Member Info for Ezhik

For TXP to have been anywhere near ready by Q1, all their equipment would have had to be in place and assembled/connected with the control and instrumentation system already in place. i.e. 95% of the the project would have had to be already complete by now. To be saying that they are just about to lay concrete and that control equipment has all been ordered is a poor performance - and then 'luckily' NGC have played ball to accept the blame. It wouldn't make any difference, if NGC said we are ready to accept gas next week, it would still be H2 before they saw any. 12m delay.

Well, the timing is about what I had expected, perhaps for different reasons but even so, TXP still have a lot of work to do on their part before they can say 'Ready'. Second half of the year now before the gas is flowing. As I said, better be so good noises coming out of the Royston drill.

Hopefully Setanta. Was kind of hoping the drop is heralding decent news and a last minute opportunity for someone to fill a few orders.

You should know the M.O. by now. no news = bad news, but in reality, is there any ££in the SP attributable to Yemen or Benin in any case?. I don't think the market has much if any expectations for either to proceed. You have another month to wait for the PSC rns. It would be no surprise to see an extension of time though. I can't say that I have any idea about what's involved in the PSC negotiations, it's probably not a straightforward process unless the Benin govt have their T&C's already established. Company ought to announce the current position with the Tunisian assets though. That is of course if anyone actually knows who has rights to what assets or if anyone other than the govt has any rights at all. Seems like the country is under a presidential dictatorship just now--seems like we (the world in general) are all heading in the same direction under the auspices of saving the planet from cows or some other bizarre excuse to decimate farming across the world to create famine. Nuff said on that on this forum.
Pity Zen walked away from the Coro Italian assets really, they let it go before the humongous price rises. Anyhow Deano 1 et al. Hope you all get your money back here at some point--if not, just head over to Andy's place and drink yourself into oblivion at his vineyard.

I think that we need some very good noises from Royston with news of it being on track for production in the near future. Casc in my view will be H2 before it is producing, there looks to me like a ton of work to do. Sorry-negative morning.

I'm still invested here and not selling just yet, but mid-end of Q2 looks more likely than Q1 tbh. If it all goes together as planned and they power it up and it runs at design capacity without issues then end of Q1 maybe. A missing whatsit, a couple of whatnots or a hoosit not delivered, the dreaded 'D' word arrives then its toast for the SP. if we drift to 60p, it'll be a bargain.

Paul 1 Deano. I looked it up for you. Latest info provided as below. Maybe written off the Co books by now, but remember these rigs were bought by ZEN shareholders via Zena which so far as I can establish was registered by A.C as the only director and shareholder. Give him a call and ask him for some recent verifiable photographs of both rigs. He doesn't have to take them, just get the storage facility to post them on Twitter. In another rns the company announced they were in negotiations with a local rig supplier to start drilling in Tilapia, therefore no intention of using their own rig,--the reason given was transportation costs. I guess shareholders are still waiting in due course for a further update unless there is one I have missed.

RNS Number : 2495G
Zenith Energy Ltd
24 November 2020

November 24, 2020

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this announcement via a regulatory information service ("RIS"), the inside information contained in this document is now considered to be in the public domain.



ZENITH ENERGY LTD.

("Zenith" or the "Company")

Operational Update

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to provide the following update on its operational equipment.

1,200hp drilling rig

The Company can confirm that its 1,200hp drilling rig ("ZEN-260"), as well as ancillary drilling equipment, has been successfully transported outside of Azerbaijan, where it had previously been deployed for drilling activities. It is currently being held at a port storage facility, ready for immediate transportation, whilst the Company awaits clarity on its respective future oil and gas production and exploration activities in the Republic of the Congo and the Republic of Tunisia.

A-100 Workover Rig

The Company's A-100 375hp workover rig ("A-100") is operational and has undergone certain modifications to render it more suited to its intended operational activities. It is currently located in Azerbaijan. The Company is evaluating, in consideration of its recent acquisitions, where and how it can be best deployed and will advise the market accordingly in due course.

Along with plenty of others, I sold at 08.01 and 08.02 this morning. Nobody's interested in that of course but hey. Will buy back in a week or so.

Mixed bag today, another month approx for RCE4 to complete drilling and news of optimised production from RCE3. If the authorities can get the protesters eliminated by then, all the better.

From Petroleum Africa 2021-excerpt only.
On April 19, 2019, the Tunisian State represented by the Ministry of Industry and Small & Medium Enterprises informed ETAP and EPZ that the Comité Consultatif des Hydrocarbures (CCH) had provided a favorable opinion to the application submitted by ETAP and EPZ for a new 20-year concession to be called Ezzaouia (the New Concession).
A Convention for the New Concession (the agreed work program between ETAP and EPZ) has been signed by both parties.
The New Concession is currently awaiting parliamentary approval.
Andrea Cattaneo, Chief Executive Officer of Zenith, commented: “I am delighted to have completed this transaction which reflects the continued successful implementation of our development strategy – that of acquiring prospective oil production and development assets – and delivers immediate daily production revenue to Zenith during a time of material appreciation in the price of oil.
“Ezzaouia has significant unexploited potential which we intend to develop progressively via a combination of workover and drilling activities.

