Member Info for Ezhik

Nope. All quiet today, everyone gone home by the looks of it.

From well update rns:

· Work will commence immediately to quantify expected reserve and resources increases.---$$$ Mcap accretive--Hurry up !!

· Existing development plans will be updated to reflect learnings from the SCHB-2(2.) well and increased resource base with the aim of accelerating drilling and maximising the value of this highly attractive asset.----$$$$ Hurry up then !!

In the meantime,

Well is still cleaning up, Rod pump in or about to go in. Hefty buy yesterday either brave or with a nod and wink from the wellsite or the pump supplier--(maybe). All coming together now.

MLS, that's correct mate--same price at the end of the week as at the start--all flat for the week right. SP Monday 3.7p SP Friday 3.4p same same. Brilliant spin saying the SP hasn't changed from last week to this.

Noticed in the rns comment from Benedetto a reference to "USA, Kazakhstan, and Italy.". maybe he just forgot S Sudan then.

RJ. Yeah, just wishful thinking. ESP a bit more technical, can be self regulating/variable flow based on well conditions but provide prolonged well and pump life. Used where there isn't a lot of gas in the well to assist its flow or when downhole pressures are low. Downhole sensors used to determine various parameters of choice and connect with above ground instrumentation to give data on pressures and refill rates, work OK with water so they could have used it from the off but I guess that they might want to see what well performance they have with the rod pump etc before final spec for the ESP (maybe--just musing , no idea really lol.) Anyhow maybe next week we will get an update, pixxed off with the 3% daily decline.

Roger/Dai. I had arrived at some of the same thoughts. The engine reference seems to have come from the interviewer, the 'no power' to the rig could be the hydraulic pump, motor, coupling from engine to pump---or it could mean they they have in fact broken the diesel engine and are currently pist 'n broke. I also worked out that the carrier is in fact the truck/chassis and not the mast or drilling end of the assembly. Neither Lorna or the interviewer had much of a clue on specifics so I decided to wait and see what drops out of any further updates. The wild speculation on here just goes to show that folk also either have no idea or are divisive with their comments for personal gain. In any case, at 3.10, I had to buy a few with the expectation of a return to 5p soon--and bearing in mind there is probably about a week of drilling left--max and not long to wait until they break into the upper target layers--maybe 6p in short term. Get buying :) ATB

Yeah, and what if the well has been cleaning up nicely on its own and they go straight for the ESP? would catch a few napping wooded t*t. ---

@gogs. Apols, been busy at work. TBH the cat engines never really gave much of a problem. They were already quite old when I joined the platform (15/16 years) but other than the occasional injector, filters, coolant changes, valve adjustments and general maintenance they were trouble free--noisy as hell though. Anyhow apols to others for the trip down memory lane. Rig problems are not engine related by the looks of it anyway. Here's to sixpence by end of the month.

I used to maintain v12 cat diesels fitted to offshore cranes once upon a lifetime ago--maybe if they want to fly me over ????

Heid. How ya doin?. Trouble is, I did all my adding on the day after the initial drill result rns and got my pants pulled down with the 25% dilution, blyat. I notice that you timed it slightly better!. Still positive here though. Had to take a small gamble on HE1 today, delay, panic, opportunity. ATB

@dai2. Morning. Hope you don't mind but I had to buy a few today, looks like a potential 50% trade over a few weeks. Hope you're keeping well.

@anelka. It's not the main rig carrier but a component thereof.--Bit of a difference. Hence why I posted disappointment in not being specific. Could be a bracket, a guide, a bearing, part of the casting, any dammed thing.

Are we now bouncing of the lows?, in theory it should be about as far down as it should go. Anticipation will start next week for the stage 1 event, 200+ bbls a day and still cleaning up. Oil being sold. Blue finish I wonder.

Must say that these companies that encounter mechanical failure should be up front with the market and fess-up to what component failed--then, any decent organisation would launch an investigation into the causes of failure. No point fitting a new 'thing' if it is going to fail the following day due to something else not performing as expected. Its always a disappointment when Co's tell half a story. Anyhow--looks to me like a good opportunity to take a chance at this price, another month and perhaps back to 6p for a 50% gain from here, but who knows, might see 3 first

Deano. FWIW, my thoughts on Tunisia are that Zen never obtained Govt approval for their acquisitions but carried on as if they had until the govt caught up with it--I accept that this view may be miles off piste though. RNS's relating to some of the Tunisian 'deals' had the typical caveat of saying 'subject to govt approval' I couldn't see anything after that to indicate that approval had been granted so I have assumed not, but that doesn't necessarily mean that it wasn't given. There is also the issue regarding interference/support in connection with Russian influence and the govt blocking anything where the 'west' may be making $$$. PI's will never really know the truth.

Mls. Morning to you. Unfortunately there are plenty of haircuts ongoing at the moment across the various markets. Folk in HE1 for instance were expecting their price to rocket on news of spudding their drill program but the Sp has drifted from 6p to 5p over just a week or so. Your recent drops here are just the way it is at the moment, I haven't seen any large or continued sells. Nevertheless, it's no fun watching hard earned cash eroding. I'm not in HE1 by the way--it was just an example.

Chain. I doubt that you will receive a definitive answer as I doubt that CH has the answer himself yet. There are different ways to clear the debris and I'm sure that it would be possible to pull, tug, twist, mill and cajole the stuff out over time, but as I said right at the start of all this 6months ago, until its all out they wont know what damage has been done to the casing or any open sections of the well and whether they have confidence in it being suitable to handle the obvious high pressures encountered. A cleaner solution would be to locate the start of any wellbore damage-if there is any, plug it from there and sidetrack from somewhere above that point. If they have already run some casing integrity/condition tests and found no obvious damage then its probably worth picking away at the cutlery down the hole until the balance between time/cost/opportunity cost outweighs the benefit of a re-drill and getting the thing on test sooner. There's a time/cost/risk/reward judgement to be made between Zphr and the insurers which on the face of it they have yet to resolve. So, the answer that you get will probably just say they are working to provide the best solution for shareholder value whilst remaining good environmental stewards.

Did Zenith secure their no-win no-fee funding? If so, any idea how much $ was ringfenced for the claim.?--Best resolution would be fat brown envelope or indeed a ' brown box', out of court payment--money needed now

July 13, 2022

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Reactivation of Sant'Andrea concession in Italy

How did this one pan out? Did they ever do anything about it?

Nothing expected yet, so what's to say?. Well flowing under own steam and slowly cleaning up, pump to go in this month when the time is right, elec pump to go in after the rod pump has done what it needs to do, nobody can put a timescale on it. Final outcome expected to be production of over 600bbls a day to around 900bbls a day based on forecast calculations, The reality may be better or potentially worse once the well has shown us what it can or cannot do. We just have to wait 2 months or so to find out, unless the Co has some interim update.

My post Friday "They will recover all the costs that the insurers are willing to pay. -- is another way of saying it. ie that they/we are at the mercy of the insurance company that has a duty to its own shareholders to limit their liability. We will just have to wait for the outcome. 36-2 or 36-2A will go into production at some point. Price looks attractive for anyone prepared to wait a few months."

Took my own advice and bought 5k on Friday, had to sell a few TXP to cover it. Still have SIPP with 100% ZPHR--was getting edgy about that last week but kept away from the sell button.

Have some BCE and some AXL--no recommendation but worth a look for anyone with the appetite.