Member Info for SEA7

lol tks djm1 ...

after the drubbing this took over the debacle at 16az - we are recovering the lost ground and should be heading towards double figures now.

as we were seeing the slide from 14p earlier on, the chart shows to attempts at 7.5p, which proved a resistance point, the stock then fell off afterwards. We are almost back at that resistance of 7.5p, however, there is strength in the stock again and we shouldn't really have any issues pushing through it and making 7.5p a support line in the short term.

with expectations of the drill results in under two weeks, lessons learnt, good field data and a 100% cos of finding hydrocarbons, based on the cpr - we should see a steady rise into these results.

The Company has successfully raised gross proceeds of NOK 6,133,000 (approximately GBP518,000 or CAD$880,000) to subscribe for 17,522,857 common shares of no par value in the capital of the Company ("New Common Shares") at a price of NOK 0.35 per New Common Share (approximately GBP0.03 or CAD$0.05)

The Private Placement attracted strong interest and support from Norwegian investors.

Zenith intends to use the net proceeds of the Private Placement to finance the purchase of long lead items and the beginning of civil works required in preparation for planned drilling operations at well M-247 of the Muradkhanli oilfield, as well as for additional general working capital.

definitely good news, lessons learnt, new procedures being applied.

No pumping the rns with oil shows, flow rates, anticipated revenue - just a good, straightforward progress report.

https://www.stikeman.com/en-ca/people/prateek-gupta/representative-work

Zenith Energy Ltd. on the company’s admission to trading on Merkur market of the Oslo Bors, and previously in diversifying its Canadian capital market requirements by dual listing from the TSXV to the LSE, and in capital raises through equity issuances and debenture offerings into the European market.

will automatically download the pdf to your pc - won't open page.

link to release in norway...

https://newsweb.oslobors.no/obsvc/messagePdf.obsvc?messageId=486259&obsvc.item=1&language=no

placing a few shares with them at a discount, grease some palms, get things moving!!

Probably in relation to this...

October 1, 2019
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Market Making Agreement with Norne Securities AS Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce that it has entered into a market making agreement with Norne Securities AS with effect from October 1, 2019. The purpose of the agreement is to increase the liquidity of the shares of the Company which are listed and admitted to trading on the Oslo Stock Exchange. The agreement is in accordance with the standard requirements of the Oslo Stock Exchange.

Norne Securities AS is a fully licensed investment bank in Norway with offices in Oslo and Bergen, Norway as well as Vilnius, Lithuania. Norne Securities is owned by 14 saving banks across Norway and provides brokerage, corporate advisory and investment banking services primarily to listed companies on the Oslo Stock Exchange.

potential private placement in norway at nok0.35

mike ..

your post...LB28 at least our Ceo isn't a liar like yours lol

I guess you must have been poking your tongue out after saying that, as it comes across as a very juvenile statement.

That is real budget drilling!

more pics of the 3d seismic underway..

https://twitter.com/BlockEnergyplc?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

drill was $1.5m -they have recovered $300k as at the last rns from oil production.

They are delayed trade cancellations

someone know something we dont?

over a million shares traded in under 5 minutes and price moving up again.

in other words - 16az was nothing more than to further understand the accumulation.

they must have said "yep, definitely good, however, we discovered this about downhole conditions, now choke it back, let it run, get some more kit in, see how it looks and yes, we are good to go on 38. We will need xx to ensure we do not encounter the same issues from xx formation at xx depth in 38, so we should be looking at a better result overall."

all good in my view - new information to hand and 38 drilling in progress.

the cpr stated that there was a 100% chance of finding hydrocarbons and a 75% chance of commercial success.

from the rns...

The horizontal sidetracking of WR-16aZ into the Middle Eocene has proved the formation's commercial productivity. They have at least achieved this objective.

Sure, they have been having downhole issues, however, Paul refers to 16az as an appraisal well...

Encouragingly, the WR-16aZ appraisal well has proved the productivity of the Middle Eocene naturally fractured oil reservoir. It has also confirmed unassociated gas flows above our expectations.

first time have actually seen him refer to it as an appraisal well. unless i have missed it!

appraisal well

A well that is being drilled into a discovered hydrocarbon accumulation to further understand the extent and size of the accumulation – usually denoted by “name-2”, “name-3” etc.

"Appraisal wells can be drilled either before or after an accumulation has been developed. Appraisal wells can be abandoned after drilling or kept as future production wells. An Appraisal Well usually has a chance of success greater than an Exploration Well but less than a Development Well."

development well

https://www.investopedia.com/terms/d/development-well.asp

Appraisal wells are drilled only when a discovery is made, with the motive of assessing the size and viability of the reservoir. The life cycle and operational period of development wells are much greater than appraisal wells. Additionally, development wells are normally larger in diameter and deeper than exploratory wells, thus they are also much more expensive to drill. Development well drilling can be very complex and often costs around 1-9 million dollars per well, according to a study by the International Finance Corporation.

Produced water is being trucked with the oil to the nearby storage facility at Sartichala, which is owned by the Georgian Oil and Gas Corporation (GOGC), the Georgian national oil company. The storage leasing agreement Block has with GOGC provides for the disposal of the produced water into a State approved injection well.

apart from stating they have access to 90,000 barrels of storage - there isn't much other detail on this facility -so we could assume that the cost of the agreement has been paid and ongoing costs are trucking and processing.

no but i did read it as 51bpd of water next to the 78% cut - just gone back to the rns and seen they have put bopd and not bpd, right after the water cut percentage - my mistake - apologies. haven't read the rns since reading it first time!

having said that, this is a strong water driver well and strong water drivers can have very high percentage cuts. It was indicated in the cpr that it was likely to be a strong water driver.