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There must be numerous updates coming soon then if what you say is right.
Oilno...are you disappointed after your pl??
He must have promised you guys the world ??
Oilno
38% drop in revenue in azer ???
How??
Would have been nice to see a mention of the success at C-37 which should have a positive effect on the next quarter, plus C-30 about to get underway which should see an even better outcome .... oh well ... :-|
(Alliance News) - Zenith Energy Ltd said Friday its interim loss narrowed on lower administrative costs despite lower revenue in the period.
For the six months to the end of September, the Azerbaijan-focused oil & gas firm reported a pretax loss of CAD2.0 million, around GBP1.2 million, narrowed from CAD3.3 million the year before.
This was due to a drop in administrative expenses by 44% to CAD2.5 million from CAD4.5 million, however revenue dropped by 34% to CAD2.7 million from CAD4.1 million.
This was mainly due to a 38% drop in revenue from Zenith Energy's operations in Azerbaijan to CAD2.3 million from CAD3.7 million.
Operationally, Zenith Energy produced 40,396 barrels of oil from its Azerbaijan assets, down 11% from 45,523 barrels the same period the prior year.
The company sold 5,499 million cubic feet of natural gas from its Italian assets in the first half, up 38% compared to 3,978 mcf the year before.
Finally, Zenith sold 5,448 megawatt hours of electricity from its Italian assets in the six-month period, up 19% compared to 4,566 megawatt hours the year before.
"The board is committed to sustained growth and exploiting any value accretive opportunities that may present themselves. We continue to evaluate the acquisition of additional energy production opportunities in major oil producing countries, building on the momentum of our recent progress to further support the group’s expansion," said Chief Executive Andrea Cattaneo.
Orjones I think you may be spot on with the direction this goes moving forward
LOL ..... bizarre goings on....
C-30 - 3 Weeks since concrete slab pour so hopefully we could start to construct the rig and get ready for an end of month start to deepen operations :-) .....
comms needs to be better managed with clearer updates.
On we go ...... DYOR
Buying a can of 3-in-1 would enrich our asset base atm
debt financed acquisition to "enrich" our asset base would be no bad move imo... let's see.... good to see eco going back up lost a fortune there
fleetwood might even be right... mega opportunity at these prices.. costs are going down though considerably which is v good news
I don't think anybody wants to hear anything about an acquisition. Appiamma is right that the market often looks hard at the CEO comments attached to the results. Here it should say something like "the results show the beginnings of an improvement in financial position, but the next quarterly results will show the the benefits of our increasing production as the first well in our deepening programme more than doubled company production to over 500 bopd. Preparation to commence drilling the second well are well advanced and with a laser focus on getting our substantial reserves out of the ground I am confident that shareholders can look forward to many quarters of increasing production". Instead, by omitting the comment, we got the message "Increasingly frustrated by the complex geology of Azerbaijan and frankly bored by life in Baku the board has consented to me flying around the world looking for duff assets to add to my collection. While I work to repeat my success in Indonesia, shareholders can look forward with confidence to my reports from exotic locations, several more placements in the next quarter and perhaps a listing on a new exchange during 2020".
Maybe he’s just busy with the acquisition and we need be patient...
The beginning of drilling activities in the Jafarli Field, where are deepening two existing wells, C-37 and C-30,
is extremely exciting and represents a watershed moment for Zenith on an operational level. A positive result
in C-37 drilling operations has enabled the Company to achieve ‘proof of concept’ and demonstrate that the
significant work performed to date has all been part of a necessary learning curve prior to achieving success.
A little too ambiguous, just doesn't read clear.
The actual report always contains a post-period section, however I meant within the RNS as he has done recently. The comment in the the report is vague to say least and will do nothing to ease concerns.
'On October 9, 2019, the Company provided an update on drilling results at well C-37 in the Jafarli oilfield, confirming that continued flow testing of the well recorded an increased production rate.
Further stimulation of the well, which may include swabbing operations as well as the performance of nitrogen stimulation, may further increase the rate of production. The Company will update the market in due course regarding these operations.'
the quarterly filing simply states "an increase in production" re C37 .
one improvement, is the working capital deficit - it is about CAD$500K less than it was last year, although still around CAD$7.7M
The report does include a post period report if people bother to go to sedar.
Confirms the announcement made about increased production at c37.
Not accompanied by a post period operational update unfortunately. A perfect opportunity to remove uncertainty and regain market confidence missed imo. My suspicion now, and hopefully ill founded, is he's of the philosophy of some here that it's better to say nowt if you've nowt good to say and he's hoping before he's obligated to disclose Q3 figures in February next year, operational developments will be sufficiently improved to bail him out. Gla.