Congo, Tilapia & MKB Fields.

Fakevenues
ZENA 06.02.2022 kl 13:00 12645

AGEOS
Today 11:52

Those who are aware of ZEN's potential interests in the Congo [Brazzaville] will know that the Tilapia Field is the first of several possible acquisitions under negotiation. An RNS on 07.07.2020 was the first to mention a second, though unnamed, target, and in a Feb 2021 Financial Fox interview AC referred to “discussions regarding second and possible third and fourth assets.”

In considering possible targets I detailed, in posts on 10.07.2020 & 12.02.2021, the merits of the MKB Fields [Mengo, Kundji, Bindi & Tchiniambi Fields] as the most likely candidates, with that of the Kundji Field conforming most closely with the characteristics of the target acquisition as described in the 07.07.2020 RNS. By that time [ie 2020] the MKB Fields were fully under the control of SONAREP, the Research and Production subsidiary of SNPC [National Oil Company] having progressively reverted to the state during the previous two decades due to falling production.

It now appears, from articles published on www.africaintelligence.com on 14.& 31. 01.2022 that operational control, in part or whole, of the “MKB Concession” or “MKB Block” may have been acquired by an entity described as an American company called “Trident OGX” I quote from “Africa Intelligence” in a qualified manner since its previous reportage on Congo matters has at best been inaccurate and at worst the object of litigation. Without going into detail on the merits or otherwise of this particular claim, it is sufficient to state that although there is no official corroboration of which I am aware; and the transfer of operational control from SONAREP does not appear to have been ratified by the Council of Ministers, there is circumstantial evidence to confirm involvement of a company named “Trident OGX International Pte Ltd” based in Singapore, in a study of the Mengo Reservoir mineralogy [see link below]

www.tridentogx.com [click on “experience”, then on “Congo Public Data”

This company is part of the Trident OGX Group, and appears to specialise in O & G Upstream Project Management. The document entitled “Reservoir Observations Related to Clay Content” Aug 2021 was probably prepared for a client/prospective JV evaluating the Mengo Reservoir production potential within the MKB group of Fields. Trident OGX is not itself directly involved in O & G Field Operations so the 'Africa Intelligence' claim that it has acquired operational control from SNPC seems unlikely; more so that a client of Trident OGX has, or is negotiating for, part or whole of the MKB interests.
Since the ZEN 07.07.2020 RNS announced a “Joint Venture Agreement for acquisition of a second oil production asset” with a “local oil and gas company” , this latest news regarding the MKB Fields does raise the, admittedly highly speculative possibility, of ZEN involvement. If it proves otherwise, and the MKB Concession is acquired by a rival, it will at least suggest that Bruno Itoua, the Minister of Hydrocarbons, is carrying out his threat to strip Maixent Ominga, the CEO of SNPC, of his control of the MKB Fields, and simultaneously and consequently likewise for Tilapia. AC's recent reference to “the potential near-term award of the Tilapia II licence” [RNS 26.01.2022] might then assume a more significant meaning.
AGEOS

FV: I suspect you hit something there, one way or another.....AGEOS

Yes Fakevenues, and we can only hope the impact is a positive one.

With Congo [Brazzaville] ranked 162 out of 180 on the Transparency org World Corruption Index it is not impossible that the individual, self-styled as the “Director General of Trident OGX Energy Afrique” on a well known website for four months during 2021, might end up as a proxy in control of MKB. Orion Oil paid $150m for a 20% interest in MKB in 2013 on the basis of 1.3 billion barrels of oil reserves so the political elite will have their eyes on this one.

If AC can bring Tilapia intact into the ZEN fold it will have been a considerable accomplishment. To add even one of the MKB Fields at a similar cost would be masterly.

Redigert 07.02.2022 kl 23:55 Du må logge inn for å svare
Galv
06.02.2022 kl 16:06 8317

Thanks

Will open my money box monday morning and change to Zenith share.

Thanks for this maybe maybe Zenith field.
Very goooood news. I think i understand why AC buy with both hands
Slettet bruker
06.02.2022 kl 16:22 8277

Nå skal vi oppover! 🍾👌😅
Gullit
06.02.2022 kl 22:40 7962

Da går vi høyt ja… for en spenning..
Barneskirenn
06.02.2022 kl 23:15 7894

Blir ikke dette grov spekulasjon....? Kan være alt mellom himmel og jord. Men er jo en liten sannsynlighet at lille Zenith kan være mellom der (og på høy tid!).
Viking_I
06.02.2022 kl 23:38 7850

Zenith mentioned in www.africaintelligence.com in 14 January article i don't have article details but if you search zenith in magazine search button you will get article published on 14 th January.
jantt
07.02.2022 kl 04:03 7733

Sålænge der ikke er meldt noget ud fra Zenith kan vi vel ikke regne med noget ?
Viking_I
07.02.2022 kl 08:05 7511

