Member Info for SEA7

yep - goldplat doesn't usually see those size trades - should open higher on monday

trouble is Orjones

some seem to think that their shares are casino chips. You want that action - go to the bookies or intraday spreadbet an index.

As a shareholder you are actually supposed to support the business you hold own a piece of. If more shares are issued for a good reason, then you are supposed to take part if able to, or support it by buying in the secondary market and maintaining your overall exposure to the business.

sure, we do not always get it right and get hit from time to time, however, that is the nature of the business we are in.

Having said that - I note that the likes of Dean clark aren't on this board panicking, wailing and crying - he is quietly hoovering up the stock and no doubt chatting to AC every now and then.

thanks Orjones,

You will note that even though dean has to declare, he has been buying a lot, quietly at the low prices, at a time, when most are off on holiday for xmas.

Only a professional will buy when all the ducks are lined up --low volume, low price, pessimism and fear abound.

zenith strategy...

Zenith's development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector.

AC ambition....(excerpt from last rns) will be able and ready for the exciting challenge of developing Zenith into becoming a mid-cap independent oil & gas company.

AC is empire building and clearly intends to have each subsidiary operating independently of the other, with an individual or group of individuals running each one, with him sat atop, at group level only. At least he will be keeping his hands off the day to day field work.

I see that Dean Anthony clark has been in the market...

17th december - buy - 300,000 shares
19th December - buy - 700,000 shares
24th December - buy - 600,000 shares
27th December - buy - 400,000 shares

https://www.insidertracking.com/company?ticker=ZEE*CA

two large trades showed up

500k shares at 2.80p
677,730 shares at 2.95p

Bodes well for a higher open on monday.

TLP-103C was a multi-target well drilled to a depth of 2,683m by the SMP-102 rig, which is a hydraulic-powered Dreco drilling rig constructed in 1996. The well encountered 56m of oil columns across multiple horizons, including the Mengo and Djeno reservoirs, and produced oil with an API of 43o from the Djeno reservoir.

Drilling activities at the TLP-103C well were completed in January 2019.

kam - i hold and read the documents, rns's ...

AC is deciding strategy, not me!

yep - always a minefield when it comes to canadian paperwork - reams and reams of it, with oddities if I recall. Done purposely i suspect

and...

The Company is incorporated in Canada, and as such is subject to Canadian company law

The Company is a company incorporated under the BCBCA, and as such its corporate structure, the rights and obligations of Shareholders and its corporate bodies may be different from those of the home countries of international investors. Furthermore, non-Canadian residents may find it more difficult and costly to exercise shareholder rights. International investors may also find it costly and difficult to effect service of process and enforce their civil liabilities against the Company or some of its directors, controlling persons or officers.

sarge...

from the march 31st annual information form...

Shareholders will not have the opportunity to vote to approve transactions

Unless such approval is required by law or other regulatory process, Shareholders will not have the opportunity to vote on transactions even if Common Shares are being issued as consideration for the transaction. Chapter 10 of the LSE Listing Rules relating to significant transactions will not apply to the Company while the Company has a Standard Listing. The Company does not expect that Shareholder approval will be required in connection with transactions, and therefore, investors will be relying on the Company’s and the Directors’ ability to identify potential targets, evaluate their merits, conduct or monitor diligence and conduct negotiations.

sarge - they signed that letter of commitment for the BQ500 back in June 2018, after renegotiating the terms, from the original commitment back in 2017.

It is meant to be on a lease, which has a payment plan over 12 years, whereby zenith is gifted the rig after all lease payments made. If they do not keep up the lease payments, then they do not get the rig after 12 years - at least that is the way it seems.

bq500

The Genesis Rigs are transportable on 65 standard trailers verse 115 trailers (includes three oversize vehicles) for a standard drilling rig.

The Genesis BQ 500 rig has:

2 top drive motors.
4 hydraulic cylinders for lifting and lowering weight.
12 VFD units that operate independently.
2 electric control panels in the driller’s cabin (one as backup).
2 hydraulic power pack units that are interchangeable.
4 hydraulic service units (one for pipe handling on the ground (lay up and down machine and pipe containers); one for sub/bits/stabilizer loaders, break out clamps and iron roughneck; one for monkey board handling; and one for the top drive).

thanks AGEOS,

yep I would hope that this will be his plan - to get that BQ500 up and running and not go anywhere near that BD260, so it stays in azer.

yep- for AC to have even the remotest chance of doing business there, he needs the "right" people on board.

Locals that know the other players, the admin trails, the contacts and who needs to be on the payroll - or nothing will happen....ever

yes it does.

The BD260 has been booked for use in azerbaijan according to numerous Rns's over the previous months.

Unless AC he buys another rig, then the BD260 should remain in azer or he will have completely lost the remaining trust the market has in him, as there won't be any substantial drilling and potential production for the foreseeable future. If he does this, then he will not get any financing away as no one will trust him to deliver or see a project through to success.

He had better not be planning to ship that BD260 over there, with reference to using "our rigs"

Andrea Cattaneo, Chief Executive Officer, commented:

"We are delighted to welcome Mr. Boumbendje to Zenith.

He will help us in selecting high quality African executives, who after having accumulated valuable experience working with majors in Africa and overseas, will be able and ready for the exciting challenge of developing Zenith into becoming a mid-cap independent oil & gas company.

