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Fakevenues - this is now beginning to clarify all aspects of the developing scenario. The AI article makes clear that although it seems all these companies are jumping ship together, some have had this in mind for quite a while. Eni actually acquired it's Tunisian assets within the purchase of the BG group in 2015 and have been discussing the disposure of parts of these assets in various AI articles, in particular the Marginal Fields for quite some time. What's important is that it claims Zenith is in a prime position to acquire some of these presumably cheap assets from Eni, Kufpec or CNPC. If we look at the whole picture, we can see where the momentum of information is pushing towards these three candidates. AI are still pushing the claim that Zenith can't afford to maintain these purchases, with no evidence to support it. From a pure licencing perspective they may have a point, but our financing objectives could involve our Joint Venture partners Fleet Oil & Gas. The idea initially behind this partnership imv, was for Fleet to provide part financing and manpower, where Zenith would provide equipment (rigs), part financing and licence. So the money does not necessarily have to come solely from Zenith. As far as getting this Tunisian licence signed off. I did think at one point that there was no one in the driving seat at the Energy commission. That, now seems, from the AI article to be wrong. The Trade Minister Mohamed Bousaïd was appointed as a temporary position a few weeks ago and could have the power get this approved soon, here's hoping.

Must say I did laugh when AI said Zenith had failed to reply to their enquiry. Did they forget we were suing them.

It's good that ChineseWhispers has acknowledged our doubts and responded. There might be something to his claim after all.

Ageos - your Sirinus Energy theory has great potential, but to be honest I was convinced otherwise a few weeks back when Eni announced in an African Intelligence article that it was seeking to sell off a large proportion of it's Marginal Fields in west Africa. So they stand pretty high on my list as potential candidates for clinching a deal.

If they are now handing out letters to winning Marginal Field bidders we must be nearing news, positive or negative.

AdiMcC69 - AC certainly has his finger in a few pie's. If we get a Nigerian Marginal field and an additional Tunisian asset, too many perhaps. It's all down to his staff infrastructure. If he has the manpower to handle or has access to expertise able to cope, the more the merrier imv. Some of these projects may only be as stated for the Marginal Fields local operator - technical and financial assistance. So not quite as much involvement necessary. I think decisions will be made as confirmation of each asset materialises, still much going on and everything to play for.

AGEOS - from what you have pointed out there is much potential at stake here. Acquiring this licence is not just a pay day in terms of money owed. It is in fact a highly prospective enterprise that could in good time reap rewards different to that originally foreseen. I for one would be glad to see any additional information you would like to share.

Of course you are absolutely right, got the two completely mixed up. You may not believe this but instead of boiling the water I attempted to put the kettle in the fridge this morning, so it probably took a while for me to wake up. I'll put it down to being in the process of moving property in the net few weeks and much to think about.

MGS - thanks for your comments, very much appreciate your input. When assessing the comparison between Uplands and Zenith I did take into account the fact that Uplands were in fact going for an extension and not a full blown licence but wrote that off because Zenith originally held the licence that was carried over from the purchase of AAOGC and did originally seek an extension. In that sense the procedure should have been very similar. However, I take your point that once that licence was dropped, Zenith were launched on a different path to re-licence, agreed. I noted that the time was only six months but still thought this was quick time by comparison, after all our journey started back in late May, early June, more than nine months. I also think your right about the differences between departments and I may not have been fully aware of the significance of those differences. Indeed, a change in Director General after the election may be a crucial turning point to our successful application. Lets keep our fingers crossed. GLA

Must also remind everyone that the Nigerian Bid Round is very much a highly, potentially lucrative part of our repertoire of prospective resources. In his comments of the 20th August RNS he states "a large, underdeveloped, near-term production asset." This was in co-operation with a local Nigerian operator and the National Nigerian Oil Company. The chances of success here are imo extremely high. This could be as big or bigger than all our potential resources.

20th August RNS
"We are very pleased to have successfully pre-qualified for the 2020 Bid Round with our Nigerian partner. This Bid Round represents an exceptionally rare opportunity for Zenith to acquire at highly advantageous terms, a large, underdeveloped, near-term production asset. This is especially the case in the current low oil price environment.

Good news about the investor call.

