Member Info for MarketGunslinger

Fair enough Professor Oil - it is definitely a gamble at this stage. I would like to think that it is an educated one, but it is clearly just conjecture until an announcement is released about Tllapia one way or another.

Professor Oil - because of the content of the 30th September RNS: https://www.lse.co.uk/rns/ZEN/preliminary-unaudited-annual-financial-results-5injrwikd6sqo9y.html

Notably the following two key paragraphs:

"Following consultations with its independent auditor, PKF LittleJohn, and a result of the imminent potential award of a new 25-year license in the Republic of the Congo for the Tilapia oilfield, the Company will publish its audited financial results for the year ended March 31, 2020 around the week starting October 19, 2020."

and

"In agreement with our independent auditors, we have delayed the publication of our audited financial results for the year ended March 31, 2020 whilst we await a final decision from the Ministry of Hydrocarbons of the Republic of the Congo in response to our comprehensive technical and commercial offer for a new 25-year license for the Tilapia oilfield."

Obviously, having a new 25 year license for Tilapia makes a massive difference to the balance sheet in the audited accounts and if they felt that they were unlikely to get it then they would just have gone ahead and produced audited accounts already. The fact that they have not suggests very strongly that they are expecting good new and holding off on the publication of the audited accounts to reflect this.

IMO all signs point to Tilapia being awarded to Zenith by 19th October.

I agree Jiff, in the last RNS Zenith did look unusually confident that the Tilapia license would become theirs.

Less than 2 weeks until we find out for sure as the audited results are due on the 19th.

But you are not invested here and yet the majority of your posts in the last 30 days are about Zenith.

How much money did you lose here ajbennet?

ajbennett 6th March 2020: "But I am done now and this will be my last post on here, good luck."

Why are you still posting here?

It's very strange that people (mudstud and ajbennet I'm looking at you) who are no longer invested in Zenith spend so much time on this board denigrating the share.

On the other hand, maybe it's not so weird. The only thing worse than losing money on a share is when it makes others money after you have sold out.

Yes, the material difference being that they are waiting see if they have the Tilapia license or not before they publish the audited accounts.

Clearly they think that they have got it or they would have just published it without. Less than three weeks to find out.

Norwegian investors do not seem to think that the special observation matters very much when the Zenith share price is up 7.88% there so far today. https://www.oslobors.no/ob_eng/markedsaktivitet/#/details/ZENA-ME.MERK/overview

It looks like they are paying attention to the more important point of the RNS which is that Zenith have stated that they think that the award of the Tilapia license will be decided within 2 weeks. Reading between the lines the company also clearly think that they will get Tilapia otherwise they would just have published the audited accounts without it included.

They even say this here: https://newsweb.oslobors.no/message/514677

"price quotation will be subject to special observation...until publication of an audited annual report for this period."

It is a technical thing. The removal of special observation is not conditional on the content of the Zenith accounts, merely their publication.

Since the official explanation of special observation from the Olso Bors is:

"Special observation is a measure used under circumstances that may make the valuation of the security in question particularly uncertain. The fact that a security is placed under special observation does not in itself impose any restrictions on trading, but it serves to notify market participants that there is some particular uncertainty over the pricing of the security. Special observation can, in contrast to a matching halt, be applied for a longer period."

This exactly matches what Zenith themselves have said in the RNS that the audited account has been delayed as " a result of the imminent potential award of a new 25-year license in the Republic of the Congo for the Tilapia oilfield".

Zenith is saying that there is uncertainty in the value of Tilapia which they want to sort out before publishing audited accounts. The Olso Bors has said that this uncertainty leads to a difficulty in valuing the shares - which is totally logical and exactly matches what Zenith say.

The "special observation" will clearly be removed when the accounts are published.

Mls678 –AC has sacrificed salary at a higher price and also bought on market and taken part in placings. To accuse him of benefitting from a low share price is completely untrue. You made the same accusation back in May and I did all of the analysis then. But here it is again for those who did not see it first time or may have forgotten.

Since 2017 there have been 11 RNS releases which make mention to AC purchasing shares, receiving them in lieu of salary or exercising options.

In this time period he has acquired 28,271,344 shares and has paid £1,004,285 for them (ie his average price for his shares is 3.55p)

From looking at the reports on lse of the directors buys (because it is easy) and stripping out all of the duplicates from placements etc we can also see that since February 2019:

AC has bought ON MARKET a further 29,657,610 shares for a total consideration of £577,628 (ie the average price he paid for these shares is 1.95p).

He has also sold or transferred approximately 5.7 million shares thus giving him his current holding of 52,184,115 share or 5.8% of the company.

So since 2017 Andrea Cattaneo has:

1) Paid £356,783 to the company to exercise his options.
2) Received £221,415 worth of shares in his salary sacrifice scheme.
3) Paid £413,290 to take part in placings by the company.
4) Bought a further £577,628 worth of shares on market.

This means that in total he has paid £1,581,913 for his shares. This whole nonsense that he has “bought or acquired those shares from Zen at no cost” is quite simply untrue.

I regard Zengas’ article as pretty positive for Zenith to be honest. The majors are leaving and the govt wants to increase production. This is a massive advantage for small caps such as Zenith.

We all know that the majors are all retrenching and getting rid of any marginal fields so that they are just concentrating on the massive ones that that have. This is not unique to Tunisia but is happening all over the world (including in the North Sea).

It is for precisely this reason that AC has been able to acquire 45% of Sidi El Kilani for $800,000 despite the fact that it will generate $4,500,000 in gross revenue per annum.

With the majors in-country governments do not have to take any notice of minnows like ZEN but when the majors are getting out then these minnows become the best chance of increasing oil production and tax revenues and so become much more important.

