Member Info for CanaryInTheMine

Yes Botham I noticed that. If they are bringing Zak Mir on board it suggests that there might be significant newsflow imminent. Also, did you notice that BlythRay are still there. This must mean that Zenith are still working with them as it is unlikely that they would add Zak Mir and then forget to remove BlythRay.

It sounds equally stupid the second time you posted it and would you care to elaborate on your ridiculous claim that American oil reserves have been run dangerously low and yet to be replenished. Perhaps Romania, Greece and Turkey are stealing the American supplies?

America produces more oil per day than any other country in the world and almost ten times more than Greece, Romania and Turkey combined. It is not fossil fuel hating.

This appears to be a promising idea with potential. Acquiring oil production in a highly secure business jurisdiction is always a wise move, as long as it is done at a sensible price. This action should also keep PaulDeeno happy. He was asking for the company to acquire assets in a safe jurisdiction like Greece Romania of Turkey (???) Therefore, he should be extremely pleased with the opportunity in the United States. However, for this plan to succeed, the company needs to actively acquire assets in the US rather than simply announcing that they are considering it. Action not talk is needed.

The ones on their website are dated 31/3. because the is the ending of the financial year, not because that it when they are published. How can you be an investor and not know stuff like this. Jiff is right and Ezhik is wrong.

Ezhik do you ever get anything right? The annual report has never come out on 31st March that is just the financial year. It is always published at the end of August as it was last year and in 2021. Get the basics right please.

Investverysmart, you are spot on. GKP started in one of the most dangerous places in the world which everybody said that they were mad to touch and then they discovered a massive oil reserve and the share price went from about 3p to about 50p almost overnight. They took the big risks and got the big rewards. Why can’t Zenith do the same.

PAUL1DEANO you do realise that your suggestion yesterday AC should bribe African officials to win contracts Is banned in the EU and UK and if you are found guilty of it then you can be punished by unlimited fines and 10 years in prison?

What negativity associated with consolidations? I am not negative which is why I bought 550k worth of shares earlier today. The only person who seems to be negative about the consolidation is you KAM1234 and you can't even give any articulate reason why. Oh, and mls too, but he is negative about anything associated with Zenith.

I just bought 550,000 shares. 250k trade and 300k trade. Bargain time at the moment. Loading up.

According to https://olive-energy.com/subsidiaries.php FracGeo is a subsidiary of Olive Energy so I don't think that using them would have helped Zenith it was a stitch-up all along

mls if you actually read the company RNS releases then you wouldn't have to ask such questions You dont have to go back far

Zenith tweet on Benin https://twitter.com/zenithenergyltd/status/1623990629909905410

Looking good if you ask me,

Now since I have answered your question, it is only fair you answer mine. Are you currently invested in Zenith and if so, when did you originally invest?

Its a pretty easy question to answer fiah. Since the company has not raised any money from shareholders for about 18 months then the oil and gas being produced has covered all of the company expenses for this period. Not just the salaries.

Flashgarden - are you invested in Zenith? If so, what price did you buy in at and on what date?

2,000 bopd seems conservative. According to this article from back in 2013 South Atlantic Petroleum were aiming to produce 6,000 bopd https://africaoilgasreport.com/2013/11/oil-patch-sub-sahara/sapetro-drills-ahead-in-seme-field-benin-republic/

I agree MG. Or perhaps to continue with Kelsbells football analogy – the deal is agreed with Dortmund, the personal terms are agreed with Bellingham but the conclusion of the deal is being held up by a greedy agent.

Once you remove this aspect then it leaves the situation exactly as Zenith said it was. They want to buy the asset and they need to get ministry approval to do so. Everything else is just noise.

The Yemeni transaction is clearly still in play and to claim that “ the Yemen deal isn’t happening, the Yemen govt have blocked it before it got started” is simply untrue. To take the over-simplistic Jude Bellingham analogy further it is a bit like being the only club to have agreed an fee to buy Bellingham with Dortmund and now having to negotiate the players terms while being prepared to offer him £1 million per week. However, unlike Bellingham where there would be many other suitors, in this case there are not four or five other clubs wanting to make a competing offer, there is only Zenith. So Bellingham has to decide whether to say on £50k a week forever or take £1 million now a week now.

Nothing has changed since the announcement on Wednesday. Zenith have signed a deal with OMV and as long as they can convince the Yemeni govt to approve it then the deal will go through. If they can’t then it won’t.

It is very interesting to read the information published by www.yemennewsonline.info in the post earlier this evening and admittedly, the journalist’s view makes the future in Yemen sound pretty bleak for Zenith. Apparently the company “does not meet the ministry’s financial and technical conditions for relinquishing OMV’s shares” and is “ineligible to acquire oil assets in the country.”.

However, only the very navie would look at such a story with the journalist and not go and analyse the original source. Once you do this, the information is subtly, but significantly, different. If you go to the Yemeni Ministry for Oil and Gas’ Facebook page here: https://www.facebook.com/100069168250986/posts/pfbid0oVoYuETqCePwDwT5AJLrsRut9b8LkFcKWkaqXLra39qkZ73inkUKCHbffvSyqrJol/ and then google translate the post you get a much more nuanced version of the situation. The post says:

“The Ministry of Oil and Minerals denies its approval of Zenith Energy Limited's acquisition of OMV's stake
The Ministry of Oil and Minerals denied the validity of the media statements made by Zenith Energy, in which it claimed its acquisition of OMV's stake in the oil sectors (S2, 3 and 70).
The Ministry of Oil was surprised by issuing such statements that are contrary to the truth, as the ministry has conditions regulated by the production-sharing agreements. Foremost among them is adherence to the criteria for giving up or selling, which stipulate that the company that purchases and operates the sector must be well-known and international, with financial capacity and technical competence.
The Ministry of Oil condemned Zenith's issuance of such news and statements.
The Ministry clarifies to the public opinion that this news is incorrect, that no agreement has been concluded with it, and that the Ministry is still studying the documents submitted by OMV.
The Ministry confirms its denial of the validity of the news published by Zenith and what is stated in it, and that the Ministry, until the writing of this statement, still believes that Zenith Company does not have the competence and financial and technical capacity approved by the Ministry and the Oil Authority, and does not apply to it the standards governing cases of abandoning the ownership of the share owned by OMV.
Accordingly: The Ministry did not give any approval, and the Ministry does not bear any consequences arising from leaks that are contrary to the truth.
The Ministry of Oil and Minerals holds OMV and Zenith companies legally responsible for publishing such news that misleads the public opinion.

Issued by the Ministry of Oil and Minerals
Wednesday, January 4, 2023”

The ministry are obviously under the impression that Zenith have already announced that they have acquired the asset which Zenith have clearly not done and the RNS makes it clear that the transaction is subject to the approval of Yemeni authority.