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Straight forward interview summarising 2023 and now focusing on safe locations in Kazakhstan and the USA to add value for shareholders into 2024..................whilst confident with a result by spring/summer 2024 for a final result for the arbitrations. of over $150 million...............cannot ask more than that especially as Kazakhstan looks very promising............DYOR
Look into this company. This is a University Registered Company with 3 employers a 79 year old Englishman a 73 year old Kaz Native and the industry academic. Fair play that they got hold of the licence from the accounts for next to nothing, with no means of ever progressing the license. No website. Have we overpaid, just putting it out there.
Yes I am invested holding a very diluted 700,000
TYB - Just back from Christmas shopping and must say could not ask for better news. This is in no way a minnow play, this is a full bloodied mid stream endeavour that's taking us up to a new and exiting level. He's utilising the 260 rig to it's full potential by potentially attacking shallow targets, eliminating rig delays and saving millions on rig costs. If successful, it will place us in an unrivalled financial and logistical position that will not only fulfil his long awaited dream to go mid stream but will allow him and his partner drill as many wells as can be possible. This fearless approach to join with other knowledgeable partners is by far the best way forward, with each partner providing resources that would otherwise be an expensive hurdle to overcome.
Approvals and conditions still have to be gained and met. However, this deal does seem to be ahead of the game as far as licences already in hand, agreements already signed with most of the 2D, 3D seismic completed and are all looking quite good. I am also convinced that AC's tone, makes him sound rather confident that things will go according to plan. Certainly stuck his neck out getting the rig out of mothballs, after all, it's not cheap moving rigs around, so, potentially, he has a lot to lose if the deal fails to complete. Positivity in every word spoken so far, and no reason for us to doubt his enthusiasm. Plenty of enthusiasm from me and the same from the Norwegians today by the look of it, let's hope they keep it up. Great news.
Callit I say this is his best deal yet. 520 million barrels of oil in place with the rig on the way you can’t fault AC whatsoever. Funny how so many people who sold out still checking in on this stock daily, even those that pretend to still be invested but want this stock to fail so bad. I would guess that tomorrow will be a blue day after todays MMs blinding performance. Finished up 9% in Norway FYI.
Everyone would moan if there was no news.
AC doing what he's good at, 'making deals'.
At least we found out where the rig is.
GLA DYOR
Had'nt looked at this share for a while... sold out and lost ...could have lost alot more ... still a few punters hanging in there ... God loves a trier ...GL
Todays trades
20-Dec-23 15:20:25 2.95 20,000 Buy* 590.00 O
20-Dec-23 14:46:45 2.89 100,000 Buy* 2,890 O
20-Dec-23 14:28:16 3.00 500 Buy* 15.00 O
20-Dec-23 14:28:16 3.00 100 Buy* 3.00 O
20-Dec-23 14:13:45 2.90 100,000 Buy* 2,900 O
20-Dec-23 13:20:26 2.90 10,266 Buy* 297.71 O
20-Dec-23 12:47:33 2.90 65,000 Buy* 1,885 O
20-Dec-23 12:01:18 3.00 457 Sell* 13.71 O
20-Dec-23 12:01:18 3.00 266 Sell* 7.98 O
20-Dec-23 12:01:13 2.80 38,888 Sell* 1,089 O
Much more buys than sells and down 4%. MM tactics especially as up 10% in Norway.
Botham the deal is finished in our favour, all that’s left is us doing the due diligence. Uk market makers are playing with the price we are up 10% now in Norway. So clearly the market does believe it.
It has dropped, two fold - the markets are shocking, everything in free HE1, COPL etc. Secondly if this had been an acquisition announcement in isolation the shareprice would have reacted favourably unfortunately that is not the case, yet another new announcement and forget the other three MOU's. Since last year around 13 MOU's have been signed and not 1 has been closed.
Until it's closed the market does not believe.
Andy todays trades
Date Time Trade Prc Volume Buy/Sell Value
20-Dec-23 12:47:33 2.90 65,000 Buy* 1,885 O
20-Dec-23 12:01:18 3.00 457 Sell* 13.71 O
20-Dec-23 12:01:18 3.00 266 Sell* 7.98 O
20-Dec-23 12:01:13 2.80 38,888 Sell* 1,089 O
Judging from that it’s the MMs playing games before the next leg back up. No big sells and bigger buys than sells and they took it down. Also if the offer is 3p how did someone manage to sell at 3p?
Andybhoy same thing happened with the $154m news the price dropped 8% then finished 20% up. My guess is someone from the UK who wanted out from before uses the volume on news to get rid of his shares which will be mopped up by new investors over the day. Because if you look at the Norway market they are up 7% on the news. It’s that or the MMs are playing games before they move it back up. Fact is once we’re drilling for half billion barrels of oil and selling for profit the stock price will have no choice but to rise.
Florida? Your thoughts?
How does the share price drop on that news?!?! bizarre
Botham it’s up to zenith to do due diligence and if it’s all kosher and AC is happy the rest is a formality. It’s a win win for us and a done deal in our favour. Norway up 7% with big volume.
When will you get it in your thick head, there are always two sides. I am invested. and it is not closed read the RNS requiring approval.
A second tranche in the amount of US$1.8 million will be payable on the completion of a satisfactory legal and technical due diligence by Zenith 60 days from the date of signing the Conditional Acquisition (the "Exclusivity"), and the receipt of all necessary regulatory approvals in the Republic of Kazakhstan ("Completion").
For someone who’s not invested you sure do post a lot of rubbish on this forum botham. Reminds me of another certain poster, but I suspect your motives are different.
Great news I’m not bothered about the short term games by the market when we drill the half billion barrels and sell for profit the stock will have no choice but to fly eventually. As long as we are advancing in operations and growth the money will come.
