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Sleuthtrader66 - Your deluded view must be misplaced somehow. Are you on the right thread, this is Zenith Energy. Maybe I can direct you to your misplaced company, what was the name you were looking for? Wait a minute, I think I know "AAOG". If you move quick you might be lucky I think they are just about hanging on by a thread (excuse the pun).

If you had done your homework and listened to the recent presentation on the 8th January 2021 you would know that AC has already wiped off any chance of a placing for the foreseeable future.

No intended jibe at AAOG shareholders.

That's one way of looking at it and fair point, but that would make Coastal Genomics one hell of a cost don't you think.

Steve - It seems I have been drawn into something that I honestly thought everyone was already aware of but were obviously not. My intention was to purely correct CooperD on his statement that the next acquisition could be funded by our ready coffers. I've had a quick look at the RNS of the 4th August and it seems that the proceeds of the placing was used in part to pay for the company and part for the working capital of Coastal Genomics, so not all the excess money from the placing went into the YGEN bank account as some may have assumed. With regards to the contingency, It must be recognised that if all criterion is met by Coastal Genimics (please see below), payment to Coastal genomics could amount to $13.5m. In which case I ask you, "where does that money come from"?, hence the contingency.

I'm sorry to say LR's presentation, I'm afraid, just does not cut it. So I've asked Walbroke a pretty straight forward question, it's certainly not a massive ask to clarify this and put it to rest, after all they are the official PR company for YGEN.

RNS 4th August 2020
"The net proceeds of the Placing will be used to fund the initial cash consideration for the Acquisition and provide additional general working capital to the acquired business and the enlarged group."

"Acquisition Consideration
The consideration will include both upfront and deferred payments to the shareholders of Coastal Genomics. Additional consideration will be payable in tranches of shares and cash based on the achievement of accelerated growth objectives. The contingent share consideration can be paid in cash at the Company's discretion in certain circumstances.

The total consideration payable by the Company will be up to US$13.5m and will comprise the following:

· cash consideration on Completion of US$3.0m;
· consideration of US$2.5m payable by the issuance on Completion of Initial Consideration Shares at a price of 18.3 pence per share (as described below);
· two further elements of consideration of US$1.0m each for early strategic customer wins, payable in ExchangeCo Shares and Ordinary Shares at a price of up to 18.3 pence per share, and subject to lock-up periods of 12 months;
· contingent cash consideration of US$2.0m should Coastal Genomics generate revenues of at least US$4.0m for the year ended 31 March ("FY") 2022; and
· contingent cash consideration of US$4.0m should Coastal Genomics generate revenues of at least US$8.5m in FY23.

The cash earn-outs achievable in respect of FY22 and FY23 are expected to be funded by the enlarged group's future cash flows."

If Walbroke would like to verify direct from the company that this money is not tied into the contingency, I will accept what they say. Until then, I will stick with what I believe to be.

If Walbroke would like to verify direct from the company that this is money is not tied into the contingency, I will accept what they say. Until then, I will stick with what I believe to be.

As far as I am aware the £8million is not spendable money because it is a contingency and part of a package that is determined by certain criterion being met. I remember discussing this at the time and was a bone of contention then.

Hi Steve - as far as I am aware the placing was somewhere around £16m, £8. something million with £3. something million for general working capital. We already had £3m + in the bank but since then this has eroded due to loss making expenses, leaving us with operating cash flow only.

CooperD - the only cash they have is operational cash flow, so they most definitively would require an additional institutional investment for an acquisition.

P3T3R - the immediate danger is most definitely another acquisition leading to a rapid decrease to our patriotic inheritance. In truth, I can't see it happening, although the milestone BE isn't in my opinion of any concern to the company, so I wouldn't put it past them. What I would say in their favour is the fact that they have so many potential money making enterprises stirring in the pot they will eventually reach the point where exposed profit making will be unavoidable.

Now now guys, remember what I said about bickering. Were all on the same team batting for the Ashes. If we play ball with each other the market will play ball with us.

I don't think face masks are anything of importance. Our attention should be drawn towards bringing Tilapia to operational status. We now have confirmation as the winning bidder for the Tilapia Licence and the IPU committee is in full swing, on track and progressing nicely. I believe the PSC (Production Sharing Contract) would have been concluded as part and parcel of the licence bid and will be signed off when the IPU is completed. We could be looking at completion of the IPU anytime within the next 4 weeks at which point the rig will be mobilised for transit to the Congo. Four weeks travel then two weeks through customs. Two to four weeks for setup and operational permits then sidetrack here we come. An overview of the exact procedure intended by AAOG before their financial woe's is outlined in the RNS of the 5th August 2019. This explains in detail how the sidetrack would have been carried out and will probably be the same course of action by Zenith. So if all goes according to plan we could be looking at the mid to end of May for a result, very nice indeed.

