Details on - NW OML141 RSC (Barracuda etc)

MarketGunsling
ZENA 17.11.2021 kl 11:40 30361

NW OML141 RSC is the NW section of license OML141 (Oil Mining License) which is a mining oil license in Nigeria that coversn1,295 km2 in the swamp/shallow waters (depth of less than 25 meters) of the Niger Delta in Nigeria.

ONL141 has an interesting history. It started life as OPL229 (Oil Prospecting License) and 38% of this was originally “bought” by the Chinese state China Export and Credit Insurance Corporation (SINOSURE) in January 2005 who put is into a SPV called Aerd Projects Nigeria Ltd. Less than 16 months later in April 2006 they sold this to the China National Offshore Oil Corporation (CNOOC) for $60 million. They also put an $80 million loan into the projects, spent about $16 million on seismic and drilled two wells (Barracuda in April 2007 and Dila later the same year). Both wells were described by CNOOC as “significant finds” but they did not give any reserve figures.

In August 2008 CNOOC surprised the O&G industry by returning its stake in OML141 to the operator Emerald Energy Resources. When asked why they did this they would only say “There are many blocks we are working on. We move in and out -- it’s very normal. But I can’t comment on any specific block,” however subsequent events have made it clear that this was to do with fears about corruption rather than worries about the block itself. Chinese media reported in April 2008 that SINOSURE’s chief, Tang Ruoxin, was under government investigation on charges of unspecified illegal activities and in 2010 he was sentenced to 14 years in prison for taking bribes. Given that Sinosure paid $30 million for their 38% in 2005 and sold it for $60 million in 2006 you can see why CNOOC may have wanted to get rid of this asset before anyone in the Chinese govt looked too much into why they paid double for this asset and what happened to the money…

Emerald Energy Resources then got involved in a $60 million court case with Sinosure in 2018 https://www.oeclaw.co.uk/images/uploads/documents/China_Export_Judgment.pdf and then had to give back the ONL141 license to the Nigerian government in 2019 due to non-payment of fees https://africaoilgasreport.com/2019/04/farm-in-farm-out/nigerian-government-revokes-licences-of-seven-oil-blocks/ however, over this time NW ONL141 appears to have becaome a license in its own right.

NW ONM141 Zenith is the North West 105 square kilometers of OML141. This area is completely onshore in the marshland as opposed to the actual offshore area and according to their website Noble Hill Network Limited have a risk-service contract executed that means that they will be the exclusive service provider and will provide funding and develop the Northwest 105 square kilometres of OML 141.

We know from Zenith’s RNS of August 31st that NW OML141 contains two discovered fields (Elepa South and Barracuda) which are “drill-ready” and that there is one prospective field that has an estimated 232.7 million barrels of oil. The also say that this has the potential to grow to more than 500 million barrels of Contingent and Prospective Resources with several TCF of prospective natural gas and condensate.

We also know that ADM said in their 18th April 2021 RNS that the first drill target (that they were aiming at when they still had the rights to the asset) was targeting production of 4,000bopd. They claimed that drilling six wells would target production of 23,000bopd and they also gave the details that the opex figure per barrel of oil in this region was $20 per barrel but this could be reduced down to $12 per barrel if the company develops a 12mk pipeline to the Brass Export Terminal. All of this can be seen at: https://www.lse.co.uk/rns/ADME/completion-of-barracuda-field-transaction-whzmetdfm0mtiqe.html

So clearly the license has great potential. Back in 2006 CNOOC bought Total’s OML-130 block which had recoverable reserves of 600 million barrels for $2.69 billion, and while the NW OML141 is not likely to yield anywhere as much as this, proving up recoverable reserves of 100 million barrels would still be worth hundreds of millions and be life-changing for Zenith and it’s investors.

We have an idea of what it will cost to get hold of a share in the RSC as ADM paid $1.3 million for what they thought was a 35% stake.

We know that there are two well-sites that are ready to go and if the funds and rig were in place then it would be possible to drill before the end of the year (but more realistically this will be in Q1 or Q2 next year).

