2010:

TUNISIA

Our company so far has acquired 3 blocks in Tunisia, totaling 10,000 square kilometers: each
block near others with existing production of oil or gas. Additionally, our blocks are crossed by
pipelines and gas ducts. We have completed all the necessary 2D and 3D seismic works.
If we make a commercial discovery we can go on stream in few months. This refers to the
working interest in Tunisia which has been clearly illustrated in last year’s report; however, for
the benefit of any new shareholder, in late 2008, the Company entered into a farm-out
arrangement under which the Company is entitled to earn an 11% working interest in three oil &
gas exploration blocks (Bazma, Jorf, and Sud Touzer) in Tunisia.
The Company continues to work with Cygam Energy Inc, the operator of the 3
blocks referred above, in making detailed geophysical and geological re-assessments in order to
better pinpoint the drilling location within the Tunisian exploration blocks. Our objective for
these prospects in 2009-2010 is to further define high-grade drillable structures and then to make
presentations to industry participants with a view to finding additional partners for these projects.
In seeking new opportunities we feel that the radical change in our industry requires a different
strategy. Instead of focusing, as we had earlier determined on securing minority positions in
blocks around the world, we will look to take lead positions in large blocks in prolific countries,
having high recognition for their oil reserves

ARGENTINA

We announced in February 2010 the acquisition of a producing property in Argentina.
Thus, we will become a producer of oil with the consequent creation of cash-flow which we
know to be an important element in our growth. There is still further due diligence being done on
the properties, but we are hopeful of having this acquisition completed during the summer of
2010.
Certainly one of our greatest challenges has been as a result of the collapse of the worldwide
equity markets in the second half of 2008 and the consequent and continuing disinterest of the
investment community for small cap companies. The raising of funds to complete the projects
we are looking at, has proven to be very difficult. However, we believe we have now sufficient
funding to proceed with Argentina, subject of course to the due diligence referred to above.
In addition in a parallel way, we will develop the revenues side of our accounts, by
buying oil & gas production such as our Argentine venture. We believe that additional
production sites providing revenues will arise from owners who are forced to sell for whatever
reasons. Canoel is actively looking for other opportunities around the world, focusing on its main
forte, the ability to identify opportunities and to transact them in a speedy manner.

NORWAY

We have announced and are now in the midst of completing a transaction in Norway whereby we
will acquire a company, Oren Oil ASA, which will bring to Canoel some 700 shareholders (of
which 200 promising large institutional investors) as well as the commitment of raising $800,000
for Canoel. We look forward to reporting further on this deal over the next few weeks.

2012:

Zambia

On March 23, 2011, Canoel established Canoel Italia Srl ("Italia S.r.l.") a wholly owned subsidiary of the
Company, so that it would have an operating entity in case the Company would be awarded the oil and
gas properties being posted for auction by the Ministry of Economic Development.
In March 2011, Canoel agreed to assist and strategically advise a Zambian registered company, Mafula
Energy Limited ("Mafula"), in its oil and gas exploration activities in Zambia. No oil and gas discoveries
have yet been made in Zambia and no advice has yet been given to Mafula.

April 1, 2011 to March 31, 2012

Argentina

On September 21, 2011, Canoel signed a Confidentiality Letter and a Memorandum of Understanding
with a US oil & gas multinational corporation in relation to four oil producing properties located in the
San Jorge basin in Argentina. Signing of such documents granted Canoel an exclusivity period, until the
end of December 2011, to complete the necessary due diligence and investigations in order to
potentially complete a Purchase Contract Agreement. The potential acquisition of these oil producing
properties may be accomplished through the purchase of the operating company which holds a 55%
interest in the fields. This transaction was thought to be completed for a proposed cash consideration
of US$1,456,000 plus the issuance of warrants entitling the seller to acquire up to 750,000 Canoel shares
at an exercise price of $0.15 per share. Canoel already operates the two 100% owned oil fields, Don
Alberto and Don Ernesto. An additional acquisition in the same area would be expected to improve the
economics of operating in Argentina where Canoel has recently established an administrative office and
a new management team comprised of professional staff previously employed with large corporations.
In October 2011, Canoel recognized the opportunity to implement its own completion operations and
consequently decided to use the dormant company called Ingenieria Petrolera del Rio de la Plata Srl.,
("IPRP"), which had been incorporated in March 2010, for these operations. Management commenced
the process to transfer the shares of IPRP from Canoel's trustees to Petrolera Patagonia Corporation
(95%) and to Petrolera Patagonia S.R.L. (5%). This process was completed in May 2012
In April 2012, the Company decided to suspend negotiations with the US oil & gas multinational
corporation in relation to the potential acquisition of four oil producing properties located in the San
Jorge basin based on the growing evidence of certain negative aspects of the proposed transaction.

