Member Info for Florida

When we bought the four fields, three concessions between 2019/2021, there were a number of storage tanks that came with it. can anyone remember what the largest of these tanks contained. Was it 20,000 barrels of oil or 200,000?

ETAP has just been ordered by the court to pay $2.7 million in interest on a $6.2 million award. Using the same calculation method, interest on $130 million at the same rate would be around $52 million, bringing the total for the ICC 2 claim to $182 million.

Is the interest already factored into the $130m, or is that in addition? I make it $52m.

?

Both claimants and defendants have been asked by the courts to mutually reschedule the dates for the final case conclusions by the 20th January 2025. this in tern may speed up the whole legal process. It may also give less time for a negotiated settlement to take place. Because AC has a preference for non settlement, it does not mean that a settlement will not take place. I believe a settlement will be on the table shortly after the schedule has been set. At that point the market will want to conduct an orderly, controlled re-rate and a suspension of trading is the best way to do it.

"The Claimants and the Defendant shall consult and agree on a shorter process plan and to submit this to the Tribunal no later than January 20, 2025."

https://dagensbors-se.translate.goog/analys-zenith-energy-vi-hojer-malkursen/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp

Those deliberating on whether to buy or not must consider that the market, at some point in the very near future, will suspend the share. In my view, this will be done when the next timeline schedule announcement occurs, on or before the 20th January 2025. Those not in by this date will be frozen out. This is my opinion only, a guess and nothing more - DYOR. Happy New Year.

Correction to my last post. Should have been £300,000 not £3,000,000.

At last, someone who has finally begun to do the research necessary to gain the true picture and complete story of this incredible journey. Panman, of course you are absolutely correct, nothing near the debt figures tossed around by some. The company is generating substantial profit from it's gas to electricity generation in Italy and produces approximately 100 barrels of oil per day from some of the other concessions based in Tunisia purchased back in 2019-2021. So, I wouldn't take too much notice of those bleating on about £3,000,000 for all the Tunisian concessions, it definitely was more than that. In fact, if everyone had taken notice of what AC, the CEO of Zenith was saying in the interviews with Zak Mir, they would also know the company is fully funded until the end of 2025.

By the way, $400m is roughly equivalent to 48 times our present value.

According to our CEO we are fully funded until the end of 2025.

See - https://zakstraderscafe.com/interview-andrea-cattaneo-ceo-zenith-energy/10423/

According to Co Pilot 68% of all arbitration cases end early.

See - www.dentons.com

Co Pilot found -

"Approximately 68% of arbitration cases are settled before reaching a full trial. This percentage highlights the effectiveness of arbitration in resolving disputes without the need for lengthy court proceedings1."

Co Pilot found -

"I couldn't find the exact number of arbitration cases over $200 million that were settled out of court this year. However, high-value arbitration cases often attract significant attention and can be resolved through settlements to avoid lengthy and costly litigation."

Co Pilot found -

"One notable arbitration case from this year involved Grenada settling an ICSID case with a group of US investors over a stalled luxury hotel resort project, with the settlement amounting to $200 million. Another significant case was a $220 million settlement involving a German company accused of paying bribes in South Africa and Indonesia to secure government contracts."

Co Pilot found -

"Here are a couple more notable arbitration settlements from this year:

1/ A European trading company settled an arbitration claim against its oil major trading partner over a joint venture agreement for the import and distribution of products in West Africa. The settlement amount was in the region of $70-80 million.

2/ A Korean EPC contractor settled an ICC arbitration concerning the construction of a combined cycle power plant in Sohar, Oman. The dispute involved claims exceeding $200 million."

"Here are a few more notable arbitration settlements from 2024:

1/ ICC Arbitration: A multinational corporation and a sovereign state resolved a contract dispute with an award exceeding $2 billion. This case involved complex issues related to international trade and contract enforcement1.

2/ ICSID Arbitration: An investment dispute involving energy sector assets resulted in an award of $1.5 billion. This case highlighted the challenges and opportunities in the energy sector arbitration1.

3/ GAR Awards: A complex case involving intellectual property and breach of contract led to an award of $800 million. This case underscored the importance of intellectual property rights in international arbitration1."

In my opinion Andrea Cattaneo will accept nothing less than $400m.

For the benefit of Ga;lmat and Rider75 I would suggest you take a look at the Zac Muir interview with our CEO yesterday. He speaks of the Tunisian concessions we purchased back in 2021 and how the Tunisian government decided not to pay us for the oil accrued. Hence, the implementation of a number of arbitration cases over the last two years, all of which are now coming to conclusion. The first positive award for $9.7m yesterday, the next for $9m, due end of March in the French High Court - SMP. Following that, arbitration for $130m over the next three to five months. Then arbitration again for $500m due end of 2025, presently under negotiation for an early deal, it seems.