Just going over the Uplands Resources RNS of the 20th January where they seem to have got their extended licence within quick time. The Uplands licence was issued in conjunction and joint venture with ETAP, the Tunisian National Oil Company. So it begs the question, how can they issue an extended licence to Uplands but not Zenith, knowing that Zenith is acquiring the licence under exactly the same terms, in conjunction with ETAP as operator of the SLK concession. This would be a good question to ask AC, why Uplands and not Zenith?

The 31st March is crucial on two points. Firstly, things that happen after the 31st March are more so classified as theoretical rather than factual as they have not been audited and cannot be included within the BCRA credit evaluation. Secondly, AC was expecting the approval of the Tunisian Licence to be done and dusted by the 31st March, but obviously could not at the time anticipate the political upheaval to cabinet changes imposed by the resent regime that has inevitably held things up.

It seems that many are unaware of the significance of the recent holdings investment RNS. I would prefer not to give too much of a rosy glow to the event but we cannot ignore the fact that this is an institutional investment and Institutional investors of this kind have a clear responsibility to the shareholders they are acting on behalf, and as such use their expertise to invest wisely. The timing of the investment is crucial in this respect. They chose to increase an already firmly established holding (£500,000 investment) a week after the appearance of controversially damaging disclosures from African Intelligence. This in my view was a convincing endorsement of the validity of the company and confidence in the CEO's strategy. We must also remember, historically, Institutional Investors are usually privy to knowledge us menials rarely get wind of. So i doubt they would make additional investments into the company if the potential outcome of any court proceedings were not in our favour.

Thanks Flingaas.

Lutefish - with the greatest respect, it would be helpful to us if you could inform us where you read he was heading back to Congo?

I'm sure everyone here appreciates your interest Platinumguy. We now have a few followers from AAOG also that have joined us to follow through the Tilapia well. These guys know far more than us on the technical issue that may confront our rig team. When the news hits that we have the Tilapia licence I'm expecting this thread to be very busy indeed.

London South East - As far as I am aware this is an open forum, as such everyone signed up to LSE is allowed to objectively voice their opinion on a given point raised in this forum. Today, someone posted with and included a reference to a 3 million share trade that was made at 08:51. The assumption therefore was that this trade was a buy and not a sell as shown. This was merely an observational opinion based upon the time the trade took place. If posters are not allowed to offer opinions you must state it in your Terms and Conditions. I must say I have never seen so many posts removed for a company with so few followers. Can you please explain why this post was removed?

I am actually astonished that the Nigerian Government haven't yet finalised the Marginal Field Bid Round. We have heard that pressure had been applied from oil companies frustrated by the delays but it does not seem to have had any effect. Evidently, the government attempted to alleviate their frustration by including all companies in the penultimate bid round. However, this has obviously done nothing to resolve the time issue, it has in fact complicated the whole process. Many more companies have now found themselves negotiating with other companies over smaller percentages of a Marginal Field, exacerbating the original problem further. It's been more than three months now since we heard of anything significant from Nigeria. They must be soon to decide.

Mudstud - I can't say the ex Tullow Oil boss Paul McDade would agree with you. He has just joined the board of directors of Sterling Energy, that has in fact £43m in the bank and are seeking new assets in Africa.

African Intelligence 26th February 2021

"Ex-Tullow Oil boss Paul McDade's new life.
Since being forced into retirement a year ago, Paul McDade has embarked on a new adventure in west African oil thanks to Sterling Energy and is now keen to start buying assets."

I feel sure he would be putting his workover rig to good use if he could only get the Tunisian asset over the line. I can definitely see this making an absolute mint.

You've even cheered me up Barnyards.

GosiaS - yes, quite right 1.8m shares because the debtee wishes to be paid in shares. The money owed amounts to approximately £19,000. Before some clever so and so (not you GosiaS) decides to question why this debt was paid in shares we should remember that he has half a million Euros in the bank.

Very interesting tern of events. AC has obviously convinced the Financial Institutional Lender that all is on track and recent events have not jeopardised our two main assets in any way in Congo and Tunisia. More to the point he's issued warrants to the lender as an enticement at 0.017 and 0.022p, virtually double the present trading price. Both he and the Financial Institutional Lender must be confident that events expected will complete to plan.

It is also encouraging to see the money borrowed will be used for new acquisitions. All very interesting.