Tunisia

On August 4, 2011, Canoel announced the divestment of its potential interest in the Tunisian blocks of
Jorf, Bazma and Sud Tozeur (the "Tunisian Blocks") which were covered under the terms of a Farmout
and Participation Agreement signed with CYGAM on July 10, 2008. Pursuant to a Termination and
Release Agreement, Canoel and CYGAM have terminated the Farmout and Participation Agreement
wherein Canoel was granted the opportunity to participate in certain oil and gas operations in order to
earn an interest in the Tunisian Blocks, as well as the Memorandum of Understanding ("MOU") whereby
Canoel acquired the opportunity to participate in oil and gas operations in order to earn a further
interest in certain of the Tunisian Blocks. Pursuant to the Termination and Release Agreement, CYGAM
paid $621,279 (the "Termination Fee"), an amount equal to those costs paid by Canoel pursuant to the
Farmout Agreement, in exchange for the assignment and transfer of any rights earned by Canoel under
the Farmout Agreement or the MOU. As the carrying value of these assets was $691,218 at March 31,
2011, this resulted in a loss on disposal of $69,939. Following the prompt approval of the Termination
and Release Agreement by the board of directors of both CYGAM and Canoel, CYGAM paid an initial
$50,000 then paid the remaining balance of $571,278 on March 28, 2012. Therefore, as of March 28,
2012, Canoel has no remaining interests or liabilities in Tunisia.

Norway and Russia

On October 11, 2011, the Company announced that, in its role as advisor/manager for the disposal of
the Russian assets owned by Oren ASA ("Oren") and its stakeholders, it had agreed to sell 100% of the
shares of Promogeotek LLC (one of the three 100% owned Russian subsidiaries of Oren, with oil
properties in the Orenburg province but essentially insolvent at the time) to three Russian
entrepreneurs for US$400,000. As part of the sale purchase contracts, the buyers would receive, on a
- 10 -
pro-rata basis, 100% of the loans that Oren had made in the past to Promogeotek which have a total
face value of approximately NOK$144 million (approximately $26 million).
Canoel acted in this transaction purely as an intermediary and will be entitled to receive only the
reimbursement of costs plus a commission, when the transaction is eventually completed. After these
deductions, the remaining amount from the sale price of US$400,000 will be disbursed to Oren creditors
and shareholders. Payment will occur upon the physical transfer of shares and receivables and is subject
to the approval of Russian authorities.
Oren still holds other assets in Russia and Canoel will continue in its advisor/manager role to assist in the
disposition of properties. For these efforts, the Corporation will receive a reimbursement of costs plus a
commission.

Italy

On August 27, 2011, Canoel Italia S.r.l. was awarded two gas properties, which were previously on
production but currently shut-in, at the auction. Canoel's bid was accepted on the basis of its technical
presentation and proposed program to place the properties back on stream. In the following months,
upon verification by the Ministry of Economic Davelopment of the technical competence and the
economic capability of Canoel Italia S.r.l., our wholly owned subsidiary was approved as the future
operator of the gas properties.
The properties are Torrente Vulgano, located in the Puglia region, and Canaldente, located in the
Basilicata region. Both regions are located in Southern Italy, where the majority of current Italian oil and
gas production is occurring.

2013

Datterselskapene

The following entities have been consolidated within the Company’s financial statements:
Entity Registered Holding
Canoel International Energy Ltd. Canada Parent
Ingenieria Petrolera del Rio de la Plata SRL Argentina 100%
Ingenieria Petrolera Patagonia SRL (“IPP”) US 100%
Canoel Italia SRL Italy 100%
Petrolera Patagonia Corporation (“PPC”) US 100% owned subsidiary of IPP
PP Holding Inc. (“PPH”) US 100% owned subsidiary of IPP
Petrolera Patagonia SRL Argentina 95% owned subsidiary of PPC and 5% held by
PPH

Argentina

The calculation for depletion during the year ended March 31, 2013 included estimated future development
costs of $10.7 million for proved and probable reserves (2012 – $8.2 million).
The Company did not identify any indicators of impairment at March 31, 2013. Negative aspects of a
proposed transaction under negotiation in fiscal 2012 (and subsequently suspended) were assessed by
management as indicators of potential impairment of the Argentine oil properties at March 31, 2012. As a
result, the Company tested it’s oil and natural gas assets for impairment using fair value less costs to sell
which is based on a third party reserve report which estimates future cashflows over the remaining reserves
using a 10% discount rate and a benchmark price of $56.58 per barrel of oil.
The Company determined that there was no impairment as at March 31, 2012. The fair value of proved and
probable reserves significantly exceeded carrying amount and therefore, a sensitivity analysis on the variables
considered would not impact the conclusion that there would be no impairment.