Panman - He's had the Devonian deal (Kasakhstan) in his back pocket since 20th Dec 2023. When funds become available he'll be sure to reconnect the half billion barrel deal that he paid $200,000 deposit for. I think Devonian hold the licence for 25 years. However, the exploration contract expires sometime 2025.

Check out the RNS 20th Dec 2023.

$640m

Andrea Cattaneo, Chief Executive Officer, commented:

"We are hopeful that there will be a potential favourable decision in the ICC 1 Arbitration expected to be published prior to the close of the year. Zenith has taken every step to minimise expenditure and direct its financial resources and management attention towards the international arbitration proceedings initiated against the Republic of Tunisia.

The Board has every confidence in the merit of our legal position. The participation in the Placement of three Directors, including myself, is evidence of our unwavering belief in the material opportunity for Zenith and its shareholders to be compensated for the very significant damages caused by the Tunisian authorities."

Now I wonder why a serious investor would utter such nonsense to the detriment of the company he is invested.

Beggars belief.

Many thanks AC for confirming that you are still "vigorously pursuing" the SMP claim for $9m, and that you are also pursuing the $5.3m claim against SMPC in the Congo. It was also very encouraging to see that the Devonian deal was still potentially baring fruit. I can now see that the deal had encompassed a strict set of hurdles, one of which was the successful outcome of the SMP case that was due in March this year. The $9m of which, would have jump started the deal and progressed forward the spudding of the anticipated first well. Obviously, this has been delayed with an interjection or postponement of sorts and will need more time to complete. It does seem the main objective, to join forces and complete the life long ambition of the Devonian CEO is still intact. Certainly looking forward to the upcoming announcement on the growth strategy and the Devonian deal itself, please see RNS - 31st July below.

"We shall shortly provide further information on our growth strategy, including the conditional acquisition of Devonian Petroleum Limited announced to the market in December of 2023"

Can't really see why everyone is so panic stricken. I understand Deano, he is panic stricken every day of the week. But Zengas, I began to think that you must have had an inkling of what was going on when AC layed out the prospective completion dates of all legal cases presently undertaken. There was nothing else sgnificantly mentioned in the RNS other than the dates. This was a clear signal to investors that priorities had changed and we were from that point, firmly in lock down. All present and potential deals were shelved, costs were cut and all operational expenditure cut to a bare minimum. The intention of course is to maintain operational ability while waiting for any one of the arbitrational or high court cases to bear fruit. Taking into account, as TYB quite rightly said, we are committed to the legal course of action with a high class team on a no win no fee basis. This means that legal services running cost's are zero, and Legal services payment is taken from the proceeds of a successful case.

As I understand it, the Tunisian ministry is still enforcing a ban on the sale of what should be more than 200,000 barrels of oil stored in one of the two storage facilities we currently operate, or at least we did. Whether we are still in control of these facilities we don't know. If were not, the reduction of operational expenditure must be seen as a saving within the lockdown going forward. In addition, it is my understanding that we are currently generating just over 100 barrels of oil from what were two of our concessions. That's $2.7m @ $75 per barrel, that may very well be sold locally, again, we don't know. Admittedly, all these don't knows make the situation difficult to assess. However, we must no lose sight of the fact that winter is coming and gas prices will rise. This should bring in an additional $100,00 per month. The sale of the Rig brings in $3m and if all else fails, taking into account he has thrown everything on the back of success in the courts, he could decide to sell Gas to Electric generation for a minimum (imv) of $10m. After all, losing this regular income would be nothing compared to the courts ownership award of the 200,000 barrels of oil currently in storage. Something Zengas deliberately and conveniently tends to forget. FYI DYOR

Your concentration should be guided towards his words of the 20th March 2024.

"The severe financial loss brought about by the arbitrary deprivation of the Company's interests, inter alia, in the Sidi El Kilani and Ezzaouia concessions, during a period when oil prices have since rebounded and sustained revenue generation to the benefit of the Company's subsidiaries would have been achieved, is an incontrovertible fact.

The Arbitrations have the objective of redressing these breaches and fully compensating the Company for the damages it has suffered.

Zenith is fully confident in the merits of the Arbitrations. We shall look to initiate a process to determine and grant an extraordinary dividend to shareholders following a potential successful outcome resulting from the CNAOG ICC Arbitration and ICSID Arbitration."

Everything else is insignificant.

No chance.

Paris court case against SMP for $9.5m is imminent.