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I think we have to wait until the details come out of how Zenith propose to buy the second 50% before we have any clarity on this............I agree with what you say a long-term partnership does imply more than one well.........but also the buy out period could be over many years or many wells at various different price points.......... we have no more clarity on this than you do but what is obvious though is that the share basis of this deal is definitely over the second 50%............maybe email the company and ask?.................let us know what they say

Panman the The rns makes it clear they are buying all of it where it says The Exclusivity will govern the commercial finalisation of the final terms and deal structure for the acquisition of the remaining 50% of DP to be paid in Zenith equity (the "Final Contract")............the mutually successful partnership will be in the drilling of the well and the driving of the price up so that Devonian get paid much more than $5 million for the sale of their second 50%...........dyor

They are not paying in equity for the acquisition of the first 50% though are they?...........the fee for the acquisition of the first 50% of Devonian is $5 million.........the first $2m is being paid in cash and the second $3m is being paid for by Zenith covering the cost of drilling the well with their own rig......the only element of this is that would be paid in equity is the acquisition of the second 50% of Devonian which they called the Final Contract.......obviously everyone hopes that after the well is a success that this second 50% will be at a much higher price than the first 50% maybe 5 or 10 times higher.........but the value of the asset after the well is drilled so Zenith's value will be 5 or 10 times higher too and then we will all be happy................DYOR

Straight forward interview summarising 2023 and now focusing on safe locations in Kazakhstan and the USA to add value for shareholders into 2024..................whilst confident with a result by spring/summer 2024 for a final result for the arbitrations. of over $150 million...............cannot ask more than that especially as Kazakhstan looks very promising............DYOR

Https://www.investegate.co.uk/announcement/7954168

Joint comment by Andrea Cattaneo and Alastair Murray:

"Andrea and I are fully aligned in our belief that this acquisition will prove beneficial, not only to the respective stakeholders of Zenith and Devonian, but also, more broadly, to the Republic of Kazakhstan. This is because it will demonstrate that successful Foreign Direct Investment (FDI) in the Kazakh SME (small and medium sized enterprise) oil and gas sector can be successfully delivered, in this case by a listed international energy company, and that new jobs and a range of positive commercial opportunities will be brought about."

· The Company has agreed to transport its drilling rig, a 1,200hp 260-ton onshore drilling rig ("ZEN-260"), to the Republic of Kazakhstan from Georgia, where it has been stored in recent years, for the purpose of drilling the First Well. Zenith will initiate the necessary importation formalities and obtain the required approvals and certifications for mobilisation of the ZEN-260 and ancillary drilling equipment to the chosen well location.

Zenith confirms that following the signing of the Conditional Acquisition, it has now discontinued all other negotiations in respect of potential acquisitions in the Republic of Kazakhstan. The Conditional Acquisition will be its sole focus.

Andrea Cattaneo, Chief Executive Officer of Zenith Energy, commented:

"We are delighted to have agreed terms for the acquisition of Devonian Petroleum, representing our first acquisition in the Republic of Kazakhstan.

The Company's management has been able to appreciate the significant development potential of the Akkudukski Block, specifically the highly material recoverable reserves contained therein.

The ownership of our drilling equipment, when viewed in consideration of the size and range of geological opportunities to be found within the Akkudukski Block, presents an attractive opportunity to drill "in succession" with the objective of maximising production revenue and profitability during a time of favourable energy prices.

We look forward to benefitting from the technical knowledge and geological expertise of the Devonian Petroleum team in respect of the Akkudukski Block and to commencing our operational journey in Kazakhstan."

Alastair Murray, Chief Executive Officer of Devonian Petroleum, commented:

"The deal with Zenith Energy is of great importance because it should enable the successful migration through to production of the potentially transformational reserves contained within the Akkudukski Block.

We identified the unexploited value potential of the Akkudukski Block from as early as 2017, following significant geological investigation, and we were successfully awarded our current licence following a highly competitive bid round involving more than ten other companies in 2018/19.

Our first phase of technical work will be the selection of a low-risk drilling location in one of the already discovered structures, as well as remapping the Jurassic discovery in the south of the Akkudukski Block, targeting approximately 40-80 million barrels in recoverable oil reserves.

