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Ageos
It is always good to hear your views on matters and without doubt you have an understanding of the problems faced by the company at a higher level than most of us on here. My main concern is other than the C37 work, how on earth are any of the current near term work activities going to be funded. As you say in the overall scheme of operations currently under the jurisdiction of SOCAR, Zenith are small fry and likely not at the top of any particular agenda. The plug installation at C37 is relatively low cost and surely current funds are sufficient to complete that work on receipt of said plug and the OK from Socar.
The success of that particular operation is key to unlocking potential funds to continue at Tilapia. i.e, a small amount of credibility restored and a higher SP. I would however instigate a further downhole logging survey of 103c before committing to a rig and drill/sidetrack program just to confirm or refute the previous findings from Anglo. no oil--no point so to speak. (Even though the indications are that there a several potential zones in the shallower 'R' sections, Mengo is allegedly nailed on and the oil seen to be seeping to surface at 103 emanates from Djeno.)
The cost to buy out Anglo is increasing in terms of share allocation by the day, therefore progress, and a half decent result on C37 would go some way to redress that situation. There is on the face of it a rock and a hard place where Andrea has backed himself into and the exit from that situation is getting increasingly narrower. Field operations focussed on an early value accretive activity is now critical to the future of Zenith.
If the SP goes below 1p, I would have to raid the piggy bank.
Thanks for your input--
Need to pull the rabbit out of the hat pretty sharpish ..
Time for talk and wishful RNSs is over .... it’s time to close the deals and get drilling ....
Ouch ... bad day for the markets.
FTSE down 3.5%
DOW down 4.4%
POO hammered ,.... not good :-[
AJ I sold at 1.3 last week which seems like a made a good call now... just wish I'd followed your lead when you sold at 3.9 as I'd be a lot better off than I am now! :-(
sub1 .......as expected
Blood bath everywhere !!!!!
Ezhik
Thanks for yesterday's response which seems to confirm we are of similar mind regarding the challenges facing ZEN and the solutions required. With Urals now at $49.35 ZEN's current 210bopd from Azer needs the anticipated boost in production from C-37 regardless of the bond issue. So hopefully we will see the A-100 rig at C-37 within the next 14 days, as scheduled.
With regard to Tilapia I understand that Samir Hashimov, Deputy Director of ZEN's subsidiary Zena Drilling and a research fellow at the Azerbaijan State Oil Academy, was part of the team in W Africa. That indicates a rigorous geotechnical assessment of the target wells so some reassurance on that front.
Best wishes for the future.
AGEOS
Thanks AGEOS - I suspect once the rig at C-37 is announced this will be back up Quicktime.
A dreadful week for the markets and yes we do need the intervention of some positive COMPLETED news!!! (ZEN?!)
I truly hope they can contain this current threat for all our sakes!!!
I have utilised the opportunity and brought my average way down ... so Thankyou ;-)))
I would like to know why AC, has not sent an RNS, stating the rumor about Azer is untrue. Also he should of explained the current share price is unjustified, told us plans on taking Azer forward. We will see sub 0.50 next week without real positive news. Posting photos on Twitter is not good enough.
Can someone tell me where did this rumor regarding AZER come from originally ... was it a poster , news report or what??
LOL - A rumour :-) .... hilarious really .... just stick to the official RNSs.
I fully expect to hear of the A-100 rig at C-37 shortly. A tweet of the BD260 at C-30 would be appreciated right now ZEN :-|
Rock...iirc it was TWinni.