It was time frame before announcement of Tilapia II before Dec 2020, it was with some intensions from some people leaks negative stories about zenith to affect process but after Dec 2020 after knowing Tilapia with Zenith it stopped.
No one knows whats inside but it's related to MBK license.
Slettet bruker
07.02.2022 kl 09:04 7367

mention is this (did a specific Google search):

https://www.africaintelligence.com › ...
How Trident bagged MKB concession - 14/01/2022 - Africa Intelligence
Jan 14, 2022 — He is a former executive of Congolaise de raffinage (Coraf) and has consulted for Zenith Energy, which is active in the Tilapia permit (AI, ...
Redigert 07.02.2022 kl 09:07 Du må logge inn for å svare
TheLondonOiler
07.02.2022 kl 11:45 7156

I think we may get Tilapia sooner than we expect. Then there will be fireworks.
jantt
07.02.2022 kl 15:42 6939

ja det var så ikke en nyhed der gav noget på kursen. Som sædvanligt .......
Gullit
07.02.2022 kl 16:12 6893

Ehh dette er ting som kan komme.. større optimisme i London om dagen..
Slettet bruker
07.02.2022 kl 16:50 6811

Ingen Zenith trades i London idag mot 58 på Euronext.

En dag hvor vi sitter rolig i båten med ett par styre pils men balja tøffer
sakte men skkkert mot det lovede Zenith land

Aqualight
07.02.2022 kl 17:00 6793

Hvad er det for en nyhed du referer til? Som Zenith ikke har reageret på!!

Aqualight 🇩🇰🇳🇴
jantt
07.02.2022 kl 17:05 6771

hovedindlæg bliver lagt op som der er nyt på vej og deal er lavet hvor Zenith er en del af.
dog kunne jeg ikke se det og stillede mig spørgende til det længere oppe
Barneskirenn
07.02.2022 kl 17:37 6712

Ikke direkte relatert til Zenith, men interessant! Kan vise seg at strategien til AC/Zenith fremover kan lønne seg.
https://www.zawya.com/mena/en/story/Its_Time_to_Rethink_the_Oil_and_Gas_Game_in_Africa-AFPR070220221692/
Slettet bruker
08.02.2022 kl 09:33 6179

Hva venter vi på?
Dette er jo total sirup?

Noe nytt om tvisten i Nigeria?
Billyjojimbob
08.02.2022 kl 09:39 6156

Det ventes på breaking news,fint om en har andre ting å holde på med mens en venter slik at en ikke blir gal i hodet eller melder seg inn i brønnpisser.com😁
Nigeria er det generelt dårlig vedlikehold
https://www.maritime-executive.com/article/fpso-explodes-and-sinks-off-nigeria-with-10-aboard
Climbing
08.02.2022 kl 10:01 6123

Interessant. Holdt på med MKB en stund mhp å kjøpe dette fra Orion som hadde 40%. SNPC hadde 60%. Orion var backet opp av folk fra Belarus ( Hviterussland)!! Lyktes ikke med å finansiere dette oppkjøpet. mest pga av Investment Banken vår i London; til slutt ikke ville "ta i Orion" av spesielle grunner. Har alle rapporter, CPR etc for MKB. Følger med mhp om en ny mulighet oppstår mhp MKB.
Slettet bruker
08.02.2022 kl 11:48 5981

Hva er MKB og hva har dette med Zenith å gjøre?
Fakevenues
08.02.2022 kl 11:50 5970

"In considering possible targets I detailed, in posts on 10.07.2020 & 12.02.2021, the merits of the MKB Fields [Mengo, Kundji, Bindi & Tchiniambi Fields] as the most likely candidates"

Les innledningen på denne tråden
Viking_I
08.02.2022 kl 12:02 5933

Instead of looking other things Zenith should concentrate on Tilapia, Tunisia and Nigeria now, Increase production to 3000 bopd first and with help own drilling rig and earn money in this oil price situation. Zenith already loose lots of money in SLK deal. No field is cheaply available now so whatever he have first produce more oil. AC issue shares and warrants like anything in last 2 year but he do not know how to maintain in share price market.
Fakevenues
08.02.2022 kl 12:08 5917

I agree 100%
We are sitting in a kind of 'potential' limbo.
Someone posted a link to an article yesterday, in which it seemed like competence were widely available due to majors abandoning Africa.
Get going what there is, and not postpone the dirty jobs.
Slettet bruker
08.02.2022 kl 12:08 5914

Begynner du å bli negativ?
SLK er jo bare komisk! Møkka myndigheter.
Viking_I
08.02.2022 kl 12:17 5878

I am not negative but company doing zero to increase share price instead they are issuing shares but not utilizing money properly. Think AC instead buying shares from LSE (where share is 25% of total share of company and not more market happening) buying from euronext open market. Almost we loose $5 million from SLK production until now. Whatever gain we got from low oil price and pandemic all gone.
Money collected in Nov 2021 but what happens 3 month already gone, if he unable to use drilling rig (Not single drill done in last 3 years they why to keep) then sell it and use money for other purpose.
I do not expect any IC in near future as it is not useful every time price collapse because people don't want here delay every time. ROB- 1 is in hand still not in production. EBB-3 can make money but not concentrating on it. SLK license is ending end of 2022.
Redigert 08.02.2022 kl 12:29 Du må logge inn for å svare
Fakevenues
08.02.2022 kl 12:22 5971

