ZENITH 2023

Denne tråden er stengt for nye innlegg.
31.08.2023 kl 16:08
Automatisk lukket grunnet trådens størrelse. (Beklager.)

Just wanted to wish everyone a happy Christmas and especially a successful and prosperous new year for all Zenith holders, I believe we have a very good year ahead of us with lots of profit. Enjoy
Redigert 26.12.2022 kl 12:10 Du må logge inn for å svare

Merkelig å si uten noe konkret å komme med. Men ja, jeg har tro på at det vil bli flere avtaler fra US.

Jo, mange brikker syns jeg.
Nå med offentlig kunngjøring i saken - og også hva som har foregått bak teppet i Tunisia.

Mange har suttrett om lite informasjon fra firmaet, men det er forståelig med tanke på hva firmaet nå har gått gjennom.

Viking_I
04.07.2023 kl 09:07 5020

There is some names in social media ..............................from US
just to make aware here to small sellers to wait before announcement , buy after market announcement
Redigert 04.07.2023 kl 09:09 Du må logge inn for å svare
Hektor
04.07.2023 kl 09:10 5047

Hvilken plattform?
birol
04.07.2023 kl 09:38 4987

With low knowledge, but common sense dictates, RNS from us will come with opening hours or late night in norway due to timesones

Of course there are a lot of pieces that we are waiting to fall into place. There is so much going on with Zenith at the moment, and there is so much potential here. We just need to wait for the news.

In terms of Acquisitions
1) Yemen - We are waiting for further news on the acquisition of OMV’s Yemeni assets. There have been no significant updates to this but OMV have confirmed by email to posters on this board that the sale process is still ongoing.

2) Benin – We have had no formal updates on the Benin license acquisition process, however, the company has made a number of updates on Twitter, the most recent of which stated that they were working “finalising the terms of a Production Sharing Contract for Block 1 containing the Sèmè oilfield, offshore Republic of Benin”. This seems to be progressing steadily.

3) Sudan – Zenith announced less than two weeks ago that they have signed an MOU with the Ministry of Petroleum in South Sudan with a view to acquiring and developing existing oil and gas production licenses in the country.

4) America – Zenith announced just over a month ago that they were in negotiations to commence a campaign of acquiring oil and gas licenses in the USA and had established an SPV to do this.

5) Italy – we know that the company are intending to try and acquire further gas licenses in Italy as larger companies are moving out of the country. They are also still planning to continue with the field revamp program that they announced but are waiting for the various governmental positions. Since they have been producing in Italy for such a long time, they feel that they are in a good position to get things done and to get the governmental positions to acquire the assets of other other companies as they leave the country.

So in terms of acquisitions there are lots of irons in the fire. However, we should not expect them all to complete. Andrea mentioned in his interview of February this year that he has learned the lesson from Tilapia to always have several acquisitions in negotiation at the same time as the overall success rate is only ever going to be 50-60% at best and this seems to be what is playing out in the current acquisition strategy.

We should also remember that Andrea has also said in previous interviews that he intends to make a priority of acquiring assets that will help push us into becoming a mid-tier company and this means licenses that have the capability to delivery many thousands of barrels per day. This certainly seems to be the case with Yemen and Benin and presumably will be the same with Sudan – although there is no information currently available on the licenses that are being discussed there.

My personal feelings on this are that Zenith intend to acquire small scale production assets in the USA to replace the ones that they have lost in Tunisia. If this is the case then it would be a smart move. America is a very stable jurisdiction for oil companies to operate in. It is the world’s largest oil producer and this means that all of the expertise and equipment that Zenith may require would be available in-country. It also means that there is going to be no political interference with their oil operations and they are free to make as much money as possible with no political complications.

I have long advocated that the best way for Zenith to develop as a company was to keep acquiring small-scale oil production (assets that produce in the hundreds of barrels per day) and use the revenue that this generates to be able to service debt which they can use to acquire and develop bigger assets in the more difficult (developing world) jurisdictions.

I had hoped that this was what Tunisia would deliver, but obviously the difficulties with the Tunisian government has prevented this from being possible for the moment. If they could build up the same production numbers in the USA as they had in Tunisia then the company would obviously be in a much better place, with a stable cash-flow coming in and enabling them to service debt.

The second set of things that we are all waiting on is the various court-cases that Zenith are involved in – both from their own operations and the legacy operations from their acquisition of AAOG.

1) Congo – The recover of the $5.7 million owed by the SNPC. The last bit of information that I remember regarding this money was in Andrea’s interview of February this year where he stated that the company were no pursuing the SNPC debt at that point because they were still negotiating other assets int eh Congo and were hoping to use this money as leverage in these agreements. However, if this case ever comes to court it should be a pretty-much open and shut case. According to the annual reports issued by the AAOG back in 2020 and 2019, they had a written agreement with the SMPC confirming that a debt of approx. $10 million (if I remember correctly) was owed and they paid about half of this. Since the money was their half of the license operating costs, there is no argument that the rest of the money is still owed and there is a written agreement that they would pay this. They are simply in default.


