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I think it is also worthwhile pointing out that a higher oil price increases the value of our two rigs. High oil price, more exploration, more rig demand.

Benboro - all of our own assets are already paid for, please DYOR

Oil price touched on $63 WTI this morning, adds significant value to our assets.

Absolutely brilliant.

Wow, certainly timed that well.

Low volume is the usual tool the mm's use to drag prices down and this is the reason why I half expected a drop anyway. Volume has always been low in London and low by comparison to previous weeks also in Oslo. Admittedly there are some who are getting the jitters, which doesn't help, but in all honesty this imv will be short lived when they realise nothing has changed apart from an opportunity to acquire some extra cash from the court case with African Intelligence. As I have said before, if the letter is not legit nothings changed. If the letter is legit it states "not allowing a decision in your favour at this stage", which implies it will be approved at a later date. So nothing much to concern ourselves with.

The oil price is my main concern at the moment. On the one hand it's fantastic to increase the value of the assets you already own, but not a good thing when trying to negotiate new deals. Because the oil price has risen so rapidly, he may find those low output marginal fields that could have been bought for a song have suddenly become profitable and are no longer available for under a million. If he clinches one of these deals, with Fleet for instance, it would be quite remarkable.

I think we all know the rumours going around the the Oslo Bors threads that Tunisian news is this week. So should be a really interesting time the next few days.

Regardless of what is said here, don't be drawn into the negative attitudes of some recent posters. This woman is insignificant in the grand scheme of things. Our main objective is to acquire the ratification in law for the issue of the licence for Tilapia ll and that is still on track. MG has made us all aware of the historical prejudice that resonates within this woman's mind and the insignificance of her position in terms of hierarchy. Gradually the questions are being answered and clarity is beginning to prevail. AC is obviously clear in his own mind how insignificant she is or he would not have so publicly written her off. Just be aware that the maggots and flies are always drawn towards the rotten smell of doubt. Don't let them feed.

Mudstud - this is my post from the 11th February when this this very point was discussed -

"GosiaS - On this point I must concede, expenses are too high. However, if the returns are substantial enough and in all indications this is so, we should confidently enable a higher insurance rate. The first obvious step is Tunisia, a massive boost to the coffers."

As you will see this point was raised recently by GosiaS and I agreed expenses were excessive. So there really is no need to blatently lie about what is said on here. It just makes you look a fool.

Zengas - hey thanks for the appointment, it seems I have just been promoted. Let me first say how people view my posts is entirely up to them. I do what I feel is necessary the keep the likes of you off this thread in order to protect my investment. If you see me as some kind of overseer then thank you for the adulation. This is how I see it. first, I look at timing, and I say to myself, on this very day, the company finds itself amidst a controversial event, then all of a sudden Zengas appears on the thread, first time poster with a question that alludes detrimentally to AC's integrity and his relationship with the current Ministry of Hydrocarbons in Congo. Obviously only stupid people put 2 and 2 together and it obviously works for me, so I come to an assumption that someone is the devil in disguise. So lets both do something different shall we. If you don't make yourself look like a predator in disguise I won't come across as a dictatorial overseer. Lets start again shall we. I'll ask the same simple question which I have a right to do and you also have a right to reply or not. So please don't get the hump when you find yourself stuck for a simple answer.

"ARE YOU AN INVESTOR"

Correction

I can't help thinking that over the last month AC has travelled from the UK to Italy, on to Congo, back to Italy, back again to Congo, then up to Tunisia, leaving himself open to his own personal exposure of a virus amidst a global pandemic and here we have unadulterated leaches perpetrating their dastardly deeds to the detriment of our CEO's integrity. It beggars belief.

I can't help thinking that over the last month AC has travelled from the UK to Italy, on to Congo, back to Italy, then up to Tunisia, leaving himself open to his own personal exposure of a virus amidst a global pandemic and here we have unadulterated leaches perpetrating their dastardly deeds to the detriment of our CEO's integrity. It beggars belief.

As you refuse to answer the question I must assume you are not an investor, in which case what the hell are you doing on here pushing forward the view that Zenith proclaim much and deliver nil. During the last 12 moths they have bought an operating well for $200,000, presently pumping 30 barrels a day, 80% completed with the potential for 5000 per day, this is a fact. They have also signed and completed and paid for 45% share of wells in Tunisia that are presently pumping 560 barrels per day, this is also a fact. These two purchases are the only things we as investors are interested in. Everything else has no relevance whatsoever. Your attempt to push forward a negative agenda in an attempt to somehow defame the company is both childish and futile. As far as you thinking I am stupid, you would have been given far more respect if you had answered a simple question with no I am not an investor. You really can't get more stupid than that.

