2022 EMTN Prospectus - Is Tilapia II Work Started ?
Report Dated 17th March for Bondholders.
https://wp-zenith-2020.s3.eu-west-2.amazonaws.com/media/2022/03/315-033-Prospectus-2022-final-approved.pdf
Look like there is understanding between Congolese Government and Zenith, Work already started towards drilling campaign as Zenith invested an initial GBP 250,000 out of USD 2.2 Million from Zenith + ($5.7million loan) required to complete the well.
Page - 52
Action required in the Republic of the Congo:
1. Collection of the outstanding amount of USD 5.7 million from SNPC by AAOG Congo. The Issuer and SNPC are in discussions in order to settle this issue and all capital expenditure will be deferred until the proceeds are received.
2. Upon the award of the Congo Licence II: completion of the drilling of the Tilapia II well. The previous owner of the Tilapia II oilfield completed the drilling well at 80 per cent. Geological studies affirmed that by expanding the completion level to 100 per cent a considerable additional oil production can be expected. The respective costs amount to a total of approximately USD 5 million.
The Group intends to invest an additional amount of USD 2.2 million to increase the level of completion of the drilling, i.e. a total of USD 7.2 Million. This expenditure is at the discretion of the Group, is not contracted, and will be conditional on receipt of the receivable set out in item 1 above.
3. The net requirement is therefore approximately USD 1.9 million. An initial GBP 250,000 of which has been allocated from the subscription of new common shares issued on 2 November 2021.
4. The Issuer estimates that the production from the developed well will stand at 2,000 to 2,500 barrels of oil per day.
https://wp-zenith-2020.s3.eu-west-2.amazonaws.com/media/2022/03/315-033-Prospectus-2022-final-approved.pdf
Look like there is understanding between Congolese Government and Zenith, Work already started towards drilling campaign as Zenith invested an initial GBP 250,000 out of USD 2.2 Million from Zenith + ($5.7million loan) required to complete the well.
Page - 52
Action required in the Republic of the Congo:
1. Collection of the outstanding amount of USD 5.7 million from SNPC by AAOG Congo. The Issuer and SNPC are in discussions in order to settle this issue and all capital expenditure will be deferred until the proceeds are received.
2. Upon the award of the Congo Licence II: completion of the drilling of the Tilapia II well. The previous owner of the Tilapia II oilfield completed the drilling well at 80 per cent. Geological studies affirmed that by expanding the completion level to 100 per cent a considerable additional oil production can be expected. The respective costs amount to a total of approximately USD 5 million.
The Group intends to invest an additional amount of USD 2.2 million to increase the level of completion of the drilling, i.e. a total of USD 7.2 Million. This expenditure is at the discretion of the Group, is not contracted, and will be conditional on receipt of the receivable set out in item 1 above.
3. The net requirement is therefore approximately USD 1.9 million. An initial GBP 250,000 of which has been allocated from the subscription of new common shares issued on 2 November 2021.
4. The Issuer estimates that the production from the developed well will stand at 2,000 to 2,500 barrels of oil per day.
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storm.com
28.03.2022 kl 13:10
4279
Det må jo være pga markedet ikke har fått dette med seg eller det har blitt highlighted nok. Jeg har ike sett dette før nå...
Viking_I
28.03.2022 kl 13:21
4236
Zenith will get 60% in Tilapia II
(look like Production sharing is finished, many places royalties and taxes is explained in report may be only thing is date of announcement )
Page - IV
Congo License I - a 56 per cent majority interest in the Tilapia oilfield in the Republic of the Congo; the Congo License I expired on 18 July 2020
Congo License II - a 60% interest in the Tilapia II oilfield in the Republic of the Congo, which has not yet been awarded to the Group.
(look like Production sharing is finished, many places royalties and taxes is explained in report may be only thing is date of announcement )
Page - IV
Congo License I - a 56 per cent majority interest in the Tilapia oilfield in the Republic of the Congo; the Congo License I expired on 18 July 2020
Congo License II - a 60% interest in the Tilapia II oilfield in the Republic of the Congo, which has not yet been awarded to the Group.
Redigert 28.03.2022 kl 13:23
Du må logge inn for å svare
Herman*
28.03.2022 kl 13:29
4191
Jeg vet ikke om det er jeg eller andre som ikke kan lese, men de skriver jo at ingenting vil skje operasjonelt før de har fått pengene sine. Altså: Betal oss eller så borer vi ikke.
1. Collection of the outstanding amount of USD 5.7 million from SNPC by AAOG Congo. The Issuer and SNPC are in discussions in order to settle this issue and all capital expenditure will be deferred until the proceeds are received.
