Member Info for ZENGAS

Well anyone complaining that they didn't get an incentive in the 35p placing, there is now. I picked 70k up in total at 29 and a tad under.

Re diluting Niger ? Well in the scheme of things, there was no farmout so haven't lost the 30-50% of the oil numbers. Also counteracting that is the fact that the numbers today have also increased by almost 700 mmbls to over 2.8 billion bls. Our net share previously was circa 1.7 billion bls - so on a 30-50% farmout we would gone down to 850 - 1190 mmbls. With the new figures of 2.82 billion bls risked - our net recoverable share would be just over 2.2 billion bls (versus 850 - 1190 mmbls on a farmout). Factor in the cash flow from Niger and the ability to also pay for future Niger drilling and it looks very much intact on the upside potential as before as well as growth potential from Nigeria. Yes the initial much anticipated heavy rise from Niger drilling may be stunted but those numbers are still huge. Worth going back to Kosmos that has ranged in the £2b - £2.5b range on less than 200 mmboe and circa 28k production.

Previous figures were 2.185 billion bls recovery. This figure has risen by 700 mmbls Now 2.82 billion bls risked recoverable mid case to 4.2 billion bls high case. ( Unrisked mid - high case = 6.9 - 10.3 billion bls. ). Planned to drill beyond 3 wells as cash becomes available. Further 43 mmboe 2C and 85 mmboe exploration in Nigeria.

48 hours ago Munch and you were 109% sure that this would trade over 60p tomorrow. Best wait and see the document and maybe it will give an idea on both Nigeria and Niger newsflow timelines. The Nigeria assets are already purchased at a substantial distressed knockdown rate. While 40p hasn't happened, 35p would still be a very workable deal. While annoying after such a long time, I certainly am not and i'm sure many subscribers are not going to be too bothered about 5p in the greater scheme of things.

I can't see too many existing shareholders being overly happy with the pricing at 35p and i'm certainly not over the moon with it given the time we've been off market twice. I was expecting 40p minimum. Did the strategic partnership announcement with ASMA or a whiff of it throw a spanner in the works and no one was going to stomp up at 40-50p when ASMA were going to get a bonus/better deal?. As it see it, management have had their wings clipped in the last few days possibly by existing institutional investor base that was always deemed strong. Not surprising given previous funding pricing, time off market and long delay in actually drilling in Niger. Perhaps inst/investors way of curtailing getting too big too quick while Niger has lagged behind with no actual drilling in these last 2 years. Maybe the institutional investors would have been more behind it at a better price if the company had delivered on a few wells in Niger in all this time ? If their reason for not drilling in Niger was to try and deliver a stronger placing price it certainly hasn't been worth delaying it for 35p imo. Time to start delivering on the operational front. There's simply no excuse to not get stuck into Niger. They sold these prospects to investors as very low risk/high chance of success, low cost to drill - circa $3.5m/25 days and multiple targets meaning a drilling campaign was spread over multiple wells/targets for the money rather than one big high impact one shot wonder well so there is no excuse given they said they had 10 drill ready prospects. Implied m/cap at £313m at 35p means around 900m shares. As for the dividend it's around £9m so a penny a share to start with but i'd rather see that staying in and going on drilling. I don't believe the company see it as realistic on this latest announcement. What's the point in raising future cash with dilution when paying out the other end in a dividend?. We would be better off to do without any further capital from the likes of a strategic partner and thus not pay a dividend. At £313m m/cap. $85m cash is not too bad with plans for 20k+ production and 93 mmboe P2 and if they reclassify the 2C then nearer 135 mmboe P2, plus the Accugas interest and start the initial 3 wells on Niger, then drill further from cash flow. Plenty of upside potential but definitely geared for new shareholders going forward and no reward thus far for being invested this past 2 years.