Great find MG, absolutely clarifies everything. No one uses that kind of terminology in a business letter. A condescending tone was apparent throughout the letter, fits very neatly with your findings and also to some degree legitimises the breakdown in communication and cooperation that has obviously taken place between AC and Goma.

I have complete confidence that AC's assurances given in his reply to GaryMegson should be embraced wholeheartedly by all shareholders. I will be topping again soon.

Marketgunslinger - I also checked the the recent conference call and Financial Fox interview and couldn't find anything that could substantiate the woman's claim. As quoted from the letter "your various announcements in magazines and websites relating to an alleged allocation of the permit". Of course he could have made comments to magazines out side our media sphere, in which case it is not possible to make a judgement. He also could have been misquoted at some point and some form, where it would be difficult to know for sure what was said. All this is possible, however the onus is on Teresa Goma and African Intelligence to produce this evidence. I'm sure the courts will then decide.

Moses151 - the drop today was caused in part by the articles negativity and a few decent sized sells, and also an overdue drop which I was expecting at some point usually attached to long periods without news. Remember, the market never likes question marks. IMHO DYOR GLA

At times of elections issue like these are usually politically motivated in some way. Somehow preparing the ground for the new incumbent taking the MOH position. From our point of view it's probably best if we concentrate more on the facts presented to us. On the face of it AC has bent over backwards to ensure every box was ticked and every cross double checked. He's spent enough time in the Congo to make sure they have everything that is required to secure this licence. I very much doubt this so called Minister of Hydrocarbons is going to prevent that from happening.

Can be a number of reasons why he's in Tunisia and none of them bad. He could have been summoned by the Ministry of Hydrocarbons to clarify information or putting his signature to the licence. Or he could be concluding an additional acquisition from Kufpec, CNPC or the Fleet joint venture. I can't think of any other reason.As for the Africa Intelligence article, nothing in the RNS disclosures and nothing in the conference calls allude to the fact that he has acquired the licence. Zenith is only acknowledged as the winning bidder. The announcement regarding the IPU, only clarifies the route to the next stage of "ratification". At no point has he said he has acquired the licence. So if the letter is genuine, it does seem to be totally wrong. There does seem also to be some misgivings as to the authenticity of the letter, as was in June with the other one. To be frank, it does seem odd that these letters always seem to spring up and jump into the hands of African Intelligence at the most opportune moment, coincidence I don't think. AC blatantly denies receiving this letter and did immediately instruct his lawyers, which imv is the right thing to do. He also made clear his disdain for the conduct of the said Minister Goma with his reference to her potential departure, so no love lost there. It does make you wonder why the IPU was approved when certain elements (according to the letter) were still in due process of completion, sounds very odd. I would say the chances of AC announcing completion of the IPU without written documentation to support it are zero. I am also curious as to her use of the word "incessant". This is not a word commonly used in standard business conversation, it's more like reprimanding a child for being annoying. AC it seems, may have vigorously put forward the urgency of the matter, in doing so rubbed her up the wrong way (excuse my east London terminology). The question now remains, will this delay the ratification, probably yes, by how much, well I expected this to take another month anyway, an extra couple of weeks isn't a problem.

Wraith - as far as I am aware AC mentioned the Tunisian wells have not been worked over. So the intention was always to enhance production.

Sarge123 - You could be right. There might not be anyone left and this could be completely under everyone's radar. This would mean that the story is yet to unfold to so many people that when news hits there will be a frenzy of buying by new investors. Sounds good to me.

I am of the opinion that most who have prior investment into Zenith were in a phycological state of trauma, having gone through one traumatic event after another over the last two years. Watching the share price reduce to a mere 0.020 is not a savoury thing to see. So I would imagine most are still dejected to the point that only a physical state of material value would ensure in their minds that the price will not return to ground level.

That position can only come about when we either have Tunisia approved, or Tilapia ratified. We would then take ownership with a tangible asset and no question marks hanging over it's existence. The irony of this is that the feelings of loss incurred on AAOG investors had already been felt by Zenith investors, so we walk very much as compatriots in the face of adversity in this respect together. I'm sure when we reach that point of asset clarity, many who have stayed in the background, watching and waiting, will all wish to voice there opinion in good time and at the appropriate moment. I joined this party much later than most and although I may not have felt the AAOG or Zenith pain, I have over the years had my own personal share of disaster. So we wait for clarity together, we all know it's coming, so relish and enjoy the ride.

Great to see AC back in Congo today. Once the strategy for going forward with Tilapia is ironed out with SNPC we should get Government ratification pretty soon after.