Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
@Bubble. Just read your message--working antisocial hours this week so this is my lunch break !. So, in reply, I would like to think that by end of this month they should have a better picture of the state of affairs and with luck already started their test. It is however impossible to do anything much more than rough estimates on timeframes in O&G. Someone, somewhere always seems to throw in a curved ball to hold things up--e.g. for example, do we know whether the Local Environmental officer has to inspect and approve the clean-up before they can actually start any work? Chances are I will probably miss out on being able to buy back into my Isa pot at the lowest SP though. As soon as the announcement that they are ready/have already started the test is issued then the SP will quite rightly jump up a few points which will make my SIpp a bit happier but I'll have to pay more for the Isa pot. I'm just being careful and for those that remain 100% confident in a positive outcome, I'm probably coming across as negative which is not the intention. I mentioned before, that I just want confirmation that the well is in tact after being allowed to flow uncontrolled for a few days and then I think that we will be in for a decent rise providing they have tamed the pressure and flow.
@sce2aux. it was fairly obvious to me that it would take longer to clean up the spill, re-inspect the rig and check every valve operation and then clean up the well and then pump the concrete and then test what they have pumped to ensure integrity etc and then think about testing only if and when they have a green light on the rig and of the well condition . Until I see that, I'm keeping out of it - apart from those I hold in a long standing SIPP.
Highland. It's true that AXl have a new discovery where the initial well test gave 13.6 API at about 1000bbls from the deepest zone, but remember, they have two more zones to test in the same well with the upper zone being the C7 Zone which is light. News on that by end of the month
Should have just read my post from 30/5 lol.
Produce from one zone at a time. my guess is C7 but will have to wait'n see how it produces. Production from other two zones for future. All 3 zones adding to reserves.
So Merlin, it appears that you already know everything that there is to know but maybe others are not so fortunate and are in fact interested in listening to other points of view or explanations of the communications. Without debate what have you got?. Yep, the brainwashed herd--speak to Watcher, he knows all about them.
Retired. I agree largely with that, GR is not the designer or the builder or the guy in control of commissioning the plant and getting it up to speed. They (the builder) have identified improvement opportunities and are making those changes under their contractual obligations to prem. The only somewhat worrying issue is the Canmax aspect. It would have been a whole lot better if GR had reported that although Canmax have this option, they have confirmed that they are not intending to exercise it at this moment (and say perhaps they are agreeing to a 3month extension to the original agreement). Anyhow, each to their own risk/reward. Buy/Sell/Hold. ATB
The same thought crossed my mind, now looking like there is perhaps some substance behind it. Hope that is not the case but from a steady SP hovering around 95-100 for weeks, its now acting like a bungee rope on steroids.
Yeah, well, I was replying to DSRT whom appears to be getting impatient over the time it is taking to test the wells and basically saying to him that there is work to do before a meaningful test can be undertaken on either of the two wells they currently have in play. 16-2 will take longer to get a round tuit and if the prospects in/around 36 for further drilling, sidetrack, additional well or whatever they identify are vastly more favourable on risk/reward then 16-2 may go further down the priority list. Point being to DSRT that he's going to have to wait a few weeks for his test and for me I'm waiting for confirmation that all is oK with 36 before I stock up again. .
This from the press at the time:. just search bd-260 rig and read the narrative.
"Zena has contracted the BD-260 drilling rig in order to complete the Company's planned workover and drilling activities in the Zardab and Muradkhanli fields during the six-month period. As announced on May 8, 2018, the Company's ongoing in-depth geological study has led to the identification of several highly attractive near-term drilling opportunities. Zenith intends to fully maximise the exploitation of these opportunities in light of the significant increases in the market price of oil.
The BD-260 rig will complete the workover of Z-21 by pulling out the entire tubing string from the well, cleaning out the casing to the well's total depth, 3,982 metres, and subsequently performing a number of production tests. In the event that a satisfactory rate of production was not to be achieved from Z-21 following these operations, the Company would proceed with deepening well Z-21 beyond the Maykop formation into the Eocene and Upper Cretaceous formations by drilling an additional 300 metres, extending the well's total depth to approximately 4,270-4,300 metres. The primary reason for the evaluation of this possibility is the proximity of Z-21 to well Z-3, spud in 1979 and drilled to a total depth of 4,300 metres into the Eocene and Upper Cretaceous formations. Z-3 tested approximately 2,900 barrels of mixed hydrocarbons per day before the wellbore collapsed.
