Member Info for Florida

Ezhik - I must agree Nigeria may be the least potential of the options on to table to Zenith on the face of it. Although, I have in the past said the same thing about another company only to find it came through leaps and bounds. I prefer the optimistic view.

Ezhik - it may be the case that as technical and financial adviser they may have arranged that the local operator lumps up 100% of those costs you mentioned. Worst case scenario on a 50/50 basis imv.

Ezhik - Not making an issue, just making a point. The picture you have painted looks very much like they are on a wasted exercise. Wasn't really much point of entering the bid. Come on, be serious.

Ezhik - are you saying Zenith would not have done there own due diligence before entering the bid round.

Pacman - You have absolutely hit the nail on the head. Direct answers to direct questions. No flummoxing Mr Humphries/Hextall, No hiding purchases, no telling us the real reason for a purchase six month down the road.

Bakky - I wouldn't worry too much about my rants as you call them, it seems Iv'e just pushed the price up.

Bakky - I certainly do not have to back up something that I believe may or may not happen. It's purely a guess. You asked me a question and I gave you an answer. If you don't like the answer, don't ask the question.

Bakky - I let rip for a specific reason. The company may do something in the very near future that none of us would like and might prevent some good news. So I thought I should make them think before doing it. Obviously I can't tell you what that is. Walbroke watch these threads closely and convey anything of importance back to the company, which is what I want. So to answer your theory that this is just an emotional rant, I would say there is a lot more than this to come, I have only just started, of that you can be assured. Even though I'm holding only half of my original stake, I see no point to profess this as anything other than a strong buy. See below.

Dan - this might give you some enlightenment.

The October figures did nothing to enhance the markets confidence. A bit of a slow down to overall growth, particularly International sales. However, we did still improve by 5%. In reality this was just a hiccup in progress, not a decline. So why has the market pushed us to a lower price level from 19p to 16p, doesnt really make sense. We were to quite a large degree attached to the FTSE 100 and fluctuated accordingly for quite some time. However, the FTSE is now only 150 points off it's high point after the recent Covid crash, and we still haven't moved back up. Depressing as it is, the market is imv waiting for the next results just as much as we are. They will be crucial in terms of profits, or potential profits from Covid testing. The speed of progression will drive the share price and not capitalisation as Barry Humphries, sorry I mean Barry Hextall would have us believe. So the outlook for the next month looks unchanged from my perspective, and that is a slim chance of achieving Break-even based upon Covid results.

TruroTrader - the question I put to Barry Hextall was in fact regarding the so called "nominal payments" on sales to Thermo Fischer. It was at that point he became completely flummoxed and made out he didn't understand the question. It was at that point Adam Renaulds realised how bad this was looking and intervened.

Lets be honest here we all bought into this because on paper it was fundamentally a sound idea and many of us were looking for a way out from the Vialogy disaster. Admittedly litigation wasn't their fault but the strategy of the company since then has done nothing for shareholders whatsoever. Deliberately staying under break-even is one thing but to purchase company after company unnecessarily, purely to stave off Break-even is ludicrous. £275,000 for a company that had only a couple of second hand machines, more to the point, they didn't even tel us they had bought it. Another company that was already distributing for us in France, so he decided to buy the company that was doing the job already for free. Whats more, we paid £4m for what was described as goodwill only. It's written in black and white in the final results. Another company with a price tag of £8m for what?. It was divulged not on the pre days to purchase, not on the day of purchase, six month later in a presentation, he bought it for the IP. My god, he paid £8m for a company who's IP could be obsolete within 18 months. Before acquisitions we were in fact taking on board new territories and new contracts at a rate of two a month. We had imv the best sales team imaginable. The first thing he did, when appointed was sack the sales director and part of the sales team, folly to be sure. What turned me against this company more so is when you start to cross thread board members within other companies. Too many fingers in too many pies, this is where ulterior motives, conflicts of interest develop and priorities change. This company imv prioritises the BOD and as far as they are concerned shareholders can go to hell.

I'm afraid you lowered the tone when you said Break-even was a figment of ones dreams and nothing to do with the present game plan, is that not correct.

According to Hextall the company is only worth 16p. So we reach £500m in two years time at 16p as Pacman said. That's not good enough for me and I'm sure it's not for you. I think we should concentrate on profit and nothing else. Walbroke has adamantly denied my suggestion that the company had a five year plan to stay under Break-even in order to prevent paying Thermo Fischer £6.5m and Barry Hextall desperately tried to avoid the question I had put to him at the recent presentation regarding the payments to Thermo Fischer. It was only an intervention by Adam Renaulds that forced him to answer, then swiftly brushed it off as if it was nothing with some lame excuse. They didn't deny owing the money, just it was insignificant.