I know an idiot that has posted the same krap nearly 30 times since 7am this morning

".....has such a negative social media presence now. AK is arrogant and foolish not to care." Negative ? You were never any other way since a few days after suspension.. Social Media ? At the end of the day it's a dozen or so investors/shorters/ and those like yourself complaining about your cash locked up. As far as discussions with those contributing the bulk of the $250m+ coming in, I don't think the board will be worried about what negatives you, yourself put on it and so called social media.

Buffy Buffy no i don't see any major issue with communication. My surprise is what do they want all the extra cash for and i expect it is to take advantage of further opportunities. The cash element in paying for the transaction is circa $100m (see Mirabaud note 5/12). The intention was to raise $250m in the bookbuild (14/12). Yesterday the proposed strategic partner deal was announced for up to $90m ($30m + a future $60m). Yesterday it appears $30m will come from this new partnership (shortly after the placing) and $220m from the bookbuild = $250m (same as original intention? but if not and i've read it wrong then my figures will be out by $30m but they are still planning on having a lot more cash than originally intended). A further $60m being available from the strategic partnership at a later date would bring funds availability to $310m. As i see it that's still $250m now and a total of $310m at a later date. So after the $100m transaction price is paid, it leaves $120m/$150m shortly and $180m/$210m when the $60m were to become available if there is any ambiguity over the $30m reduction in the bookbuild. As for expectations robberyrob has already posted to which I agree with may be the case.

Did you really write that ? "Six months ago he abandoned an imminent drilling program to chase dreams of glory. Now, he appears to have abandoned a $250 million City fundraising to pursue an uncertain $30 million investment from an Islamist investment fund in Africa. Shareholders need to remove this person from the BOD as soon as possible". It didn't seem to bother you investing in Niger a country that is predominantly Islamic. There's been some shtei spewed on this bb of late and has sunk to a new low. Laughable to see m/box changing his tune every two minutes, (god help your investment decisions on that kneejerk behaviour) others denigrating with personal attacks on appearance and speech impediments and some who describe themselves as being involved in multi million pound fundraisings coming out with the ludicrousy of paid posting. That's the calibre of discussion on here! Like i say, sunk to a new low and some behaving like rabid dogs every two minutes. Not a peep out of you J88 about the company in one single post until it suspended then you went into overdrive on negativity yet you're supposedly long. Pull the other one. If you've nothing sensible to say dry your eyes and sell/close your short as intended.

Did the new emerging numbers on Niger have anything to do with Savp retaining 100% for now and increasing the upcoming drilling campaign. Didn't the seismic reveal additional targets ? Also it was reported in the press/analyst coverage mid year that the Chinese made some 200 mmbo of new discoveries from these additional target plays in the last 12 months or so. The numbers that Savp had given on their initial prospects in the presentations had increased considerably (which I posted previously about in the last few months) . Also at the CM day 7th June (5 months ago) - "Discussion of additional, newly identified upside resource potential in an Upper Sokor stratigraphic play and a range of Cretaceous plays" - We had no update by CGG on these since the previous 2185 mmbls risked recoverable last year. Not definite but as I posted before there could be a possibility that the gross net risked recoverable risked could increase from 2.185 mmbls (1.7 billions net to Savp ). On the 11th September I posted - In The April 2017 presentation the unrisked recoverable figures were - Kunama had 30 mmbls - increased now to 35 mmbls. Bushiya 37 mmbls - now 48 mmbls. Damissa 93 mmbls - now 161 mmbls Adal 48 mmbls - now 114 mmbls. Etifal 46 mmbls - now 126 mmbls. Mena 40 mmbls - now 54 mmbls. Eyis 36 mmbls - now 69 mmbls. The above 7 prospects previously had 330 mmbls unrisked recoverable. That has now increased by 85% to 607 mmbls unrisked recoverable. Kiski not previously listed - now 25 mmbls. Eridal 29 mmbls and Amdigh 53 mmbls were not mentioned in any of the previous presentations. Some of the above still have to have the Upper Yogou targets evaluated which may add further bls. Then on the 4th December I posted on the 5 prospects they updated on - Looks to be a further increase of 43% in unrisked recoverable (since June). If you go back over the figures some of those prospects have increased significantly.

