Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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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
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Acquisition of Devonian Petroleum Limited
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF),the listed international energy production and development company with a focus on opportunities in Central Asia and the USA, is pleased to announce the conditional acquisition of an initial 50% of the shares and voting rights in Devonian Petroleum Limited ("Devonian"), a private oil company registered in the United Kingdom, for a total investment in cash and in kind presently assessed at approximately 5 million USD (the "Conditional Acquisition").
Conditional Acquisition Highlights
· In 2019, Devonian was awarded the Akkudukski exploration block (the "Akkudukski Block") of approximately 1,094 km2 in the Precaspian Basin, Kazakhstan, in a competitive bid round. Devonian has the hydrocarbon exploration rights to the basement, with the exception of the 2.9 km2 Akkuduk Jurassic oilfield, owned and operated by EmbaMinaGas, a subsidiary of KazMuniGaz, the Kazakh national oil company.
· 3-D seismic presently covers approximately 70% of the Akkudukski Block.
· 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.
· The Akkudukski Block is located in the Embinsky district of the Atyrau Region in the North Caspian Basin, on the eastern coast of the Caspian Sea, about 250 kilometres southeast of Atyrau the regional oil capital.
· In supra-salt reservoirs above the Kungurian Evaporate regional seal, an undeveloped Middle Triassic oilfield in sandstones underlies the Akkuduk Jurassic oilfield. This was identified in the AK-20 well, drilled in 2016, which recovered low sulphur light oil at 2,660m in an MDT test on Wireline in addition to seeing gas in the Jurassic at 1,913m. There are, additionally, at least 6 mid-Triassic seismic prospects and at least 1 more Jurassic seismic lead. Jurassic well KM-1 encountered more than 30m of oil-bearing sands in 2008 from 1,680 to 1,720m. In sub-salt reservoirs, a potential super-giant gas-condensate seismic prospect named 'Zholdaskali', geologically analogous to both the super-giant Tengiz oilfield operated by Chevron with approximately 25 billion barrels recoverable oil, located circa 60 km to the southwest, and to the adjoining Ansagan field, with approximately 400 million barrels of oil equivalent recoverable reserves, has been identified. The Akkudukski Block also contains potential reservoirs in 4-way closures, identified on seismic, in Lower Permian and Carboniferous sands.
· 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
Well they are six hours in front of us.
No RNS tomorrow and we ain’t got it.
$154m in court proceedings against Tunisia and Congo for ducking around Zenith with the the ICC on our side
Signed MOU in Kazakhstan and South Sudan weeks ago . With the Kazakhstan asset ready to produce 400bopd immediately.
USA still on the go with the US company brought and ready to go
Hardly a failure, on the court proceeding alone the price will multiply.
Decemeber 20tgh Kazakhstan are announcing the winners of the latest round of licences so should hear an update.
Take - please do not comment on actual facts - It is now over 6 months since the first of 3 US MOU's were signed with statements of speedy closure and drilling by the of 2023. And $350k purchase of a software listed company?
What conclusions other than negative can you draw from the ZERO progression?
All 3 would be amazing. Even the naysayers can’t deny that.
Both I hope, must admit to feeling stronger about S Sudan.
Could do with a USA operational update, in 2024 we need to start producing oil.
Christmas surprise from South Sudan or Kazakhstan?
Can we sell to NK?
I doubt Russia buys any gas or oil on the International market unless it is a back rubbing exercise.
Oil can be transported legally through Russia to anywhere in Europe without any legal issue...........oil can be sold to anyone in the world even Iran
@IVS dont we have a trade embargo with Russia right now?
If it does it may not have effect on our London listing but is oil transportation on the embargo list, a grey area to say the least.
I hope all our oil gets traded to China.
Kazakhstan to boost exports of its KEBCO oil via Russia by 14% in Dec – traders, LSEG
in Freight News 07/12/2023
Kazakhstan plans to increase exports of its KEBCO oil via Russia by 14% in December versus November to 1.12 million metric tons, according to two traders and data from LSEG and shipping agents. Kazakhstan supplies its KEBCO oil, similar to Urals in quality, through the Russian ports of Novorossiisk and Ust-Luga as well as via the Druzhba pipeline to Germany.
Four tankers with Kazakh KEBCO oil each carrying 100,000 tons are scheduled to be shipped from the port of Ust-Luga this month compared to 200,000 tons in November, according to the data from LSEG and shipping agents seen by Reuters.
The shipments of Kazakh oil from Ust-Luga port this month are scheduled for Dec. 1-2, 9-10, 24-25, 30-31, one of the traders said.
Kazakhstan’s oil shipment from Novorossiisk is set at 520,000 tons in December compared to 600,000 tons in a November plan, the traders said. Meanwhile, actual shipments of Kazakh crude last month were below the schedule due to a storm, traders said, so shipments in December may be higher than planned due to delayed volumes.
Kazakhstan plans to increase oil exports via the Druzhba oil pipeline to Germany to 200,000 tons in December from 154,000 tons in November. Kazakh oil producers seek to increase oil supplies via alternative routes to Black Sea ports as bad weather may suspend loadings from the outlets again.
The severe storm in the Black Sea area in November led to significant delays in loadings from main Russian ports.
Oil exports via the Black Sea’s Caspian Pipeline Consortium (CPC) fell to 4.1 million metric tons in November from 5.4 million tons in an initial plan. Russia’s Black Sea port of Novorossiisk failed to ship some 1.2 million metric tons of the 2.34 million tons of crude initially scheduled for export and transit in November.
What’s karma sutra got to do with it ? I assume because you’re saying he’s Asian ?
Karma sutra guy? What you on about?
Florida if he delivers Kazakhstan before Christmas it’ll be the best timing
If these two concessions in Kazakhstan for 400 barrels per day are part of the latest bidding round, we should, as a requirement complete the deal on or before the 20th December. Nice Christmas box.
Good find Callit. Seems I was wrong about the recent news of Kazakhstan deal. I was hoping for the 600 barrels a day concession, but hey ho, 400 will do.
But no one will buy us we are a dirty oiler no one buys, like the tobacco companies in the past. They had to pay dividends or ZEN can do a share buy back and cancel them off.
Pauldeano no we don’t need dividends we’re not Tesco’s. We need to get our $154m and get the price up to 60p :)
We need big dividends then, those who have been on the sharelist since the Azerbaijan days get quadruple!
Imagine if we get $154m from the courts and then getting a big payout from Kazakhstan buyout too. 2024 is looking tasty let’s see if the Italian stallion can make us rich.
Https://www.upstreamonline.com/exploration/kazakhstan-going-back-for-a-third-oil-and-gas-bidding-round/2-1-1534617
I wonder if there could be some more takeover targets for us after the next round of bidding in Kaz?
Kazakhstan or South Sudan news next? Or both ?