We expect this technical work will be completed by summer 2024, creating an exciting 'drilling pipeline' for the ZEN-260 rig being mobilised from Georgia as part of what we expect to be a long-term and mutually successful partnership between Zenith Energy and Devonian Petroleum."

Joint comment by Andrea Cattaneo and Alastair Murray:

"Andrea and I are fully aligned in our belief that this acquisition will prove benefic

The Akkuduk producing Jurassic oilfield was discovered in 1981 with production in two Callovian sandstone horizons in a fault block with 4-way closure over a Kungurian evaporite diapir. The Jurassic oilfield has produced just over 6 MM bbls light oil on primary recovery to date. The Zholdaskali lead has been mapped on seismic in 2019 with 2-D and 3D seismic covering most of the lead. Devonian has subsequently identified Jurassic and deeper Permo-carboniferous sandstone seismic prospects. A deep parametric well, AKK-1P, was drilled in Soviet times to investigate a 45x10 km seismic feature seen (in low resolution 2D seismic) in the Devonian at circa 7,000m but drilling was suspended at 6,290m because of high pressure gas being encountered and tested.

· Devonian was the first UK company to be awarded a block of oilfields following a competitive government bid round, in accordance with the new code of the Republic of Kazakhstan 'On Subsoil and Subsoil Use' ("SSU Code"), by way of its local subsidiary, DP Energy LLP ("DP Energy") in which Devonian has a 99% interest.

· DP Energy holds a joint exploration and production contract for a term of six years from July 2019, to be followed by a production licence for a duration of 25 years subject to certain conditions being satisfied, primarily seismic reprocessing and the drilling of one new well.

· Under the terms of the Conditional Acquisition, Zenith has paid Devonian an initial deposit in the amount of US$200,000 (the "Deposit").

· A second tranche in the amount of US$1.8 million will be payable on the completion of a satisfactory legal and technical due diligence by Zenith 60 days from the date of signing the Conditional Acquisition (the "Exclusivity"), and the receipt of all necessary regulatory approvals in the Republic of Kazakhstan ("Completion").

· The Exclusivity will govern the commercial finalisation of the final terms and deal structure for the acquisition of the remaining 50% of DP to be paid in Zenith equity (the "Final Contract").

· If the Conditional Acquisition is not completed, Devonian will repay Zenith by set-off and will issue Zenith ordinary shares in the capital of DP representing 3% of its fully diluted share capital.

· The total amount of US$2 million, having been paid upon Completion, will be complemented by an additional consideration estimated in the amount of approximately US$3 million to cover the costs for the drilling and testing of a new well, to a maximum depth of 3,000 metres, in the Akkudukski Block (the "First Well"). This First Well will target either Triassic sandstone reservoirs at Akkuduk or Jurassic sandstone reservoirs at Kamen. The selection of the drilling location for the First Well will be mutually agreed.

· The Company has agreed to transport its drilling rig, a 1,200hp 260-ton onshore

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Acquisition of Devonian Petroleum Limited

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF),the listed international energy production and development company with a focus on opportunities in Central Asia and the USA, is pleased to announce the conditional acquisition of an initial 50% of the shares and voting rights in Devonian Petroleum Limited ("Devonian"), a private oil company registered in the United Kingdom, for a total investment in cash and in kind presently assessed at approximately 5 million USD (the "Conditional Acquisition").

Conditional Acquisition Highlights

· In 2019, Devonian was awarded the Akkudukski exploration block (the "Akkudukski Block") of approximately 1,094 km2 in the Precaspian Basin, Kazakhstan, in a competitive bid round. Devonian has the hydrocarbon exploration rights to the basement, with the exception of the 2.9 km2 Akkuduk Jurassic oilfield, owned and operated by EmbaMinaGas, a subsidiary of KazMuniGaz, the Kazakh national oil company.

· 3-D seismic presently covers approximately 70% of the Akkudukski Block.

· The current Akkudukski Block Competent Person's Report ("CPR") assigns P50 resources of 120 million barrels above the salt and 400 million barrels below the salt.