We also know from AC’s comments in the conference call that we should expect news on this in early December

What we don’t know is:

1) How much of a share the RSC itself gives of the asset as Emerald resources are still marked down as the operator. What exactly doe the RSC give us?
2) How much money we are likely to have to put in to complete the drill.
3) Any details about the previous discovery that was made in Barracuda.
4) Any information about the CPR that ADM have supposedly been working on for the last 6 months.

Hopefully, this will be cleared up when we get the announcement that we have come to a deal with NHNL over the license. This definitely looks like it could be the “big one” that AC promised us a few conference calls ago.

Aldara
22.11.2021 kl 12:27 6544

At vi ikke passerer 12 øre med glans nå skjønner jeg ikke en dritt av! Jeg har ikke lengre kommentarer..
Aldara
22.11.2021 kl 15:44 6414

Ja ja.. Aksjen fikk en begredelig utvikling idag og...Som de aller aller fleste andre dager! Når denne er solgt vil den aldri vurderes pånytt!!!
Billyjojimbob
22.11.2021 kl 16:36 6355

Aksjen er på vinnerlisten med 6,18% gain,sikkert ikke aksjen for deg👍
Aldara
22.11.2021 kl 16:42 6353

Eeeeh. For noen uker siden var vi på 0,13 og med dagens info burde vi være tilbake der! Så ja, er skuffet! Og ja, dette er ikke aksjen for meg! Men selger ikke med tap! Som nevnt: Kommer ikke til å vurderes påny! Jeg blir kvalm av all oppgang jeg ikke har fått med i andre aksjer pga dette mølet jeg opplever i denne.
Langsiktighet jada......bla bla bla bla..... Nei, tålmodigheten settes på prøve hver dag, og foreløpig har jeg bestått!
Redigert 22.11.2021 kl 16:48 Du må logge inn for å svare
MarketGunsling
22.11.2021 kl 16:46 6349

Må få solgt de 30000 fatene snarest!

Zenith don't have that degree of control over when they sell the oil that comes out of any operation that involves Ecumed.

As AC mentioned in the investor call, all Ecumed oil is mixed together and then sold to refineries as one oil blend that is 40API and well known to Mediterranean traders. But in order to make this work they have to wait until Ecumed have generated enough oil to fill an oil tanker which will then deliver it to the refinery by sea.

We can only sell the oil when the tankers take it to the refinery and they can only take it to the refinery when there is enough oil to fill them up and make the cost of the tanker worthwhile. At the moment I have no idea how often this happens. It is probably a question that is worth asking AC at the next investor conference call.
Pessimist1
22.11.2021 kl 21:38 6119

Credit where credit is due.

Zenith har sett seg lei de byråkratiske prosessene i Tunisia å finner andre måter å ta over feltet på. Dette er fantastiske nyheter, dealen finansierer seg selv, vi får får hver dag som går nå får vi 120 fat olje. Hva betyr dette, vel legger man en snittpris de neste året på en 70 dollar dagen har man 3 millioner dollar i omsetning, dette ved å kjøpe feltet med olje som allerede er på lager. Fantastisk flott, klarer vi noe lignende eller bedre med de resterende 22,5% er man oppe i 6 millioner dollar i omsetning for en liten sum totaltsett.

Selvsagt skulle jeg ønske at myndighetene hadde godkjent dealen fortere slik all oljen som står på lager hadde tilhørt Zenith å vi kunne fått de for en slikk å ingenting. Men det viktigste i dag er at vi bokfører en gevinst, 2p reservene øker å da burde prisingen også øke.

Det beste med dagen idag er at Zenith semiterer at de leverer på det de tidligere har lovet, dette bygger tillit i markedet. De neste som skjer nå er selvsagt de resterende 22,5 prosente her, er det mulig å få til en lignende deal? Så har vi selvsagt de faktum at Andrea skulle vel være i Kongo i disse tider. Mye som kan gå inn her på relativt kort tid. Caset blir tryggere å tryggere for hver eneste dag som går, så er tolmodighet en dyd å de som ønsker å selge nå er velkommen til å selge. Jeg tar gjerne å kjøper aksjer på disse nivåene.
Viking_I
24.11.2021 kl 08:38 5806

Taking to appropriate place

RNS Number : 3201T
ADM Energy PLC
23 November 2021


23 November 2021

ADM Energy PLC

("ADM" or the "Company")
Barracuda Oil Field
ADM Energy PLC (AIM: ADME; BER and FSE: P4JC), a natural resources investing company, notes speculation regarding OML 141 and its interest in the Barracuda oil field risk sharing contract.

