Member Info for SEA7

Operating employment - CAD$2,424,000
General and Administrative - CAD2,182,000

TOTAL CAD$4,606,000

to the y/e march 2018 the headcount was an average of 206.

Total Employee compensation was CAD$4,606,000

zardab - were we are..

z21

As announced on May 8, 2018, Zenith has pulled out a mixed string, comprised of 2 3/8" and 2 7/8" tubing, totalling 3,504 metres, as well as all of the 4 5" tubing, totalling 1,500 metres, using its A-80 workover rig. Â In addition, in the period since the aforementioned update, 111 metres of tubing from 3,504-3,615 metres has been successfully cleaned out. Zenith has been unable to run wash pipe beyond the depth of 3,615 metres to fish the remaining 166 metres of 2 3/8" tubing in the wellbore due to an unforeseen change in the tubing diameter. The change in tubing diameter was undocumented in any Z-21 well data.

The Company now intends to pull the entire tubing string out of the well. It has been determined that a more powerful rig will be required to perform the task. Once this is completed, Zenith's field personnel plans to run in hole with a drill bit and clean out the casing to the well's total depth, 3,982 metres, and subsequently perform a production test.

once this is complete they will then begin milling ops at z28....

z28

a coiled tubing intervention successfully cleaned out the well to a depth of 3,583 metres but was unable to clean out the tubing to total depth due to obstructions. As a result, the Company will mill out 69 metres of tubing from 3,577 to 3,646 metres and then clean out the well to total depth, 3,944 metres.

The rig should be onsite within 90 days from the date of the signing. This was 6th June - 26 days ago.

also....

As was announced on January 25, 2018, the Company has signed a purchase agreement for an A-100 truck-mounted workover rig. This was purchased using the funds raised from Zenith's UK placing, announced on January 24, 2018. The Company can confirm that the construction of the rig's mast and substructure is ongoing at a factory located approximately 2 hours from the Company's field locations, whilst awaiting delivery of the carrier which has already been manufactured. Zenith's engineers have decided to reconfigure some of the technical features of the rig structure to bring it in line with Western standards. As a result, delivery is now expected in June 2018.

We await news of both rigs and work continuing where they left off.

Mike palmer....

"It has been a long journey to arrive at where we are at now. Our understanding of the field and its vast potential is increasing day by day. Z-21 has the potential to be the most significant operation for the Company since it began operations in Azerbaijan. We are working day and night to achieve the resounding success we all deserve. I look forward to reporting on our progress in due course."

and from another update.

Strategically, our attention will now gradually broaden towards drilling new wells that will enable us to produce our very large reserves. Success in the Zardab field will be a fitting prelude to our planned development drilling activities scheduled to begin later this year."

from the prospectus dated 20th June 2018...

Electro submersible pumps (ESPs) have been resized and/or set deeper in 10 wells with a total
production increase of 88 STB/d. One workover rig is active at present. One new workover rig has been
purchased and is scheduled to be operational in June 2018

tks ezhik.

I think they are waiting for z21 to come on stream. If this well comes in at 300bopd on its own and generates half a million a month on its own, then debt financing for an asset at $5m would be easy against continuing revenue from just one well.

We have z21 and z28 at about 75% complete with z3 a fast follow.

The accounts also talk of farming out assets in Italy, so there could be some action there.

The 5% negative discrepancy also means that Andrea gets his 100k back.

edit..

They have earmarked a portion of the money raised to pay for the deposit on a drill, however, the cashflow from the operations should be able to take up the remainder of the deficiency, so things are still tight.

The accounts show a net working capital deficiency of £5,889,000 as at end march 2018.

Since then, they have raised £2.1m from share issuance and secured a £1.5m facility.

The above facilities amount to CAD$6.3M. This removes the working capital deficiency shown in the accounts, for current liabilities due to end march 2019 and leaves a surplus of a couple of hundred thousand.

They have earmarked a portion of the money raised to pay for the deposit on a drill, however, the cashflow from the operations, so things are still tight.

All the more reason to see some serious uplift in the bopd figures soon.

https://www.share-talk.com/share-news/railsbank-to-launch-debit-card-issuing-with-5-lines-of-code-at-money-20-20-today/

excerpts

Railsbank, a leading UK-based open-banking and regtech platform, is to launch debit card issuing at the forthcoming Money 20/20 (Europe) event which takes place in Amsterdam on 4-6 June, 2018.

Railsbank is acting as Programme Manager, providing a debit card solution, and is partnered with Cornercard UK, the issuer; Paymentology, the processor; and, Nitecrest, the card printer bureau.

Our launch customer is Goldbloc Ltd. Goldbloc will use branded cards to allow their customers to spend "gold just like cash" via their Goldbloc debit card.

Ralph Hazell, CEO of Goldbloc, said: "Railsbank is making our vision a reality, which is new currencies such as Goldbloc being made available to everyone for day to day use through the banking system, alongside traditional government currencies.”
.................................................

If they launched at 20/20 three weeks ago and goldbloc is the launch customer, then this is already up and running. The next part is down to parry. You should really have had an rns stating that this next step has been completed and they would be issuing cards to goldbloc customers.

Unless parry isn't ready and railsbank is.

placing shares feeding it.

I have been expecting the stock to move up a bit, as some of those that took part in the placing, for a fee no doubt, will be looking to flip the stock for a minimal profit, which, when their fee is added, they will make a modest return.

the ramok and senabing fields were sold for $13.5m to vital some years ago, I think tradewinds oil and gas have them now - these are two onshore sumatran fields, quite small, with shallow wells.

tks jsb - it jumped off the page at me, when I first clicked on the note - I downloaded the note immediately as I thought, that has not been mentioned before and should be part of an rns at least - I wonder if someone hasn't been paying attention to what they are doing and left it in by accident, when they were drafting the updates to the note.

at the open I could get 3.88p, now the prices I am being qouted are 3.99p to buy, giving a 3% rise in price that isn't seen in the advertised spread.

I suspect someone was probably hoping to bag a quick 50 quid or so.

in the align note they say sumatran asset - I have not seen a specific island mentioned before, only indonesian asset. Should they have been mentioning a more narrowed down location, when the company hasn't mentioned it before - unless I missed it somewhere.

I see someone bought 26322 shares at 3.94p at the open this morning and has sold them 22 minutes later at 3.811p - making about a £30 loss.

Guess that attempt at a day trade was given up early.

Whilst the fund managers are optimistic,.....

http://citywire.co.uk/investment-trust-insider/news/miton-uk-microcap-shareholders-head-for-the-exit/a1107796

from april this year..

Shareholders in Miton UK MicroCap (MINI) have requested to sell over 10% of the investment trust’s shares in the annual share redemption facility taking this place month.

......

This is probably because the shares are up over 25% in the last two years. Gervais was an early supporter of versarien, which was at 10p last year - today it is 107p - so he can spot a good deal.

Gervais Williams and Martin Turner, run the miton trust. this is what they said 31st May 2018

Following the setback in February, markets have staged a recovery. However, if anything, it appears that equities could be toward the late stages of a bull market phase. In that context, it is greatly reassuring that there are numerous small and micro cap companies standing at sub-normal valuations.

from the prospectus..

Electro submersible pumps (ESPs) have been resized and/or set deeper in 10 wells with a total production increase of 88 STB/d. One workover rig is active at present. One new workover rig has been purchased and is scheduled to be operational in June 2018. Additional equipment may be purchased or contracted as required to optimise field redevelopment.