2) France – The court case against the SMP regarding the failures of the drilling operation for Tilapia when it was owned by AAOG is ongoing and a date for the hearing has now been fixed for September 29th as per yesterday’s RNS. Andrea stated in his February interview that the company is claiming $9 million in this court case and that they were confident of a good result. The RNS yesterday which disclosed that the SNP had been ordered to pay Zenith €30,000 damages as a penalty for the delaying tactics that they have been using suggests that his confidence may be well-placed. After all, if the SNP thought that they would win then they would not be delaying things.


3) Tunisia – The arbitration case against the Tunisian government being held at the ICSID in Washington. This is clearly going to be the biggest legal case in which Zenith are involved at the moment. If we look at the balance sheet in the Zenith 2022 annual report then we can see on page 89 that the company has allocated a value of CAD$ 235 million for the value of the various Tunisian assets and even with the liabilities removed this is still valued at CAD$133 million (USD$100 million). Obviously, it is only Ezzaouia and Sidi-El-Kilani that are in dispute, but these are the more valuable concessions and in my opinion it is probably USD$50-75 million in total that Zenith will be asking for in compensation if they lose the licenses. They will also be after the value of the oil that they have been unable to sell which by my calculations is approx. $13 million per year so I anticipate another $20 million in total at this point in time. In total I estimate that we are looking at an arbitration for a total value of around USD $100 million, which is a huge amount of money.

We have to be clear about how likely we are to win the various court cases as well. In my opinion, the SNPC money is guaranteed for the reasons mentioned above. The SMP case also seems likely to be won, but I expect that it may also be settled before the court date for a discount, say $5-6 million. So this gives Zenith a potential income from these two cases of around $9million (less legal fees).

The Tunisian court case is likely to take years to roll through the arbitration if the Tunisians do not settle but it is a huge case of enormous value and also of significant political implications to the Tunisian government when it comes to them negotiating their bail-out money with the IMF. From RNS releases that Zenith have made, the company has made it very clear that they would like an amicable settlement and the noises coming out of the Tunisian press also indicate that this MAY be likely.

It is very important for us to remember that the Tunisian Minister for Oil, at the time this dispute arose was Naila Nouira Al-Kenji. She has since been fired and, in my opinion, this makes it easier for her successor to settle the dispute amicably and he/she can simply blame the problems on their predecessor and not lose any of their own political capital by backing down.

I expect that there will, eventually, be an amicable settlement reached whereby Zenith will keep their licenses (and have them renewed), get paid in full for the production money that they have lost out on and will also get some compensation in the region of $10-15 million as damages. This will total about $35 million and the litigation funder will take a percentage of this – potentially about 25%, though this is just a guess. This would mean that Zenith would end up with $27 million plus all of their existing Tunisian assets even under an amicable settlement. If they are compensated for being completely kicked out of the country then they numbers will obviously be much higher,

If all of this happens that we are looking at Zenith bringing in an income of around $36 million from the various court cases which is a huge amount of money as weighed against the current market cap of USD$10 million. Although it is not certain that Zenith will win all of these cases, it is definitely certain that it is an interesting position for the company to be in.
Viking_I
04.07.2023 kl 15:29 4691

South Sudan Oil & Power 2023 - Andrea Cattaneo, CEO of Zenith Energy #ZEN #ZENA
https://www.youtube.com/watch?v=PC4Z-Inz254
RKW
04.07.2023 kl 16:47 4635

south sudan kan bli råflott! time will show!
jantt
04.07.2023 kl 18:46 4515

Vi må håbe at noget af det kommer i hus for nu har vi ligget under 6 øre i laaaaang tid

Vi har ligget under 6 øre i hele 15 børsdager😂 altså ikke ett blunk av tid i aksjesammenheng😂😂 dette var bare dårlig jantt

Er det ikke fantastisk som det går, der er virkelig stor tiltro til fader AC i tiden, hvergang han toner frem på skærmen og fortæller om alle de fantasi projekter der lige straks bliver underskrevet dratter kursen nedefter.

(Sarkasme kan forekomme)

Enig der, men en nedadgående trend i 3 år er lang tid, noe annet blir usaklig. Kursen nærmer seg rock bottom høsten 2020, så kan dere som drømmer om kurser over 0,20 eller mer ta en realitetssjekk når 2023 er over. Dagens utgangspunkt for selskapet er, som mange har nevnt tidligere, mye mye bedre nå enn i 2020 med mange baller i luften, men som ikke vil lande helt (ennå)? Så sett i lys av dagens utgangspunkt så burde kursen selvfølgelig vært mye høyere, iallefall forventningsmessig, så hva er det som skjer? JO, aksjonærene er lei, og selger seg ut med tap, det er eneste forklaringen jeg har på den sterke nedgangen vi har sett i 2023 (50%).

July 5, 2023

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Second acquisition in USA

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the international energy production and development company, is pleased to announce that its newly incorporated fully owned subsidiary in the State of Texas, Zena Oil & Gas LLC, has conditionally agreed to fully acquire a portfolio of mineral leases and oil and gas wells in the State of Texas, United States of America (the “Acquisition”) from the wholly owned subsidiaries of Beam Earth Group Ltd. (the “Seller”).

