Member Info for Florida

That's actually a very good find. Gas to Electricity, that's obviously what he meant by "It is expected that, by utilising new technologies, well EBB-4 may achieve commercial production of natural gas in addition to its current use as an injector well". Maybe AC's new German generators can produce more power to the grid. Could be a lucrative additional income.

Thanks FV

Sarge - I appreciate your experience and it's welcome but all I asked and expected was a ball park figure, which in all honesty is not too much to ask for. Let me give you an example. Petro Matad have 64m barrels in the ground and the cost for trucking it 200 miles across the Chinese border was estimated to be between $5 and $15 a barrel. Admittedly, this is Mongolia and a far cheaper operation than Tunisia. EL Babane has three operational wellheads, originally six, underwater at a depth of 8 metres, so we can assume that a pipeline of sorts is established to the shore. Whether it's established all the way to the storage facility or has to be trucked, we don't know, but we can broad estimate the possible cost of both, and that's all I was asking for. To give you an an example, I estimated that with a pipeline intact through to shore on to storage we would be looking at a minimum maintenance cost, maybe $5 - $10. If trucked it could be $20, you get my drift, not difficult is it. I asked Ezhik because he may have a better understanding of costs and values in that area, obviously not.

As far as Robbana is concerned I was already of the opinion that this was an add on that automatically came with the deal/package and will probably never be exploited in the way suggested. Reason being that it would tie up their 1200hp rig for a maximum recovery of only 200 BOE per day, where far more lucrative endeavours would I'm sure be available.

Ezhik - thank you for at least making the effort to explain, much appreciated. My reference to negativity was not directed towards your response but more to what you had already said in previous posts. Like the one about this company is a one man band, of which I unequivocally proved was not the case, please see link below.

https://twitter.com/zenithenergyltd/status/1351820243845443585/photo/1

I doubt very much if the word "Wildcat" is ever used in the boardroom of Zenith. Certainly cannot remember any mention in the last years RNS's. More like they are concentrating on their workover capabilities to enhance their recently acquired concessions. Seems more logical, don't you think.

CITM - Point taken but we can't actually use that money until we get ministerial approval.

Mis678 - the market seems to disagree with you.

Ezhik - it's very weird how you continuously avoid decent legitimate debate but seem happy to engage only when a negative slant is attached.

Sarge123 - lets put things into perspective here. $3.5m has already been factored in as the total cost for the offshore workover. They have at this moment a $1.5m draw down facility, of which $500,000 has been drawn down. £150,000 was paid for the Ezzaouia concession and the rest was paid in shares. El Babane and Robanna cost $200,100, part of which will be paid as an "assumption of debt" which is in effect two forms of payment, yet to be declared, leaving us with $150,00 in the hold. So, $150,000 plus $1m draw down, plus $1.25m in Ezzaouia storage, plus $400,000 per month from Ezzaouia barrels per day., plus 100 barrels of Gas Condensate at $39 BOE per day = $117,000 per month, plus an additional 30 BOE per day from Tilapia = $57,000 and now an additional $450,000 from our new warrant owner.

Total available to us is $3,424,000 -

I read somewhere that they had already made provision for an additional £1.1m. So your idea of "massive funding" is a bit of an over exaggeration don't you think.

That's not quite true Sarge. AC has already costed the remedial work for the offshore EBB3 at $3.5m. Pumping oil since 1998 and with the wellhead set at a depth of only 8 metres, I would assume they would have already laid a 16 mile pipeline to the shore (that's one for our chief finder outer AGEOS to verify). I agree costs for transportation to storage or refinery can vary considerably, however, that does not stop us estimating a ball park figure.

Ezhik - from our previous conversations I have concluded that you are quite oil savvy and may have a more experienced opinion of the potential estimated costs per barrel to recover the oil on both Ezzaouia and El Bibane/Robbana. I would appreciate your opinion, if I may, as to what this cost might be, based upon the estimated recoverable 1000 BOE per day ($23,360,000 per year).

This man is absolutely relentless.

TYB - no point in jumping down Visionplus's neck if he's making a valid point. He is right the drop is due to a drop across the board. 80% of my listed shares were down yesterday and I can see this happening for the next few days. What we have to concentrate on is getting these assets that we own in Tunisia pumping more oil with workovers. There are two aspects to this, kicking out 1000 BOE per day has a cash advantage in terms of profitability and financial stability. The second point is the knock on effect it will have on the processes within the Congo Ministry that will look at these changes to the companies financial position and will have no choice but to see Zenith as a technically credible and financially credible company. It's then very difficult for people like Teresa Goma to put obstacles in the way of the Tilapia licence.

Ezhik - I can't speak for the others but I personally welcome every piece of legitimate input from anyone, that includes you. Decent debate without being subjected to constant bias innuendo or subliminal negativity is just fine with everyone I'm sure.

On the subject you refer to I remember hearing on the recent conference call or the one before that the main 1200 hp rig, currently awaiting the go ahead for entry into Congo would take quite a while getting through customs. A similar problem for the workover rig on entry into Tunisia regarding the avoidance of duty. That I think is why we are not carrying out the first workover ourselves. So the timescales are not to everyone's liking. I'm not actually sure what will be worked over first. The new concessions have presented to us a number of new options and until a formal strategy has been formulated and announced we won't know how this will proceed. Ezzaouia is the obvious prime candidate to be worked over first, and ETAP/MARETAP may have a rig available to carry out this work far quicker than bringing in an outside rig company. So things should start to move pretty quick very soon.

RNS - 24th March 2021
"Ezzaouia has significant unexploited potential which we intend to develop progressively via a combination of workover and drilling activities to be commenced following consultation with our partners in the very near future."

