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AC said z21 is unstable and that a parallel well will need to be drilled beside it.
Leave this in the background .....
Concentrate on Azer and getting the output up to 1,000 bopd!! There is still a chance to salvage this but it requires some positive moves in Azer to adequately increase production. C-37, C-30 and the well perforations will get us there hopefully so get that going !!!! .....
why is Z-21 still idle doing nothing?!?! .... get a rig back there ASAP (joint-production sharing agreement with a local or similar etc) to unlock the potential....
Do something to increase production which should be main focus and priority here!
Sorry high as possible instead of low...
But we know that's not gonna happen...zen will end up issuing millions of shares ....if the ****in* asset is so good...then pay cash, convert the bonds,...but no.
Magtalo76
totally agree if you pop on to coro's board ticker coro
most are saying its a pigin a poke
hopefully A/c has the upper hand but really a strange move ...
Acquisition and we are flat...I'm actually surprised we didn't end the day down....look....market moves with good, genuine positive news.....the market knows what's going on and hence the flat end....the initial payment at 6p per share is in there as a decoy, make it sound good....its the rest £3.5 I am worried about....its in zeniths interest for the share value to be low as possible on the date of issue....I want to see net figures...coro or any company would not let lucrative assets to be sold for tuppence....I'm not convinced with this purchase ...would have rather bought more rigs and speed up azer...as our deceptive CEO said drill drill drill
so, Andrea will be after gas in Norway.....
Consolidation of Italian portfolio will strengthen Zenith’s credentials as a natural gas producer to support the acquisition of additional natural gas production assets in other regions, including Norway.
Coro stated that their italian assets were non core, required capital investment and considerable management time to develop.
Andrea has taken something they do not want. With the launch of the EMTN Eur25m bond program, we should see some of this money raised spent on the development of the italian portfolio as well.
Oilno...there's the acquisition.....now for c37 and c30 and m247
The market seem to believe zen definitely got the better side of this deal, Coro currently down 10%
Agreed there 987 .... a shrewd move ....
Now where are we with Azer —- focus focus ....
There is a lot of skepticism about AC and Zenith. Any normal company that manages to fund an acquisition at more than double its sp would be lauded and the sp would rise considerably. Ac has to show he can get assets producing before he gets credit for the deals
In my view, issuing shares at a premium is a shrewd move. Yes, they will be sold at some point but probably not at a loss so these shares are unlikely to come onto the market at the moment.
More of this sort of deal please.
Regards;
987etc
when Andrea finally gets round to achieving that four months of daily production over 100k scm - then there will be a large issue of stock to the tune of £3.5m and at a 40% premium to whatever the price is then.
won't be any time soonthough, however, - we will have 6.7m shares issued soon though even if they are subject to a six month lock up and at 6p per share.
coro view...
The Disposal follows confirmation by the Company, in its H1 2019 interim results published on 12 September 2019, that Coro was firmly committed to its South East Asian growth strategy and that the Coro Board had, at that time decided to prioritise the divestment of the Group's non-core Italian operations.
The initial £0.4 million consideration for the Disposal, payable by Zenith to the Group on Completion, will be settled through the issue of 6.7 million new Zenith Shares at an effective issue price of 6.0 pence per Zenith Share. Subject to the Italian Portfolio being disposed of achieving average daily production of 100,000 scm over a period of four successive months, a deferred consideration payment of £3.5 million will be made by Zenith to the Group through the issue of new Zenith Shares at an effective issue price equal to a 40% premium to the then prevailing Zenith share price at the time of issue.