Kanskje det er dette som har forsinket prosessen. Zena vil ikke skrive under på en forpliktende lisensavtale før de har fått inn utestående.
1. Collection of the outstanding amount of USD 5.7 million from SNPC by AAOG Congo. The Issuer and SNPC are in discussions in order to settle this issue and all capital expenditure will be deferred until the proceeds are received.
Kanskje det er dette som har forsinket prosessen. Zena vil ikke skrive under på en forpliktende lisensavtale før de har fått inn utestående.
Redigert 28.03.2022 kl 13:46
Du må logge inn for å svare
kaunis
28.03.2022 kl 15:10
4001
Problemet er at de ikke har 1-et øre til å betale med og vil no bruke skitne knep for å skulle fullføre boringen. Intet nytt under solen, som tatt ut av læreboka om innvesteringer i Kongo, om det er republikk eller ikke. Bare glem å betale før det er betalt tilbake. AC har veeeeeeeeeeldig gode kunnskaper om nettopp kulturen i disse delene av verden, og det skal vi være glad for, kansje er GP 250000 fortapt allerede? Kan det være at noe skal under bordet?????? eller.
Viking_I
28.03.2022 kl 15:13
3981
dirty tricks comes in picture to lower the price, jokers..................They cant find any positive things from report only trying to twist sentences to make negative impression.
Redigert 28.03.2022 kl 15:14
Du må logge inn for å svare
kaunis
28.03.2022 kl 15:14
3984
AC har nok meldt noen om de 5mill$ men rullet det inn i litt slike så vi ikke helt skulle forstå risikoen og ventetiden det kunne ta.
kaunis
28.03.2022 kl 15:34
4376
Det er nok her ULVEN ligger begravet, denne meldingen viser /gir oss noe av svaret på hvorfor denne ikke har rørt på seg mer en mellom 0,12-010 i et år snart. AC må ta seg en tur til oljelandet Norway og få med seg de mulighetene som ligger her, Russland er et synkende skip og da dukker det ALLTID opp nye muligheter.
Viking_I
28.03.2022 kl 15:57
4301
Important message for Tunisia page 41 - 42
In Tunisia, no additional capital is required given that the development can be financed by cash flow.
Action required in Tunisia:
1. Completion of the regulatory approval regarding the acquisition of the additional 22.5 per cent interest in the Sidi El Kilani concession (Tunisian Acquisition I). The completion of Tunisian Acquisition I remains conditional on the approval of the Comité Consultatif des Hydrocarbures of the Republic of Tunisia in respect of the transfer of the sellers’ rights, title and interest to Zenith Netherlands. The timing of this approval is currently uncertain and alternative ways for completing the acquisition are currently under discussion.
2. Producing operations under the Ezzaouia concession, acquired on 15 March 2021, are expected to require an aggregate amount of GBP 1,300,000 for three workover interventions and two sidetracks in non-producing wells over the next 18 months. These workovers will be financed by the Group’s working capital resulting from local production and the subscription of new shares. (already done in November 2021)
3. Producing from the Robbana and El Bibane concessions, acquired on 29 April 2021, will continue during the next 18 months without capital expenditure interventions. For the planned drilling of the Robbana-3 well in the Robbana concession the Issuer plans to spend GBP 600,000, plus another GBP 300,000 for the cost of transporting the Company’s drilling rig to Africa. This amount will be financed from the subscription of new shares. To restore production from well EBB-3 in the El Bibane concession an amount of approximately USD 3.5 million will be necessary.
In Tunisia, no additional capital is required given that the development can be financed by cash flow.
Action required in Tunisia:
1. Completion of the regulatory approval regarding the acquisition of the additional 22.5 per cent interest in the Sidi El Kilani concession (Tunisian Acquisition I). The completion of Tunisian Acquisition I remains conditional on the approval of the Comité Consultatif des Hydrocarbures of the Republic of Tunisia in respect of the transfer of the sellers’ rights, title and interest to Zenith Netherlands. The timing of this approval is currently uncertain and alternative ways for completing the acquisition are currently under discussion.
2. Producing operations under the Ezzaouia concession, acquired on 15 March 2021, are expected to require an aggregate amount of GBP 1,300,000 for three workover interventions and two sidetracks in non-producing wells over the next 18 months. These workovers will be financed by the Group’s working capital resulting from local production and the subscription of new shares. (already done in November 2021)
3. Producing from the Robbana and El Bibane concessions, acquired on 29 April 2021, will continue during the next 18 months without capital expenditure interventions. For the planned drilling of the Robbana-3 well in the Robbana concession the Issuer plans to spend GBP 600,000, plus another GBP 300,000 for the cost of transporting the Company’s drilling rig to Africa. This amount will be financed from the subscription of new shares. To restore production from well EBB-3 in the El Bibane concession an amount of approximately USD 3.5 million will be necessary.
