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Compass007 . Yes you could be right . Hence no pictures .Although it wont set the market alight at least nothing sinister has happened and this RNS should be worth a decent rise . Maybe the worm will turn . I am assuming a BD260 is still sat waiting at C30 . Don't know if he will be drilling in Africa in April if they haven't inspected the rigs yet??Feel a bit more relaxed after reading that so onwards and upwards
JSB . Good luck . You are right in what your saying . Africa is so far away from producing oil and money its not worth thinking about . If zen cant get production up in Az then imo we wont survive . Dilution is waiting round every corner at the moment . Too many bills to pay . If c37/30 is a screw up we should have been notified a long time ago . Deliberately holding that sort of info from shareholders could land him in big trouble which is why I am more inclined to think it is just a normal zen delay . But it does smell very fishy so who knows?
That nice bit of blue is fresh air . It would be good to think this is the bottom . Could be the news drought is about to end . Come on AC pull it out of the bag . Just make sure its not a Rabbit . A result on C37 will get the bonds going and everything else will fit into place . We know you can do it . Just found out I need two new knees so don't hang about . Thanks in advance .
Zeb , I actually think they have got to a position now where they know what to target . C37 was a decent production increase which would have had a major impact on cashflow . I also believe what they were saying about C30 . Something has happened but we don't know what and that is killing the sp .I think we will get an update when whatever they are doing is sorted and that should put us back on track . Zen do own a big rig yes , but I wouldn't hold my breath about getting it out of the country in a timely fashion if they did leave and socar weren't happy about it . I think they have everything in place finally to do good in Azer and yes going after other assets was always on the cards but in this case the timing is pathetic . No money and buying high risk assets with shares when sentiment and sp is at an all time low . When it could be a year before there is any payback. Something doesn't ring true here , question is how long before we find out .
Adriank . Actually zen would not be better off selling AZ to give some value to shareholders . For a start they only have a production sharing agreement that no one would be queuing up to take over , if there was it would have to be agreed with Socar . The likelihood is if zen wanted out they wold probably walk away with nothing . But why would they want to do that . They have a good asset where they can increase production and will if they are prepared to stick at it instead of looking for some high risk failed dodgy dealing enterprise that someone is trying to offload .
Ezhik . Thanks , good bit of detail of what we may be letting ourselves in for. So say AC manages to pay for the licence and get the asset this week , then allowing for cutting through red tape , AC first to find then plan in a suitable rig from somewhere with a proper team that can handle whatever they come across , apparently there may be an issue of getting the oil to market [not sure but was someone saying a short run of pipe was needed] , anyway , giving AC track record of timelines , in your opinion how long from now do you think it will take to get oil of this asset and monetize it . This year or next year .
wraith . Yes . That is what were hoping for but the silence has created huge doubt and mistrust . Destroying the sp at a time when zen needs money . He needs to pull this out of the bag and at the same time remember that he is in the main market and not the aim .
lutefish . LOL . Of course he didn't say that . There was a lot more than that was claimed he said but its a lot of **llocks . He admitted to me a meeting took place but what was claimed he said wasn't . He is very careful what he says in public . It turned out to be a good move by you though as the price has dropped since you sold .
Ricky . I believe the BOD were last seen heading to KFC . But on a more serious note does anyone know the cost to renew the licence for the Tilapia . Seen a few figures floating about but nothing really to be sure of.
Kelsbells . "I think every rns gives them an out to change direction within weeks if they want". And yet this morning RNS states the following . The Company's primary focus is the development of its Azerbaijan operations by leveraging its technical expertise and financial resources to maximise low-cost oil production via a systematic field rehabilitation programme intended to achieve significantly increased revenue.
Kelsbells . What Rat you turned out to be . After ****ting you pants and selling out you said you wouldn't be on here deramping yet here you are . "Azer has been a massive disappointment" !!! Of course it hasn't . They have only just got into their stride . No one here was disappointed with the flowrates announced from C37 and we are still awaiting an update of what is going on there ."The focus to try and win big has changed to the Congo" , errrr no it hasn't . It is unlikely they will get the Congo deal through , they certainly cannot afford it , Coro might never happen , whats the point of Norway , if they ever managed to get a licence for a block what are they going to do with it . Zen has just about enough money to get by with current operations in AZER but not pay for all these other acquisitions . The only way to pay for that is by increasing production in Aze . It is ZEN easiest option to succeed at something , if they cannot do it there then they may as well jack it in . Come back when you know what you talking about .
Kelsbells . How do you now what they will and wont do until its in an rns . So you think they wont drill a well till late in the year , that's possible , so you think they wont do anything with C30 even though it is in the current plan , then just have the BD260 sitting around doing nothing . Virtually all realistic plans to increase production are currently based on the BD260 . Zen haven't made the market aware of any change to the current plan . C37 /C30 then whatever else . Drilling a new well costs money . Apart from putting more money in the coffers C37/C30 may encourage the bond sales and allow us to drill . That's why all the shareholders who don't have pooey pants and didn't sell are desperately keen to know how we are getting on with C37/C30
Zeb . Yes your right . But cos ZEN didn't have much cash that's why they went for the cheaper submersible pump option which may have been a good idea at the time but didn't work out . Gradually build up enough cash to go drilling . While Ramco got thrashed when they were there with a crash on the oil price ZEN got lucky with a rising oil price to put cash in the coffers . Workovers are always ongoing in the oil industry to breath life into wells but normally on wells you familiar with . Z21/28 were expensive failed workovers but the information gained was good . C37/30 should work out okay and drilling a new well should be a no brainer , picking the sweet spot with the assistance of Socar and I think it is a win situation . But yes , if ZEN had had the money and drilled from the start we may have been in a different place right now . But amongst the failure we have far more info now on what is below ground to make every drilling operation a hit .