· The Akkudukski Block is located in the Embinsky district of the Atyrau Region in the North Caspian Basin, on the eastern coast of the Caspian Sea, about 250 kilometres southeast of Atyrau the regional oil capital.

· In supra-salt reservoirs above the Kungurian Evaporate regional seal, an undeveloped Middle Triassic oilfield in sandstones underlies the Akkuduk Jurassic oilfield. This was identified in the AK-20 well, drilled in 2016, which recovered low sulphur light oil at 2,660m in an MDT test on Wireline in addition to seeing gas in the Jurassic at 1,913m. There are, additionally, at least 6 mid-Triassic seismic prospects and at least 1 more Jurassic seismic lead. Jurassic well KM-1 encountered more than 30m of oil-bearing sands in 2008 from 1,680 to 1,720m. In sub-salt reservoirs, a potential super-giant gas-condensate seismic prospect named 'Zholdaskali', geologically analogous to both the super-giant Tengiz oilfield operated by Chevron with approximately 25 billion barrels recoverable oil, located circa 60 km to the southwest, and to the adjoining Ansagan field, with approximately 400 million barrels of oil equivalent recoverable reserves, has been identified. The Akkudukski Block also contains potential reservoirs in 4-way closures, identified on seismic, in Lower Permian and Carboniferous sands.

· The Akkuduk producing Jurassic oilfield was discovered in 1981 with production in two Callovian sandstone horizons in a fault block with 4-way closure over a Kungurian evaporite diapir. The Jurassic oilfield has produced just over 6 MM bbls light oil on primary recovery to date. The Zholdaskali lead has been mapped on seismic in 2019

I can see the big institutions now looking at Angus as a big long term investment................they have the asset the funding and the team in place to make it a big success............DYOR

1p is on the cards..........needs to break 0.75p barrier first once that goes straight to 1p.........imo

Lots of buys this morning.............buyers back into the stock knowing the future is secure for adequate operations.....good job Angus expecting 1p shortly........imho

Should be on the way up now.........investors back in back to 1p imho

Angus Energy Plc

("Angus Energy", the "Company" or together with its subsidiaries, the "Group")

(AIM:ANGS)

Non-binding Heads of Terms agreed for £20 million Global Refinance

Appointment of Subsurface and Wells Lead

· £20m debt facility agreed with Trafigura PTE Ltd ("Trafigura") to refinance all existing debt and fund additional capex projects to raise production at Saltfleetby Field

· 5 year amortising term with one year repayment grace period and reduced cash sweep for accelerated repayment

· Interest margin over SONIA of 8% compared to 12% on existing senior debt and 15% on bridge facility

· All existing senior and bridge debt to be repaid

· Medium-term capex needs fulfilled

· Trafigura to act as Offtaker

· Existing hedge contract to be replaced with a fixed price offtake

· Work on gas storage feasibility to be accelerated with funds from the new facility and revised subsurface mapping

Oil can be transported legally through Russia to anywhere in Europe without any legal issue...........oil can be sold to anyone in the world even Iran

Kazakhstan to boost exports of its KEBCO oil via Russia by 14% in Dec – traders, LSEG

in Freight News 07/12/2023

Kazakhstan plans to increase exports of its KEBCO oil via Russia by 14% in December versus November to 1.12 million metric tons, according to two traders and data from LSEG and shipping agents. Kazakhstan supplies its KEBCO oil, similar to Urals in quality, through the Russian ports of Novorossiisk and Ust-Luga as well as via the Druzhba pipeline to Germany.

Four tankers with Kazakh KEBCO oil each carrying 100,000 tons are scheduled to be shipped from the port of Ust-Luga this month compared to 200,000 tons in November, according to the data from LSEG and shipping agents seen by Reuters.

The shipments of Kazakh oil from Ust-Luga port this month are scheduled for Dec. 1-2, 9-10, 24-25, 30-31, one of the traders said.

Kazakhstan’s oil shipment from Novorossiisk is set at 520,000 tons in December compared to 600,000 tons in a November plan, the traders said. Meanwhile, actual shipments of Kazakh crude last month were below the schedule due to a storm, traders said, so shipments in December may be higher than planned due to delayed volumes.

