We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
The thing is Amtech, fact can seem stranger than fiction. One of the posters said on here recently that a new comer would think that we are running through a industrial espionage book draft.
Unless you can prove all off your theories Tiburn I’d just put it all in one of those green boxes and move on or you’ll do yourself more harm than just financially.
As the full DS plan emerges, more can be surmised about the journey.
RNS Mar 29th:
"After leaving TLP-103C to stabilise for a period of 45 days, the Well was opened to release pressure which was building in the tubing. On opening the Well, oil was produced. A sample of this oil was collected and sent to the Congolese state refinery for testing. The results of this test confirm that the oil collected has an API of 43 and that the source of the oil is the Djeno reservoir.
This result therefore confirms the CPI calculations made by Schlumberger in January 2019 which concluded that TLP-103C had encountered oil in the Djeno reservoir. The test also confirms the reservoir's characteristics and indicates that this oil has moved to surface under its own pressure. "
Schlumberger CPI and the test of oil coming to surface was sufficient evidence.That was enough for DS to start his plan to sell this company to another for his and team personal gain.
The complete radio silence in real terms for all of April and May was whilst he set this in motion, all that CPR delay and further CPI test, Havoc review, was just when he was setting up the deal , also designed to start the SP slide.
So what does he agree and with whom?
In this period he could have raised over £4.4m by issue of remaining 44m placing at 10p under his authority, but let this lapse, as he wanted to drive the price down and have a voting block under his control for the end game, so the ISA is planned in detail at half the SP of just a few weeks previously - incompetence? part of his bumbling fool act? no this was the plan in action, agreed back then how the sell off would be constructed and ownership transferred.
So end game in play now:
part 1 - appear to sell to another minnow a substantial chunk, say 80% ? once the money has gone and all sentiment destroyed, after he and JB have left of course, the ISA shares secure the GM vote.
part 2 - Sell off the ISA shares to a silent partner gained in period April - June period at a target price agreed of below 1p
part 3 - He can rely on the disposal not being authorised as this is Africa and certain incentives may be in play
part 4 - The silent partner with deep pockets then installs their own board and takes all of the asset back as disposal defaults by Congo rejection of Zenith as a viable partner, waters are calmed, licence fee paid in full, SNPC debt is forgiven, SFP rig provision may be offered by SNPC in the sprit of partnership.
Its just business after all and business is war.
RNS Jun 7th
"Nutech has now completed its analysis and the Company is very encouraged by the results it has seen to date which support the view that the Djeno reservoir at Tilapia is of high quality. As announced on 29 March 2019, the Company confirmed that high quality oil had flowed to surface under its own pressure. This oil along with attendant gas continues to flow to surface under its own pressure with minimal water content. In light of this welcome information the Company is considering a revised production plan for TLP-103C."
I thought at the time this was a strange RNS to issue, not total confirmation of Djeno route, but a heads up to others allowing positioning it could have waited on full confirmation, only a week later:
"In drafting the Report, Havoc reviewed the interpretations by Schlumberger and Nutech of the wireline logs taken from the TLP-103C well. The Report states that "both reports have concluded that reservoir quality is between good and excellent, which supports a commercial decision to implement a plan to seek to produce from the Djeno"
So decision confirmed June 14th - Djeno viable - production plan adapted
Perhaps totally unrelated, but the Saltfleetby change of significant control from The Russian Federal Agency For State Property Management to Forum Energy was made just 3 days later on June 17th 2019.
As Skittish posted:
https://beta.companieshouse.gov.uk/company/00953066/persons-with-significant-control
Then Forum appear as a significant shareholder just now - will be in board control soon, with apparent backing, influence and power that Zenith can only dream of.
Even If the disposal occurs, ZEN may sell the asset back to Forum in due course once they get nowhere with Congo Govt on debt/licence, which is to be fully expected based on performance to date with AAOG, and other influencing factors.
If disposal doesn't occur, Forum own the Tilapia 56% asset and can engage their funds and influence towards a drill.
Tilapia was and is all about Djeno, the geo model is proving accurate, Vanji chance of success also increased - all the reasons to invest in Tilapia remain.
It appears Tilapia was never going to be for a minnow to develop and that incudes Zenith with their £6m market cap.