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Must have been a hell of a pudding waiting at home for the analyst, cause on P43 Exhibit 18, he inserted a more specific table, but at P57 Exhibit 21 he just skipped the details and threw the dice.
I set up the details in Excel and came to that just Robbana & El Bibane should be valued 5.65P even with an EV/2P as low as $3 ,- if you add Tilapia on 60 mill boe you get to 14.88P
Production has not been included in any of these calculations (yet)
If you look at P57, Exhibit 21, (Our valuation estimate)
Congo is listed with 10.99 MMSTBO. £/share 0,017 (1,7P)
1. Congo is not approved yet
2. Robbana reserves are according to RNS 30.04.21, 10.99 MMSTBO
3. El Bibane reserves not mentioned in the report 25.7 MMSTBO
Only these to should return a valuation per share well above 5P
"E&Ps Producing 2-5k boepd comp. table. The group is up 9% YTD, trading on $5.2/2P reserve and $29.2k / flowing barrel."
https://twitter.com/OilGasTracker/status/1423936105842450435/photo/1
"E&Ps Producing 10-20k boepd comp. table. The group is up 34% YTD, trading on $10.1/2P reserve and $28.1k/flowing barrel."
https://twitter.com/OilGasTracker/status/1423938968270299140/photo/1
From MGs Investor Conference Call Write-up:
".....there is now a new oil minister and we have met him and his management team thanks to the very good reputation of our new country manager – who is somebody who has worked in both government and private oil companies in Tunisia for the last 7 years. He joined us in March and thanks to him things are moving quickly; there is mutual respect between us and the government and we are doing everything that the ministry wants us to do in order to be awarded the license."
Ongoing Council of Ministers since end of July. A contract to revive a gas-to-power plant “the DJENO Power Plant” has been approved.
“The first draft decree approves the concession contract between the State and the company AKSA Energy Company Congo
With an installed capacity of 50 MW when it was put into service in December 2002, the DJENO Power Plant located in Pointe-Noire, has been shut down since November 2013 ………………………………………….. rehabilitating the two turbines of 25 MW each, then increasing the installed capacity to 100 MW” (P.11)
We know that representatives from the Republic of Congo has been to the Italian production facility……….Now, may the upgrade have anything to do with ‘potential’ supply from Tilapia II,- located in the same area?? And may we see a 'potential' award soon?
https://www.sgg.cg/ccm/compte-rendu-cmd-2021-07-28.pdf
If you read up IVS, you will see 'within THE year'
@Florida
It occurs to me that ACs purchase of shares yesterday, is an indirect answer to your question.
February 22, 2021
"The Congolese government has started construction work on a new crude oil refinery in Fouta, near Pointe-Noire, the economic capital of Congo. It will have an annual capacity of 2.5 million tonnes and is expected to create 5,000 jobs."
https://www.voaafrique.com/a/congo-lancement-des-travaux-de-construction-d-une-nouvelle-raffinerie/5787728.html
[PDF document for approval of the refinery]
MINISTRY OF HYDROCARBONS
APPROVAL
Order n ° 21 296 of 8 June 2021 granting
to the company Atlantique Pétrochimie an approval for
the exercise of hydrocarbon refining activities
https://www.sgg.cg/JO/2021/congo-jo-2021-24.pdf
Tweet is from the same who, 9. Dec tweeted: "My friends in the Congo tell me that the Tilapia license should be announced to Zenith Energy" ---> And RNS 23. Dec
49 835 134 shares traded in Oslo today.
Something imminent?
IVM, you got your 1P, [99 to go] Now you can start singing '99 bottles of beer'
@AGEOS
I don't think they need to wait for any parliamentary approval for the acquisition, since the acquisition was of a 100 percent interest in Candax’s fully owned subsidiary in Barbados, Ecumed Petroleum Zarzis Ltd (“EPZ”), and not just the 'share' as in the SLK deal.
Also, AC stated in the 15.3 RNS; " I am delighted to have completed this transaction which reflects the continued successful implementation of our development strategy – that of acquiring prospective oil production and development assets - and delivers immediate daily production revenue to Zenith during a time of material appreciation in the price of oil."
"Zak Mir takes a technical analysis look at some of the most followed stocks on the London market. Today's selection includes................Zenith Energy." (9 mins out)
https://www.youtube.com/watch?v=HCGIvvxjbOY
NIGERIA showing up as TARGET on the new presentation
https://wp-zenith-2020.s3.eu-west-2.amazonaws.com/media/2021/07/09094219/ZenithIP-Q3-2021-IP-V4c.pdf
"plans have been made (in the event the Company was successful in being awarded a new 25-year permit) to begin drilling activities in order to begin commercial production from well TLP-103C. "
https://www.zenithenergy.ca/operations/republic-of-the-congo/
Zenith holds a 100% interest in the El Bibane and Robbana
December 31, 2019; contingent reserves (1C) of El Bibane which evaluated remaining oil in place as 25.7 MMSTBO and 6.5 BCF of natural gas.
(El Bibane expires on December 31, 2033.)
December 31, 2019, for the contingent reserves (1C) of Robbana which evaluated remaining oil in place as 10.99 MMSTBO.
(Robbana expires on November 4, 2034.)
From RNS 8th July 2021
“The Company will apply this significant additional funding towards accelerating our planned field development rehabilitation and drilling activities in Robbana and El Bibane.......”
What is the value of oil & gas in these 2 fields?
This alone should push the share price above GBX 10
A lot less bird, more meat and warrants converted to toilet paper......Thats's what we wanna see :-))
Shareholders and analysts wishing to participate in the Investor Call may register by accessing the following link: https://tinyurl.com/3e784ssv
https://newsweb.oslobors.no/message/537173
Republic of Congo to Launch Gas Master Plan at African Energy Week 2021
Tuesday, June 29, 2021
The Ministry of Hydrocarbons of the Republic of Congo will launch the country’s comprehensive Gas Master Plan (GMP) at the highly anticipated African Energy Week (AEW) 2021.......
..............................particularly regarding gas-to-power generation...................................
https://www.petroleumafrica.com/republic-of-congo-to-launch-gas-master-plan-at-african-energy-week-2021/
https://aew2021.com/
Can it be that the western Africa 'company-maker' AC has been talking about is in Algeria?
most links I find with Jacky Fleschen, is in Algeria??
"As of January 2014, Algeria was estimated to hold 12.2 billion bbls of proved crude oil reserves. This estimate has been unchanged for many years.
All proved oil reserves are held onshore."