Personally I felt rough when I had my first Covid jab so AC may not be up to travelling immediately after. We may not get a tweet on his whereabouts for a few days.

Rocklawn - I am trying desperately to remain dignified here but you really are beginning to grate. Warrants are by nature only worth or not worth anything at all until they are taken up. In addition, they were issued at 1p within 6 months and 1.3p within 3 years, which I'm sure you will agree is no give away. In addition, if the Warrant is taken up, new shares are issued from the company and the money paid for the Warrants goes' directly into the company treasury and is available for the company to use. Some see this as a devaluation of the company because new shares are issued. That simply cannot be true, because the money paid for the Warrants becomes an equity asset offsetting the devaluation made by the issue of new shares. So please do not subject all legitimate investors who know at least 10% of what they are talking about to your misinformed evaluations

Docit - I thank you for taking the time to read my post as far back as 23rd December. That was the day in fact that we won the Tilapia bid, and in all honesty I can only put that down to enthusiastic exuberance on hearing the result, a bit of an over reaction I have to admit. If I may ask, would you say the reason the company has not yet received the 25 year licence in Congo is their fault, or the reason why the Tunisian ministry has not yet approved the SLK deals is their fault, or the Nigerian Government delaying the results of the Marginal Field bid round is their fault. No, I'm sure you will agree it's out of their hands. So in effect, it's not the company that is the problem, the company is doing everything right. The problem lies with your expectation and every ones expectation over Tilapia. This is where we differ. I bought in before they won the bid for Tilapia on the basis that Tilapia was the grand prize, but there was also a multitude of peripheral opportunities that could also turn the company around. You on the other hand went for the main goal, the dream if you like. Expected everything and ended up totally disappointed. As my son recently reminded me of Kiplings poem "If" - "If you can dream and not make dreams your master". You should read it, you could possibly learn something about yourself.

Having said that, you came over from the AAOG catastrophe and my/all our sympathy's were with you. However, since your arrival here you have done nothing but moan, and the reason for that is simply you missed the boat at 035p, bought in far higher and have suffered the inevitable drop. So there we have two different sides of the argument with different opinions based upon the price they paid for their shares. We are all in this together, don't forget that, it's very important.

Good RNS, certainly moving us in the right direction.

Visionplus - a usual tactic of a de-ramper is to continuously create new threads with negative headings each time they post in an attempt to start a new thread each time that other poster then copy and paste, repeating the same negativity over and over. That's why I try to avoid posting onto a heading that I don't agree with. it's blatantly obvious from the heading of your last two post that you are seeking to buy in at a lower price. Nothing wrong in that, although on moral grounds I would not myself diminish other shareholders value in order to benefit mine, but I suppose everyone to their own standards in life. Good luck with your investment.

Visionplus - two bold assumptions in one go. First, who's to say an institutional has a specific reason to sell. This could be a multitudinal answer, any of many reasons in fact. To assume without evidence is highly negative and atmospherically destructive. This is a prime example of half full, half empty syndrome. It's where you stand between those points, or for instance whether the algorithms built into the buying and selling structure of institutional strategy are geared to sell at points of increase (ie news) or not. You may be already aware that almost 75% of institutional investments are based upon jdecisions made by algorithms.

Secondly, "Surely they need to do there own study before committing to to the acquisition" - That's not quite an accurate assumption to make. They would have already carried out their own due diligence based upon an independent competent persons report (CPR) or assessment that the seller would have initiated when assessing the costs for remedial work to bring the well back on line. This could have been done years prior to the sale for all we know. AC would also have his own independent assessor look into those findings and of course we don't know how long this deal was being negotiated, so plenty of time to carry out the said due diligence. With regards the 200 BOE per day in particular. Companies are required by law to inform the ministry of any workover activity, so these events would have been documented. An opportunity then presents itself to AC to workover the well if none has already been done, increasing the barrels per day from 25 to 200. The same goes for the 500-600 well that was shut in. It was pumping before closure at 500-600 BOE per day, however we do not know whether this had at any time in the last ten years been worked over, as yet. So bringing this back on line with a full repair and workover could also increase those figures again. Of course this is all in the as yet undisclosed detail. An additional point to consider is that this is not a done deal. He uses the term "Potential Acquisitions", so due diligence could still be ongoing or Ministry approval is required or both, we just don't know at this time. I'm sure all will be revealed. DYOR GLA

These Tunisian deals do seem to be gaining momentum. Two deals in two months, pretty good going so far. Would be interesting to see where we stand in December. With the Fleet Oil & Gas deal on the horizon, Congo may be seen as not so important.

Docit - AC said in his recent conference call "Rome wasn't built in a day" or words to that effect.

You have to think about this seriously. If this deal is completed, after just one workover bringing the 500-600 barrels of oil back on line brings us to overall company profitability. You have no idea what this will mean to the share price. Automatically places us as a profit position company, look it up, you will see how significant this is.

To start with, what fantastic news. Two wholly owned concessions with the potential to raise the daily barrels of oil from 25 per day to 800 per day or more. What an incredible find, Rock on AC.

Docit - there is no news on Congo until the government changes the cabinet. My advice would be to not waist your time waiting for something that does not exist.

Visionplus - I noticed those sells yesterday and did wonder why they would sell at this time. They may have got wind of today's RNS and thought it was something bad, picked the wrong time for the wrong reason.

Visionplus - MGS outlined the "political manoeuvring" and reasons for both the Minister and Teresa Goma's appointment clearly in his posts on the 31st March 2021, more so in his posts of the 19th March and the 19th February. Some good examples of her intrenched bias and prejudice.

MGS - trivial as it may seem, you need to change the following part -

"for the first time since we acquired the license"

Out with the old and in with the new cabinet is the next stage of development towards our 25 year licence. Hopefully within the next two weeks.