'Awaiting Parliamentary approval` So, maybe yes, maybe no. Has there ever been confirmation of the new concession being awarded to ETAP/EPZ?

It must have been coming out of the flare stack and spreading all over the place.

Do yourself a favour mate and look up the meaning of ageing assets. Your recent posts really are confirming yourself as the thing that every village is known to have. Start with RBM. (reliability based maintenance), have a look at the HSE website and look it up to see what you might find. An ageing asset doesn't have to be 100yrs old, it relates to its current condition based upon its performance against its original design and performance parameters and can in some cases be just a few months old. From a process safety perspective you would need to to a FMEA study on each item to decide upon it's relevant importance in terms of the safety and reliability of the overall asset and then embark upon a suitable repair and maintenance or a run to failure regime. I'm trying to help you but don't call me out on this, it's kind of what I do for a living. I notice that you haven't taken the trouble to acknowledge the current SP over at AXL in the same way that you took delight in announcing that it had dropped a bit last week, why is that I wonder?. Have you seen me take any pleasure from the obvious status of Tilapia? No? I wonder why that is?

MGS. Well matey, I too am disappointed to hear that Tilapia is now off the table. Onshore rig for offshore riches and a chance to rectify the mess that AAOG drillers made. Anyhow, fwiw, for your sake its a pity after the effort you have put in with your research. Now there's Yemen and Benin to iron out. I'm not a supporter of Seme in terms of Zeniths ability to bring it back on line because it's offshore for 1, but if you get the PSC over the line Q1 there will be a big hoorah and it will have been a big achievement which would support your comment about Zenith 'maturing'. Then the work will begin!. ATB

Deano; I doubt they are happy to let the SP and MCap fall to the bottom. Mcap is higher than it was 5 years ago so not everything is bad. They are using Twitter to update the market and to try and retain interest and hang a few more carrots on the string. You should be getting some sort of update on the unlocking of significant value from the Italian concession over the next few weeks. This is due Q1-Q2 of this year according to Benedetto - bit early yet perhaps but there should be updates coming from that score and you only have a few weeks to wait for the details of any PSC agreed with Benin. I would expect that Tunisia has gone on the back burner while all efforts are on Benin, Rob 1 has not been a success and historically Candax had little recent success with workovers and walked away from it. Risk/reward maybe not worth it when compared to other areas of activity but it's something to fall back on if Benin/Yemen doesn't go.

Bonkers. We need a swathe of new investors to come in, long termers topping up isn't enough. See what you can muster through twitter old chap, or get Mcnulty to do piece on us even if he has left the room so to speak. Thanks in advance. :)

All. Don't worry too much about hedgehog he is a spiky character who didn't like the fact that I mentioned on another bb (that he and a couple of other posters seem to think they own) that I had bought a few shares here.
Thing is, as an E&P oil and gas company, drilling is actually a fairly important part of the 'exploration' side of the business which of course has risks that we are all aware of, but unfortunately it is the key element missing from the company in which he has some of his eggs invested currently, so he's just over here in an attempt to disrupt. Although, unlike some on the other bb I am more than happy to take advice on any company red flags or negative information that I had perhaps not considered. It's easy to look him up and get the measure of his posting. We shall see how things pan out over the next 2 months here, I have an open mind and fully understand that the S.P will be up, down, or sideways---same as any other stock. I won't bleat if it's down or go bragging if it's up, it will be what it will be.

Salt has been an issue at Willaston since early 60's. I'm sure there are tomes written on Salt ingress for anyone with the time or inclination to read up over the weekend.--Homework to be in by Sunday night please!. But, it is 'fixable' with the use of inhibitors, foam injection, dilution with water or whatever is the most appropriate for the well conditions - which is the main thing. If they are testing different methods or are still having salt blocking issues then it would answer the apparent tardiness in completing the test. Well done seekinvalue for pointing out the details of the request.

Be careful what you all wish for. 100m spent already. Ageing assets, pipelines, C&I systems, Safety (LOPA) layers of protection. likely structural issues. might need another $ or two to be spent. Anything involving 'offshore' is logistically and financially a pita. That is why Tilapia was such an attractive opportunity, offshore discovery, onshore equipment.

Hey Bubbles. If you take the non-op wells, 16-2, 36-2 and 1 other currently not-drilled wells then 4-5000 in Q4 is what we are looking at yes. dsrt implied that 16.2 is currently flowing at 4000-5000 boe which is why I said it's a bit ambitious. none of us would say no to 4000 boe per well though.

dsrt. a bit ambitious there old chap, too many zeros.