Also, in classic contradiction Adam Renaulds in 2017 and 2018 said the share price was undervalued. He went on to say the company would be four times the value if traded on the Nasdaq. Did you also know that it was a common strategy of many companies to deliberately stay under Break-even in order to deter aggressive takeovers. So unless we achieve Break-even your dream of a takeover has no absolutely no chance. Would be interested in your thoughts, unless of course this is all a figment of my imagination.

Can you give me one possible reason why, after two years of continuous positive news the share price moves nowhere?. I'm dying to hear this.

The question is Flipper, will they reach "Break-even"?

The Italian assets are virtually self sustaining. The other main exposure was Azerbaijan which has now bitten the dust. The only other main expenses apart from the BOD are the rigs. As soon as a useful purpose is found for both rigs, that expenditure will soon be turned into profit.

I think it was a wise move to draw away from the Canadian market, certainly an unnecessary cost disposed of. Ridding the Oslo Bors as well would have been a step too far imv. They need a balance to counter pressure from either market. The Oslo market is more stable, the London Stock market will push a company to oblivion at the drop of a hat.

I know the emphasis is on acquiring these licences, putting that aside, the company really isn't in a bad position

It's not often a small fry company like Zenith gets the opportunity to purchase assets that produce an almost immediate profitable return. The Tunisian purchases alone secures the financial future of the company. This, without Tilapia, will significantly impact the share price imv.

You all are being very lenient with the price imv. A couple of things to contemplate, first , did AC dispose of a $2m investment at a price of 2.5p because he didn't want anyone from the Arab consortium sitting on our board of directors, or did he think that 2.5p was selling the company off cheap. We could also go for the Tom Winnifrith version and that he didn't dump them, they dumped him. A bit risky lying openly in public imv. So I err on the side of number two, selling the company too cheap.

Iamluvingit - you are absolutely unbelievable. Now you are saying I can't produce any evidence before 2020, very interesting. Lets get things straight. firstly, if you disagree with something I have said, the standard practice is to come up with your own researched evidence to counter my claim. The onus is on you to produce such evidence, not me doing your research for you. I offered the link as a gesture of good faith, something I usually charge for, and for the benefit of those newcomers that may need some reassurance. Secondly, i think you should take the shovel back, it's too big and the holes getting deeper. You obviously only read the abstract article. The link, slap bang in the centre of the article, spaced top and bottom, takes you to a full 120 page report, you couldn't miss it if you were blind. I even gave you the headline of the report (Global Workover Rigs Market 2020 - 2024).

Lets go back to the original point made by Mis678 for a moment. He or she had decided from nothing more than a figment of imagination that the 27% I was referring to were statistics established by the Zeniths workover rig. This is what I said - "Our work over rig has the capability to enhance production by an average of 27%. In some cases can double it's production.". You may notice that I said "it has the capability", I didn't say it has enhanced production on average of 27%, there is a significant difference I'm sure you will agree.

The problem was then exaggerated when you and Ezhik followed Mis678's mistake as if it was correct. You even tried to hide your mistake by using "the rig" on the 27th Nov 11:08, then "a rig" at 11:27, two different meanings, you really must take me for a fool. So, I have concluded my thoughts on this and have indulged your lunacy for long enough. Now I will allow all three of you to attend and enjoy your thirteenth birthday celebrations together. Best of luck.

Iamluvingit - you are absolutely unbelievable. Now you are saying I can't produce any evidence before 2020, very interesting. Lets get things strait. firstly, if you disagree with something I have said, the standard practice is to come up with your own researched evidence to counter my claim. The onus is on you to produce such evidence, not me doing your research for you. I offered the link as a gesture of good faith, something I usually charge for, and for the benefit of those newcomers that may need some reassurance. Secondly, i think you should take the shovel back, it's too big and the holes getting deeper. You obviously only read the abstract article. The link, slap bang in the centre of the article, spaced top and bottom, takes you to a full 120 page report, you couldn't miss it if you were blind. I even gave you the headline of the report (Global Workover Rigs Market 2020 - 2024).