Wittering, good post. Kosmos Energy operating in a number of African states listed in the UK in August what was deemed at the bottom of the cycle. Warburg Pincus who i mentioned a few weeks ago about backing the operator on the Chad block which adjoins our Agadem area is also an investor in KOS. Their admission doc in August 2017 showed 84 mmboe net P1 (145 mmboe net P2) 90% oil/condensate. (Where could a growing increase in reserves/production place Savp ?). Latest revenues announced on 6th November were $151m for the 3 months quarter so at approx $60/boe this indicates around 28,000 boepd (not comparing this oil/gas ratio to Savp by the way - however revenues were only a quarter of this a year earlier). They still made a loss in this quarter of $63m. Net debt was $890m. M/cap at £6.50 share in November was £2.5b (today £2b after 2 x 5500m wells in 2000m and 2600m of water did not come in). So to get 100% upside on your investment money you would need KOS to hit £4-£5 billion valuation. Obviously all the big funds thought it was a good value play even though highly indebted and loss making. Imo for Savp there's much to play for in Nigeria alone in upping both oil and gas production as well as converting the 2C to 2P. Possibility of further producing/reserve based discoveries given the cash generation and intended dividend. Open up the 1.7 billion bl Niger play with a success and i could see this emulating Kosmos valuation range. 70 mmbls found in Niger enough to trigger 20k production. Like SOU there's the impact of someone putting it in their bucket list whether anyone wants to beleive that or not but many do and a company that gets off the ground can forward price some of the expected upside just like SOU. Factor in any posiitive newspaper tips, short term dividend intention, further news flow on acquisitions and high value low cost, low risk drilling and it adds up to the creation of positive sentiment going forward.

The VP Bob Smith gave at least 2 presentations on an Investors Chronicle podcast in August and a similar one earlier in July on Core Finance spelling out the reasons for investing. I contacted Bob Smith at the time and he rang me from India. One of the questions i asked him if there was any possibility they would delist from AIM and i was told no. Legally i wonder how the company stand after making those presentations where investors built positions only for it to be intimated by 2 sources close to the ipo negotiations that it likely would delist ? MYT say they are undervalued in the UK market but this news article and RKs unauthorised loan tranaction under investigation hasn't helped the share price. With no comment from the company, who is going to buy stock on the UK market if they know the company could possibly delist ?. This creates a further thin market for any seller. So ISA holdings etc can be pulverised. This fiasco is contributing further to the very value of the company in the UK that they hoped to reverse. Bob Smiths interviews should and which are only 12 weeks old, should come under scrutiny and a complaint to the authorities should be made. Down another 14% today and no comment from the company on either the story or the reason for the share price fall. It's 1.20pm (9.20am UK) in Hyderabad.

The spend has to come before actual revenue generation so loss making expected imo given the heavy roll out. Construction recently and of now is progressing at its fastest rate. The generating revenue today for the period relates to a maximum 1075 MW of capacity. Trading update 24/7/17 = 1,119 MW in production with 624 MW under construction. In the space of 10 weeks a further 61 MW has entered production to a total 1,180 MW with a further 563 MW to come on stream (I presume staggered) by mid 2018 ie next 9 months and a total 1743 MW. From 10 weeks ago, that will be a further rise of 56% production capacity revenue to kick in and an overall 62% for this reporting period. While revenue might be pressured due to pricing, I expect economies of scale to kick in sooner or later and be able to pay down the most expensive debt packages sooner. Also with a Government transformer failure (now fixed) resulting in a lost 6% of revenue generation in the half, that might have covered the actual small loss.

