Member Info for Ezhik

IVS. I wish you and everyone else that has their hard earned cash invested here a positive early outcome. I doubt that the Tunisian Govt are likely to be scared of Zenith and their arbitration threat but if the lawyers and the NWNF funding providers foresee something like an 80%+ COS of winning then Zen and shareholders stand a chance of at least getting something after the legal fees and funding fees are taken out. Pi's et al will never really know what these various stumbling blocks that have allegedly been created by the Govt really are or indeed whether they are self inflicted by errors made by Zen in the original Sale/purchase agreements. Lawyers will rake over it, decide whether there is merit and the funders will do the same. Legal costs are likely to be high therefore the COS will have to be almost a slam dunk before the funding risk is signed off. Negotiations are not at that stage yet and likely to take a while--unless they have already been working on it for several months and are making positive noises about what they have found so far. Hopefully for everyone here, that is the case. "see you in court" as they say.

The no win no fee funding organisation have yet to agree to take on the case and everyone is out buying their new range rover from the $30m payout figure plucked out of the air. But, it's all ok, the board believes there will be successful outcome!. Well, they would say nothing else would they. They 'expect' a lot of things but very little materialises. good luck all.

"The Investors can confirm that, in the interests of preserving the Company's cash reserves at a time of intensive expansion and development activity, they are in advanced negotiations with a specialist third-party litigation funder for a 'no win-no fee' financing arrangement to support all the costs in connection with the Arbitration.

The Board, based on due and careful consideration surrounding the merits of the Arbitration and specialist legal advice received, believes there will either be a successful outcome resulting from the Arbitration or there will be an amicable settlement in due course.

To me, the gambit is that they are hoping to tame 36-2 in the well test late June, maybe July and expect an impressive result, and then from that the carrot for participation from a third party can be dangled. And then as Bubble reminded us, Slawson income should be available Q3/Q4 to supplement Williston and finances will be improved. The last few months just go to show how risky/difficult Paradox is. Oilers have been poking around in there for 100 years yet it remains largely undeveloped--for a reason. But as technology improves, the COS improves but its never going to be an easy gig. All eyes on 36-2 over the next 6 weeks. Personally i'm not too stressed about having to raise extra cash, the current activity was never planned in the way it has transpired and of course, the clean up and well prep all use cash.

I would agree flashgarden is not mudstud. I knew muddy and his style of posting here for a couple of years and they are not the same. Anyhow, who cares really :). If this USA deal closes and the production is 500bbls then it will probably be a life saver for the company, however, the bit about being the operator is a worry. Non-op partner would be better for Zen as modelled by Zphr currently. The story here continues into another chapter though so plenty more opportunities for someone to make some money.

Hey Bubble. It's 'Slawson' wells by the way. Same goes for you doddy, they are not the Slewson wells. :) Thing is, the well is a bit of a beast by what we have been told so far and will need a well executed plan to safely carry out the testing, they are not going to hurry it up just to keep a few swinging d*cks posting on a bb happy. I mentioned in the last post and have said it in the past that to allocate a timescale for anything at all in this industry it is only a best guess. Hours, weeks, months co-mingle and depending upon one's preferred reference to a unit of measurement, " just 12 weeks" to some is "several months" to others and both are absolutely correct. And no doddy, you cannot afford to believe anything that is said by any CEO unless the evidence is right there in front of you.

@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.

With you on that one .

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

Could have shown -11% if they hadn't adjusted the spread at that particular moment. It's possible anyway. Just saying both could be right based upon what was seen at the time.

Should have just read my post from 30/5 lol.

Might drop to 0.72 on the open market, put an order in, ya never know.

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.

Hey. It's better than fighting over whether PREM is testing or producing or whether they are broke or not broke. Tsunami,? could be worse, could have been a toon army. !.