Tunisia

On August 5, 2011, the Company divested its interest in the Tunisian blocks which it acquired in late
November 2008. Pursuant to the Termination and Release Agreement, CYGAM Energy Inc. (“CYGAM”) had
agreed to pay $621,278, an amount equal to those costs paid by Canoel pursuant to the Farmout Agreement,
in exchange for the assignment and transfer of any rights earned by Canoel under the Farmout Agreement or
the Memorandum of Understanding. CYGAM had agreed to pay $50,000 of the Termination Fee to Canoel
within 5 days of the approval of the Termination and Release Agreement by the board of directors of both of
CYGAM and Canoel. The Company received the remaining balance of $571,278 on March 28, 2012.
Further, Canoel has surrendered its deposit of $490,000 paid to CYGAM pursuant to the terms of the Farmout
Agreement (the “Deposit”) and CYGAM has paid $117,600 to Canoel resulting in a loss upon termination of
this agreement of $372,400 in the year ended March 31, 2012.

Argentina

In Argentina, the Corporation owns a 100 percent working interest in two oil fields, Don Alberto
and Don Ernesto, covering approximately 3.0 square kilometres (approximately 740 contiguous
acres). These fields are located onshore in the Chubut Province of Argentina, about 12 miles
west of Comodoro Rivadavia and 1,000 miles south of Buenos Aires.
Recent oil production averaged approximately 174 STB/d, or 11.6 STB/d for each producing
well.
Since mid 2010, when Zenith acquired the two fields, production has increased by
approximately 20% in the Don Alberto and 25% in the Don Ernesto field. After several
workovers and modernization of facilities in the last two years, production has improved in a
more consistent way.

Italy

In Italy, the Corporation owns various working interests in 13 onshore exploration and
production properties, and two gas concessions currently shut-in. These two gas concessions
(Canaldente and Torrente Vulgano) were assigned to Canoel Italia S.r.l. from the Ministry of
Economic Development in 2011; the other onshore exploration and production properties were
acquired from Medoilgas Italia S.P.A. and Medoilgas Civita Limited, each a subsidiary of
Mediterranean Oil and Gas Plc (collectively, "MOG”) in June 2013.
The concessions have various expiration dates.
The production and exploration properties comprise:
• 6 operated onshore gas production concessions:
• Masseria Grottavecchia (20% working interest)
• San Teodoro (100% working interest)
• Torrente Cigno (45% working interest)
• Misano Adriatico (100% working interest)
• Sant'Andrea (40% working interest)
• Masseria Petrilli (50% working interest)
• 3 non-operated onshore gas production concessions:
• Masseria Acquasalsa (8.8% working interest)
• Lucera (13.6% working interest)
• San Mauro (18% working interest)
• 1 operated exploration permit:
• Montalbano (57.15% working interest)
• and 3 exploration applications:
• Serra dei Gatti (100% working interest)
• Villa Carbone (50% working interest)
• Colle dei Nidi (25% working interest)

2017

During the year the Group reported total comprehensive income of CAD$ 568,973k (2016 - loss of CAD $7,817k)
which arose predominantly from the gain on the business acquisition of the assets in Azerbaijan.
As at the date of this report the Group has approximately CAD$3,154k of cash balances.
Following its listing on the London Stock Exchange, the Group has focused on the development of the assets in
Azerbaijan.
On January 24, 2017 the Group announced the signing of a well workover contract and engagement of highly
experienced local drilling Group to initiate and execute the workover of the first two wells in the Azerbaijan program
(M-195 and M-45).
The Group plans to continue to focus on both international oil and natural gas exploration opportunities as well
as continuing its search for smaller producing assets in North America, Italy and Azerbaijan. Management intends
to focus its efforts toward acquiring large exploration permits, which offer high exploration potential and the
opportunity to act as operator.

Azerbaijan represents an unprecedented opportunity for energy development and the Directors are committed to
a long term relationship. The support of the Government and SOCAR throughout the process of establishing the
Rehabilitation, Exploration, Development and Production Sharing Agreement (REDPSA) has helped the Group
establish its presence. The Group now seeks to demonstrate Zenith’s strengths as an operator in one of the largest
and most-storied oil and gas countries in the world and have turned the Group’s focus to increasing the daily
production of oil from the Muradxanli, Zardab and Cafarli fields.

