country and now Ramadan has begun, will probably come down to an extension imo because having worked in the Middle East myself everything is always closed during Ramadan.
Paul spot on. We made the mistake of shooting our load too soon and then we had the asset ruined with corruption. I think ac knows how to play his cards now Kazakhstan shouldn’t be far off. Again the money in Swiss banks can be seized anytime so retrieving the money is not an issue.
We have no idea what is going on in kazakstan, the drill rig was supposed to go there and I was expecting pictures on X.
I understand the game now ZEN are giving nothing away after the Congo experience so a competitor cannot weasel in but at some point the shareholders need an update.
My concerns are the Tunisian court case and Kazakhstan might be might be another Soviet Era Azerbaijan debacle.
In the meantime the share price is voting with it's feet!
Blimey.
Wonder how that's going--extension date passed, notice to the market should be due.
‘ Even if Zenith win how are they going get the money from a country without no money.’
We will take payment in oil.
Botham from what I gather the courts have the right to seize their bank accounts and money. I am certain the countries have a measly £150m.
150m was just the first payment. EU will keep bankrolling them because the migrant issue is a political hot-potato.
"On 16 July this year, Tunisia and the European Union signed a memorandum of understanding on a “comprehensive strategic partnership” between the two parties in several areas, including the promotion of trade and the fight against irregular migration, worth over 750 million euros."
We all know the importance of MOU's :)
It's the exact opposite they have received 150 million in financial support because Tunisia is skint. Even if Zenith win how are they going get the money from a country without no money.
At least Tunisia aren't skint.
https://www.tunisianmonitoronline.com/index.php/2024/03/06/eu-releases-e150-million-in-financial-support-for-tunisia/
Agreed mls with the first payment due from the court case against the Tunisians 10p at least.
10p soon!
I understand Zengas, I have had 8 years of BS from this company.
It would not surprise me if Kazakhstan fails to materialise, Tunisia is open to questions and USA is complicated. That leaves S Sudan, no updates there.