Member Info for Ezhik

Whatever anyone think they know, they basically haven't any idea of how successful the jetting operation will be and whether it is enough to completely overcome the formation damage and fully restore the well. It could be that further work is required after the sand jetting in a few months time. We will know more in another 4 weeks- ish from now. There are of course other considerations beyond just removing the mud cake and deposits such as pressure, permeability, connectivity, but lets just get to the point of completing the well stimulation first. Forget how much money they may or may not have at the moment - all the money in the world wont make an oil well unless there is oil present and it can be made to flow which is what they will be attempting to achieve. Happy? no not at all, but the potential to double the SP from now within a month or so is worth the risk/reward.

A lot to look forward to over the coming year, self funding--O&G Company's dream. Slight dampener with the formation damage that they should overcome over the next couple of months.

Off topic--AXL have a decent rns this morning, but they also have a couple of wells that require additional well stimulation due to having used heavy mud--BCE look like they will be doing theirs first with AXL close behind. I'm not promoting AXL but just saying that it is not entirely uncommon to block the formation with mud.--we are not alone.

OK RA11 and Laandi, thanks. I hadn't seen it in the Tennyson report and couldn't find it in any of the rns's. I had assumed they were using acid jetting which is also used from a wireline operation in well stimulation.

Sand jetting? what's that and where did you get that information?

Yep. 0.2p early Feb s'il vous plait. 0.4 end of March por favor. Then to infinity and beyond. Just make sure the intervention is a success and the well starts to clean up at the end of the month.

Well stimulation hopefully by February, well clean up will take a while. Might get 0.2 plus on expectation of an immediate 900 bbls a day. Hopefully it will keep cleaning up of it's own accord and keep chucking out 40bbls or a bit higher in the meantime.

Why would production be up in mid Jan?

Hey Deano. Well done mate.

Jet pump? Proppant squeeze?. The rns states that they will be conducting a standard industry well stimulation which is the use of Formic acid pumped into the well from the surface. This reacts with the residual mud solids to loosen, dissolve and free them up so they can flow out of the formation and improve permeability at the well production zone. That's what they have told us they will be doing. -- If that doesn't work well enough then they will have to try something else which is where we all start guessing such is directing the acid onto the offending section that requires to be cleaned up, this would be via a jetting tool. The issue with that is they need to know where to direct the jets. This is not a jet pump as suggested which is something entirely different. After that they could do an acid squeeze which is a sort of mini - frac. There are other options such as steam or hot water injection or ultimately re-drill sidetrack and try not to fill up the formation with 'stuff' again. All will cost time and $, so lets hope for the best outcome and ask Santa for a success at plan 'A' , standard well stimulation, increase the flow which in turn will help speed up the general clean up.

We know you are an idiot but you don't have to keep proving it every day.

Looks like a buy. Sells were about 1.3 at the time.

Morning guys. Don't forget that these 900bbls etc figures are based upon interpretation of what they have found from well logs, oil shows and standard industry guidance. They cannot guarantee 900 bbls until the well demonstrates that it can produce it. The rns and the presentation on what they believe they have found all indicate that they are confident in these figures, however, there is another caveat to consider which is 'providing there is no further well intervention required'. ( not their words exactly but it's basically the essence of what they said), so, all things being equal, 900 may be possible if it all goes to plan. The 250bbls a day is the maximum design capacity of the rod pump, they may in reality achieve 200 or if they are lucky they may get a few bbls more than 250--The viscosity/API will probably have a bearing on the pump capacity, so treat the 250 as an approximation. We have had confirmation from posters that the rod pump has been installed - which is good- and for sure, any oil being pumped will be either stored in a tank or is already going through Beacon's own processing facilities and being sold commercially. The reference in rns's to oil being sold Commercially only means they will sell anything they produce which could be 10, 20 or 100bbls a day, they cannot give a figure for this as it will be variable per day at the moment and they will only be able to give an average over a period of time--until it is finally producing at a steady rate sometime next year. They did not actually say the well would be producing 250bbls a day by the end of November, but we can rest assured that the directors are not philanthropists and will want to get as much $$ as they can for themselves which in turn will reflect into the SP. Current SP seems to me to be a product of panic and the inability to comprehend what is in the rns messages provided. W.N. may end up being right with his 0.1 price prediction thanks to all those that have already and continue to sell. Until there is bad news- assume the company is doing what they said--pumping fluids, selling the oil and waiting for the well to clean up, get rid of debris and drilling fluids and reach a steady state. Anyone's guess as to when that will be. long boring post lol. :)

Looks like further investment in LNEnergy. 750k in cash and nearly 500m shares at 0.185. Co seem positive on Calle Santo at some point.