Argentina

The Group acquired the Don Ernesto and Don Alberto fields in July 2010, but unfortunately in August 2015, due to
a series of circumstances beyond the Group’s control, production at Zenith’s Argentine operations was suspended.
This was caused by the collapse of a major storage tank owned by Yacimientos Petroliferos Fiscales (“YPF”),
Argentina’s national oil company. This meant that Zenith’s production of oil could no longer be transported through
YPF pipelines, resulting in the suspension of production in the Comodoro Rivadavia area where these fields are
located.
To date, the issues affecting the transportation of oil have not been fully resolved and a persisting uncertainty on the
recommencement of operations has led Zenith to reconsider its operational involvement in Argentina.

Har åpnet tråden siden det er noen Zenith elskere som sikkert vil tilføre noe til historien.

Stopper oppdateringen her wassa? det har vel skjedd litt etter år 2017?

Vurderte om jeg skulle legge inn alle gangene de har hentet penger og hvor mye lønn AC(og sønnen) og styret har tatt ut, men det ble så enormt med info at det kan sikkert noen av dere stor aksjonærer ta dere av.

PS alt blir sikkert annderledes denne gangen.

wassa !

Dette beviser bare at AC har lært seg å krype før han kan gå, det er mine første tanker.

Det tar noen år å bygge et konsern, er min andre tanke.

Men du er vel helt sikkert helt feilfri du wassa og har sikkert aldri tryna i asfalten før.

Du er bare helt fantastisk.

kom med noe negativt for 2021..

Come on.

Joffe 3.

Har skjedd mye ja, men det er så mye dritt at jeg tror ikke du vil at jeg skal komme med det :-) Tror nok de fleste her inne med litt mellom ørene klarer å finne ut hva som har skjedd siden 2017.
For deg Nano så finner du det her : https://www.zenithenergy.ca/investors/regulatory-news-alerts/

Har ikke tid til å kommentere din historieleksjon, men du er inne på noe. Nå har det seg slik at enkelte klarer å lære av sine feil, både på strategisk og operativt nivå. Ta en titt på NEXT.... grusomt selskap som aldri har levert og som har ruinert en del investorer. Vel . de fikk orden på skuta og det gikk til himmels. Så har vi NattoPharma... rene marerittet i årevis med «feil og mangler» på alle plan. Etter å ha drevet aksjonærene til vanvidd, fikk de endelig orden på skuta og litt tillit i markedet. Fra 6 til 35 kroner på under 12 mnd. Quantafuel, litt mer kvalitet enn Zenith, men årevis med brutte løfter og frustrerte aksjonærer. Så fikk de litt kontroll på saker og ting, og kursen gikk vel fra Ca 10 til 70+ på kort tid. Eksemplene er mange. Tror ikke AC ønsker å pensjonere seg som rik og mislykket-vel vitende om han bare har lykkes i å loppe naive aksjonærer.

Dagens børsmelding minner meg om Aserbajdsjan i 2019 da kursen gikk over 500% på en dag. Og vi vet jo hva som skjedde etterpå. Først en god nyhet og så emisjon etter emisjon etter emisjon... at de fortsatt får lov å holde på er intet mindre enn utrolig.

Nå er vel poenget at de gjør akkurat det samme nå som de har gjort i 12år. Alle selskap nevnt over har teknologi som unik eller har en verdi. Zenith har ingenting ikke noen andre har.

Jo de har super forhandlerne AC 🙏🙏🙏🙏🙏🙏

Tror du de får Tilapia lukket ??

Hvor mange penge tabte du ???
1 mio
2 mio ??

Nu bare vær ærlig ??

Hei Wassa!
Jeg har lest alle dine innlegg med interesse. Du tar jo ikke ting fra løse luften og du har inngående kjennskap til selskapet så jeg har heller ikke hånet dine innlegg.
Tror ikke alt er rosenrødt og har hatt mine tvil den tiden jeg har vært med her. Sitter heller ikke i fanklubben til AC som noen gjør. Det som forundrer meg er at tiden går og AC plukker ned avtale etter avtale og framtiden ser lysere og lysere ut og da virker du mer og mer desperat. Han må jo virkelig ha ødelagt ditt liv for nå virker du mer desperat enn noensinne. Du kan jo ikke benekte at dette caset virkelig begynner å ta form. Du å vet jo at det mest sannsynlig kommer flere meldinger her om kort tid. Hva skal du fare med da? Hva er det som gjør så vondt at du bare må slenge dritt om dette selskapet?

