Member Info for SEA7

aj - when you read the prospectus and AR's you will have noticed the references to fund raisings and how the drilling program requires a lot more funding - this was before they even started last year.

If you wish to maintain your exposure, then you must buy more to ensure it happens.

The production level has been maintained at about the level they took over at and whilst we all expected it to be higher, all the work done to date has put about 25 bopd on base production.

Andrea does come across as someone who is throwing darts at a board, blindfolded and hoping to hit a double six, at times, however, his buying and taking salaries in shares is a comittment nonetheless.

yes there are plenty of negatives at the moment, we know it, you know it, the BOD know it. We just do not want groundhog day on here all the time.

https://newsbase.com/topstories/azerbaijan-suffers-worst-blackout-decades

05 July 2018, Week 26, Issue 917

SOCAR, the national oil company (NOC), said that offshore oil operations were unaffected, but there were “some temporary problems with onshore production.

...........

whats the betting zen was "affected"

Just noticed the discount to the offer disappear and the bid move up- no trades shown - buyer in the background or leaky ship.

you just knew there was no way that Andrea was not going to get himself to that gig and get his piccy taken with the pres.

Yes, claude the sot and veritable bar fly.

They said they were working over m63 in december last year, so this looks like a re-entry and different pump put in, as well as clean out.

wonder how that well clean out and pump removal, then novamet replacement at 2,500 m went. No updates since 20th JUn

http://regionplus.az/en/articles/view/5674

In particular, all the details have almost been agreed with the Canadian Zenith company on developing the block of the onshore Muradxanli-Jafarli-Zardab oil and gas fields. "The contract is ready and permission has been obtained from the president of Azerbaijan. Now experts are drawing up the technical details of the contract. Muradkhanli is a complex oil field and there are big problems there. It is the third time that we have agreed on developing it," R. Abdullayev noted.

"We are impatiently waiting for investment in Azerbaijan, a dynamically developing country with extensive possibilities for foreign investors. We have conducted re-search, studied the country's laws, held a series of negotiations and have become convinced that working conditions, business and the infrastructure environment are favourable and attractive to investors. We hope that we can find a project here relating to returning old on-shore oil fields to production and to use their own technologies for finishing the development of them," Andrea Cattaneo, the president of Zenith Energy Ltd stated earlier.

At the end of the 1990s and the beginning of the 2000s RAMCO company were engaged in the deve-lopment of the oil field. But it was unable to meet the commitments took upon itself. In 2012, the Vietnamese Petrovietnam was interested in the block, but the issue was not finalised before the contract was signed. In this case, it is quite possible that Zenith Energy will offer SOCAR access to the Canadian assets in exchange for the Muradxanli contract.

http://lib.aliyev-heritage.org/print.php?lang=en&page=4597417

In reality, Mr. Remp said that \'\'Muradkhanli\'\' is a giant, slept oil deposit. This is the first oil deposit explored in the Absheron Peninsula, in the south and a little far from its territory. This oil deposit was explored in the 70th or in the second half of it.

I believe that, in reality, you will awake the slept giant and achieve good yields from this deposit. I support all your activity. Thank you.

https://www.bakupages.com/pubs/azernews/5282_en.php

OIL PRODUCTION ON MURADKHANLI RESUMES

15 wells have been put back into operation and are now yielding 40 tons of oil a day on the Muradkhanli field, which British Ramco returned inoperative to SOCAR. A source from the state oil company told AssA-Irada Saturday that five more wells will be commissioned soon, with daily oil production planned to reach 80 tons.

60 wells are still defunct after they were closed by Ramco in a bid to retain the ecological balance at the site.

According to SOCAR estimates, over $1 million is needed to revive the operational wells and to patch up the piping on the field.

SOCAR steps up extraction at Muradkhanli field
17 APRIL 2006 [14:31] - TODAY.AZ

http://www.today.az/news/business/25221.html

The oil extraction has increased on 72 tons at the onshore Muradkhanli field as a result of 13 technical operations implemented by the Azneft production association, SOCAR informs.

As Trend reports, 7. 500 tons of oil have been extracted at the field in the first quarter of 2006. The oil extraction amounts have increased on 32 tons as a result of geological operations.

The total extraction at the field reached 2.600 tons this month, being 23 tons more than previously.

There are 89 wells at the field. 60 of them are in exploitation; 29 are inactive

..................

we can see from this report, that the field has steadily declined, as we have far less wells running now. They have been paying it lip service over the last decade.

we know that very little has been done on the fields for nearly two decades, so going in on the cheap was never going to work..there was speculation that ramco had to many tech probs, however...

Ramco Energy was more successful, being involved
early in the giant Guneshli fi eld. Hess acquired
Ramco’s 2.08% interest in the fi eld for US$150 mm in
2000. Ramco did not manage to enhance production
at the Muradkhanli onshore oil fi eld and dropped the
licence in the early 2000s.

................

That $150m cash pile they acquired shortly before dropping the 50/50 deal on muradhkhanli was probably a much bigger deciding factor on their exit, than any tech issues.

The recent prospectus/cpr is giving 100bopd per each zardab well - so they are being cautious.

These wells did produce at 500bopd until they silted up, so we will see.

Andrea buying stock also means that he is not in possession of, or aware of any price sensitive information that has not been disclosed to the market.

So, unless something changes, then we can expect some tumbleweed to be blowing through until the rig turns up!!

whilst it is good to see the CEO buying up stock - I was hoping that it would be other players.

Still he really went for it. Perhaps he is personally trying to support the share price.

jsb - yep, par for the course.

The mm's like to dump the stock, to hit those stops or what is left of the holders. If they feel like running it up, when they have enough stock to distribute, they will.

500k shares bought at 3.66p

I guess he could have been sacked. I always take public comments from individuals in companies with some degree of scepticism, as they are never going to publicly bad mouth the projects, unless they actively want to be sacked.

If mikes resignation is retroactive from the 1st July - does that mean he hasn't been into work since that date, or are they just letting him have two weeks less notice time.

looks like they differ in viewpoint on the job.

andrea says...

David supports our view that the field has significant potential and that, with the right equipment and funding, there are many opportunities to increase production
....

Meaning Mike had given up and didn't believe the in the plans.

yes, does look as though David has more "getting his hands dirty" experience.