On 28 April 2021, ADM announced that it had completed the acquisition of a 51 per cent. equity shareholding in K.O.N.H UK Limited ("KONH") which, through its subsidiary Noble Hill-Network Limited ("NHNL"), holds an indirect 70 per cent. controlling interest in a risk sharing agreement in the Barracuda oil field in OML 141 in Nigeria.

KONH has subsequently been notified by NHNL of a dispute regarding its ownership in NHNL and therefore its interest in the Barracuda Field in OML 141. ADM and its legal advisers consider that the dispute brought by NHNL is without merit and ADM confirms there has been no change in its position as the majority shareholder in KONH and the subsequent 70 per cent. indirect interest in NHNL.
As notified on 15 November 2021, the Company is assessing the draft Competent Person's report for the Barracuda field and is in regular dialogue with Emerald Energy Resources Limited, operator of the Barracuda field, in respect of the potential development of the Barracuda field.
The Company will update the market further in due course.
******************************************************************************************************************************
From NHNL website-
On August 17, 2021 Noble Hill-Network Limited (NHNL) through their outside Legal Counsel notified K.O.N.H. U.K. Limited, its affiliates and owners that the NHNL Board of Directors declined their proposed Agreement dated April 28, 2021 due to lack of funding and misrepresentations. Further to this the legal Counsel
notified K.O.N.H. to Cease and Desist all statements of Ownership in NHNL or participation in the NW OML 141 RSC. With no acknowledgment from K.O.N.H., affiliates and or owners, on August 27, 2021 NHNL Outside Legal Counsel notified K.O.N.H. to once again Cease and Desist demanding K.O.N.H. and its Shareholders remove all statements that K.O.N.H. and indirectly the Shareholders of K.O.N.H. have any interest and or participation in the Barracuda Field Development and or the NW OML 141 RSC.
******************************************************************************************************************************
NHNL inform on 17August but ADME comes to share holders on 23 Nov 2021. Zenit inform market on 31st August after deadline of 27August given to K.O.N.H. by NHNL.
ADME inform share holders about OML141 , KONH and NHNL.
So it is confirm, Zenith will enter 49% with NHNL it's direct deal. If anything happens it is between KONH, ADME and NHNL with there 51%. Emerald Energy Resources Limited is only operator (Not confirmed but also mentioned "OML 141 is a Nigerian Sole Risk Oil Block with Emerald Energy Resources Limited assigned as the Operator. The Risk Service Contract executed provides that Noble Hill – Network Limited will be the exclusive service provider and will provide funding and develop the Northwest 105 square kilometers of OML 141." )

Zenith is in Nigeria officially after entering into deal, announcement will be within next Wednesday, 49% partnerships.

Redigert 24.11.2021 kl 08:44 Du må logge inn for å svare
Slettet bruker
24.11.2021 kl 08:42 5817

Tror dere Zena kjøper seg inn med 49%?
Hvem eier de resterende 51%?

Hvor for kan vi bore og få opp produksjonen?
Viking_I
24.11.2021 kl 08:47 5858

Zenith will enter into the RSC via the potential purchase of an equity stake in NHNL.
olje
24.11.2021 kl 09:05 5778

lå jo flere mill aksjer ute for salg de siste par dagene på 11,7 øre....ingen var interessert i å ta dem. Selgeren måtte dumpe ned på 11 øre for å bli kvitt dem.
Aldara
24.11.2021 kl 09:08 5782

Selgeren ble lurt m.a.o:-D
Allroad18
24.11.2021 kl 09:10 5775

En luring som klarte å selge/kjøpe 2000 akjser på 10,90. Uten tvil et spill, her sitter det noen og avtaler seg imellom, gratulerer idioter!
Slettet bruker
24.11.2021 kl 10:11 5677

Nå etter at vi eier 22,5% av SLK.

Hvor mange boe/d produserer vi nå?
Når vi målet om minst 1000 boe/d innen utgangen av 31.12.2021?
Viking_I
24.11.2021 kl 10:42 5618

With SLK Zenith is 650bopd, as per IC presentation zenith will reach 1000 bopd before 31.12.2021. There may be EZZ upgrade will reach 1000 bopd but look like not possible in short time 2 side bore hole in dry well. There must be some other plan AC having, new acquisition of field in Tunisia which is currently producing 350 bopd to zenith before 31.12.2021.
Viking_I
24.11.2021 kl 11:19 5555

20% of total field 2P reserve will give valuation of kr1 with US$3 per barrels. Need to know Noble Hill-Network Limited % in field if 100% then if LOTO for zenith.
I really want some one come with alternative valuation based on 2P reserve 232.7 million barrels of oil and 1.8 billion shares.
Redigert 24.11.2021 kl 11:44 Du må logge inn for å svare
Gullit
24.11.2021 kl 11:48 5519

Burde ikke kursen gå i taket no då????
Viking_I
24.11.2021 kl 12:01 5485

In Norway there is no analyst working on small company from outside like zenith and management is not interested in putting 2P figures on website for each field, its easy to get approximate valuation on 2P reserve, number of shares and debt with oil price. Zenith is too undervalued due to specific few reasons.
Gullit
24.11.2021 kl 12:06 5490

Kanskje de våkner når avtalen blir offisiell.
Viking_I
24.11.2021 kl 12:25 5445

There is many things in line from Zenith so this price will be for few days. We know Tilapia II in line with other drilling campaign in Tunisia which gives good valuation to company but not like Nigeria its one message with more than 20% participation in OML141 theoretical valuation will cross k1.00 10 times more than current share price which is defending by Tunisian production without SLK but now it is also in portfolio. If you take risk and before end of Q1 22 your money will at least double but Tilapia II and Nigeria it will go 10 times. I went from kr0.04 to kr0.18 in two days last year.
Redigert 24.11.2021 kl 12:28 Du må logge inn for å svare
Gullit
24.11.2021 kl 12:41 5405

Her er man fullastet og håper på god utvikling. Men sikkert mange andre som vurdere inngang her. Som du sier, en mulighet for 10 gangeren er ikke veldig vanlig. Her er det faktisk veldig aktuelt!!
Gullit
24.11.2021 kl 12:47 5388

Les opp

NW OML 141 dekker et område på omtrent 105 kvadratkilometer i sumpområdet i Niger Delta -regionen. Området inneholder to oppdagede felt og ett potensielt felt med anslagsvis 232,7 millioner fag oppdaget olje, med potensiale til å vokse til mer enn 500 millioner fat betingede og potensielle ressurser, inkludert naturgass og kondensat.
MarketGunsling
26.11.2021 kl 17:06 4916

The reason that ADM Energy have lost Barracuda and a lot of other dodgy dealings have just been revealed by London financial blogger Tom Winnifrith. His article is below but the real significant bit for Zenith is the letter from NHNL to KONH which can be seen here:
https://pdfhost.io/v/EPNIFsAM8_NHNLADM_261121

By Tom Winnifrith, the Sheriff of AIM I Friday 26 November 2021

Disclosure: I have no positions in any stocks ment =ioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expressesmy own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


During the next 24 hours I shall be published a number of articles showing that AIM listed ADM Energy (ADME) has consistenly misled investors as to the state of its finances while raising money in new placings. I shall look at where some of that cash went and who was aware of it , including former Tory MP Sir (now Lord) Henry Bellingham of the the 3DM fraud infamy who is a NED. At the end of the series you will be in no doubt that this company's shares are utterly worth less and that those hawk like watchdogs at AIM Regulation, the folks fomerly referred to as the Oxymorons, should be swooping to feel col lars both at ADM but also acting against its advisors. I start with a letter sent to the Winni leaks service which ADM received on 9 July 2021.


As you can see ADM appears to owe $1.75 million and the company to which it owes the cash is asking pretty aggressively why the payment has not been made on the agreed terms. I shall deal with ADM's response and why this case is very much live in due course.

Suffice to say, since 9 July there have been seven RNS updates and one bai lout
equity raise but no mention of this dispute. What part of the AIM Rulebook allows a company, especially one seeking to raise fresh equity, to not announce a legal claim and a threat to down tools from a major partner? Over to my good pals Jo Turner and Liam Murray at Cairn Financial on that one.