Herman*
28.03.2022 kl 16:01
4268
Nobody is twisting anything. While we are waiting for the 4000% you have «promised» us, we just read what the text actually says. I am not saying that Zena wont be paid or that they wont get paid soon. I have no idea… What I am saying is that Zena refuses to invest one dollar in operational activities before they have received their 5.7 million. So the parties involved have been playing poker. AC claims that the people involved are too busy to sign the contract…Thats BS. They are probably waiting for the other party to fold…
Barneskirenn
28.03.2022 kl 17:05
4054
Herman. Overanalyserer vi endringen i prospektet, eller er dette noe som vil tilsi at det faktisk skjer noe snart?
Herman*
28.03.2022 kl 17:28
3979
Jeg har ingen anelse, bare ser en mulig forklaring på forsinkelsene.
Mulla3
28.03.2022 kl 18:01
3849
Gullit skrev Se om vi ikke kan få litt fomo fremover…
Merker jeg at noen begynner å bli disparate.
Gullit
28.03.2022 kl 19:29
3671
Disparate? Blir nok kjør her når Tilapia kommer ja, hvis det var det du tenkte på?
Barneskirenn
29.03.2022 kl 00:16
3325
"4. The Issuer estimates that the production from the developed well will stand at 2,000 to 2,500 barrels of oil per day."
Hvis dette er tilfellet, er det meget pent.
Hvis dette er tilfellet, er det meget pent.
Viking_I
29.03.2022 kl 08:48
3024
it is companies conservative estimate, AAOG report predicted 5000 bopd so 3000 bopd to zenith form Djeno reservoir, there is no mention of R1/R2 and Mengo reservoir.
Djeno nbased on the best (P50) estimate of the prospective resources of 15.9 mmbbls. (As per attachment in Report )
Mengo based on the best (P50) estimate of contingent resources of 8.1 mmbbls. (Not mentioned in report)
R1/R2 based on the best (P50) estimate of contingent resources 1.95 mmbbls. (Not mentioned in report)
Djeno nbased on the best (P50) estimate of the prospective resources of 15.9 mmbbls. (As per attachment in Report )
Mengo based on the best (P50) estimate of contingent resources of 8.1 mmbbls. (Not mentioned in report)
R1/R2 based on the best (P50) estimate of contingent resources 1.95 mmbbls. (Not mentioned in report)
Viking_I
29.03.2022 kl 08:54
2987
Do not forgot AC bought 40 million shares on 31st Jan after fund allotment, Also warrant issued to board member in January.
https://newsweb.oslobors.no/message/552297
https://newsweb.oslobors.no/message/552325
https://newsweb.oslobors.no/message/552297
https://newsweb.oslobors.no/message/552325
gravemaskinen
29.03.2022 kl 09:20
2829
ja kjenner i hvertfall at det kommer oljepenger inn straks...bare 100 millioner det.....
castro1
29.03.2022 kl 09:20
2817
Billyjojimbob skrev Wtf,kjenner 12 øringslukt👍
Kan se ut som vi er rett før en offentliggjøring.
Aldara
29.03.2022 kl 09:21
2809
Kan dere skjønne de som hele tiden absolutt MÅ legge ut salg lavere enn siste omsatte kurs?
gravemaskinen
29.03.2022 kl 09:29
2742
Denne burde tatt ein IOX nå bare på forventningene.....
Men det kommer kanskje også....
Men det kommer kanskje også....
Billyjojimbob
29.03.2022 kl 09:34
2708
% vis kommer denne til å knuse iox,hugs de feteste% kommer på de laveste nivåer👍
kaunis
29.03.2022 kl 09:38
2673
Som sakt: en død og retningsløs aksje. Når det er så mye olje i "lufta" hvor stiger ikke aksjen på det. Svar svar svar????????
gravemaskinen
29.03.2022 kl 09:47
2614
bevis,bevis,bevis.......kommer det endelig bekreftelse på salget skal du få se hva som skjer...
kaunis
29.03.2022 kl 10:06
2529
Billyjojimbob skrev Nå må du være flink å ta begge tablettene dine 👍
He he hvem, trenger tabletter du, visst det er bare to du tar, foreskriver jeg deg dobbel porsjon to ganger daglig. Bruk gjerne vann ved svelgning.
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