Following the completion of operations in well Z-21, the Company will move the BD-260 rig to Z-28, where 69 metres of tubing require milling out before the well is cleaned out to its total depth, 3,944 metres. Zenith will perform a number of production tests once the well has been cleaned out to total depth.
After the completion of operations in well Z-28, the Company intends to use the BD-260 rig for the workover of Z-3, where historical records indicate that 775 metres of tubing has been left in the well, and for the workover of MOC-1 in the Muradkhanli field. Zenith will further update the market in greater detail regarding these planned operations once the workovers of Z-21 and Z-28 have been completed.
Transportation of the BD-260 rig from one operation to the next in the Zardab field is expected to be relatively fast on account of the proximity of the Z-21, Z-28 and Z-3 well locations.
Delivery of BD-260
Robotics has advised the Company that the BD-260 will be delivered to its field operations in Azerbaijan within 90 days. Under the rental agreement signed with Zena, Robotics has agreed to provide its highly experienced drilling personnel for the first month of operations to assist Zenith's field team.
Update on negotiations to contract a ZJ-30 150-ton workover rig
After the signing of the aforementioned rental agreement for the BD-260 drilling rig, the Company has ended negotiations for the contracting of a ZJ-30 150-ton workover rig, announced to the market on May 18, 2018.
Deano. The rig we are talking about was the BD-260, it's an Italian design and you will find reference to it in the rns's. I tried to do some research on it at the time to find out whether it, or similar rigs had been sold by the Italian firm, and whether they were in use in the industry but drew a short straw on that other than certain major drillers had given it a favourable review when they had it on loan but nobody bought any!. When it was used by Zen in Azer, It worked very well by the way, so fair play. My reference to it being a monster was that it is huge and needs an army of trucks to transport it and its associated 'stuff', therefore logistics and cost of transport is not to be sniffed at, you'll probably still find photos of it on twitter or similar.
I posted a couple of weeks back that 16-2 needs a reliable water supply to dilute the salt and a gas export line to deal with the produced gas before meaningful testing can be completed. Just my view was that the company may decide that its economics on a risk/reward basis are not worth the expenditure on the basis that the salt isn't going away and although there are ways of dealing with it, there is no guarantee of success. The post was removed by the looks of it, so someone must have complained about such blasphemy. 36-2 is not yet fit for testing and requires repair. I also said that although I still have a heap of shares in a SIPP at 2p I was staying out of here with my ISA until there is confirmation that the well has been cemented, repaired, cleaned out and ready to test. There is 'stuff' to do which takes a while to work through thoroughly, safely and to try to get right before embarking on a test just to please the anxious PI's. In the meantime I put my trading pot elsewhere to work and intend to replace it here once some of the clouds have cleared.
Deano. I can answer that and the answer is no, its not that one and after a couple of rns notifications to say they were buying it, they didn't do it in the end, but never confirmed it by rns. TBH and despite the hype and hoorah announcements about buying the thing I was not not supportive of it so it was a lucky escape. The one they bought was a bit of a dinosaur though, second hand-ex demonstrator from a mate in Italy and then they bought cheap chinese equipment to support it and then-if you look it up-they forgot to order the 'top drive' which is essentially the motor that travels up and down the drilling mast and turns the drill pipe. The monster rig was used once I believe and then has been 'somewhere' at a port awaiting shipment to Congo---ahem. They have prob written off its value from the books by now and it will be relegated to the history books. The other little rig they bought and never really put to use has been sold--price currently unknown but should be in one of the financial statements, maybe under ZENA Drilling.
Lex, well done. Out of cash so not an option for me. Definitely not selling though. Flow results for CN in a matter of days which will inform the development plan. So far--so good.
Ref Tunisia: Has anyone here revisited the various rns messages about the various Tunisian 'deals' ? I lost the will to live with it yesterday and I am supposed to be at work, therefore time is limited. But, so far as I could establish, the deals between Zen Netherlands and Zen Africa were agreed between the seller and the Zen subsidiaries but they were all subject to agreement by Parliament or 'CCH' whoever they are and I could not find--(or maybe just ran out of time to search fully) any further mention of receipt of these approvals from the relevant authorities. Now. I accept that it may be there somewhere and I just haven't found them, and if the approvals were received by the Zen subsidiaries and rns'd then its good news. Otherwise, without the approvals, it could be why there has been no mention of any of the Tunisian assets for some time. I'm sure there is an expert here that will point out to the rns and paragraph if its there.