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Did anyone notice the origin of this article? :-))
ZEN getting some publicity
https://theenergyyear.com/articles/zenith-energy/?cn-reloaded=1
Nah Florida, I am not disillusioned. I will keep my modest position here and hope for the pipeline to materialize. But for the moment, my opinion has been set to HOLD. Nothing would please me more than for the company to succeed.
Neither Ezzaouia concession extension, nor Tilapia II has been secured before the collection box is being sent to a “selection of existing shareholders”. (I almost must chuckle a little when I think about which criteria would have been crucial here)
The 2 stakes in SLK have roughly accumulated US $10 mill, but the extended long-stop date on one of them elapsed 31. of October. Nada update there, and no reply on email.
I think it is time for an Investor Call, and until ZEN can show for contractual ownership of the ‘future’, I will change my opinion on this, to HOLD
If you just want to read and continue with what suits you, yes.
But if you read all, and try to understand, it relates to a 'requirement'- (Which I believe may have been fulfilled following the success of ROB-1)
-And also, why do you think that there has been an "Extension of SPA longstop date for acquisition from KUFPEC" 2 months after this information from the committee?
Offers / demands / various points:
A requirement regarding assignment of the rights and obligations of a company
Kufpec for Zenith
Franchise in Energy Netherlands BV
Exploitation “Sidi Kilani”
Somewhere in a financial report I read that the rig has been relocated, and the amount that was spent. $500K if I remember correct.
The report stated that it was sent to Congo
https://twitter.com/zenithenergyltd/status/1453282635921477645
Robbana; “peak production of 500 bopd in 1994”
- And from there it looks like they have been using the well as the local ‘*hitter’ when considered what zen found and have cleared. + taken into consideration the suggestion of just 5-10% has been extracted??
Robbana may be exceeding the previous peak with the current and an infill well. Exciting days ahead if we get the numbers that can confirm this.
+14,88% in Oslo
Leak?
Tunisia gets new government, appoints record number of women as ministers
https://www.gulftoday.ae/news/2021/10/11/tunisia-gets-new-government-appoints-record-number-of-women-as-ministers
"Romdhane, 63, is a French-educated geologist and former university professor at The National Engineering School in Tunis, with experience at The World Bank."
https://www.vice.com/en/article/qj8775/najla-romdhane-tunisia-has-the-arab-worlds-first-woman-prime-minister
Current energy-price generates more than €200 000,- /month, after fixed cost are deducted.
Even more interesting is, when SLK will be approved there are more than $9 mill generated to be released.
Todays energy-price in Italy is more than 3 times what ZEN estimated.
price: €307,72/ MWh
Estimate : €80/ MWh
Prices fell around 9% yesterday after Putin hinted about increased export to Europe.
Energylive gets updated around 12
https://www.energylive.cloud/
• Zenith Energy is benefiting powerfully from surging wholesale power prices in Italy through its merchant
facility at Torrente Cigno in the region of Molise (Adriatic coast southern Italy). Prices have roughly trebled
over the past year to €157/MWh which at the current production rate of about 920 MWh/month translates
into €144,440/month (C$213,771).
• Significantly, the Torrente Cigno plant is integrated upstream to its own source of gas so is not subject to
the upward trend in international gas prices. Production costs are largely fixed and running at about
€35,000/month, implying a cash contribution of a hefty €109,000/month. This translates into €1.31m or
C$1.94m at an annual rate which is a potentially useful contribution to financing underlying G&A of around
C$5m/year.
• Zenith has been looking to develop the adjacent gas field at Torrente Cigno. This could enable the power
facility to roughly double output, given that it is only operating at 50% of capacity. Bearing in mind highly
favourable economics, we believe that the go ahead could be given to Torrente Cigno field development in
the coming months.
http://www.allenbycapital.com/research/research-zen_12_2262273076.pdf
Latest European Power Markets data:
https://www.energylive.cloud/
Energy price surged to €307,72MWh in Italy
which in turn will say that ZEN now can cash in €283 102 - fixed cost of €35 000,- =
€248 102,-/month JUST ON ELECTRICITY
I assume that this will increase as gas prices are crazy
Tomorrows energy-price in Italy is more than 3 times what ZEN estimated.
price: €242,46 MWh
Estimate : €80 MWh
https://www.energylive.cloud/
Even better if cost is fixed.
In Torrente Cigno, total 2P reserves are 17,154 mmcfe (2,859 mboe) gross, and ZEN have 100% ownership of 4 (1.4 MWh) gas powered electricity generation units onsite.
The CPR gives the completed cost of Masseria Vincelli 2 at $3.3m gross or $1.5m net.
Torrente Cigno: This is a Canoel operated production concession in which it has a 45.0% working interest with the balance owned by a private company.
«The CPR suggests that the Masseria Vincelli 2 side-track could be drilled in 2021. Production is expected to be 1,000 mcf/d (167 boe/d) gross. This will be sufficient to keep the other three 1.4 MWh units at the power plant in operation for several years. The CPR gives the completed cost of Masseria Vincelli 2 at $3.3m gross or $1.5m net.»
By drilling this year, revenue from electricity could exceed €700 000/month according to current electricity prices in Italy,- which now is above €200/MWh
http://www.allenbycapital.com/research/research-zen_10_2094757371.pdf P.39
Revenue of electricity in Italy should now exceed €175 000.-/month
(900MWh/month -- €190+/MWh)
https://www.energylive.cloud/
Most likely a long shot, but did AC ever mention the candidate for their other JV in RoC?
"Mayombe, for which the SNPC is looking to place a joint venture."