Member Info for Zebediah16

Oh thanks I get it now. It could have been worded better, saying they expect a year's cushion

was reading from the prospectus which implies 2018: "It is predicted that the field oil production rate will exceed 1.5 times the average 2015 rate in late 2018,ensuring that the Company will retain its rights under the REDPSA"

Kelsbells: And it looks like 310k (15%)of the raise goes straight towards transaction costs . Netting us an actual raise of 1.7m !! In the gold rush days, it was the general store merchants who really coined it in.. Or so the story goes

should give 1.5 times the 2015 average otherwise the licence agreement may not be renewed. Does late 2018 mean 3 years is up? What was the 2015 average: 300 BOPD ?

what rig is that - the A-80 rig ? ZEN is supposed to have a truck mounted rig arriving in June designated A-100 After all this time it has just one poxy little rig beavering away day and night. Atleast if they had two truck mounted rigs we would get twice as many tweets of 24 workover operations. And then something has gotta give

lutefish did you register an account to tell investors that? But point taken, it is a risky environment. At least AZR is proving to be stable so far

Ramco spudded MOC 1 in 2000 at a depth of 4500 metres. They subsequently abandoned the well . Nothing is easy. Thats why ZEN has spent the first year and half gaining insights into the geology of the region. Thats turning out to be their strategy whether by accident or design ZEN is also saying they are going to re-visit MOC 1 in the near future

Well it lasted for 15 -20 years with a decent rate of production The reasons for the well collapse need to be studied. Was it just lack of maintenance

Its not a loss to AC if he believes staying in Zardab is a better option. He's smart enough to realise that and he is smart enough to have acquired $100,000 in loose change. Unless he was born rich of course :lol:

Its apparent that AC misjudged the progress in Zardab , otherwise why go for Indonesia and offer the famous deposit. Or did he think that Zardab was going nowhere? He seems to have difficulty sizing equipment for the job and I don't think he is an oilman. I doubt MP has that difficulty, but MP was not getting his views across. The idea that engineers get their choice of equipment is very optimistic, the managers think they know best. AC is a salesman and I appreciate everybody has a part to play in a company, but salesman are somewhat notorious for glossing over difficulties. AC is still the point man driving this company and MP and other people are just staff. Us long term holders can only hope things come right in the end

I have a feeling they will go for extending Z21. This statement looks like their new strategy: "The BD-260 drilling rig contracted by Zena from B Robotics W, with whom Zenith has an established technical partnership, will enable the Company to begin its first drilling activities in Azerbaijan in the short-term by deepening some of its most promising wells in Zardab. "

Why dont they deepen this in one go, now that they have got a suitable rig? Pulling the rig out, production testing, then having to re-drill seems be dragging out the process? How long more would it take to drill 300 metres? "The BD-260 rig will complete the workover of Z-21 by pulling out the entire tubing string from the well, cleaning out the casing to the well's total depth, 3,982 metres, and subsequently performing a number of production tests. In the event that a satisfactory rate of production was not to be achieved from Z-21 following these operations, the Company would proceed with deepening well Z-21 beyond the Maykop formation into the Eocene and Upper Cretaceous formations by drilling an additional 300 metres, extending the well's total depth to approximately 4,270-4,300 metres. "

AJ is correct - this was managerial dithering and drifting. This rig should have been procured late last year when they first hit blowout in Z21. The delay of 90 days suggests the rig is being used elsewhere and will become available shortly. Hopefully sooner Better late than never but it doest say much about managerial planning. I mean they have gone from using the truck mounted A80 rig to this. I would say 6 months has been lost to dithering. And this sort of thing follows a pattern . ZEN needs to buck up

That was 2 weeks ago, if that fact has escaped anybody All these Chinese companies quote 30 days delivery on receipt of initial payment for a new 5000 metre rig. :lol:

there are a couple of companies manufacturing the same rig model number ZJ50 1. Dongying Lake Petroleum Company Cost USD 500,000 2. ZYT Petroleum Company Cost USD 1,000,000 3. Shannxi Baoshen Machinery Group Cost USD 1,000,000. They also make Brick machines as a side business A rig of this capacity seems to be a commodity

If there is to a lot of container shifting ZEN needs to buy one of these :lol: http://wrmh.co.uk/images/press/container_handlers/6-1-1b.jpg

Genesis isn't a workover rig true but the new deep wells being planned are very close to Z21 as far as I understand. So shifting it shouldn't be too big of a problem. ZEN can use just one flatbed container truck to shift things about. Its just idle conjecture, but it looks as if Z21 is at want for a rig No updates from ZEN as what the current status. If you are booking a rig ( like any expensive piece of equipment ) its either available or it isn't . You know the state of play within a few days, IMO. The grand strategists at ZEN maybe already on top of the game , who knows

what happens if this rig (ZJ150) is not available say for the next 6 months. That seems to be a possibility . If it was imminent I'm sure they would say so Can this Genesis rig be the fall back solution ? Otherwise Z21 will be for want of a rig

Surprising that there is no news on the arrival of the A100 truck mounted rig. its supposed to be a commonly used rig thats manufactured in Azerbaijan. So how come the delay ?

It looks like the lease negotiations on the ZJ130 rig are still ongoing which means the rig is currently booked elsewhere. So it is the A100 rig thats arriving in June (Azerbaijan manufacture thats being specced out by MP ) and the A80 rig. And the big Genesis BQ500 later on in the year All this has to be paid for. We need news on those ESPs . According to ZEN the ESP programme has just about kept production from collapsing :lol: