Market Capitalisation10 Jan 2019 18:05
Nice to see the share price moving in a positive direction at last, and that ZEN will be focusing in the future on drilling, rather than wasting effort on work-overs of problematic soviet wells (which obviously have not been the no brainers that many anticipated).
Not out of the woods yet but lots to be optimistic about going forward, particularly the share price if we hit pay dirt on C37, when you compare ZEN with some of its peers (very simplistic comparison I know but interesting non the less)i.e.
TRIN 2P + 2C On Shore reserves = 47m barrels currently producing 1000 barrels/day market cap £55m
ZEN 2P On Shore reserves = 32m barrels currently producing 250 barrels/day market cap £ 7m
JOG Off Shore reserves @25m barrels currently producing 0 barrels/day market cap £37m
Zen also have significant upside in reserves as the above does not include the Zardab field, which could potentially double them.
All a bit academic I know but it puts things in perspective if ZEN come up trumps. Possibly a big if but who knows??
I have a relatively small holding here in relation to my overall portfolio and can afford a wipe-out, but hope I don't. However, you can see from the above comparisons that even a modest sum invested could turn into a very tidy amount if ZEN's luck suddenly changes, particularly since they own their own rigs. However, as always DYOR.
Just out of interest, anybody know how many people are currently working for ZEN in both Azer and Italy?
Also, with their new super-duper drill soon to be delivered, how long will it likely take to drill a new well to 4000 feet and what would the likely cost be in terms of materials etc.
Anyway, ATB.
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