Botham that’s incorrect the deal has been fully closed.
Look at the market reaction down 8.06% , again not fully closed. Constant flip flopping
Wiping out spreads about to bounce naughty games by the MMs
What a deal by the Italian stallion!
Over half a billion of oil in place with the drilling rig already assigned to Kazakhstan from Georgia.
I’m so happy right now
“ The current Akkudukski Block Competent Person's Report ("CPR") assigns P50 resources of 120 million barrels above the salt and 400 million barrels below the salt. “
Just reading through and processing the RNS. Did I read that right? 400 million barrels???!!!
Joint comment by Andrea Cattaneo and Alastair Murray:
"Andrea and I are fully aligned in our belief that this acquisition will prove beneficial, not only to the respective stakeholders of Zenith and Devonian, but also, more broadly, to the Republic of Kazakhstan. This is because it will demonstrate that successful Foreign Direct Investment (FDI) in the Kazakh SME (small and medium sized enterprise) oil and gas sector can be successfully delivered, in this case by a listed international energy company, and that new jobs and a range of positive commercial opportunities will be brought about."
· The Company has agreed to transport its drilling rig, a 1,200hp 260-ton onshore drilling rig ("ZEN-260"), to the Republic of Kazakhstan from Georgia, where it has been stored in recent years, for the purpose of drilling the First Well. Zenith will initiate the necessary importation formalities and obtain the required approvals and certifications for mobilisation of the ZEN-260 and ancillary drilling equipment to the chosen well location.
Zenith confirms that following the signing of the Conditional Acquisition, it has now discontinued all other negotiations in respect of potential acquisitions in the Republic of Kazakhstan. The Conditional Acquisition will be its sole focus.
Andrea Cattaneo, Chief Executive Officer of Zenith Energy, commented:
"We are delighted to have agreed terms for the acquisition of Devonian Petroleum, representing our first acquisition in the Republic of Kazakhstan.
The Company's management has been able to appreciate the significant development potential of the Akkudukski Block, specifically the highly material recoverable reserves contained therein.
The ownership of our drilling equipment, when viewed in consideration of the size and range of geological opportunities to be found within the Akkudukski Block, presents an attractive opportunity to drill "in succession" with the objective of maximising production revenue and profitability during a time of favourable energy prices.
We look forward to benefitting from the technical knowledge and geological expertise of the Devonian Petroleum team in respect of the Akkudukski Block and to commencing our operational journey in Kazakhstan."
Alastair Murray, Chief Executive Officer of Devonian Petroleum, commented:
"The deal with Zenith Energy is of great importance because it should enable the successful migration through to production of the potentially transformational reserves contained within the Akkudukski Block.
We identified the unexploited value potential of the Akkudukski Block from as early as 2017, following significant geological investigation, and we were successfully awarded our current licence following a highly competitive bid round involving more than ten other companies in 2018/19.
Our first phase of technical work will be the selection of a low-risk drilling location in one of the already discovered structures, as well as remapping the Jurassic discovery in the south of the Akkudukski Block, targeting approximately 40-80 million barrels in recoverable oil reserves.
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."
Joint comment by Andrea Cattaneo and Alastair Murray:
"Andrea and I are fully aligned in our belief that this acquisition will prove benefic
The Akkuduk producing Jurassic oilfield was discovered in 1981 with production in two Callovian sandstone horizons in a fault block with 4-way closure over a Kungurian evaporite diapir. The Jurassic oilfield has produced just over 6 MM bbls light oil on primary recovery to date. The Zholdaskali lead has been mapped on seismic in 2019 with 2-D and 3D seismic covering most of the lead. Devonian has subsequently identified Jurassic and deeper Permo-carboniferous sandstone seismic prospects. A deep parametric well, AKK-1P, was drilled in Soviet times to investigate a 45x10 km seismic feature seen (in low resolution 2D seismic) in the Devonian at circa 7,000m but drilling was suspended at 6,290m because of high pressure gas being encountered and tested.
· Devonian was the first UK company to be awarded a block of oilfields following a competitive government bid round, in accordance with the new code of the Republic of Kazakhstan 'On Subsoil and Subsoil Use' ("SSU Code"), by way of its local subsidiary, DP Energy LLP ("DP Energy") in which Devonian has a 99% interest.
· DP Energy holds a joint exploration and production contract for a term of six years from July 2019, to be followed by a production licence for a duration of 25 years subject to certain conditions being satisfied, primarily seismic reprocessing and the drilling of one new well.
· Under the terms of the Conditional Acquisition, Zenith has paid Devonian an initial deposit in the amount of US$200,000 (the "Deposit").
· A second tranche in the amount of US$1.8 million will be payable on the completion of a satisfactory legal and technical due diligence by Zenith 60 days from the date of signing the Conditional Acquisition (the "Exclusivity"), and the receipt of all necessary regulatory approvals in the Republic of Kazakhstan ("Completion").
· 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").
· If the Conditional Acquisition is not completed, Devonian will repay Zenith by set-off and will issue Zenith ordinary shares in the capital of DP representing 3% of its fully diluted share capital.
· The total amount of US$2 million, having been paid upon Completion, will be complemented by an additional consideration estimated in the amount of approximately US$3 million to cover the costs for the drilling and testing of a new well, to a maximum depth of 3,000 metres, in the Akkudukski Block (the "First Well"). This First Well will target either Triassic sandstone reservoirs at Akkuduk or Jurassic sandstone reservoirs at Kamen. The selection of the drilling location for the First Well will be mutually agreed.
· The Company has agreed to transport its drilling rig, a 1,200hp 260-ton onshore