Herbius !

Wassa har ikke tapt en dritt.

Han selger på morra`n og kjøper tilbake, en eller annen gang på dagen. :-) 2 pluss 2 = 4 :-)

Han ønsker bare å lage kvalme..... for å så benytte seg av et annet "Nick" for å hause opp aksjen.

Hans troverdighet = 0



Bla bla bla "Tetro" Bytta igjen. ?

Joffe3

Da må jeg skuffe dig, kender hans rigtig navn 👍👍
Og ved han hader alt ved AC fordi han følte sig snydt, da han troede de var venner 🙈🙈🙈
Han har ikke ejer en aktie her i 9 måneder, og kommer aldrig til det 👍👍👍

Hvis den nogensinde går i 1 kr, tror jeg det er slut med Wassa hjerte 😂😂

Bytta hva?

Wassa det er greit å få alt på bordet når du først ha startet med historikken til Zenith! Greit å få det balansert slik at vi kan se utviklingen til selskapet fra de nådde bunnen og dens siste tid utvikling! Men de siste 6 månedene er vel sårt for deg for det var ikke dette du håpet på! Jeg har selv gått på noen blemmer i aksjemarkedet, men det er en konsekvens jeg må leve med og ikke andre! Men dine innlegg blir mer og mer desperat ettersom AC lander lisenser. Dagen i dag med børsmelding var et meget overraskende og et stort pluss for meg! Det er pga selskapet får en flytende cashflow dom renner inn på kontoen HVER DAG fra idag! Jeg håper du inderlig kan få litt hjelp av et profesjonelt team som kan behandle din bitterhet over selskapet, slik at du kan komme deg videre her i livet!!!!

Ingen, absolutt INGEN jobber slik uten

TAP

BITTERHET

HAT

....men ha en fin dag

Jo mer wassa skriker jo mer positivt vil komme fra selskapet!

Her er jeg 100% enig med deg, Aldara! Nå blir det snart veldig mye 🍿🍿🍿 tid!!! Ikke glem å kjøp litt popcorn!

Åh shit der tok du meg 😂 Hvordan i alle dager fant du ut at vi er samme person?

Vi kan takke Wassa for å legge frem alle erfaringene vi har fått på veien til der vi er i dag. Lære av å feile er det noe som heter. Nå har vi lagt bak oss mange år og lært masse på veien. Takker for all dokumentasjon Wassa.

Helt enig i det Gullit! Wassa har de gitt deg noe beroligende siden du ikke spiller på tastaturet?

Det er jo bare deler av sannheten. Mine eksempler viser jo at riktig strategi og gjennomføringsevne er nødvendig for å skape en vellykket bedrift-uavhengig om en har egen IP av varierende verdi. Derfor er det noen bedrifter/ledere som lærer og noen som ikke gjør det. Det virker i hvert fall som Zenith har lært litt om risikostyring. De kjører nå på med lisenser i ulike land, og starter primært med felt som allerede produserer. På Tilapia må de bore en side track, men oljen er jo allerede funnet. Så vil de sikkert gå i gang med ren exploration på et senere tidspunkt. Jeg betviler ikke at det har vært mye jalla jalla i dette selskapet, men jeg håper du kan fokusere din kritikk på det som skjer her og nå, og i mindre grad på det som har skjedd tidligere. Og hvis Zenith feiler så er det en kalkulert risiko vi tar hele gjengen, vi har forstått at du ønsker å advare oss og vi tar det til etterretning.

Litt som Kjos han AC fyren. Han gir seg ikke. Han har bestemt seg for at han skal klare å lage oljeselskap. Koste hva det koste vil. Her reiser han rundt i Afrika og jobber døgnet rundt mitt i en pandemi for å vise verden at han ikke er en mislykket oljemogul. Så får tiden vise. Så får vi se med Kjos også om han klarer å lage flyselskap denne gangen.


Er for øvrig enig med Wassa. Så lenge ikke Zen kan vise til litt mer produksjon så vil jeg heller ha store poster i en gassmygg som Wentworth Resources som har solid økonomi og betaler solide utbytter. Zen er uansett et artig krydder siden det er så mye aktivitet på forum. Så er det større og større sjanse for at de kan lykkes med noe når de sprer risikoen. Det er også bra at det ikke går solo men kjøper seg inn som minoritetseier i flere felter.