Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
...the stock market.
No news is good news.
Good news is bad news.
Bad news is catastrophic news.
Welcome to Planet Bizarro better know as the LSE.
Offshore Technology dot com 12/05/2022
"Robbana is a producing conventional oil field located onshore Tunisia and is operated by Ecumed Petroleum Tunisia. The field is located in block Robbana.
An expansion project is associated with the Robbana, namely Robbana Infill Development. This project is currently in the feasibility stage.
Field participation details
The field is owned by Zenith Energy.
Production from Robbana
The Robbana conventional oil field recovered 61.17% of its total recoverable reserves, with peak production in 2008. The peak production was approximately 0.05 thousand bpd of crude oil and condensate. Based on economic assumptions, production will continue until the field reaches its economic limit in 2055.
Remaining recoverable reserves
The field is expected to recover 0.08 Mmboe, comprised of 0.08 Mmbbl of crude oil & condensate."
Just FYI.
"Among these oil companies, the Canadian Zenith Energy, which for some months has embarked on a series of strategic acquisitions in our country, where it wants to establish itself as a leading producer of hydrocarbons in the coming years. . In this context, this company, listed on the London stock exchange and which has an international rating of B, has acquired all the shares held by the Candax group in the capital of the company Ecumed Petroleum Zarzis , holder of the Ezzaouia operating concession. , jointly with the Tunisian Company of Petroleum Activities (Etap) up to 45%.
Zénith Energy subsequently acquired all the shares held by the Candax group in the capital of the company Ecumed Petroleum TunisiaLtd, holder of two operating concessions Robbana (Djerba) and El Bibane (off the port of Zarzis in the Gulf of Gabes ) up to 100%.
It subsequently acquired 100% of the share capital of Cnpci Tunisia , a subsidiary of the China National Corporation which has since been renamed Canadian North African Oil and Gaz (Canog), holder of the Sidi El Kilani operating concession, jointly with the Tunisian Petroleum Activities Company (Etap) and Kufpec, as well as a 22.5% stake in the Kairouan North permit.
Nevertheless, despite Zenith Energy's commitment to invest in technical management resources with a view to rehabilitating its Sidi-Kilani field, and drilling new boreholes to gradually boost its production, it has for many month to the bureaucracy and the rigidity of the administration which blocks its development and its investments in our country.
Moreover, this problem of administrative rigidity and imposed waiting times concerns not only this company, but all foreign investors in the field of energy who are asking for the processes to be simplified to encourage small and medium-sized energy companies to settle in Tunisia. It is in the interest of our country, which needs all its natural resources more than ever to increase its national production of oil and gas and reduce its energy deficit, which continues to worsen with all that this generates, such as consequence on the Tunisian economy.
However, it is only when the economic recovery strengthens and spreads to positively affect a region that it will begin to create jobs and restart investment. Employment and the management of precariousness are the business of the State and not that of foreign investors. We can never say it enough, an exemplary Tunisia in terms of institutions and democracy must also be exemplary in terms of development, inclusion and protection of the interests of its foreign partners. The distress message launched by Zenith Energy should wake the officials concerned from their sleep. Investors need to be shown that despite the darkness and doubts about the future, it is possible to succeed and find the paths to a harmonious future."
Just FYI.
Oil companies established in Tunisia: When bureaucracy pushes international companies to leave
The Tunisian PressPublished in La Presse de Tunisie on 17 - 04 - 2022
After ENI, EnQuest, Shell, Petrofac, Medco, Gulfsands Petroleum, the Canadian Zenith Energy is on the point of withdrawing after three years of ordeal with the tedious administrative formalities which prevent it from starting the rehabilitation of its field of Sidi-Kilani and the construction of new boreholes to gradually boost its production.
Barrels Per Day 650
Price of Oil $84.55
Days in Year 365
Earnings Per Year $20,059,488
Earnings Sterling £14,535,861
X 75% net to ZEN £10,901,895
P/E ratio 1.8
Market Cap £19,623,412
Shares in Issue 1,411,665,358
Share Price £0.0139
ZEN should now be trading at 1.4p per share.
Amazing. That was quick and brilliant numbers as well.
And thanks AC for answering my question. 650bopd it is then.
Good work boys (and girls).
I'm guessing that we could get an update on the Flow Test on Friday 5th November or Monday 8th.
It's been a long time since I have been so optimistic about an oily share so roll on next week.
Does anyone know what ZEN's current bopd production is minus the Italian assets?
90 bopd is my guess.
Could some kind poster help me with some confirmatory assistance?
Leaving aside the Italian assets, I have ZEN currently producing at 540 bopd.
Is this correct?
Thanks in advance.
.. a very good move by AC, as reflected in the up tick in share price. Burdensome debt can often be a killer of companies.
I note further, that when GosiaS posted his nonsense at 7:46, the sp has risen from 1.15p to 1.25p.
Way to Go GosiaS.
Thanks AC,
Nothing like a comprehensive and, for once, lucid update to shareholders.
Maybe I should post some Azer sourced doom and gloom more often (-:
Right, I'm off back to sleep for another 6 months or so.
GLA.
When you do a regular google search with these words: oil prodution 2020 zardab
There are some listings from trend.az which is behind a paywall but the google search gives you the first paragraph of the article.
"Azerbaijan releases oil production forecast on Muradkhanli, Jafarli, Zardab fields
28 Jan 2020 - The volume of oil production at Azerbaijan's "Muradkhanli, Jafarli and Zardab" onshore block of oil fields is forecasted to be 110,000 barrels, which is 9,000 barrels less than the forecast of 2019, Trend reports referring to the country's State Oil Fund (SOFAZ)."
In my humble opinion only, C-37 has failed and that Zen is going/forecast to produce less oil in 2020 than in 2019.
The earlier term "additional drilling is not expected in the area by 2020" is totally ambiguous.
I think AC needs to deploy some honesty and update shareholders asap.
SEA7,
The way I found the article was to do an advance google search with the following input parameters:
Search: "Zenith Energy"
Last Update: up to a month ago
Region: Azerbaijan
Publication date is most certainly 25/01/2020.
I do recognise that google translate can, at times, mangle the original meaning of the text.
So it looks like C-37 has failed and there are no plans to do any further drilling in 2020.
Not good at all.
"Baku, January 25, AZERTAC
Oil production on Muradkhanli, Jafarli and Zardab fields will be reduced this year.
This is stated in the opinion of the Chamber of Accounts in the draft budget of the State Oil Fund 2020. It is reported that additional oil production was expected as a result of deepening of the C-37 well at the Jafarli field due to an 8 percent decline in oil production for 2019-2020 on the Muradkhanli, Jafarli and Zardab blocks. However, due to the failure to achieve the expected result, additional drilling is not expected in the area by 2020. Therefore, due to the complex structure of the field, but also a high rate of natural decline, it is expected that by 2020, oil production will decline by 8%.
It is expected to produce 0.11 million barrels this year. Revenues to the State Oil Fund of the Republic of Azerbaijan (SOFAZ) will be $ 0.07 million this year."
It could be the pound dollar exchange rate Khany30.
As Zen earns in dollars but reports in GBP, a stronger pound means less in $$ revenues and vice-versa when the pound weakens.
Could be wrong though.
Thanks AGEOS for all of your efforts.
Perhaps like many on here, I read your posts with little understanding of your clear geological mastery of Oil exploitation, and conclude that hope remains within the fields of Azer for those invested in ZEN.
Thanks again.
Reserves 31,700,000
T/O Price per Barrel $6.00
T/O Value $$ $190,200,000
T/O Value ££ £149,810,964
T/O Price per Share £0.48
A snip at $6 per barrel.
Harmonization of shares in issue between LSE and TSX with 4million added to LSE bringing total SII to 159,921,766 tomorrow.
....For the delivery of the A-100 Workover rig ???