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"As any lawyer will tell their client, there is usually no good commercial reason to sue “a man of straw”. Put simply, there is no point bringing any proceedings if you cannot enforce them."

https://www.franciswilksandjones.co.uk/international-arbitration/

Quite right Deano. I think everyone knows the motivation for the US purchase action was merely in order to become an accepted part of the oil trading community, a foot in the door so to speak. I'm surprised it's taken Zengas so long to figure this out. Obviously figured out something and came to the wrong conclusion, "again".

To be quite frank TYB we have to be very careful what we say in circumstances such as this. Discussions debating the potential outcome of a vote is sometimes a tricky business and can influence voting decisions either way. I would not like to get banned from LSE for prejudicing the outcome of a vote that determines the future of a company. Zengas ventured into that area but held back from releasing his true opinion. It's an interesting subject and I have much to say about it, but best to hold back at this time until the voting is over. suffice to say that it's not what happens when he becomes CEO of RBD, it's what happens after.

Wednesday is a crucial vote as to how we, and other potential investors view Zenith for the foreseeable future. All I can say is that Wednesdays vote, if successful, will be highly significant to both Zenith and Reabold.

A very big day coming on the 10th January. Massive changes could follow.

I wonder where all the de-rampers are going to be when the 60 days are up and the institutional investors climb aboard. You won't see their as**s for dust.

TYB - I was just about to post the same. They are like buses, when you want one you can't find one, then suddenly all at once. Paid de-rampers really should start playing as a team. Get you act together guys, you are making people think paid de-rampers really exist.

Having read through the RNS and listened to the interview I cannot see a problem with this deal. Certainly no 50% equity outlay at this stage or for anytime soon, if ever. The maximum initial cost to Zenith is $2m plus the cost of preparation groundwork for drilling the first well (may include 3D survey - 30%) and to complete the drilling of the first well with their own rig. In return, we will receive $3m in the form of equity, making in total 50% of the total share equity value of Devonian. This will mean that we will have obtained 50% ownership of Devonian and an opportunity to drill a potentially high grade, low risk well for a total outlay of $2m plus costs. The additional 50% equity in Devonian has no relevance until the first well has been drilled. Only at that point will a decision be made as to whether to continue with the purchase, and on what terms.

There may be a requirement within the government licencing contract that requires the completion of the 3D survey, presently 70%. From experience this is the only hurdle that could take some time. My guess is that in order to keep their foot on the throttle they will choose a target well head already plotted within the existing 3D data. That way, they can achieve their objective to drill the well without having to wait for the 3D to complete. Six or seven targets already in sight.

TYB - Just back from Christmas shopping and must say could not ask for better news. This is in no way a minnow play, this is a full bloodied mid stream endeavour that's taking us up to a new and exiting level. He's utilising the 260 rig to it's full potential by potentially attacking shallow targets, eliminating rig delays and saving millions on rig costs. If successful, it will place us in an unrivalled financial and logistical position that will not only fulfil his long awaited dream to go mid stream but will allow him and his partner drill as many wells as can be possible. This fearless approach to join with other knowledgeable partners is by far the best way forward, with each partner providing resources that would otherwise be an expensive hurdle to overcome.

Approvals and conditions still have to be gained and met. However, this deal does seem to be ahead of the game as far as licences already in hand, agreements already signed with most of the 2D, 3D seismic completed and are all looking quite good. I am also convinced that AC's tone, makes him sound rather confident that things will go according to plan. Certainly stuck his neck out getting the rig out of mothballs, after all, it's not cheap moving rigs around, so, potentially, he has a lot to lose if the deal fails to complete. Positivity in every word spoken so far, and no reason for us to doubt his enthusiasm. Plenty of enthusiasm from me and the same from the Norwegians today by the look of it, let's hope they keep it up. Great news.

If these two concessions in Kazakhstan for 400 barrels per day are part of the latest bidding round, we should, as a requirement complete the deal on or before the 20th December. Nice Christmas box.

Good find Callit. Seems I was wrong about the recent news of Kazakhstan deal. I was hoping for the 600 barrels a day concession, but hey ho, 400 will do.