Of course, the colourful history of ADM has been well document ed on this website including its run in with a fake sheikh so anyone owning shares in this POS has been warned off many times by myself . But what is to come will blow your socks off. ..
TheLondonOiler
26.11.2021 kl 18:27 5032

interesting. Looks like they don't owe barracuda after all and we do.
Tetro
26.11.2021 kl 19:55 5114

I guess we can say that ADM is out. Little early to say that we owe it but we hope and will get answers soon.
Have a nice weekend everyone.
Slettet bruker
27.11.2021 kl 19:46 4832

Spennende uke foran oss. Kan komme mye bra kommende uker.
Syk strømpris for tiden. Nå fortjener vi sikkelig news opp opptur i ZENA!
Herman*
27.11.2021 kl 19:49 4872

Dere som forventer en «Nigeria melding» til uka: Hva vil innholdet i en slik melding være? Er det f eks en MOU eller en bindende avtale?
Herbius
27.11.2021 kl 20:16 4854

Det får vi snart at vide, spændende aktie og være i 😃
Spørgsmålet er, hvor meget det vil give på kursen 💰
Slettet bruker
27.11.2021 kl 23:32 4729

Før det kommer hygglig Zenith nyheter så vil ett kurs ras på en blåmandag
være velkomment for oss som kjøper og ikke selger .

LATO har rett i at strømprisen er syk .. men det er en varslet "sykdom".
På mandag er det varslet en del sol. Kaldt vær og sol er optimalt for oss
lager strøm selv. Kansje jeg får en strålende blåmandag ....


Hektor
28.11.2021 kl 02:43 4651

ADME ned ytterligere ca 23 prosent. Har tapt seg snart 50 prosent, må jo være godt nytt for Zenith Energy. Spennende tider med liten nedside og et veldig godt case pga mye positive drypp fra selskapet siste 12 mnd.
jantt
28.11.2021 kl 10:03 4602

Denne uge kommer nyheder. Nej næste uge kommer nyheder. Nå nej næste uge igen kommer nyheder. Måske næste uge kommer nyheder.
Ren gætteri for ingen ved det.
Skal vi nu ikke stoppe disse gætteriers og holde til fakta.
Ingen ved om evt nyheder giver kursstigning. Det har det ikke gjort indtil videre i år.
Stiger kursen 10 % en dag falder den 10 % næste dag.
Indtil videre ingenting at råbe hurra for.
Så siger folk vent vent den stiger pludselig 300-400 % på 3 dage og ingen ved det heller.
Aqualight
28.11.2021 kl 10:59 4609

Jeg er godt tilfreds med de + 185% pt., toppen hed + 410% - så jeg holder ikke igen med et enkelt hurra.

Ellers er jeg helt enig i at fakta er den vej vi skal ned af.

Time in the market, beats timing the market.

Aqualight 🇩🇰🇳🇴🇬🇧
jantt
28.11.2021 kl 12:03 4552

jo men jeg er i minus så ikke tilfreds
Aqualight
28.11.2021 kl 12:42 4507

Er dit snit ikke stadig 0,11? Det mener jeg du skrev tidligere i år, eller har du købt yderligere op?

Vi kan ikke være i + på alt hvad vi smider penge efter og så længe det ikke er lånte penge du har købt for er alt godt på den lange bane.

Aqualight 🇩🇰🇳🇴
Redigert 28.11.2021 kl 12:43 Du må logge inn for å svare
jantt
28.11.2021 kl 13:18 4480

Har købt mellem 0,1066 og 0,1386.
Har købt det meste mellem 0,1230 til 0,1300.
Vil tro at mit snit er ca 0,1250

Ingen lånte penge. Meste er købt fra de ca 300K jeg tjente på DNO og har selv smidt 300K oveni
Redigert 28.11.2021 kl 13:20 Du må logge inn for å svare
Viking_I
28.11.2021 kl 13:54 4522

Nigeria news will come upto Thursday and Tuesday half year report will come. All dates are given by zenith on market announcement. Also expecting SLK s next 22.5 percent in next 15 days including drilling approval for EZZ in first week of Dec as per IC.
Redigert 28.11.2021 kl 13:55 Du må logge inn for å svare