Member Info for SEA7

perhaps the guy, in the tweet footage that is standing at the end of the mast doing nothing, could put a bit of work in!! No wonder it is taking so long!!!

very true -

October 2018 - and stated in the investor presentation.

I see that the wells around C37, have the following, cumulative production to 2015.

C5 - north of C37 - 468,000 STB
C30 - West of C37 - 5000 STB
C26 - East of C37 - 168,000 STB
C22 - South of C37 - 570,000 STB
C34 - South/South west of C37 - 122,000 STB
C27 - South/South east of C37 - 154,000 STB

As announced on May 18, 2018, the fist operational challenge in Z-21 is the fishing out of 166 meters of 2 3/8" tubing from the wellbore due to an undocumented change in the tubing diameter.

The Company intends to move the 180-ton rig to Z-21 in the Zardab field once operations in well C-37 are successfully completed.

The primary workover opportunity in the Muradkhanli field has been determined to be the MOC-1 well and its sidetrack well MOC1-Z, drilled during the year 2000 by the Muradkhanli Operating Company ("MOC"). MOC-1 was the first onshore well to be drilled under a Production Sharing Agreement in Azerbaijan and is the only modern well in Zenith's 642.4 km2 field area. The geological study has concluded that the total depth of MOC-1Z, 4,615 metres, should be increased by approximately 100-150 metres to ascertain the fluid content of the Upper Cretaceous formation. In the eventuality that the presence of hydrocarbons in this formation is not confirmed, the study recommends that the re-perforation of the Eocene Zone, previously perforated by MOC between the depth of 4,447.5-4,483.5 metres, should be carried out. This section had shown strong oil presence, but limited production due to factors including the poor permeability of the formation and the potential damage caused by the heavy mud weight used during drilling operations

from the cpr....

moc-1 - two lower limestone zones indicate a total net pay of 14.8m, average porosity over the pay zone -11%, average water saturation - 32%

These are satisfactory reservoir parameters for a carbonate reservoir zone.

I guess it depends on what you are drilling through!

the Board's expectation that approximate all-in average oil production costs will fall from the current US$19 per barrel to a cost of US$13 per barrel when the Company achieves a production rate of 1,000 barrels per day in Azerbaijan.

could be worse - have a look at cellcast (CLTV) -they had some cash invested in a fund in switzerland,which looks like they may won't get it back - the fund was run by a guy called....

Bismark Badillla

Great name for a hollywood villain, if there ever was one.

The fund he ran owed millions and was mired in controversy and touted as a ponzi scheme.

https://insideparadeplatz.ch/2017/11/07/anleger-befuerchten-ein-ponzi-zug-von-30-mio/

translate the page.

excerpt..

For the respondent, a Swiss, who has invested a few hundred thousand francs in Badilla Lexinta, it should be in the construct of a classic "Ponzi" act.

He does not want to say that Bismark Badilla planned this from the start. But when his investment ideas were not realized, he had stuffed the holes with ever new client money.

excerpt ends.

he was on the run, until ratted out and caught..

https://insideparadeplatz.ch/2018/05/04/gross-pleitier-stellt-sich-zuercher-polizei/

excerpt

Bismark Badilla's rage is over . The man, who has cost investors a lot of money with his Swiss financial company Lexinta, is recently sitting in a Zurich jail.

ricky,

they raised, post period about CAD$1.3M -

the short term borrowings, have increased, as a result of non current liabilities, shifting to current liabilities - the amount moved, is around the same amount they raised post period.

They have about CAD$3.2M in receivables due as well and zenith are receiving regular payments.

The net current liability as at the date of the accounts was CAD$8.2M - subtract the CAD$1.3m raised and we are at about CAD$7m.

This is £4m GBP working capital deficiency - most of which is attributable to the payables, that are due on all this kit they have been trying to buy - hence most of the delays.

The creditors have been paid as they fall due, or been renegotiated.

The need is to get production up - simple.

yes - I do think we will see them drill ahead - as Andrea is not giving any timings on that 180.

good update - basically what we asked for and gives us a bit of clarity over some timeframes.

If they do decide to clean out the deeper section, will they delay renting the 180 rig. If they get good production during testing, will they decide to continue production from that section or drill deeper.

I have also heard back from AC - nice email, nothing new, stating nothing has changed - still working towards the goals, despite the selling and negativity.

you can still post excerpts or your comments regarding the email feedback you get - just not a copy and paste - word for word!!

added a few myself today

I think we can safely say that no one here is in profit.

andrea should really state.

the A100 is to be delivered on xx date and will be used for xx purposes
the A180 is to be delivered on xx date and will be used for xx purposes.
the BD260 rig will be delivered on xx date and is expected to be deployed to xx well/region for drilling.

It is barely impossible not to know when these rigs will turn up, based on the amount of time that has passed and the tweets we have had, showing various stages of completion.

Either they are going to be delivered or not - Andrea needs to get these firm commitments from the suppliers or explain to the market why he cannot provide a date for their arrival.

Everyone understands and accepts delays, however, there comes a point, where people stop believing and start selling further.

Andrea does need to ensure that, the market see him deliver on something.

A100 rig still no where to be seen
A180 rig still no where to be seen
BD260 rig still no where to be seen

Production levels not much higher than when they took over the azer fields.

I see a lot of talk, a lot of pictures, a lot of fanfare, yet no actual deliverance on stated objectives and no increases in production.

Andrea does need to stop wasting money on travelling expenses, if that is what they were actually spent on, as it seems excessive and start staying in azerbaijan and getting the production levels up, to at least the 465 bopd, that the licence requires of them.

I know he is thinking of his 25 year plan and that this is just the beginning, getting the kit bought etc, etc and running up the liabilities in the early days, however, we need to see some production increases to take the pressure off the balance sheet, or his plans will derail further.

that excerpt was from the update on august 13th 2018

so it does sarge - should have noticed that- wasn't that the a100 that was RNS'd earlier then...

On January 25, 2018, the Company announced the signing of a purchase agreement for an A-100 truck-mounted workover rig (the "A-100") to be manufactured in Azerbaijan. The Company can confirm that construction of the A-100's mast and substructure has been completed. Following close discussions with the local manufacturer of the A-100, Zenith has decided to increase the A-100's engine capacity to 375hp in order to enhance its workover capabilities in deeper wells.

As previously announced, a number of other modifications had previously been requested and implemented. This further upgrade, amongst other benefits, will increase the maximum hook load capacity of the rig to 120 tons. The A-100 manufacturer has informed Zenith that it is currently awaiting delivery of the carrier to finalise construction of the rig. The Company will provide an update once the A-100 is delivered to its field locations.

andrea did buy that 1m shares the other day.