We believe that, to operate successfully in the Congo, it is important to adopt the local language and culture, specifically by engaging personnel with acute technical ability and extensive local knowledge of ministerial requirements and regulations.

Zenith intends to invest in people to create a long-term success story using our drilling rigs and working in a public and governmental Congolese environment fully supportive of our efforts, which is expected to create local economic development and new employment.

The Board of Zenith believes that the Company possesses the financial, linguistic, geopolitical and technical skills to enhance production in the Congo and to achieve, if the geology allows, success at the Tilapia oilfield. This includes the significant financial obligations that come with developing Tilapia.

For these reasons, Zenith believes the transaction to be in the best interests of all parties.

We shall provide further updates to the market in due course regarding the names of further appointments the Company intends to make to manage our future operations in West Africa."

Thanks Sarge

thanks Ezhik..

I notice the lack of info on Lon Tica - he was the workover and drilling manager for zenith aran, early in 2019 - I wonder if he has left, as they now have...

javid Sarkarov

Senior Wells Engineer (Drilling, Completion & Well Intervention)/ Well Operations Manager.. as of January 2019

https://www.linkedin.com/in/javidsarkarov?trk=org-employees_profile-result-card_result-card_full-click

javid Sarkarov

Senior Wells Engineer (Drilling, Completion & Well Intervention)/ Well Operations Manager
Zenith Aran
Jan 2019 – Present1 year

Responsibilities:
• Wells (Drilling, Completion & Well Intervention) Engineering & Operations support & management in Zenith Energy operating Muradkhanli-Jafarli-Zardab, the largest onshore HPHT oil field in Azerbaijan.
• Responsible for preparation of Drilling & Completion AFE, Well Intervention & Workover budget & exucution of well operations.
• Responsible for all aspects of writing and ownership of the well programs, from draft to final versions, responsible for collating data into each end of well report.
Responsibilities:
• Wells (Drilling, Completion & Well Intervention) Engineering & Operations support & management in Zenith Energy operating Muradkhanli-Jafarli-Zardab, the largest onshore HPHT oil field in Azerbaijan.
• Responsible for preparation of Drilling & Completion AFE, Well Intervention & Workover budget & exucution of well operations.
• Responsible for all aspects of writing and ownership of the well programs, from draft to final versions, responsible for collating data into each end of well report.

Previously...

Senior Wells Engineer (Drilling, Completion & Well Intervention)
SOCAR UPSTREAM
Oct 2015 – Jan 20193 years 4 months

Baku, Azerbaijan

Responsibilities:
• The primary objectives for ACG (Azeri-Chirag-Deepwater Guneshli), SD (Shad Deniz) & other PSAs are to deliver all the work scope in accordance with approved Annual Work Plan and Budget (AWP&B), deliver the planned number of wells on production/ injection & measure performance against AFE/ Forecast;
• Represent SOCAR Upstream Wells team in BP monthly wells performance review meeting, set actions to Operator, give recommendations to optimize daily operations (Drilling, Completions & Well Interventions), Monitor NPTs and well cost;
• Implement Continuous improvement strategies and new technologies where applicable;
• Represent SOCAR Upstream in Operator-Partners Wells Work Group Meetings for ACG, SD & other PSAs.
Responsibilities:
• The primary objectives for ACG (Azeri-Chirag-Deepwater Guneshli), SD (Shad Deniz) & other PSAs are to deliver all the work scope in accordance with approved Annual Work Plan and Budget (AWP&B), deliver the planned number of wells on production/ injection & measure performance against AFE/ Forecast;
• Represent SOCAR Upstream Wells team in BP monthly wells performance review meeting, set actions to Operator, give recommendations to optimize daily operations (Drilling, Completions & Well Interventions), Monitor NPTs and well cost;
• Implement Continuous improvement strategies and new technologies where applicable;
• Represent SOCAR Upstream in Operator-Partners Wells Work Group Meetings for ACG, SD & other PSAs.

From RAEX Europe Credit Rating note on Zenith dated 18/11/19...

https://raexpert.eu/database/company/zenith/

The market position of the company is sluggish; nevertheless, we also recognize that the position and market awareness for the company has developed considerably. Zenith Energy has increased its equity from around CAD 1 m in 2008 to about CAD 600 m by the end of FY 2019 (March 2019), an impressive increase in value for a junior oil company in a relatively short period of time,bespecially when taking into account the moderate use of capital. Moreover, Zenith Energy enjoys
a low cost position, as productions costs are currently at 21 USD per barrel and expected to decline as production increases.

and..

As of FY 2019 (March 2019), the liquidity stance of the company was not considered as adequate. Current assets do not cover current liabilities as the current liquidity ratio stood at 0,51 while the absolute liquidity ratio was 0,18. This is mainly due to the increasing amount of trade payables related to the rig acquisition, restore, transportation and equipment acquisition from Chinese and Azerbaijani suppliers. Moreover, also resulting from the increase in payables, working capital has
been negative and volatile. Nevertheless, we expect these metrics to improve in our mid-term view as the company is set to issue a new multi-currency Euro Medium Term Notes worth around EUR 25 m which will be reflected in a substantial increase in the cash balance.