Member Info for SEA7

paul said that the civil works etc were complete for 38 and that spudding will be in the not to distant future.

whilst miton may not be required to disclose their disposals below a certain percentage, the fund factsheet for july and august, when they bother to post it on their website on the micro cap fund page, should tell us that they have exited or not.

Yep - like a bad smell.

I'm not seeing any tell tale trades of a larger holder like miton selling today.

some short vids from last year about blocks areas... all about 30 secs to a minute each

https://www.youtube.com/watch?v=GVFltQ7jq60

https://www.youtube.com/watch?v=OjccRGNl6AY

https://www.youtube.com/watch?v=ckcpFkBHy6E - west rustavi well 38 old well head

https://www.youtube.com/watch?v=1lAWdZyps6k

flow rates will be considered market sensitive and as such must be rns'd first before chatting about them in an interview.

Paul has said exactly what we have been saying.

16az opening up slowly, managing the well and not slamming it open and wrecking it.

he also gave an inferred reason for shutting it in. longer timeframe negotiating storage capacity.

leaky ship?

i added more today at 7.5p, after the stock went through my next buy price of 7.7p

bop finished installation
https://twitter.com/zenithenergyltd?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

now that the price has fallen back, the momentum is gone, so have a lot of the "investors" in this stock.

We will now see, who the genuine investors are and who the traders were.

Andrea buying, selling and transfering stock again. Wonder who he was buying on behalf of.

very good point clumpet...

he may be thinking "right, well is cleaning up slowly, the guys are working on it, pad work is coming along for 38 and we won't be drilling for at least a few weeks yet. I will get myself some annual leave in now, before things ratchet up again"

The part I would like to see some traction on is the TSF.

Even at £300 profit per oz and a recovery of 50k oz, we have an in situ value of £15m

They will easily make more per ounce on this, once they get going. Then there is silver and uranium.

This off balance sheet item is worth more than the current mcap on its own.

To me, that is a 10p share price all day long, just for the TSF as a base case.

Add in the other value at the recovery plants, exclude kili completely and we should have an 18p valuation as our floor.

aegos to ajb - quality post!

Zenith has been notified that the guarantor of the facility of the value of US$1,458,000, Mr Andrea Cattaneo, Chief Executive Officer of the Company, has been advised towards initiating a process of litigation as it appears that his guarantee has been obtained unlawfully. The full amount of the principal, and related accrued interest, of the loan are represented and accounted as a liability in the audited Financial Statements of the Company as of March 31, 2019 and in the Q1 Financial Statements as of June 30, 2019. The result of the potential litigation could be a reduction or cancellation of this liability.
........

Andrea has obviously found a loophole in the process followed when the guarantee was obtained, that effectively means the debt provider may have to offer to reduce or cancel the debt to avoid a drawn out litigation process - Andrea must be quite confident here.

just another sideshow, that thankfully does not impact the company negatively, from an operational perspective.

Tks westgate

https://www.valuethemarkets.com/2019/08/02/svs-securities-another-broker-bites-the-dust-how-much-trouble-is-aim-in/

Multiple sources confirmed this morning that SVS Securities has been shut down. Staff members were sent home early this morning and the company was not allowed to engage in any market activity at the open. Apparently, an administrator has been appointed and a statement is expected on Monday.

https://www.investorschronicle.co.uk/pf-matters/2019/02/21/how-are-my-investments-protected/

However there are gaps in the 'ring fence' and these were revealed when a small broker called Beaufort Securities collapsed last year. Financial services firms are required to hold capital so that if they stop trading, money will be available to cover all winding-up costs. But at Beaufort, it was discovered that there was no money in the kitty to cover administration costs. Administrators promptly told customers of the failed broker it would be dipping into their funds to pay its costs (initially estimated at £100m). After an outcry, the majority of customers were told that only up to £10,000 would be taken from their accounts and that these costs could be fully reclaimed from the FSCS. In fact the FSCS also agreed to pay PWC direct so that customers didn’t even need to make a claim for compensation.

The fact remains, though, that in such a situation administrators are legally entitled to raid client accounts to pay their costs. The Beaufort debacle shattered the idea that client funds are untouchable. Still, as long as an administrator doesn’t raid your individual pot for more than £50,000 (and £85,000 after 1 April), you should be able to avoid losses because you will be entitled to reclaim them from the FSCS. However you could find that you are unable to trade for a period of time. Most Beaufort clients lost access to their trading accounts for at least 10 months.

https://the-international-investor.com/investment-faq/stock-broker-account-safety

ref nominee accounts

Segregation is effectively an honour system, where the broker is expected to do the right thing and keep client and firm assets separate. In some cases, regulators and exchanges will be checking up on their holdings regularly, but obviously they can’t keep an eye on what’s in which account all the time.

So the system is open to fraud and abuse. If your stock broker decides to sell or move shares from nominee accounts, they will be able to do so.

And of course, fraud like this is most likely to happen when the firm is on the edge of collapse, needs cash or assets to meet its own liabilities and the temptation to ‘borrow’ client assets for a while to tide them over becomes too great – or simply when the management decides it’s time to loot client assets and retire somewhere with no extradition treaty.

So the point at which segregation is likely to offer no protection is just when you need it most.

It’s also worth being aware that even if there hasn’t been deliberate fraud, when a stock broker collapses its records often turn out to be shaky. So establishing which clients own what in the nominee account may take a lot of work and assets may sometimes turn out to have been misplaced in the turmoil.

So while the industry often presents segregation as the thing that guarantees the safety of your investments, it’s nothing of the kind. The safety it offers is limited and the system is close to being the absolute minimum that could be accepted, rather than added protection for investors.