EarlofAim - TYB means well but forgets he is the most enthusiastic investor on this thread. So, I like enthusiasm, more of it please.

And for your information, Paul1Deano is a bit like our lucky mascot, talks gibberish most of the time, but we all know he's on the whacky backy. I suppose every thread has one, so we just accept him or her and smile.

quantumstar - welcome aboard and hope you invest. you asked a question that in all honesty would have been the same question i would have asked if i was considering investing for the first time. courts in general are a slow processes, as we have recently experienced with smp. this was a company that ****ed up drilling a well in the congo and cost the company $20m and sent them broke. our intrepid leader ac picked up at that point and promptly bought the company and the rights to the licence for $200,000. before this masterful deal was struck aaog (a british company) took out a claim in court against smp, this was 4.5 years ago and we are only now about to reap the benefits of that $9m claim, due to be concluded in march, it is said, unless of course a deal is struck before hand. so you are right on that point, it certainly takes a while. however, the big money is not in the high court in paris, it is the icci arbitration in washington. a different animal entirely. two significant claims of $48m and $85m. these are said to be running together and were initiated in june this year. from what i can gather, the average time to conclude an arbitration is around 18months, and the likelihood of a settlement is normally far higher in arbitration than in the high court. so you see my point, maybe not such a long drawn out deal as you expected.

EarlofAim - If you haven't already, check out -

https://www.zenithenergy.ca/operations/tunisia/#tab-elbibaneconcession -

El-Bibane - The company expects increased production to reach 500 bopd but is blocked by the Tunisian authorities.

Ezzaouia - The company expects increased production to reach 500 bopd but is blocked by the Tunisian authorities.

Robanna - The company expects increased production to reach 200 bopd but is blocked by the Tunisian authorities.

Sidi El Kilani (SLK - CNPC) - This is currenty producing 550 bopd of which we have a 22.5% stake. The company expects increased production to reach 1000 bopd but is blocked by the Tunisian authorities. The company paid $1.6m for CNPC's 22.5% stake in this concession and there was 30,000 barrels of oil left in the tanks worth $2.25m when we took over. This gave us an immediate profit of $625,000.

Sidi El Kilani (SLK - KUFPEC) - This is the second 22.5% stake in the SLK Concession owned by KUFPEC, who we negotiated, agreed and signed a deal with, waited almost three years, then was blocked by the Tunisian authorities. This would have brought our total stake to 45%.

RNS - 20th June 2020

"is pleased to announce that it has made payment for a total of US$250,000 to Kuwait Foreign Petroleum Exploration Company K.S.C.C ("KUFPEC"), a subsidiary of the State of Kuwait's national oil company, in relation to the acquisition of a 22.5% working interest in the North Kairouan permit and the Sidi El Kilani Concession (the " Tunisian Acquisition "), which contains the Sidi El Kilani oilfield ("SLK"). As publicly announced on April 20, 2020, the total consideration payable by Zenith in relation to the Tunisian Acquisition is US$500,000 ("Consideration")."

This was a signed and sealed deal. All oil produced from this concession, at this date 20th June 2020 belonged to Zenith Energy, and the Tunisian Government blocked it.

Not quite sure of what you are saying Deano, so I'll submit proof just in case.

RNS - 29th October 2021

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

"We are very pleased with the outcome of our inaugural operational engagement in Tunisia. The workover of ROB-1 has been executed without incident and on-budget, enabling the Company to increase its daily net cumulative production to a total of approximately 650 BOE/ day, the highest production rate in the Company's history.

EarlofAim - The problem with your question is that we don't know exactly what we are producing, what is being stored or what is being sold. What we do know is before the Ukraine war, we were pumping up in excess of 400 bopd, in Tunisia alone. We presently have a storage capacity of 200,000 barrels and had in March this year 116,000 barrels in storage., this was again confirmed in July. We do not know if any has been sold, so we must conclude that the Tunisian government have blocked all production and all sale of oil.

However, we have currently, five court cases running simultaneously. Two, for work carried out in Congo - SNPC (The oil company of Congo) for $5.3m plus interest, and SMP (The French rig company that messed up the drilling of Tilapia in 2019) for $9m, very soon to conclude.