Much improved by the looks of things. http://www.mytrah.com/index.php

Always found MYT interesting for the past few years and thought this was cheap post results and not sure if it's at bottom or just seller/liquidity that's pushed it down? I have bought 300k while some seller has supplied the market. Doubtful if the seller hadn't been here if I could have purchased them without the price running up but anyones guess ?. Bob Smith saying indian investors get the value more so than UK and highlights that we should be valued at 15X current and I suppose this goes on the bearing of what Renew are paying for Orange. https://www.investorschronicle.co.uk/shares/2017/08/15/boardroom-talk-mytrah-energy/

We have more than enough on our plate with Hernandarias (6 prospects + 23 leads) + Pilcomayo and Pirity itself not to mention 3 blocks in Argentina - with 3-4 very large drilling prospects and overall 3 billion boe of potential recoverable (that's not counting all the Argentine prospects or the 23 leads and Pilcomayo in Paraguay). "In April 2016, the term of the Dermattei Concession expired with no extension being granted. President had previously relinquished its right to further farm-in to that area and whilst on expiration, it held 10%, it does not consider this a material event. It is understood that the Operator of that Block, Crescent Global Oil, has made certain claims to the Paraguay courts against the relevant Government Ministry in relation to the Concession. President is not party to any such litigation. The US$10.9 million incurred on acquisition, seismic and overhead related cost for that Block has been valuable for understanding regional geology, however notwithstanding this the Company has prudently determined to take an impairment for its full cost at this stage".

The Pirity concession has to be drilled again by September next year so less than 12 months until we hear about plans for that - ie go it alone or farmout and will sombebody possibly come along and deepen one of the wells and sidetrack the other. I can't see Dematei having any bearance on that as it's a different concession regardless and PPC will have to crack on with it. Gonzales Petro Victory is imo basically finished unless it's starts from scratch again but it is in debt to its two eyes and I suppose via his Crescent Global he is fighting tooth and nail to preserve his interest in Dematei (where will they get they cash from ?). Canacol have a back door opportunity re Pirity. Would they put money up to farm in or lose their existing $2.7mif no deal takes place by September of next year ? PetroVictory latest 318/2016 As of June 30, 2016, the Company had negative working capital of ($5,750,301) and cash of $56,909, 3) All claims, debts and obligations potentially owed by the Company to President have been released. The release of obligations includes the previously disclosed $2.85 million contingent liability and the requirement to pay future drilling costs related to the Company’s “carry” of the 5% working interest in the Pirity Concession originally owned by LCH. The JOA has been terminated, and the Company has no future liability related to asset retirement obligations or remediation efforts. 4) In the event of a farm-out taking place in relation to the Pirity Concession and back costs being paid, a sum limited to the first $2.7 million of back costs received by President will be paid to the Company. In turn, the receipt of such amount(s) would trigger payment of a comparable amount to Canacol. 5) In concert with closing the transaction with President Energy, the Company and Canacol agreed to amend the February 2015 Settlement and Forbearance Agreement. The revised terms provide for a limitation of the amount due Canacol to a fixed $2.7 million, an extension of the due date from March of 2016 to March of 2017, and for payment to be made either as a result of the farmout discussed in point 4 above or from 33% of any net profits interest payments received by the Company as a result of any discovery and commercialization of hydrocarbons in the Pirity Concession

Directors and institutions now at circa 62% (between 7 holders). Latest South East Asia/Malaysian Director appointment - "is considered invaluable to the Company's ambition *** to take stakes in high-impact, low-cost production and exploration assets in the region" ***. The company is still significantly cash rich relative to the low market cap of £3m at 1.425p. Main point is regardless of cash the value on the asset for 2C at 80% COS and 64% on best estimate resource is 1.24p - 2.3p per share at $50-$70/b oil and based on just 0.8 mmbls success net to UPL. The overall exploration potential in best estimate 3C net to UPL is 7.42 mmbls at Hardstoft versus 0.8 mmbls for the above price per share - so has over 9 times the upside potential for any future successful exploration in this one asset. UPL had £1.3m cash ($1.75m). Corporate overheads estimated at £300,000 ($425k/year). It's upcoming share of seismic and drilling costs on a net basis are Seismic $83.35k, well preparations $16.67k, appraisal well on the existing discovery $500k and a development well $500k = total including overheads is $1.525m, so fully funded and the 2 wells are 12 months away at least so that frees cash for/towards another deal in the short term.