In the mean time we have our Tunisian news to come, Nigerian Marginal Fields, Congo Joint Venture with private operator, West African - Mberi Oil & Gas Joint Venture, results of the French court case - $3.1m to $20m, Fleet Oil & Gas Joint Venture in the Mena region and our $5.7m from SNPC.

Important points raised in connection with our recent licencing IPU, Congo and Nigerian energy consumption in particular. It's certainly not normal to fly a group of committee members thousands of miles back and forth in order to facilitate the issuance of an IPU for a drilling licence. The fact that they are scrutinising a complex that has nothing to do with oil makes me think something else is in the wind, there has to be another reason. One more piece of positive news to come maybe.

Fantastic news, thanks guys. All on track it seems. Awaiting formal completion of the IPU.

Fakevenues - I had already seen this but thank you for posting this. It is an important reminder of his international stature and a reminder of why I invested more so in the man than in the company. His recent tweet regarding the commencement of the IPU graphically shows his intuitive insight into the thoughts of his shareholders. To some this may look like an insignificant event, in reality it is reassurance that all is on track. Very much appreciated AC, please keep it up.

That's what I like to see, Trolls in abundance. MM's laying the ground for big news to come. Our pals over in Norway better get ready to line their pockets with gold.

We are now getting well into overdue territory. Never been more sure we have these in the bag, AC definitely thinks so, warrants at 1.3p and now options at 1.7p. Looking real good here guys.

Lutefish - absolutely no problem, please make sure it's the latter of the two I posted which includes the licence.

I've been looking a little bit closer at the recent RNS announcement of the Cooperation Agreement with Fleet Oil & Gas. The first thing to look at is target area, Mena region, geographically includes middle East and north African countries. This immediately excludes the Congo so we needn't be concerned over any merger agreement with our cherished prime asset. I think it's important that we remain independent in this regard. Likely countries could be Egypt, because the head of Fleet used to be the Egyptian minister of Hydrocarbons who would naturally have inroad contacts with operators that may wish to offload some of it's dormant fields. The other possibility could be Tunisia. We know AC was in negotiation with the CNPC for an additional concession in Tunisia and may have come across an attractive field that was just a little too pricy to go it alone, but would be a great opportunity to combine with Fleet, mixing available assets, Fleet with money and potential clout to speed up approval/licencing and Zenith with rigs, an already established same operator contract and a operator licence. it would also confirm that Fleet believe the Tunisian approvals/licences are guaranteed.

It was interesting to read that these concession/concessions had a production rate of 2000 BOE per day. However, It wasn't stated clearly how much oil was produced that was presently operational and non operational. This is extremely important in view of the cost of recovery and the potential to enhance production. I also liked the word "excess" due to the fact that AC is gaining a reputation as someone who is intentionally conservative with his estimations. A good example of this clearly demonstrated on his website showing Tilapia with potential of 2000 - 3000 BOE per day when AAOG have already projected a return potential of 5300 BOE per day. This Cooperation Agreement could end up giving Zenith a very nice return indeed.

RNS 11th January 2021
"reviewing a number of Potential Acquisitions, both operated and non-operated, with a production rate in excess of 2,000 barrels of oil per day."

I've been looking a little bit closer at the recent RNS announcement of the Cooperation Agreement with Fleet Oil & Gas. The first thing to look at is target area, Mena region, geographically includes middle East and north African countries. This immediately excludes the Congo so we needn't be concerned over any merger agreement with our cherished prime asset. I think it's important that we remain independent in this regard. Likely countries could be Egypt, because the head of Fleet used to be the Egyptian minister of Hydrocarbons who would naturally have inroad contacts with operators that may wish to offload some of it's dormant fields. The other possibility could be Tunisia. We know AC was in negotiation with the CNPC for an additional concession in Tunisia and may have come across an attractive field that was just a little too pricy to go it alone, but would be a great opportunity to combine with Fleet, mixing available assets, Fleet with money and potential clout to speed up approval/licencing and Zenith with rigs and an already established same operator contract.

It was interesting to read that these concession/concessions had a production rate of 2000 BOE per day. However, It wasn't stated clearly how much oil was produced that was presently operational and non operational. This is extremely important in view of the cost of recovery and the potential to enhance production. I also liked the word "excess" due to the fact that AC is gaining a reputation as someone who is intentionally conservative with his estimations. A good example of this clearly demonstrated on his website showing Tilapia with potential of 2000 - 3000 BOE per day when AAOG have already projected a return potential of 5300 BOE per day. This Cooperation Agreement could end up giving Zenith a very nice return indeed.

RNS 11th January 2021
"reviewing a number of Potential Acquisitions, both operated and non-operated, with a production rate in excess of 2,000 barrels of oil per day."

I wonder when the new Oil Futures contracts will start to kick in.

I wonder when the new Oil Futures contracts will start to kick in.

This is poised and ready to pop. Just waiting for the rubber stamp (IPU and PSC).