Kazakhstan plans to increase oil exports via the Druzhba oil pipeline to Germany to 200,000 tons in December from 154,000 tons in November. Kazakh oil producers seek to increase oil supplies via alternative routes to Black Sea ports as bad weather may suspend loadings from the outlets again.

The severe storm in the Black Sea area in November led to significant delays in loadings from main Russian ports.

Oil exports via the Black Sea’s Caspian Pipeline Consortium (CPC) fell to 4.1 million metric tons in November from 5.4 million tons in an initial plan. Russia’s Black Sea port of Novorossiisk failed to ship some 1.2 million metric tons of the 2.34 million tons of crude initially scheduled for export and transit in November.

Looks like we have some new investors on boards..............

Florida nice post and I agree that we need more details in regards to Kazakhstan USA and South Sudan to know exactly the worth is and what we are dealing with................all we have so far is South Sudan starting with 400bopd which is a great starting point but more information will be needed to see how much oil we are dealing with.........DYOR

Brad again..........

USA

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production and development company, is pleased to announce that it has signed a binding memorandum of understanding ("MOU") with Jala Capital Investments, LLC, a company incorporated in the State of Texas ("Seller").

· Zenith intends to rename CYAP, will appoint a new Board of Directors reflecting its new ownership, and will utilise CYAP for the purpose of acquiring energy production and development opportunities in the US.

Italy..

he Company produced a total of approximately 1,015 megawatt hours ("MWh") during the month of January 2023, and a total of approximately 929 MWh during the month of February 2023.

Electricity prices averaged approximately EUR 165 per MWh during January 2023 and averaged approximately EUR 156 during the month of February 2023, resulting in cumulative total net revenues of approximately EUR 313,000 for the period.

Zenith's current net production costs remain fixed at approximately EUR 35,000 per month.

SS....

The objective of the MoU is to formalise the shared interest of Nile SLC and Zenith to jointly pursue business opportunities involving the construction of fuel products storage tanks, pipelines, and crude oil storage tanks in South Sudan.

· Under the terms of the MoU, Zenith will provide technical, financial, and managerial expertise in the construction of fuel storage tanks, pipelines, and crude oil storage facilities.

· Nile SLC will facilitate the establishment of a partnership in identifying business opportunities, whereas Zenith will contribute its technical expertise in midstream operations.

Kazakhstan....

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international energy production and development company, is pleased to announce that, as it is now in the advanced stage of finalising terms for the potential acquisition of oil production and development assets, it has incorporated a subsidiary in the Republic of Kazakhstan, named Zenith Munay LLP.

With reference to the three memorandums of understandings (the "Memorandums") announced to the market during the month of September 2023, the Company is pleased to announce that after comprehensive technical, legal, and financial due diligence, it has agreed to formalise a pre-contractual framework with the seller for an opportunity comprising two oilfields with a near-term production potential of approximately 400 barrels of oil per day, located in the Atyrau Region of Kazakhstan (the "Potential Acquisition").

Arbitration....

Claim

The Company's is pleased to confirm that it has formalised a claim for damages in the amount of US$85.8 million (the "Claimed Amount") in connection with the CNAOG ICC Arbitration.

The Claimed Amount has been assessed by a third-party expert consultant in consideration of the following:

· CNAOG's lost production revenue and associated profita

Midmod.......Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international energy production and development company, is pleased to announce that the ICC (International Chamber of Commerce) appointed Arbitral Tribunal for the arbitration claims launched against Entreprise Tunisienne d'Activités Pétrolières ("ETAP"), the national oil company of the Republic of Tunisia (the "ICC Arbitration"), has rejected ETAP's request to include the Tunisian State as co-defendant and ordered ETAP to pay approximately EUR 120,000 in costs.Zenith Energy will seek to enforce the decision with a view to receiving payment directly to the claimant, a fully owned subsidiary of the Company, named Ecumed Petroleum Zarzis Ltd ("EPZ"), registered in Barbados.

will be straight forward with the ICC enforcing legal fines against ETAP if they don't behave accordingly...........imho