Member Info for mls678

Frustratingly quiet

Let’s be having that spud RNS and a good day ahead!

RNS of 27th March announcing Rig Mobilization.

AC: "The beginning of our potentially transformational well deepening programme in the Jafarli Field in Azerbaijan is now imminent. We are extremely excited by current progress and look forward to seeing the rig fully rigged up and ready for drilling. Success in this operation will enable us to definitively put past disappointments behind us and look with renewed confidence to a bright future for Zenith Energy and our supportive shareholders."

Compass it matters as they need to deliver a 50% increase in BOPD per day for three months consistently before end of Oct deadline or they’re in breach of REPSDA

I really hope I’m wrong but I do worry whether they’re thinking about raising (somehow).
It’s making me nervous about topping up

I’d guess AC selling again. 1.8m sells early today
Might see another RNS saying he’s taken options for around 750k shares again around 7p.

Just looked back and we started unloading the rig on March 29th. Couldn't believe it was quite that long ago we started building it. Disappointed we've not announced Spud yet we did say in that dreaded Top Drive order / raise RNS we'd be starting soon as it was delivered and installed which appears not to be the case or happening very slowly. Come on Zen!!

Shares. Consultation Fee. Other bonus for setting things up etc.

We do have a lot of debt to service coming up. Including a $1.4m USD loan due repayment end of this month.
Our CEO is on 100% more year on year - £900k packages.
With him now selling 3.1m shares in two batches something doesn’t add up.

No Ezhik it's another sell. The quantities are different for sell / options for both.

Come on Zen let’s be having a good week!

Been doing some research back and this video is getting on for 3years ago now.

Worth a watch from 5:20.

350 bopd with target of 1,000 by 12 months later.
We're now nearly 3y later and producing 100 barrels less.

https://youtu.be/wzAndUHD8mo?t=320

Please Zen get a move on!

Someone just sold 1.8m of stock also.

2019 Pay for CEO
Short term employee benefit $667k CAD + Share based payments $462k CAD + Other benefits $419k CAD
Total = $1,548,000 CAD / £900k GBP

Also note the $419k CAD "Other Benefits" up from $36k CAD last year.

From the Annual Report:

Andrea Cattaneo was appointed President and Chief Executive Officer effective 01 January 2009. As proposed by the Compensation Committee, Mr. Cattaneo’s annual consulting fee payment is approximately £210k (CAD $366k), payable in equal monthly instalments, plus benefits for the year ended March 31, 2019. Mr Cattaneo has agreed to swap his full salary for new Common Shares (“Salary Sacrifice Shares”), with effect from 1 April 2018. The new Common Shares are issued on a quarterly basis at a price that is the average price at which the Common Shares traded during the period, based on the mid-market closing price on the London Stock Exchange. Mr. Cattaneo also received a yearly bonus compensation of CAD$200k from the parent Company and CAD$101k from subsidiary undertakings.

Mr. Andrea Cattaneo received a share-based payment of CAD$462k, relating stock options granted during the year ended March 31, 2019.

Mr. Andrea Cattaneo had CAD$34k as Director fee compensation, CAD$59k as Fee for guarantee remuneration and CAD$174k as a management fee premium for EMTN issue, during year ended March 31, 2019.

Annual Report Page 46.
£900k is the GBP exchange rate equivalent based on today’s CAD:GBP.
2018 he received 819k CAD. 2019 he received 1,548 CAD (£900k) a near 100% increase year on year

1.5m sold at 3p is £45k
Options for 622k shares at 7p is £44k
So looks like he's helping them out.

Are we skint? I'm worried about the $1.4m USD loan we need to pay end of July.

Tav - from Zen!!!

He was remunerated for $1,548,000 CAD / £900k GBP last year if you read the annual report.

This is nearly a 100% pay rise year on year for delivering what exactly?

And yet we are still wallowing with a £9-11m MCAP with no material improvement in BOPD results and yet we have paid our CEO 10% of our MCAP in a year for achieving little results.

Either that or we're skint and need the money to complete the drill...

And just for actual proper reference - $1,548,000 CAD is £900k based on exchange rate.

We have a CEO who's remuneration was £900k for the 12m ending 31st March leading 206/207 people delivering an average of just 238 bopd.