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Looking at the funding, it seems they are still locked into this drawdown financing scheme. It seems they take the money when it's needed. Can't be sure but it looks like it will carry them through to first drilling, without the proceeds of the $5.3m or the $3.1m court case.

A drive through Turkey to the Mediterranean is definitely the safest, agree.

Just looked at the map and I think I underestimated the time it would take, probably double.

What's the best route from Azerbaijan, bit of an awkward place. The mobile workover rig could theoretically go by road, I recon about 10 to 12 days. Now that would be telling, if we found out it's already left.

What's the best route from Azernaijan, bit of an awkward place. The mobile workover rig could theoretically go by road, I recon about 10 to 12 days. Now that would be telling, if we found out it's already left.

Now we are getting somewhere. Now we are seeing some reel posters. Things are hotting up nicely.

Great find Clive, I actually thought it was capable of 6,000m but couldn't find where I had seen it. 4,600m, more than adequate to do the job.

I read or heard somewhere that our rig is capable of depths of 6,000m. It may have been from a rig technical web page, might take a while to find.

AAOG 7th June 2019
"However, the Company had in parallel to the CPR process engaged a specialist technical analysis firm, Nutech, to produce its own CPI analysis and report on the Djeno. This report is in addition to the CPI already prepared by Schlumberger and to ensure independent analysis, Nutech were not provided with the Schlumberger report. Nutech has now completed its analysis and the Company is very encouraged by the results it has seen to date which support the view that the Djeno reservoir at Tilapia is of high quality.

The Company has instructed an independent third party technical specialist to prepare a summary of the two CPIs and this will be released by the Company by the end of next week."

AAOG 14th June 2019
"In drafting the Report, Havoc reviewed the interpretations by Schlumberger and Nutech of the wireline logs taken from the TLP-103C well. The Report states that "both reports have concluded that reservoir quality is between good and excellent, which supports a commercial decision to implement a plan to seek to produce from the Djeno." The Report is available to view on the Company's website at www.aaog.com under 'Other News'."

Truthfactory - I feel very sad for your losses, but in all honesty it's water under the bridge. AAOG completed 80% of 103, then things went wrong. Nothing to do with the government, purely technical mishandling.

Docit - your absolutely right, it's what I have trying to get across to everyone on here. A new day has dawned for Zenith and people have to wake up and see the light. I am convinced they will get this licence, and with the more than capable drill in hand they can drill 5 wells in quick succession with no hindrance from shabby rig companies or farm in partners. News very soon.

Mudstud - yes, compelling for sure. There are a number of imminent events about to happen and are imo overdue. Two operator licence permits in Tunisia and one 25 year licence in the republic of Congo. Much of the delay especially in Tunisia is due to Covid, we are told. The Congo licence is on track as far as a media report 7 day's ago that stated licence approvals were about to be announced. You may already know but to summarise, Tilapia I - 102, the well head in Congo was purchased from AAOG in Dec 2019 and was 80% drilled by AAOG at a cost of $20m, then due to a series of errors somehow got messed up and the rig company pulled off, leaving AAOG high and dry. A new 25 year licence would permit Zenith to finish the drill with their own 1200hp rig with the potential to produce between 1000 and 5000 boe or barrels per day. With all the preparation work already carried out, the only cost to Zenith would be the crew and daily usable's. To reinforce the opportunity to acquire the licence they have entered a joint venture agreement for a concession in Kouilou region of the Republic of the Congo, with a local Congo operator that was generating 300 boe, but is now closed until licence is acquired. The intention is to enhance this figure beyond 300 boe.

RNS 7th July 2020
"The primary objective of the Agreement is the potential acquisition of an onshore oil production licence"

"Following preliminary technical analysis of the Potential Acquisition, as part of the due diligence activities conducted prior to entering into the Agreement, Zenith is confident that profitable oil production operations can be achieved following the reactivation of the Potential Acquisition and the performance of targeted, low-intensity workover activities."

They already have operating gas concessions in Italy and have just signed a deal to expand it's production of gas to the equivalent 382 boe. In addition, a gas to electricity generation facility also in Italy.

The Tunisian asset 1 - producing 300 boe
The Tunisian asset 2 - producing ? boe

Additional Tunisian assets - please see RNS 12th March, awaiting approval.

Please see my other post to get a wider view.
I hope this helps. GLA IMVO DYOR

Great to see more commercial and strategic detail spoken about on this thread. When I first arrived it seemed I had just walked through deaths door. Sentiment is definitely more positive. What we need now is a few big players coming on board. When the good news hits, we will need the momentum to push this price up. Kelsbells and Rocklawn, your right to be cautious but at this moment in time we need you both to help build a positive feeling for any potential investor to get to grips with, otherwise this opportunity will be missed If you listen to the recent telephone conference he states it will take six months to spud Tilapia II. But that's not what we are looking for at this time. The licence is paramount, and this in itself will dramatically shift the share price.

Ezhik - thanks for that. I did sense a feeling of understandable frustration and thought your post wasn't in any way a de-rampers post. Nothings guaranteed, but I think it's worth a punt. Best of luck.

