Member Info for Zebediah16

"our"

recommending his own posts. We are all losing are marbles here I guess

ZEN is operating the largest onshore oilfield in Azerbaijan. It must be doing something right

Take that doubters …

think AJ is referring to the rig designated A100 - a truck mounted one that was supposed to be delivered by June with special features. Maybe they have no use for it . Or maybe they cannae afford it

calit: collateral is in event of a default, so they would really get nothing in that eventuality. ZEN would lose the rights to develop the field cause they would have not met the REPDSA conditions. We would all lose our shirts

But ZEN is still operating the largest onshore oilfield in Azerbaijan - repeat after yourself . This sounds like an attack of nerves.

I suppose thats an optimistic way of looking at it . Nothing has changed . The Lender has seen the share price decline 25% since the loan and has demanded more shares as collateral. But ZEN is still operating the largest onshore oilfield in Azerbaijan, so everything is cool

Looks like ZEN is drawing down that loan and the lender is asking for additional security. Don't know what the original terms were. Maybe they are looking at the books and not liking what they see, but in that case offering shares as collateral makes no sense

"Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE:Â ZEN;Â TSX.V:Â ZEE), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce that it has signed a two-year non-convertible loan facility, (the "Facility"), for a total amount of up to US$2,000,000 on May 24, 2018.
"
"The Facility will be used to provide additional funding for the Company's operations when required. It will be drawn down in tranches, with each tranche being payable four months from the drawdown date. It can be settled at any time without penalty and has no warrants attached. "

needs new technology. How can it limp along like this ?

agree with Sarge - there has been no change in strategy. The strategy was to self fund this operation and eventually drill new wells, along with a new survey. Its just that things haven't gone to plan - a small matter after all :lol: Fortunately P00 has risen

The ESP pumps should have doubled daily production to 600 bopd . I'm not sure why they are such failures . Are the wells clogged up with sand ? The old pumps would have run and run till they seized up . There is no comment from ZEN about these pumps?

AC is just averaging down just like any optimistic investor. Its almost endearing to see a CEO do that.

Well he doesnt play a cynical game like UKOG. What a surprise that they had a placing RNS after a couple of days ramping . Not much comfort though

its possible - the per capita income in Azer was USD 6,340 as of 2918. These would be skilled workers though

I wonder if ZEN has employment commitments i.e they cant fire anybody

the big Zs are something aspirational. There is a possibility that you could go bust before getting there, or more placings will dilute the SP. Alternatively Z21 may fail or not deliver the results . Its a numbers game, and I like that fact that the BQ500 rig is fast and powerful. If one well is a duster, then try something else - side track, new well and so on. IMO that is what the Soviets did back in the day. Finally that is a strategy.

In the meantime we need to generate the cashflow. We cant event get the bopd figure upto 350. if ZEN had done that the recent placing could have been avoided IMO. I get the point that they are still worth doing, they are cost effective, self modulating, and can be monitored from a central control room . That has huge savings in terms of manpower, patrolling the fields and inspecting ESPs and writing daily logs. I know how that business works . But that is still not good enough

S7: "'..... so things are still tight.

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

thats why the ESP results have always been of interest . No news ? This company ( and our collective shirts) has been saved by the POO. OK good fortune has favoured but whats up with the ESPs

Lets have an RNS on those as well please …..

I doubt he will see his 100k for a while unless he put it in an escrow account. Maybe a year or two. This is Indonesia

Probably somebody who bought in the placement dumping at cost :lol:

too convenient me thinks :lol:

*placing shareholders*

you saying placing shares are engineering a pump and dump ?

"Six-month 'grace period' starting from the beginning of drilling operations using the BQ500 during which time the Company will not pay any leasing costs "

Like buying an overpriced sofa form DFS ;-)