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Paul1deano in the interview AC said there will be a result by spring/summer the latest. So not years and the ICC are sending hefty fines against them when they don’t corporate on time.
I agree TYB but if they had come off we would have the money going into the accounts now not some point unknown in the future after litigation, this could take years.
I’d prefer the former scenario to save a possible raise for finance which has been highlighted today.
You are such a thunder count!
Florida it has been proven many times ZENGAS is a proven liar and part of the mls mudstud kels etc group who always wait till it’s quiet and all come at once (preplanned) to bash this stock thinking they’re gaining revenge in AC for losing their money buying on the back of the failed venture in Azerbaijan, which was way before I was invested. They will lie and deceive and try any deceitful tactic to do this and today is just another example.
You cannot argue the facts the company is on the platform ready to finally deliver big shareholder value into 2024.
I wonder where all the de-rampers are going to be when the 60 days are up and the institutional investors climb aboard. You won't see their as**s for dust.
TYB - I was just about to post the same. They are like buses, when you want one you can't find one, then suddenly all at once. Paid de-rampers really should start playing as a team. Get you act together guys, you are making people think paid de-rampers really exist.
Paul1deano neither Congo or Tunisia is a loss, we are going to get paid $150 million + I prefer that and not having to have worked there in the first place.
We closed off on great news and soon the Kazakhstan deal is going. To be fully closed and the rig is on its way.
Mls I never noticed you’re being positive on Twitter today so not sure why you’re deramping here today?
Https://en.trend.az/casia/kazakhstan/3843793.html
Looks like turkey will be one of our biggest buyers and the easiest country to send to. Exciting times once the due diligence is done and the final payment is made for the asset. We’re very close.
Happy holidays all................and wish you all a profitable 2024 in Zenith.............Cheers
Agreed Florida lots of targets in sight and opportunities to drill for increased in bopd
Having read through the RNS and listened to the interview I cannot see a problem with this deal. Certainly no 50% equity outlay at this stage or for anytime soon, if ever. The maximum initial cost to Zenith is $2m plus the cost of preparation groundwork for drilling the first well (may include 3D survey - 30%) and to complete the drilling of the first well with their own rig. In return, we will receive $3m in the form of equity, making in total 50% of the total share equity value of Devonian. This will mean that we will have obtained 50% ownership of Devonian and an opportunity to drill a potentially high grade, low risk well for a total outlay of $2m plus costs. The additional 50% equity in Devonian has no relevance until the first well has been drilled. Only at that point will a decision be made as to whether to continue with the purchase, and on what terms.
There may be a requirement within the government licencing contract that requires the completion of the 3D survey, presently 70%. From experience this is the only hurdle that could take some time. My guess is that in order to keep their foot on the throttle they will choose a target well head already plotted within the existing 3D data. That way, they can achieve their objective to drill the well without having to wait for the 3D to complete. Six or seven targets already in sight.
2023 was a turbulent year for sure, but all the ducks are lined up for huge success in 2024.
Think you've been shown to be right on the buying the other 50 percent so will be happy with that for now esp as he doesn't reply to my emails and I'm blocked from his twitter page.
Apparently he didn't appreciate some of my comments re his past endeavours.
Can't imagine why I'm normally quite sweet but there you go.
I think we have to wait until the details come out of how Zenith propose to buy the second 50% before we have any clarity on this............I agree with what you say a long-term partnership does imply more than one well.........but also the buy out period could be over many years or many wells at various different price points.......... we have no more clarity on this than you do but what is obvious though is that the share basis of this deal is definitely over the second 50%............maybe email the company and ask?.................let us know what they say
Just watched the video again..
https://www.youtube.com/watch?v=O2W4APlKYR0
and after the presenter asks him about the 50% they're buying in Devonian and he's chatted about how great it is to have a mix of UK and Kazakh investors onboard re Devonian (approx 9mins in) he confirms that the plan is to drill, convert resources into reserves then discuss how to purchase the other 50% of Devonian.
Plan seems ok so long as the first well doesn't begin to prove up a megafield (presenters term). Wouldn't that take the price of the remaining 50% well beyond ZEN's reach?
Disagree its clear investverysmart and note that you haven't addressed the part of the RNS stating "what we expect to be a long-term and mutually successful partnership between Zenith Energy and Devonian Petroleum."
They are 100 percent clear in that statement that this is in fact a longterm partnership between ZEN and Devonian. A longterm partnership is not the same as drilling one well to drive the price up for Devonian so think this needs clarity from the co.
Panman the The rns makes it clear they are buying all of it where it says The Exclusivity will govern the commercial finalisation of the final terms and deal structure for the acquisition of the remaining 50% of DP to be paid in Zenith equity (the "Final Contract")............the mutually successful partnership will be in the drilling of the well and the driving of the price up so that Devonian get paid much more than $5 million for the sale of their second 50%...........dyor
If they're buying all of it then why are they looking forward to a mutually successful partnership?
"We expect this technical work will be completed by summer 2024, creating an exciting 'drilling pipeline' for the ZEN-260 rig being mobilised from Georgia as part of what we expect to be a long-term and mutually successful partnership between Zenith Energy and Devonian Petroleum."
They are not paying in equity for the acquisition of the first 50% though are they?...........the fee for the acquisition of the first 50% of Devonian is $5 million.........the first $2m is being paid in cash and the second $3m is being paid for by Zenith covering the cost of drilling the well with their own rig......the only element of this is that would be paid in equity is the acquisition of the second 50% of Devonian which they called the Final Contract.......obviously everyone hopes that after the well is a success that this second 50% will be at a much higher price than the first 50% maybe 5 or 10 times higher.........but the value of the asset after the well is drilled so Zenith's value will be 5 or 10 times higher too and then we will all be happy................DYOR
Mls678 noticed you’re quite pro zenith now on other social media platforms. Glad to see you’ve seen the light this stock will perform well in 2024.
And a trade at 2.75
A few weeks back was being ramped nicely at 3.2
Shame to finish so low. Jam in 24 hopefully.
I need £1 to be around my entry, we are a long way off that.
Not to sure what to expect if I hold for a few years but I have been here since the Azer days.
Where does the $3M come from ZEN? I have from the RNS $200K they've paid as deposit with a further $1.8M to be paid upon completion via a direct issuance of shares to Devonian giving $2M altogether.
The rest of the $5M appears to be being paid in kind via the drilling of the first well using ZEN's drilling kit so no shares issued there and also thought ZEN had access to debt markets now too so struggling to understand your maths?
$3m in equity Yes EQUITY represents 80m new shares at the 3p level. The sellers will want the equity at the lowest possible price. Same applies to the equity portion for the US. Obviously a complete Hallion having posts removed and only kidding yourselves and I’ve said this all the way down.
Dilution, Consilidation times 3 now.
The Italian stallion will give me my 50p exit eventually just matter of when :)
Just listened to the interview we have a lot to look forward to in 2024.