Ezhik - I noticed your post was removed, not sure why, it didn't seem that bad to me. However, i'll reply to it anyway -

I understand fully your anguish and reluctance to forget what has happened in the past, but you have to recognise that business in general is fickle, and no one really knows what the future holds when starting any business. More so with the oil industry. I have noticed from many of you on here that you have been through hard times with Zenith, and have reached a point where nothing can be said to obliterate the pain of the losses made. But in the last nine months there has been a transformation in terms of potential, and for that reason you must put all negative thoughts behind you, as if this is a new business, starting afresh, and relishing the rewards that may be coming your way.

I am currently invested in a company that has taken very nearly 9 years to produce any significant profit, and have been trading in total for more than 15 years, so I know what its like to be frustrated. During that time I have learnt to diversify, spread my interests and wait for exceptional circumstances, that's what keeps me going. I personally am in Zenith not because I'm prepared to sit and wait a year for my 20% increase, but because there are situations that sometimes present themselves, that give you the feeling your on the verge of something great, and you know it's a risk, but you can't help feeling you want to be a part of it. The oil industry optimises the essence of the adventurer in us all and we take chances just like the original explorers, without whom the world would be a very different place.

Ezhik - I noticed your post was removed, not sure why, it didn't seem that bad to me. However, i'll reply to it anyway - I understand fully your anguish and reluctance to forget what has happened in the past, but you have to recognise that business in general is fickle, and no one really knows what the future holds when starting any business. More so with the oil industry. I have noticed from many of you on here that you have been through hard times with Zenith, and have reached a point where nothing can be said to obliterate the pain of the losses made. But in the last nine months there has been a transformation in terms of potential, and for that reason you must put all negative thoughts behind you, as if this is a new business, starting afresh, and relishing the rewards that may be coming your way.I am currently invested in a company that has taken very nearly 9 years to produce any significant profit, and have been trading in total for more than 15 years, so I know what its like to be frustrated. During that time I have learnt to diversify, spread my interests and wait for exceptional circumstances, that's what keeps me going. I personally am in Zenith not because I'm prepared to sit and wait a year for my 20% increase, but because there are situations that sometimes present themselves, that give you the feeling your on the verge of something great, and you know it's a risk, but you can't help feeling you want to be a part of it. The oil industry optimises the essence of the adventurer in us all and we take chances just like the original explorers, without whom the world would be a very different place.

Barnyards - An RNS is a statement of fact in the eyes of the authorities. If a company deliberately lie's or misleads shareholders they can, rightfully, be suspended. It also contributes to a breakdown of confidence between the parties discussed within the framework of the RNS. As such, it can be assumed that no future trading between those parties will take place. I think it's called cutting your nose to spite your face.

I wonder why someone would dispose of a potential £2m consortium investment at a price five times the present value of the company. He is either completely mad or he really thinks the business will be north of 2.5p in short time. Could be he's trying to tell us something.

This is how today's RNS reads to me -

We have a number of potential developments coming to fruition in the immediate future that would initiate a major price increase.

In March this year we received a LOI (Letter of Intent) to invest $2m into the company. Since then, our trading situation has changed dramatically. We now have a number of advantageous prospects that could seriously change the share price beyond 2.5p. For that reason we believe it is in shareholders interests that we release the LOI in favour of obtaining additional investment, at a later date and at a higher price.

"As per our announcements, we have a number of potential near-term catalysts for shareholder value creation as a result of our African acquisition activities.

In view of the length of time that has elapsed since the Company entered into the non-binding LOI, as well as the aforementioned near-term progress that might be achieved, we have elected to terminate the LOI."

I'm trying to read between the lines here and nit together the emerging story-line. First thing to remember is that AAOG Congo, now owned by Zenith, is still the official preliminary operator of Tilapia, a crucial point to establish the chances of getting this 25 year licence. We know that a plan was, and still is being negotiated for the payment of the $5.3m and we know he sacked the members of the management team responsible for the failure of the Tilapia well. In my view this was a condition imposed by the ministry, at the behest of the ministry in order to comply with both licencing requirements and the deal put forward by Zenith. AC also confirmed that a "Payment Plan" was nearing conclusion for the $5.3m owed to AAOG Congo. So i take back what I said previously regarding this payment because you cannot either negotiate or conclude a plan unless you agreed that the money is owed in the first place. Also, in the recent conference call he answered this particular question, making it clear this payment in his opinion was definitely owed and would be paid.

In addition to this, the decision to close the Azerbaijan operation was to not only to close a loss making enterprise but to bring the use of our own 1200 HP rig to Tilapia and to conform to the request by the ministry to galvanise well development operations by disposing of any financial or operational impediment. This was a prerequisite imv, by the ministry, to issuing the 25 year licence. The decision to use the rig at Tilapia was specifically mentioned in the recent audited accounts.

I can only conclude from this that the chances of receiving approval for the 25 year licence is not guaranteed, but must imv be very high.

RNS 20th July
I am also pleased to confirm that negotiations are nearing a conclusion with regards to defining a payment plan for the repayment of the US$5.3 million debt owed by Société Nationale des Pétroles du Congo to AAOG Congo."

I must point out this is all guesswork, and there is no factual evidence to substantiate what I am saying. So please make your own minds up.

Does anyone know whats going on in Nigeria?