Then we have three in Tunisia. One court claim against ETAP ( The National oil company of Tunisia) for $6.5m - The French court has already impounded this money from an ETAP bank account. Then we have the case against the republic of Tunisia for $48m. This is for preventing the sale of oil, amongst other things. Finally, the case against The republic of Tunisia for $85m for failing to acknowledge the ownership of CNPC 22.5% purchased stake, amongst other things.

This all totals to $153.8m. Crucially, this sum is increasing by the day. For every day we are prevented from selling our oil produced, every day the figure claimed in the court increases. So we may not be producing or selling, but we are making money through our claim in court.

If the Kazakhstan deal proceeds we will be producing 400 bopd sometime within the next three months, imo.

We are not producing anything in the USA at the moment. Difficult to asses how this will develop, are expected to receive an update within the interim results in the next few weeks.

South Sudan looks promising, but cannot assess what size deal could be on the table, however, it was said that discussions are said to be in the advanced stages. Financing for this project could come from the Hong Cong investors who were prepared to invest $10m into a deal in Yemen that did not transpire.

Apart from gas to electricity in Italy, producing 1.3m per year, as TYB said, That's it. GL DYOR

I recon about six weeks for Kazakhstan approvals and six weeks to open the well. Should be pumping oil close to first two weeks in March.

Today 07:00

RNS Number : 2732V

Reabold Resources PLC

01 December 2023

Reabold Resources plc

Italian Government Decree on Energy Sector

Reabold Resources plc, the oil & gas investing company with a diversified portfolio of exploration, appraisal and development projects, is pleased to note that the Italian Government has approved a decree to boost the country's renewable energy production and energy security at the meeting of the Council of Ministers held on 27 November 2023 (the "Decree").

The Decree provides incentives to build plants for energy production from renewable sources, such as the liquefaction of natural gas; the release of new licences for the exploitation of gas fields aimed at providing gas to industries with high gas consumption, at competitive prices; incentives for LNG terminals and incentives for carbon dioxide storage programmes. The Decree is already in force and Italy's Parliament has 60 days to ratify it into a definitive law.

Reabold holds an 18.4% in interest in LNEnergy Limited ("LNEnergy"), whose primary asset is an exclusive option over a 90% interest in the Colle Santo gas field. The Colle Santo gas field is a highly material gas resource with an estimated 65Bcf of 2P reserves[1], with two production wells already drilled and flow-tested, making the field development ready. LNEnergy believes that the field has the potential to generate an estimated ?11-12m of gross post-tax free cash flow per annum.

The Company retains the right, at its sole discretion, to invest a further £1,650,000 in LNEnergy under the Second Option, as announced on 9 May 2023 and 12 September 2023, in share capital of LNEnergy which, if exercised, would result in the Company holding a 26.1% interest in the enlarged share capital of LNEnergy.

Reabold has published a competent person's report in relation to Colle Santo, which can be found on its website at the following hyperlink: www.reabold.com/investors/reports-presentations.

Stephen Williams, Co-CEO of Reabold, commented:

"The regulatory environment in Italy is looking increasingly promising. With the Colle Santo gas field, we have an asset that can help Italy improve its energy security and provide a much needed domestic energy supply to the country. We look forward to updating shareholders with our progress."

1 RPS estimate, September 2022

Ends

Just a hunch, but I have a feeling we will get one or two institutional investors or board pretty soon.

Fair point Ezhik, after all, he has been bitten twice now, once in Congo and once in Tunisia. Certainly would have taken precaution's I would have thought. Thorough due diligence required and expected. Certainly do not need too much local bureaucratic entanglement to scupper this one.

An important point to consider is that the first MOU back on the 4th September made clear that the exclusivity agreement was regarding "The Seller holds a 100% interest in an oil production asset located in the Atyrau Region" and was pumping 600 barrels of oil before closure, due to COVID. The question is, is the announcement today related to the very same asset announced on the 4th September. If so, AC could be deliberately understating the potential of the asset in order to increase share value when the asset begins pumping 600. There is a significant difference between $11.3m and $17m per year.