Member Info for SEA7

they announced in march the move of the rig to c37. They announced on 1st August that operations had commenced and that all approvals for drilling had been received, after a rig inspection on july 29th.

Based on that, they must have the rig set up on the pad, then it must be inspected and then they will get the approval to commence drilling at C30. Not before. The Rns appears to be indicating that.

bridge plug should take no more than a week to install, however, they do have to get that workover rig onsite to do it.

I suspect that SOCAR do not give final approval for drilling until civil works are completed. They will want to ensure that the civil works have been completed to the standard required for sign off. Final approvals for drilling probably require final sign off on civil works before authorisation.

rock - it is still in the notes to editors at the bottom of the last rns though...

The Company operates the largest onshore oilfield in Azerbaijan following the signing of a 25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the Republic of Azerbaijan, in 2016.

yep...

Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas production company,

someone sold a few pence worth. Usual story - buys outweigh sells and stock ticks down.

all they said was...

Direct measurements of WR-38Z's productivity will be available when the Company's planned well test is complete: Block will provide further guidance on the Well's test results over the coming weeks.

example...

https://www.investopedia.com/terms/i/initial-production.asp

The exploration and production industry provides guidance to investors on average IP rates, and how that production is expected to rise/decline over the next two years. Initial production rates are reported inconsistently, but companies increasingly use 24-hour, 30-day, 60-day, and 90-day initial production rate periods.

....

Block are not going to rattle out rates like they did at 16az until they are sure

thanks hilly

cannot deny that PH over egged it and the PR disaster that was 16az has cast quite the shadow over the stock.

They have learnt from that f**k up and are being over cautious now. He has to come out with a confirmed production rate at the wells, once he is sure that it is a stable rate to regain some semblance of market trust.

yep there are definitely people who are stuck higher up, (haven't we all been there at some point - not nice), the opportunity here is that this uncertainty and lack of trust is the time to add some more. Not easy to commit more
capital to a position, I know, when your reasons for buying have been shredded, however, the prospects are still there.

site slowing up again.

in mid october this dropped steadily down to 3.87p - (which I bought at and still hold), a few days later the company announced the cementing of the liner at 38 and new appointments and the stock moved back to 5.25p - it continued to climb and hitting a peak of 7.9p on October 30th. The Gas sales agreement and ops updates were released on 30th and 31st - these were both good, solid progress updates.

The selling the news brigade began taking profits, as there were no flow rates in the ops update, with an indication that they would announce in the coming weeks. Since then we have steadily declined to the current 4.6p and no further ops updates as yet and fear has set in, perpetuating the downward trend.

Only good news from the well head will change the trend.

The doom mongers were out in force when this hit sub 4p last time - it put in a 100% rise after that.

back up - apparently they had issues with their cloud provider

A satisfactory outcome re nordic

thanks hepseal..

i listened to it and then just posted what i recalled off the top of my head! - thanks for the exact transcript

magtalo - the pipeline web address post i made at 0854 on wednesday is still there - just checked.

not bad podcast - got a big gap in it though towards the end of the block segment..

he says he hears that there is a lot coming down the pipeline shortly and you should have this one in your locker for xmas.

Andrea has openly admitted to being slow and that isn't just in his zenith role - he was slow years ago in his sock selling role

no one is locked in - sell up, take the hit if you are under water and move on - pretty straightforward.

whilst mm's will use a tree shake if they are after some stock, generally they want a stock priced at the point where maximum two way trading takes place - that is their "sweet spot" - as it generates the highest volume and as such they make on each trade. They do not care about much else.

The thing about setsqx, that block trades on, is that the MM's do not have a maximum spread size as they do on sets, so you can quite often see a move up in the price quickly, only for you to be offered far less, when you try to take advantage of the price move.

as hilly says - these guys have countless stocks they make a market in each day and whilst they all will have their allocation to be responsible for, most of them haven't got a clue about the underlying fundamentals of the stock. Block and other stocks like it, get very little analyst coverage and as such market makers could't care less. They simply look at the order book, price accordingly and then buy/sell to meet the demand.

They will fill an order even though they haven't got stock themselves, then go out and try to get it in the market - hence a bit of a tree shake now and then.

Their reputations depend on being able to fill the order - if they cannot, then bigger players go to other trading houses and they do not get the business.

The MM's are not buying Block because it makes a good investment, they are buying to keep a float on hand to meet market demand and it will be a small float at that.

Retail investors generally poll rsp's, get a quote and never deal directly with the market - unless you have DMA of course.

this site is unreliable today

ezhik

good to see you are still here ..

I think Andrea sees it as an opportunity to get gas assets that are out of favour and subsequently cheap - most importantly no cash - just paper.

The italians have been reviewing their fossil fuel position and they do still subsidise the industry to the tune of a few hundred million euros a year. - The govt is a large shareholder of ENi if i recall. As they are trying to move to renewables, Andrea see this as unwanted assets on the cheap.

He is quite pleased that he has got this for no cash - his preferred way of doing business.

Andrea will fund this with the bond sales -hopefully, however, once he can get good production numbers at azer and italy - he will probably be trying the reserves based lending route as well.