We can’t overlook the fact that Tunisia is going to deliver Zenith 300bopd for an $800,000 cost. The revenue from Azerbaijan was only ever USD$3.2 million gross, so Tunisia is already worth more to the company than Azer ever was and at a fraction of the cost.

Also - the point is that at this point in time Zenith are producing oil in Tunisia. That could change if the govt refuse to approve the license but at the moment the fact is that they are.

As for Zenithscam and all the people of Norway that you claim to represent - of course oil is being produced in Tunisia. If you read the RNS from 11th June https://www.lse.co.uk/rns/ZEN/payment-to-kufpec-for-sidi-el-kilani-5fe6b8njqsyasli.html then you will see that it says: "It is expected that the production revenue generated since the date of signing of the SPA will be sufficient to fully satisfy the second and final Consideration payment to be made by the Company to the Seller for the Tunisian Acquisition by October 2020."

This makes it very clear that oil is being produced now and this oil will belogn to Zenith once the deal completes.

It also says: "Completion of the Tunisian Acquisition remains conditional on approval being granted by the Comité Consultatif des Hydrocarbures of the Republic of Tunisia in respect of the transfer of the Seller's right, title and interest in and under the Tunisian Acquisition to Zenith Netherlands."

So yes, absolutely if the Tunisian government reject Zenith's ownership then they will no longer be producing oil and they will have to divest themselves of the asset. But this really isn't very likely. I can almost never remember a transfer of ownership like this being rejected. If you can , feel free to point me in the right direction.

This is absolutely hilarious.

So far on these boards I have been accused of being:

1) David Seftton - former director of AAOG (that was by a poster called Papa9911)
2) Jonathan Tidswell - former director of Angus Energy (by a poster called Rastuss)
3) Ippolito Cattaneo – the son of Andrea Cattaneo (by Fiah on here and now also by the first time poster ZenithScam)

I am none of these people. But I do my research and I look into what is happening. If you want to debate with me then I am delighted to do this, but please do not expect that I will just let you say nonsense that I disagree with just because it is you. If I think that you are lying I will call you a liar – just as I have done with Highlander on numerous occasions.

Right, so you have no idea who Steve Lamet is yet...

1. He is the person who sent you the copy of the Africa Intelligence article you posted here this morning - the one with the bit that you forgot to delete labelled: "Copy exclusively for Steve LAMET - Subscriber # AA042782"

2. When you google the name Steve Lamet it transpires that from 2013 until 2019 he was International Operations Manager at SMP (Société de Maintenance Pétroliére) - the company that provided the rig to AAOG for their drill in Tilapia in 2018.

3. In your own "STATEMENT FROM PROPOSED DIRECTOR NOMINEE ALEXANDER MACDONALD" letter to AAOG shareholders that can be seen here: http://www.alignresearch.co.uk/anglo-african-oil-gas/aaog-statement-from-proposed-director-nominee-alexander-macdonald/ you say "By the end of March 2017 we had assembled a small but highly qualified internationally recognised technical team... By August we had completed the tendering process, which included about 200 line items including the rig. For the record we rejected the SMP rig..." This would be a rig that you would have had to negotiate with Steve Lamet for since he was international operations manager.

You Highlander are a serial liar.

Blah blah blah Highlander it is lie after lie with you. Why not address things publicly here. You have been exposed as a serial liar time and again on these boards.

Are you still laughably claiming that: “I have no idea who Steve Lamet is.”?

It gets even better…
The mysterious Steve Lamet (who Alex denies that he knows, but somehow appears to have forwarded him the Africa Intelligence article) shows up in a google search as working for Caroil: https://www.google.com/search?q=%22Steve+LAMET%22&rlz=1C1CHBF_en-GBGB781GB781&oq=%22steve+lamet%22&aqs=chrome.0.69i59j0.6785j0j7&sourceid=chrome&ie=UTF-8

When you look at Steve’s profile on Caroil, https://www.caroil.fr/people his biog says that he was at SMP (Société de Maintenance Pétroliére) holding a wide variety of key roles in multiple countries including International Operations Manager.

If you then recall back to the AAOG days you may remember that SMP were the drilling company that drilled (or attempted to drill) TLP-103C for AAOG in the Republic of Congo. They made a complete mess of it and the matter ended up in a legal argument: https://www.proactiveinvestors.co.uk/companies/news/223897/anglo-african-oil--gas-gives-details-of-dispute-with-rig-contractor-223897.html

So we now have a direct link between Alex and the people who drilled the failed well in the Congo. As I recall, Alex claimed in the open letter to shareholders that formed part of his failed AAOG bid that he had rejected the SMP rig. Yet, here we are all these years later with the person behind the SMP rig being such close friends with Highlander that he is sending him his personal copy of the Africa Intelligence email in order that Alex can post it on this board.

Highlander claimed earlier today in a post at 09.18 that “I have no idea who Steve Lamet is.”

Having investigated the links between Steve Lannet and AAOG and having Highlander in his own words admitted that he looked at the SMP rig (which would have meant talking to Steve Lamet) I find this very difficult to believe.

Alex, you are lying again. You have been caught out again. You really made a schoolboy error by leaving Steve’s name on the document you published. It has once again exposed you as a serial liar.

Ezhik - you really need to get a better grip on how business operates. If you look at the financial reporting period then it runs to the year ending 31st March 2020.

Since the first part of the Tunisia transaction only completed on April 20th https://www.lse.co.uk/rns/ZEN/acquisition-of-sidi-el-kilani-from-kufpec-m75j0ufa95np8fq.html then how on earth would it be expected to show up in accounts for a period that ended 30 das earlier.

Yes, more lies from the deramping and dissatisfied long-term-holders on this board. It's endless, day after day. Why?

Why do you think that Tunisia figures will be in the 2020 annual report Ezhik?