Mr g b. You asked about 100% oil. The answer to that is that they have said there is no water cut, so in reality it's not 100% oil but there is a very high percentage plus a small amount of gas. So once all of the sh*te is out of the well, you could just about say it is 100% hydrocarbons. I cant tell you the amount of gas but I'm saying a small amount on the basis they have gone straight for a pump. The gas saturated in the oil at depth and under pressure expands as it flows through the formation and up the production tubing which helps the oil to flow and rise. Also, the use of a Pump points towards a low-ish reservoir pressure- it's not an issue and many wells go straight onto a pump.

Deano. You are right about the appetite for fossil fuels, O&G companies are getting good results from drilling and production with almost zero or sometimes negative reactions to the SP. AC's tactics of just sue the r's out of everyone might just be better than trying to produce anything !. AXL for example has had a great 12m, is producing 2300bbls a day, soon to increase to around 3000 and has a mcap of just £50m and the SP is going backwards. Dead duck in the water.

Nope. It means the area of the reservoir that ignores the low porosity levels. e,g 70 metres oil bearing reservoir rock with 30metres net meaning 40 metres of it are not productive.

They are not 'pressurising the well' but you have to ask yourself why they are using artificial lift. I know the answer but its for you to surmise.

RA11, you keep talking about a rod, but I hope you realise that you are talking about a pump and not just the rod!

Also folk are assuming there will be news of stable commercial flow next week, this is pure fiction and not based on anything scientific. Wells take from 2 weeks to potentially a year to clean up and provide a steady rate. The company have estimated this to be Q1--this estimate probably based on historic data available from similar wells located in the Area. It may be sooner--nobody actually 'knows'. Next week would be good for me but I'm not anticipating it. A message to tell us the Rod pump is operating as expected and oil and fluids are being produced and separated would be 'nice'.

RA11. AXL. Producing about 2500bbls a day, have 4 more wells either drilled or in the process of being drilled, all expected to come on line next couple of months. Mcap only £50m.

Very nice RNS for you guys in this dreadful market we are currently in.

March 2021: "· The Acquisition has certain development obligations during the course of the new 20-year concession including the drilling of a side-track, the drilling of a replacement well and that of a development well.

· 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 favourable 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 programme between ETAP and EPZ) has been signed by both parties.

· The New Concession is currently awaiting parliamentary approval."

Zenith had agreed to buy from EPZ. The convention for the new concession was agreed between ETAP and EPZ, but not Zenith Energy. ETAP and EPZ had only received a 'favourable opinion' and the new concession was awaiting Parliamentary Approval".---

Maybe they didn't like the idea of making an agreement in principal with EPZ, only to find that they are not the ones that would be fulfilling the terms of the agreement. If you read the rns's relating to Tunisia, there were always 'subject to approval' clauses in the narrative but none have ever said that their acquisition had been approved. Maybe they don't like Italians, who knows, maybe they never sanctioned the deal on the principal of being hood winked or maybe they were not confident in Zenith being able to or indeed ever having any intention to satisfy the conditions of the proposed 20 year concession. Zenith just went ahead assuming they were entitled when in fact they may not have been. That, in conjunction with the political preferences of Tunisia and a dollop of corruption and there you go, here we are--this is all just a PI's wild ramblings of course that may be nowhere near the actual situation.

Later the same month there was another acquisition that mentions conditional on approval, but no follow up to confirm that approval was ever granted.

They had Zenith Netherlands and Zenith Africa trying to buy different concessions and then they incorporated a company named CDD as a wholly owned subsidiary to acquire something else form a subsidiary of a company based in Barbados.

In March 24/21 rns, ZEAL completed the purchase of Ezzaouia but there was no mention of govt approval. It was then and still is confusing about who owned what, so maybe the govt saw smoke and mirrors and decided not to sanction any of relevant concessions over to Zenith. Dunno, just reading rns's and trying to make sense of it. Lawyers will chew through it all and the courts will decide the course of action. Did Zen ever announce that their no win no fee lawyer was up for it and how much they were prepared to risk on behalf of Zenith? Maybe I missed that rns.