Member Info for SEA7

The AAOG meeting is underway - began at 11am - according to their rns the other week.

yes and the very same people who are worrying and selling at the lows, will be the very same people buying back in higher, after good news has been released, in the hope that they can recoup their losses.

no problem ezhik - just though I would check

dean clark buying in over december at those lows, without making any noise, was a good move for him.

thanks kam

ezhik,

whilst I do not use halifax, which I assume you are refering, I can get their login page for sharedealing up in a second or two.

9 trades so far today - 7 buys , 2 sells

Maladoni - lol

penelope pitstop - prob getting that brlycream on the cheap from dastardly and mutley

And I would have gotten away with it too, if it weren't for you meddling kids

said by every scooby doo villain.

yep - I couldn't get any discount to the offer today, whereas over the last few months, I could always get a discount

250k share trade at 2.60p just before the close - above offer - good for monday

it would also bring across a number of AAOG holders that wish to maintain exposure to the Tilapia asset. They will dump their last remaining AAOG stock and buy zen.

zen up 11.36%
aaog down 10.53%

market is liking the sound of miton voting for zen

geo - the intention to drill 51 is in the cpr - it was put in place as part of the work program before they even started drilling 38.

there is every justification and it was communicated in the CPR , for those that bothered to actually read it.

i agree that that was what AC said re funding zeb, however...

1. There is a large working capital deficit on the balance sheet.
2. AC has not delivered on any timelines so far
3. It would not be any real stretch of the imagination to assume that AC has deferred some costs on these drills to pay, more immediate bills that are due, which drags out the time taken to actually see the drill bit turning.

to the end september 2019 -the azer ops show an overall loss of CAD$5K, compared to an income of CAD$1,061,000 to end september 2018.

Admittedly there is CAD$710K of Depreciation and depletion contributing to the loss, however, that is beside the point.

Capex to end sept 2019 in azer was over CAD$1M, whereas they only show CAD$37K capex to end sept 2018.

corporate, swiss/dubai capex is shown as CAD$877K to end sept . Total liabilities in the swiss/dubai and corporate entities is over CAD$13M

Revenue for the six months ending sept 2019 was CAD2,325,000 with Operating, transportation, general and admin costs of
CAD1,586,000

AC is juggling a lot here and this, in my view is why things are so slow.

correction C30 site...

Chance are the rig will be sat at C30 site still in bits, awaiting the crew to put it together. They have probably been sent home, until AC decides that it is the right time to pay them to do it and commit to the consumables costs of the drill.

Look at the balance sheet - it is weak and indicates slow progress, as bills and loans must be honoured to ensure that the credit rating stays in place. That cash cannot be spent on operations.

AC needs the EUR25M Bond issue to get away in full, then things will speed up a bit.

Chance are the rig will be sat at C37 site still in bits, awaiting the crew to put it together. They have probably been sent home, until AC decides that it is the right time to pay them to do it and commit to the consumables costs of the drill.

Look at the balance sheet - it is weak and indicates slow progress, as bills and loans must be honoured to ensure that the credit rating stays in place. That cash cannot be spent on operations.

AC needs the EUR25M Bond issue to get away in full, then things will speed up a bit.

and most importantly - a lot of the cash generated from existing production is being used to pay back loans and coupons on bonds etc.

They cannot afford to do it all at once - only bit by bit, as cashflow permits.

c37 -

6th march 2019 - civil work 90% complete.
29th march - substructure of BD260 unloaded at c37
13th may - bd260 mast raised at c37
18th June - casing delivered for C37 and C30
24th July - BD260 ready to start drilling.
26th July - drilling begins.
5th/6th September - wirleline and logging underway at c37.
9th september - new zones identified.

C30

11th September - civil works underway.
29th september - civil works 60% complete.
1st October - civil works ongoing, prior to final cementing and gravelling.
7th October - civil works 80% complete.
15th October - final gravelling underway.
18th October - gravelling complete.
24th October - final cementing underway.
25th October - cementing completed at C30.
29th October - rigging down underway.
31st October - mast to be lowered.
7th November - rigging down ongoing - being loaded onto trucks.
December 12th - confirmation that civil works are full complete at C30.

It took 4 months from being 90% complete on civil works at C37 to drilling beginning. The cement was shown as completed and just about dry at 90% at c37.

If this is anything to go by, then it is likely to be feb or march before they get going with drilling at C30..

Why -

1. They are slow.
2. I suspect that they are using a couple of trucks, shipping bits of the rig to C30, unloading and then driving back and getting the next bits, instead of a long line of trucks and doing the job quickly - much cheaper, I suspect.
3. They won't have bought in the consumables for the drilling yet - barite/drill bits?