Member Info for EbbsandFlows

Probably need to add this to the ever-growing list of failures.

The agreement is for an initial term of six months. Whilst there can be no guarantee that appropriate opportunities will be forthcoming or lead to funding, Zephyr expects that it will be in a position to present a number of opportunities to the investor over the initial six months of the agreement, from its current and expected pipeline.

It’s now been 6 months and 13 days, and they’ve presented one opportunity for £2.5m.

OK let me reframe this to things that we know are true.

The original CPR report showed that there were commercially viable levels of oil and gas at our drill site.

This was the justification for drilling additional wells.

The company bought the gas collection pipelines that are very close by a number of years ago.

We finally had a successful drill that completed in May of this year.

We did not need a new CPR to proceed to production – this original CPR had shown this was a commercial field.

So why, 6 months later, are we still not producing or even have a start date for when we can start producing from the company, if, as claimed in the interview, the plan was always to move the find into production?

ps – as ever, I enjoy the difference of opinions that are shared here.

We all sit here, fingers crossed that this comes good.

I'm ever hopefull but no long have "blind faith" in CH abilities.

Interesting this government shutdown. It’s stopped the federal government when it comes to signing off the gas pipeline work, but doesn’t seem to have slowed them down when it comes to the “imminent” land auction.

After considering the RNS / interview, my view on all of this is:

A few months ago CH delivered a presentation in front of the great and good of US oil – nothing has come of that (i.e. offers / institutional buying / JV).

They’ve had the data room open for 6+ weeks – nothing.

CH put all his eggs into the basket labelled “sell this quick, I’m out of my depth”.

But the US oil industry was not interested in that basket until the field had proven it can produce oil and gas commercially. Hence panic: we now need to do this on our own for a period of time before coming back and trying again. I don’t think that was too hard to work out from the start.

So again, months of time wasted, more money used and still we all sit here, fingers crossed that this comes good.

But a slight bonus – government shutdown was not on my bingo card of excuses!

It explains all the recent selling, clearly some were more in the know than others.

This is effectively a $2m fundraise structured as a high-cost convertible loan.

Zephyr is paying around 20% per year (14% interest plus a 6% implementation fee) and has granted the lender both conversion rights at 3.75p and 18.18m warrants at 3.75p, so there’s clear potential dilution if the share price recovers.

In simple terms, it’s expensive bridging finance designed to tide the company over while they try to make progress at Paradox.

There are no guarantees that this money will be used to buy more land.

They cant because they haven't

It means we've done nothing but need to make it sound like we have.

Isn't about time we were producing?

No leaks could be simple down to the fact that nothing has moved forward.

An uncomfortable thought but a possibility.

I didn’t appreciate that they were going to hit their core value of being “carbon-neutral” be actually not producing any oil or gas.

If you like strong managment have a little look at Compass Pathway and who they added to their board this year and what this chap achived with GW Pharma.

He's been paid more now in wages and bonuses than what he's invested. Slight of hand skin in the game.

@papaduke Thanks for the gracious words yesterday.

The respectfulness of this board makes a pleasant change.

Zephyr Energy – CEO skin-in-the-game vs pay (2019–2024)

Cash invested by Colin Harrington (since 2019): £2,229,882.16

(Placings/subscriptions and option/warrant exercises, mostly via his controlled entity Origin Creek Energy LLC. Excludes any on-market buys that don’t fund the company.)

Total remuneration paid to Harrington (2019–2024): US$3,143,000

(Annual Report “total” each year: salary/fees, pension, bonus/benefits where applicable.)

Takeaway: On disclosed numbers, Harrington has put in ~£2.23m while receiving ~US$3.14m in pay over the same period.

This is the most frustrating part of this company.

It never feels planned, just always reactionary. We have new drill results, great we need an updated CPR then, OK let’s wait 90 days before commissioning it.

We brought the gas pipelines and processing plant 3 years and 2 months agon (14 September 2022) and what we have been told so far is zero, they have done nothing with it and it’s still not connected and operational.

This lends itself to the theory they never had any intention of producing, just proving it’s possible and providing all the elements for someone else to come in and buy it.

If potential buyers still regard the asset as commercially unproven and no sale is achieved, significant time will have been wasted. Commencing production to establish proof of commerciality would have been the logical first step and could have enhanced the valuation.

At the very least it would create revenue and boost the balance sheet because the non ops are bring in less and Colin needs paying. Since buying the gas lines and doing nothing with it we have paid him over £2.1million!

The data room has been open for over a month, the industry has known about us for much longer and still not memorandum of understanding or heads of agreements, been announced.

Let’s be honest, not a single one of us expected that we were not going to produce a single barrel from the Paradox this year but that’s looking very likely giving it’s the 11 Nov today.

PS: I wonder what Colin expects his bonus to be this year?

As we wait for what what we all hope is company defining news someone just drops £152k in shares. On top of all the other large sells, nothing to see here. No one knows more than anyone else. Right?

Some very large sells over the last 24hrs does someone know more than us?

Feels similar to the salt issue period

Im trying to work it into my diary - it might be the only way to get answers to some basic questions