Member Info for Adon30

Not sure if it has been said yet. But possible MOU-5 location is 34.2789,-3.2828

New pad shape appeared in the olive trees (That they said they had to move) and road from the east to it.

Pad and surround is complete. A spudder rig was used to dril the initial so many feet.

Think they are still looking at partners for that one. Could be the same one as 36-2 if all goes well....??

Profits in T&T are small as you have tax and royalties. Compared to some other countries which have larger profit margins. Such as Morocco.

On the plus side T&T is relatively safe working environment and a lot of O&G services available on land (and sea) due to the established industry. The wells are fairly constant and can run for a long time. Modern practices extend these now. Let’s see what they can get from these older wells.

JPK I was not querying your observation.

The holdings changes are because of the latest raise and subsequent subscriptions. They wanted to raise £1.25m but only raised £0.67m. As a rights issue was voted against at the AGM they could only go to existing shareholders for this and not the wider market. Hence why they arranged the latest vote which has now duly passed. So they can go to the wider market to try and get the additional £0.58m that they were after from the raise.

Flagstaff have just released images of the access road being prepared for MOU5

Probably be on Twitter shortly

It’s not necessarily an increase in flow rate but an increase in the amount of recoverable hydrocarbons. Plus it will finally prove up the basin with a lateral which hasn’t been done before. That will open up a lot more.

Latest image from 11th shows things in place on pad compared to the 8th image which had less.

Should be all good to go.

Tankers for oil/ condensate. Pipeline for gas.

Rig move 100% confirmed on Satelitte pass from 7th. So moved early this week.

Following todays vote there is likely a further raise and share issue incoming.

What is interesting is a similar number voted against the issue as at the agm (2.5m to previous 3m). However 36m votes were 'for' at the latest meeting compared to only 8m at the agm. A 4.5 times increase in voting. Thats a huge swing in participation.

They think the acid wash could also be used on the 16-2 to improve matters, it is either in one of the RNS or was mentioned by CH in a interview. Plus the well would flow anyway with an available fresh water supply but a bit more stop start. I'm more concerned why they haven't mentioned federal 28 also. Although I think they could also drill laterals there. So that could be future plans and they know current output capability there anyway.

Surprise surprise they didn’t raise enough money to pay their overinflated salaries so they are trying to remove the rights so that they can go to the wider market.

O During H1 2024, the Company embarked on the drilling of the State 36-2R well which was almost entirely funded by proceeds from its well control insurance policy for the State 36-2 LN-CC well (the "State 36-2 well"). The well control insurance policy requires Zephyr to make payments in advance, prior to making claims for reimbursement. As a result, cash balances during H1 2024 fluctuated considerably depending on the level of operational activity and timing of the reimbursement cycle, including at 30 June 2024 when drilling operations were particularly active. To date, US$15.3 million has been reimbursed to Zephyr in respect of the State 36-2 well control insurance policy, which relates to activity from the well control incident on the State 36-2 well and the State 36-2R well drilling programme.

o Reimbursement of circa US$3.0 million from its insurer. The invoices relating to the US$3.0 million claim have already been paid in full by the Company.

o Over the coming months, Zephyr expects to submit final claims under the well control insurance policy of circa US$1.3 million for which it also expects to be fully reimbursed.

So $15.3m had been reimbursed to Zephyr for the well blow out, cleanup, many months trying to remove stuck pipe and redrill preperations and redrill. A further $3m had been applied for claim. And a further $1.3m was pending for final claim. So $19.6m for the entire well incident, attempts to rectify and subsequent redrill. Zephyr gets all this money back and is not the cost of the drill.

Also as anyone invested in Zephyr would know they bought the remaining 25% when they purchased further acerage. So Zephyr hold 100% working interest.

Correction, it was voted that they can only raise within the existing shareholder base and not outside of that.

I thought that at the AGM it was voted against them being able to raise funds?

Either way they wanted £1m and only got £670K. Shows that people are not willing to invest in a company that wastes money and continually comes out with the same excuses. While the BOD continues taking Fat salaries for no achievements.

As mostly gas. Is it under contract or can they negotiate their own?

I was going to mention central block recently and Paul’s answer the other day on acquisitions wasn’t conclusive.

10% up. Some leaky news or just investors getting in at these levels....

Small volume does make this shift quite quickly at present either down or up

I just need to correct something there. "Why they didn't drill a proper lateral is only known to them". Because they hit a high pressure and highly charged reservoir which appeared (at the time) to be the same as other conventional wells which produced many thousands of barrels from. Then the well incident happened because of a surface equipment failure before they could test the well and had to drill again. Which has led to the long delays and yes they are frustrating. After the second drill they could perform the testing required. They would not know the well conditions until they could do this. They could produce in the current state but you may get only a limited amount of oil and then the well would be exhausted. Only by drilling this lateral will they achieve a longer window of operation and even higher flow rates. Yes it will still be exhausted after a time (and they can drill further laterals) but the payback will be better. They are still proving the concept.

A multiwell drilling campaign of several laterals would actually be a cheaper option. But it is having the money in the first place and a working concept. Let's hope they have the winning formula now and can get one or several other partners on board to achieve the funding for this expansion.

I'm hoping for a sensible timetable for drill and testing and a good outcome and then take it from there.

Could be because they said they are (possibly) not drilling until 2026 and stop date of June 2025 to complete the farm in deal by. Some may loose interest because of the long dates. Doesn't mean that there isn't any more to come