Member Info for SEA7

vita19 said yesterday...

Once they realise they did not have the correct team in place and they were burning money they finally replace key personnel.

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

did he/she know about this or lucky guess.

https://ca.linkedin.com/in/david-sadoway-6324602a

https://www.researchgate.net/publication/299598250_Study_of_geological_structure_of_Cretaceous_deposits_in_Muradkhanli_area_using_complex_of_seismic_survey_and_gravity_methods

no vita - aj is repetitively repeating the failings. Not once, but daily on these boards, over and over again. The people on these boards, have no direct control over the company activities, or lack of them, yet aj continually spams the board with endless repetition, going over the same tired old ground, day in day out.

Most on here are bored of reading it. We are intelligent enough to read Rns's and make our own conclusions, without someone crying daily about it.

Perhaps he should contact zeniths offices, make an appointment to speak with Andrea or turn up at a shareholder meeting or event and address his concerns to the people who are actually responsible for them, instead of ranting at us.

Maybe he has gone to speak with Andrea, in person.

thanks mud - yes, reading that, I wonder if they will attempt to use a different technique, such as perforated casing.

Perhaps the sand issues, will necessitate some different completions, than have been used before.

tks mud, from what I recall they are all open hole.

When ramco worked over MOC1, that flowed at 5k bopd briefly, however, they shut it in and tendered for someone to attempt to retrieve tools stuck down there and the fact that the believe the guns weren't powerful enough to get past the damaged fractures - without looking at the news from the time, I could not quote word for word.

Ramco gave up because they only had a 50% stake and had already sold up in other areas. They could have carried on. They did not want to, because they were focusing elsewhere. Again, nothing has been done in these wells in over 17 years. The oil is there and will come out in decent amounts, once they apply some decent kit, updated knowledge and some guys on the ground who will get busy.

bit more in depth - specifically references murdakhanli and jafarli

https://www.ogj.com/articles/print/vol-110/issue-11/special-report-applied-geophysics/detailed-gravity-magnetics-successful.html

It was shown that detailed gravity-magnetic investigations could be effectively used for unmasking local effects from the hydrocarbon pools onshore in Azerbaijan.

what was said 16 years ago....

https://www.bakupages.com/pubs/azernews/7154_en.php

Muradkhanli operating company has been exceeding its oil production plan since January 2002, as it extracts 96-97 tons of crude a day instead of the projected 90 tons, a SOCAR source said Saturday. The company is to submit an average of 85 tons a day to the state. But, currently Muradkhanli hands its produced oil to Shirvan Oil joint venture.

Muradkhanli will be able to fulfill the monthly plan of 2790 tons by January 20 if the tempo is kept, the source said. The yearly production plan of Muradkhanli is set at 32850 tons, including 8100 tons in the first quarter of the year and 2520 tons in February.

The onshore oil and gas production unit conducted operations to restore one-time operating wells on the Muradkhanli field. According to senior geologist of the unit, Muradkhanli is one of the richest oil deposits in Azerbaijan and SOCAR believes the field bears much oil than tipped. Starting this year, Muradkhanli will produce crude besides other joint ventures, he indicated.

Apologies is posted before,

https://books.google.co.uk/books?id=UOnTiGvYOeEC&pg=PA4&lpg=PA4&dq=OIL+DRILLER+MURADKHANLI&source=bl&ots=6qBaiXHtqb&sig=hxJufrfgdsRJs4c7s3SSTOevE-o&hl=en&sa=X&ved=0ahUKEwiv6cGW5pzcAhUJKMAKHZUbBF04ChDoAQhdMAs#v=onepage&q=OIL%20DRILLER%20MURADKHANLI&f=false

Scroll to page 4, section 1.1.2.4 - muradkhanli - talks of five reservoirs, one of which is an eruptive reservoir above the erosion surface, .....which goes on to say that it belongs to a massive stratified reservoir

What miton say....

During the market recovery, we trimmed some of our best performers, such as Versarien, and that capital is now ear-marked for some new holdings that are set to generate attractive cash paybacks.

doesn't work like that though Aj. It is not "last chance".

They have until october 2019 to get above 465 bopd or the licence can be taken away by the issuing authority.
Last chance would be this time next year, if they aren't above that figure by then.

The area they have to work on has numerous opportunities.

Whilst I cannot deny they have not exactly surpassed theirselves as yet, none of us would be so naive to think that every workover will succeed or every pump will increase yield.

They will succeed at z21, as it was already pouring out of the ground after they messed about with it.
Both z21 and z28 are about 75% done.

The muradkhanli and jafarli fields are not sitting idle. There is work going on daily - yes I would prefer more updates. If I thought it could be done, I would want a daily report of activities undertaken, however, that is not likely to happen, so I accept what I get, buy at the cheapest price possible and wait.

more likely they got fed up with responding to inane comments and repeating themselves time and time again.

The last company I saw in this position, they simply engaged the services of a PR company, refused to directly answer shareholders emails, insisted that shareholders, field questions through the PR company and then periodically, they will hold a shareholder conference call that addresses a number of questions and provides an update, in addition to RNS's.

Ds - Y/e 31st March 2018 shows total capex of over CAD$5.9M, on revenues of CAD$5.5m

The admin figure of CAD$6.7m has plenty of room for reductions and there are some non cash items in there.

The working capital deficiency of about CAD$5M has largely been taken care of with the recent fund raising and loan facilities.

The picture is not as bad as you are making out. Sure they do need to raise production as a matter of urgency, to take pressure off the balance sheet, however, they are still covering costs at this time.

Someone sold at 3.9p - first time I see a sale below previous equity issue price.

depends what covenants they had agreed to, regarding the structure of the non convertible financing facility.

It could have been a "red line" bopd figure that had to be maintained, or certain ebitda levels. They are unlikely to attach any conditions regarding the share price, as it it is a metric that has no bearing on the day to day business and is too volatile to be referenced with any surety of tenure.

I suspect the guarantee that Andrea is providing, is for default on payments of principal only and not on specific share price levels.

Mr. Andrea Cattaneo, has agreed to act as a third-party guarantor in support of the Company. On July 5, 2018, Mr. Cattaneo pledged a total of 4,542,187 common shares in the capital of the Company, in which he has a direct beneficial interest, as collateral for the two-year non-convertible loan facility signed by Zenith on May 24, 2018, and announced to the market on May 25, 2018, for a total amount of up to US$2,000,000.

Italy Plans for 2018,

extract

After the acquisition of 9 producing licenses and 4 exploration applications from Mediterranean Oil & Gas Plc., Zenith has evaluated drilling opportunities in these permits and will formalise plans to either participate directly in such potential operations,or farm-out its interest to third parties.

They spent in the y/e march 2018

Administrative expenses composed of the following

CAD$1,968,000 on professional fees - auditors, legal.accountancy and the largest - consulting fees, plus others.
CAD$273K on office rental and other expenses
CAD$1,159,000 on administrative expenses - taxes, admin services and other expenses
CAD$2,182,000 on salaries and benefits - consulting fees, salaries, share based payments and other expenses
CAD$548K on travel
CAD$74K on other expenses
CAD$563K foreign exchange

Total CAD$6,767,000

cattaneo short term employee benefits were CAD$303K in 2016 and CAD$685K this year.

His conulting fee is CAD$380K this year. He recieved an annual salary from the parent company of CAD$200K, CAD$105K from subsidiary undertakings and CAD$36k as Director fee compensation.

He is doing alright out of it, even though he elected to take salary sacrifice shares.

The other directors are taking pennies in comparison.