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You’re right, I was too hasty with those comments. Far too hasty.
I’d also like to take back my comments from this morning about ZEN purchasing The Mole from Thunderbird. Where the heck did I see that one?
GLA
Bots

https://www.offshore-technology.com/news/norway-offshore-licencing-round/

Rumour has it that ZEN are after bidding for Norwegian continental shelf blocks. Offshore.

Agreed, it’s an acquisition of tax credits. Focus remains on Az IMO

If I’m right, I can see why AC wouldn’t want to trumpet too loudly. Norwegian gov may not like it.
BTW I have quite a few CGT exemptions myself; totally useless unless I have taxable profits. Brilliant if I have a shedload of profit.

So we have a Norwegian subsidiary with tax credits (which are like cap gains exemptions). Why not transfer some of our Az resource to our Norwegian subsidiary and use up the tax credits if/when the oil appears? I assume this would be worth millions compared to the £300k we’ve paid. It’s reliant on our Norwegian subsidiary finding oil, but we know it’s there in Az.
Thoughts?

Sometimes the ducks just don’t line up. I recon today’s acquisition is part of a larger quest to enhance ZENs dealmaking optionality. An ace up the sleeve.
Collectively we have no idea how or when it will be played.

It’s a political move imo, nothing to do with the asset - which will be banked. Everything to do with bidding for future opportunities. Maybe distant opportunities.
Btw, there is some onshore in Norway and the northern fields remain largely unexplored.
Just saying

This is about getting access to new opportunities in Norway. I assume that AC has some info we don’t know.

Maybe they should put a picture of a petrol tank on their website and fill it up On a day by day basis As the oil comes out of the ground.
Yes it’s depressing to see the share price drag along the bottom. It’s an opportunity to buy but I’ve already got quite a few. It won’t last forever especially when they start working on C 30

Magtalo
Why Astrid “hole”?
“Ass” is the offensive word

If I was CEO and wanted to keep the price low I’d release pessimistic forecast statements about drill results before releasing good results and forecast a placement before the placement (as if we need two placement RNS notes).
Is LSE being kept down? Why?

Disadvantage: it will take longer for our shares to reflect true value.

Advantage: we can buy more stock at dog cheap prices.

Could the heavy discount is part of a down payment on a new acquisition or drill?
If this is the case then Zenith shares won't have been diluted, the company just got bigger.

Took a look on google maps. Seems to have some oil well drills shown on satellite image.

So the next quarterly should show a reasonable improvement in finances, but the quarterlies after that will reflect the transformation of the company with revenue from c37 and hopefully c30 adding massively profits.

Forget it , just the rns

Tweet out

Wow, wetting my pants over this news.
Glad I didn’t sell. Wish I had more funds.

Hopefully the extra revenue will mean that Zen can grow organically without resorting to more loans or funding issues.

From the horses mouth (AC):
"The most important thing is that we are continuing to drill and the results, the first shot, are already very good. But then what is important is the multiplication factors that we can do 10 wells in a row and hopefully 7-8 are successful like the first one, then this ofcourse makes a sustainable trend of production to get beyond 1000 bopd"

Seems clear that the 1000 bopd relates to the drilling campagn, not 1 or 2 wells.
Since they have the equipment (at last) and team I guess they're looking at a new spud every 1-2 months. If UC pays off we could get to 1000 bopd quicker.

Now they have a full operational rig with top drive etc I anticipate transfer to new locations on Zens property and the drill procedure itself to speed up considerably.