Terms of the Acquisition

The Company has conditionally agreed to fully acquire, subject to a definitive purchase and sale agreement (“Completion”) certain oil, gas, and mineral leases and oil and gas wells for a total amount of US$1,027,500 (the “Consideration”).

The Consideration will be payable 60% in cash, representing the amount of US$616,500, and the balance of 40% will be satisfied by the issuance of equity to the Seller to be admitted to trading on the Euronext Growth of the Oslo Stock Exchange, priced at the average closing price of the last 5 trading days prior to the achievement of Completion (the “Equity Consideration”). Admission will also be sought within 12 months of any issue under the Equity Consideration to the Main Market of the London Stock Exchange and the Standard Segment of the UK Official List.

The Seller has agreed to retain the Equity Consideration for a minimum of three months from the date of Completion. Zenith will hold the right of first refusal in the event of a possible disposal of the Equity Consideration, subject to the terms to be agreed at Completion in the definitive purchase and sale agreement.


Acquisition Highlights

• The Acquisition comprises of 155 oil and gas wells located in the vicinity of Midland (TX) across licences named Corsicana, Powell, BrookLaw and Sun Valley.
• 47 wells are currently active with a daily production of approximately 60 barrels of oil per day (“BOPD”).
• It is expected that production can be increased to an average rate of 100 BOPD with light workover and field rehabilitation activities within six months from Completion.
• Located in the State of Texas, a prolific oil and gas petroleum system with favourable fiscal terms, relatively low production costs and the ready availability of technical expertise and equipment.
• Zenith will commission a Competent Person's Report in compliance with Canadian securities laws, specifically the COGE Handbook and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities - to obtain an updated reserves evaluation for the Acquisition.

Andrea Cattaneo, Chief Executive Officer, commented:

“We are pleased to have conditionally agreed our second acquisition in the USA.

Texas is a favourable oil and gas jurisdiction with many attractive qualities for junior operators such as Zenith, specifically with regards to fiscal terms and the availability of equipment and technical expertise.

We look forward with enthusiasm to commencing our activities in the State of Texas, one of the areas in the world most synonymous with hydrocarbon production activities.

It is our expectation that we shall soon achieve ‘critical mass’ by way of additional acquisitions, selected following a rigorous due diligence process, to successfully achieve Zenith’s growth objectives.”

About the Seller:

Beam is currently selling O&G assets to focus on service activities with a strong impact on GHG emissions control and reporting (https://www.beam.earth).

Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer


It is our expectation that we shall soon achieve ‘critical mass’ by way of additional acquisitions, selected following a rigorous due diligence process, to successfully achieve Zenith’s growth objectives.”
C-Eiken
05.07.2023 kl 12:57 3917

Billyjojimbob skrev Pang 6 øre👍🌞
Pang status qou fordi ingen tror på det mere når ikke der leveres.......

Gi det litt tid,pos strokes skal fordøyes først,så tenke,før handling😁

Fantastisk så gik vi fra -5% til -1,5% på de vilde nyheder🤣🤣🤣🤣🤣🤣🤣 men trods alt bedre end at vi er blevet taget ved røven et eller andet sted på det mørke kontinent

60 fat pr. dag fra 47 brønner. Hva slags brønner er det?

Det gir et snitt på 1,28 bopd pr. brønn. Eller ca 202 liter pr. dag.

Pr. time blir det 8,4 liter. Pr minutt blir det 0,14 l. Det er mindre enn strålen til en mann med store prostataproblemer.
Viking_I
05.07.2023 kl 13:48 3741

here is second one...................keep eye on Yemen too...........................will come any time soon
Redigert 05.07.2023 kl 13:50 Du må logge inn for å svare
birol
05.07.2023 kl 14:48 3676

Very surprised at dedication from sellers today
Galv
05.07.2023 kl 14:56 3759

News from yemen underway - will we see 500% or more on this deal approved- remember too all production this year belong too Zenith 🛢💵
Viking_I
05.07.2023 kl 15:00 3879

they are trying to lower the course from last two days .............but fail due to todays news.
Redigert 05.07.2023 kl 15:03 Du må logge inn for å svare

Der skal snart positivt nyt fra et af de gode fantasi projekter ellers er vi snart under 5 øren, 155 halv tørre brønde i US gør jo intet ved kursen når ingen gider købe
Redigert 05.07.2023 kl 15:05 Du må logge inn for å svare
birol
05.07.2023 kl 15:05 3913

I would say they succeed. I thought the most bullish part of news is sellers of oilfield in Texas accept shares instead of cash cause they see the potential in Zenith
Viking_I
05.07.2023 kl 15:10 3878

Yemen or Benin news will change course totally different.........................including settlement in Tunisia ........

Jeg sier bare. Make Zenith great again, and bring em on!! nå trender jo Zenith mot gode nyheter i stedenfor bare trøbbel. Usa positivt og mye mere kommer, Rettsak, det går utvilsom veien og er et solid kort på hånden i Tunisia, Nye muligheter i Sør Sudan og ikke glem Yemen da folkens. