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Thanks, wording a bit ambiguous. New conversion only referenced today.
Looks like another 1m of convertible from the consortium sold yesterday also.
Fixed conversion price for the convertible debt was set at circa 5p following the document renegotiation. We are converting at 2p. I imagine this was based on the share price being higher and c37 being drilled to set bar above 5p. What am I missing?
Thats 2m convertibles sold, soon be cleared.
Yes, looks like that process has started. Maybe a few stagnant days to clear and then into some news for Monday perhaps. The convertible owners will want to be out by that point you would have thought.
Meanwhile Zena on the Bors have a market cap of 34m GBP. I E-mailed AC last Friday for a comment but have not heard back of course.
last 4 buy trades decent size, price gets cheaper -that not right surely unless a seller around.
Hi AGEOS, thanks for all you insight. C22 was drilled in 1986 and flowed 700 bopd at its peak, did this well break down on its own for lack of maintenance/clogging up? If similar pay and on 37, should a sustained flow rate be expected given the right technical approach? Very little to on historical decline rates in this field. Thanks
I agree 300 bopd increase is good progress but we have to start showing we can achieve and surpass long held self imposed targets to the wider investment community - get the monkey of the back so to speak.
Anything less than 350 bopd would be a failure as it doesn't justify the work programme and ultimately 1k target by year end.
Meeting this target is key to regaining trust and to provide a catalyst for share price growth. Our past is a proving quite a big hurdle maybe for good reason - but what a fantastic opportunity.
Here hoping for a good flow rate in the next couple of weeks.
Some chunky buys on the bors in the past 30 mins. Trading volume and regularity outstripping lse. Encouraging yet peculiar dynamic going on.
Borse has traded 1m in Nok today, which is 90k sterling. More than lse?
Hammerhead 1 had similar pay of 60m I believe in the tertiary
Hopefully he's selling it for 14m Euros or whatever the npv was.
MBlog
Zenith has raised £1,075,000 this morning via units of 1 ordinary share and 1 10c warrant packaged at C$0.04 (£0.025) and are now fully funded for all drilling operations at the Jafarli field. With operations already underway and looking positive things in Azerbaijan have never had a better chance of success.
Just when you think Zen and AC are moving forward, boom -another whack in the chops - no positive RNS since an accidental Z-21 pressure build up 2 years ago.
Agree with the earlier comment of this being a hedge should 37 not come in, gives a little support but will not make you sleep at night.
The symphony of financial instruments sales patter - what has that achieved.
I'm still waiting for the investor site visit confirmation - :( Come on Zen, give us long suffering something to cheer about. Never seen sentiment so flushed out in a share as Zen right now.
The lack of interest here so close to a potential result is quite unusual, appears seller still winning the day . Clearly investors not prepared to forgive years of unfulfilled promise in a risk off environment. Even 400 Bopd additional production in the Eocene should see Zen market cap closer to 25m- enough to de-risk the deeper play.
Good luck all!
Ready for action!
https://twitter.com/zenithenergyltd/status/1153995056837222401
Zen Stockholm syndrome.
If we can get anywhere near 700 bopd on 37 this should be 10-12p, all this is a short time frame. This thought alone keeps me hanging on. I know I know.
https://total-market-solutions.com/2019/07/08/ceo-interview/