Member Info for SEA7

yes AJ - that is correct, nearly three months. Not the fastest workers eh.

yes, moved up somewhat!

next steps..

The Company confirms that a total of 12 companies have participated in the tender by submitting commercial and technical bids for well C-37 deepening operations. Zenith is currently evaluating the aforementioned bids in consultation with its partner, SOCAR, and expects to award contracts, in accordance with its tender procedure and with the approval of its partner, during the next 14 business days.

That should be no later than the 24th January.

and.

Zenith can confirm that its A-80 workover rig is currently performing a full cleanout of the well C-26 wellbore to the depth of 3,920 metres (production casing shoe) in order to confirm the integrity of the production casing and thereby determine whether the well might be suitable for well deepening activities.

In the event of a successful result being achieved in well C-37 deepening operations, the Company will mobilise a drilling rig to a second well location in the Jafarli field to perform well deepening operations targeting the same Middle Eocene and Upper Cretaceous formations.

C26 has produced 189,000 stb to 2015. - not sure when it was drilled.

That is the problem when you have a CEO who is not an oil man by trade, he struggles to communicate the technicals
as an oilman would.

I am not of an oil background, however, I have listened to enough to know when someone knows the script, rather than reading from one.

I expect z21 is a bit further down the list - even Andrea won't have forgotten the gusher.

difference is AJ, that the guys on the ground are oilmen, who turn up for work everyday and know the terrain. Andrea is not exactly getting his hands dirty and would probably be more of a hinderance if he turned up on site, everyday.

His team are experienced and working on the new direction and geological analysis.

Do you have any oil sector, hands on experience - if not, then you are not really qualified to state whether they have learnt anything or not.

Andrea did say they had been working on a shoestring - and you do not get the schlumbergers of the world for pennies. Andrea does not have a BP sized cash pile and must work with what he has - unless of course, as a shareholder, you are going to call him up and offer a decent chunk of cash for some new shares to support the business going forward.

Lets not sit in our armchairs barking orders and criticising eh.

They are all too well aware of the need to get a decent success under their belts. The well C37 and others drilled more recently have much more detailed well data available are deemed as low hanging fruit, from the perspective of the fields overall and in relation to the soviet era wells, which Andrea alludes to as having inaccurate, incomplete or even falsified data to work with.

We should be pleased, that they have continually analysed their approach and changed tack to suit, in pursuit of a decent result. Had they just simply plugged away at M195 and spent all the money on it, then we would probably be in a far worse position now.

I know it has been a tough couple of years, but we are where we are and no whining about the past is going to change it.

We have a plan, better kit, better understanding and a better COS than before, based on the knowledge gained over these last two years.

All to play for and as Andrea mentioned, they are thinking about the next 23 years.

it was 5 bopd beforehand with an ESP - they have cleared an obstruction.

context AJ.

He said 4 rigs by the end of spring - we have one already, the next is due on site soon.

bid is at 3.10p

page 52, 2018 prospectus..

The Company has undertaken nine well workovers between the effective date of the REDPSA in
August 2016 and March 2017. The workover on C21 (Jafarli field) was relatively successful, returning
the well to production at 10 STB/d. One other workover on M66 (Muradkhanli Volcanic) was partially
successful, increasing production from 1.5 STB/d to 3.0 STB/d. Five other workovers are in progress
or are waiting for equipment for finishing or milling. Two workovers are considered to be unsuccessful.
As experience is gained, it is anticipated that the degree of success will increase.

The initial rns's stated C21 at 50bopd (oct 2017) and M66 70 bopd in August 2017.

The prospectus for the equity raise is dated june 2018 and stated C21 - 10STB/D and M66 at 3.0 STB/d from 1.5stb/d

No problem.

https://www.malcysblog.com/2019/01/oil-price-independent-oil-gas-zenith-energy-and-finally/

Zenith Energy
I ran out of time yesterday but Zenith announced a debt restructuring having renegotiated $1.5m of unsecured convertible facility now not converting before 3/19 and at $1.05m. They have repaid the previous £230/- loan and entered into a new £1m convertible with warrants at 4.4p.

Operationally, C37 is now ready for deepening after an intensive work programme and that contract award is imminent and will be followed by C37 lookalikes also ready for deepening. The target production of 1/- b/d is still in place and with a new team and decent kit on site there is no reason it shouldnt be met.

no - just that day.

Public holidays in Georgia 2019 - were 1st/2nd/7th Jan

They are working today or should be!!

nice to see the company wishing their colleagues and supporters a happy orthodox xmas in georgia.

https://twitter.com/blockenergyplc?lang=en

thanks for that JS.

They didn't do it - they have only gone as far as 3904 metres and are proceeding with deepening operations.

This was the part refering to production testing..

In addition, Zenith's operational team is assessing whether to perform a further cleanout of the wellbore in the 3,906-3,987 metres interval followed by a production test to determine the natural productivity of the well from the penetrated depths of the Middle Eocene formation which are plugged with sand-solids.

....

It would seem that the findings of their assessment, has meant that they have decided not to perform the further clean out - perhaps the rig couldn't get that far!

What we are aiming to do...

the identified structure measures approximately 3 square kilometres with a significant degree of closure indicated by a thickness of approximately 100 metres.



· The study recommends that well C-37's total depth, 3,987 metres, be deepened by approximately 200-250 metres with the following two objectives:

1.) Penetrate sandstone layers found in the adjacent well C-22 where historical well data indicates that initial production was approximately 700 barrels per day from the Middle Eocene formation upon drilling in 1986.

2.) Penetrate the Mesozoic (Upper Cretaceous) formation, which has not been previously tested in this structure to verify its fluid content. The new Cretaceous play could potentially unlock valuable new prospective exploration activity to be performed in the Muradkhanli and Zardab fields.

strategy..

The Company's operational team plans to divide drilling activities in two phases. Initially, well C-37's total depth, 3,987 metres, will be deepened by 15-20 metres into the Middle Eocene formation and a production test will be performed. The Company's geological and reservoir investigations have indicated that the Middle Eocene formation in this well may hold significant oil reserves. This has been supported by the fact that an adjacent well, C-22, achieved a sizeable rate of production from the interval between 3,902-4,014 metres.



In the event of negative results from the first Middle Eocene target zone, Zenith will proceed with deepening the well by 200-250 metres to test the Upper Cretaceous formation.

tender...

The Company will provide an update once the preparatory work is concluded and a 180-ton rig, contracted from a local service company, is mobilised to the well location in order to commence drilling activities.

From the 2018 placing document....

Successful perforation of well C26 in the Jafarli field; the well achieved a production rate of 70 BOPD; it was previously not producing.

from todays rns...

Zenith can confirm that its A-80 workover rig is currently performing a full cleanout of the well C-26 wellbore to the depth of 3,920 metres (production casing shoe) in order to confirm the integrity of the production casing and thereby determine whether the well might be suitable for well deepening activities.

come on AJ, your slacking, it will be two years next month since they started M195.

Thanks Ezhik,

Yes, I am keeping a lid on my zenith excitement too - believe it all, when I see it.

have a good weekend, ezhik - good rise at BLOE as well.