Rob-1 (100) & Rob-3 (200) = $750 000/month with current oilprice. Why wait til summer? cash is in place.
Cashburn is insane
TheLondonOiler
08.02.2022 kl 12:27 5957

I would expect a tilapia sometime this month. With a Tunisia oil sale update the share price should move up double from our current share price. I hold a big pot over in Norwegian stock now as well as my uk main holding as there is better liquidity here.
Slettet bruker
08.02.2022 kl 12:29 6001

Hvor fort kan ROB 1 ordnes? Burde det ikke være løst snart?
Fakevenues
08.02.2022 kl 12:34 5983

From what I understand, there are lots of ex AAOG shareholders in the UK waiting and hoping for Tilapia also.
Slettet bruker
08.02.2022 kl 12:35 5984

From ETAP
http://www.etap.com.tn/fileadmin/prod_jour/Brut-310122.pdf

EZZAOUIA leverte litt ekstra den 6/2 ellers er det lite nytt å finne.
Fakevenues
08.02.2022 kl 12:35 5987

Snart 3 uker siden PM hvor de hadde stoppet produksjon der. Hvor lenge før det, var den stoppet?
Viking_I
08.02.2022 kl 12:36 6007

I don't believe in Tilapia II now, If it comes after 10 years shall we pay salaries to employees until that? AC not giving any proper answer until where is process comes. In 1.5 years they cant make Production sharing contract? It is money sucking hole now. We are paying salary to useless fellows but not producing 0 barrels oil from it from 1.5 year.
MarketGunsling
08.02.2022 kl 16:21 6034

It is clear that a substantial increase in the Zenith share price is going to be reliant on the successful acquisition of either the Tilapia 2 license or something with equally significant potential. However I think that this is to ignore the importance of what is happening in Tunisia.

The London small cap O&G market has always had something of an obsession with big exploration projects and these are where the herd have traditionally piled in in order to seek multi-bag returns. However, a lot more of these “boom or bust” exploration plays bust than boom and this often leaves them as effectively nothing more than shells when their only asset does not actually deliver. Indeed, this almost happened to Zenith when the Azerbaijani experiment went wrong.

However, what Zenith are quietly doing in the background that I am both very impressed with (and also extremely frustrated that the market has not cottoned onto yet) is the development of the Tunisian assets into a significant cash-flow generator for the company. We already know that Tunisia is generating 1bout 420 bopd even with Rob-1 currently shut-in. Once this is back online and ROB-3 has been drilled we would expect Robanna alone to produce 500 bopd and which would mean that the company was producing almost 1,000 bopd. At current oil prices of $90 per barrel and assuming costs of $25 this would generate a net revenue of $24 million per annum and even at the current rates of 420 per day it is still $10 million per annum.

So yes, the big rise in share price will happen when we get granted the license for Tilapia 2 but in the meantime the market needs to catch up with quite how much money we are going to make out of Tunisia and, perhaps even more importantly, how easy it will be to fund Tilapia development out of Tunisian revenue.
TheLondonOiler
08.02.2022 kl 17:20 5960

agreed a little patience is required here we are at the mercy of the Congolese government, and that's the bet we take. I am betting we will get all approvals as well as a huge ramp up in production in Tunisia, this will give us a 3 year high and beyond with relative ease.
Gullit
08.02.2022 kl 18:23 5678

Litt ekstra? Var jo opp med 200 fat.. fortsett sånn..
Slettet bruker
08.02.2022 kl 19:46 5546

45% av 200 er 90 fat.
Dagens olje pris ~ 90 USD
~ 8100 USD for skattt, avgifter og andre utgifter ...

Intressante spørsmål hvor mye sitter Zenith igjen med og når.

Pessimist1
08.02.2022 kl 20:54 5412

Egentlig ikke spesielt interessant, at det produseres 200 mer en dag spiller ingen rolle. Noen dager er det under, snittet er 500 fat per dag gitt informasjonen i børsmeldingen, om du sjekker snittet over en periode på ETAP får du samme tall. Variasjoner i produksjonen er helt naturlig.

Pengene får Zenith i måndeskifte mars/april når oljen blir solgt, ref. siste børsmelding. Man forventer da ca. 114k fat.

114k fat * 70 dollar * 8.84 = gir ca. 70 million pretax.

Tap og eventuelt andre utgifter vil skrives av for å få skattene nede, det har blitt opplyst av noen andre her at skattesatsen ligger i intervallet 50-70%, da får du ut 35 mill om man regner 50%. Selv tror jeg de kommer til å bruke mye av pengene på investeringer i inneværende år slik skatten blir mindre å man får utnyttet pengene bedre.
Hektor
08.02.2022 kl 22:46 5274

Noen som vet hva royalty rate vil si? Denne øker med antall fat. Se side 53 i dette dokumentet.

Barrels per day: 5000
Royalty rate: 5 prosent

http://documents1.worldbank.org/curated/en/409211601882728699/pdf/Legal-Review-of-Tunisia-39-s-Upstream-Hydrocarbon-Framework.pdf
Redigert 08.02.2022 kl 22:50 Du må logge inn for å svare