Lets go back to the original point made by Mis678 for a moment. He or she had decided from nothing more than a figment of imagination that the 27% I was referring to were statistics established by the Zeniths workover rig. This is what I said - "Our work over rig has the capability to enhance production by an average of 27%. In some cases can double it's production.". You may notice that I said "it has the capability", I didn't say it has enhanced production on average of 27%, there is a significant difference I'm sure you will agree.

The problem was then exaggerated when you and Ezhik followed Mis678's mistake as if it was correct. You even tried to hide your mistake by using "the rig" on the 27th Nov 11:08, then "a rig" at 11:27, two different meanings, you really must take me for a fool. So, I have concluded my thoughts on this and have indulged your lunacy for long enough. Now I will allow all three of you to attend and enjoy your thirteenth birthday celebrations together. Best of luck.

Well there you have it, RNS 30th November 2020, section 21 -

Tunisia

"The balance of the purchase price is due upon completion of the acquisition, which is expected to be obtained within December 31, 2020.

Ezhik - regarding your last post (no doom intended). you refer to 6 months as your predicted time for drilling "hence my 6m comment". This was not your 6 month comment, it was in fact a prediction the CEO stated in one of his recent interviews when asked how long it would be to start drilling.

You also speak as if nothing has been achieved in the last year. Firstly, the acquisition of AAOG Congo is signed, sealed and paid for. The only thing outstanding is the licence for Tilapia. Two Acquisitions in Tunisia that are signed and sealed half paid for in cash with proceeds of production paying for the balance. The Partnership Agreement with a Nigerian energy company, no payment required, awaiting licence. Joint venture arrangement with Congo operator, no payment required, awaiting licence.

Ezhik - on the 27th November I said "Our work over rig has the capability to enhance production by an average of 27%. In some cases can double it's production."

On the same day 12:20 you said "If you refer to the individual well worked over has an industry cos of increasing its production by 27% then again--fair enough. This means by example a well producing say 3 bbls a day might do 4 bbls a day after the workover Rough figures. It doesn't mean that the company production figures would increase by 27% unless they only have that one well."

I think we all must agree that a workover rig is generally used as a repair tool when something goes wrong, or to complete regular maintenance, or to restore production levels if they decline. These imv are the only reasons a workover rig is used, unless of course you can think of something else. With this in mind, from what I said, where did you come to the conclusion I was referring to pre-decline of total pre-workover company production. The workover rig, as previously stated is brought in if production levels have declined.

Because I fear you are undergoing a period of severe mental stress, I must inform you that this was said with clear knowledge of what was written in the - https://www.prnewswire.com/news-releases/the-workover-rigs-market-will-register-a-cagr-of-over-5-by-2023-300866706.html - (Global Workover Rigs Market 2020 - 2024) and other industry papers that I refer to on occasion through my own investigations, research and due diligence.

It seems you have sheepishly followed Iamluvingit's misguided assumption that I claimed something without actually reading what was posted. Please do not blatantly contradict me purely for the sake of it and more so contradict yourself in the same sentence, it just sounds childish.

Morning TYB, yes, expecting news on many fronts, not least Nigeria's Marginal Field bid round. I noticed we have quite a few posters on here that for some inexplicable reason dislike and deter newcomers from joining us. Seems to me not conducive to promoting the company, or maybe they have an ulterior motive more in line with bringing the company down.

Rickierich - welcome, I noticed you have a distinct interest in oil companies in particular, well this is in my opinion the daddy of them all. It may not be the biggest oil potential, nothing like BPC's 2 billion BOE, but it has got bigger bucks in a shorter time. Zenith doesn't need to strike oil to raise the share price, we just need to acquire any one of the 5 licences/approvals to complete the transactions that were agreed earlier this year.

The most important of the five is Tilapia. Bought by Zenith for £200,000 from AAOG who completed 80% of a potential 5000 BOE per day well, rig company buggered the well and and AAOG went bust. We do not need to drill this well for the price to explode, we just need the licence. We have a 56% stake in Tilapia, with our own rig to drill, secured on the Mediterranean coast ready to ship to Congo, and a potential 5000 BOE. The price now is 0.35p, at the start of the year the company was hovering around 2.5p. The CEO has just washed his hands of a $2m investment at 2.5p, so must think this will rise even higher. How much higher is anyone's guess.

Another thing is don't be deterred by the de-rampers, there are so many on here iv'e lost count. They only want to rob you of your hard earned investment and are trying to slow down the explosion when the news hits, some even advocate that workover rigs do not have the capability to enhance oil production, it really is laughable.

By the way we have our own drilling rig and our own workover rig. I hope this helps. DYOR GL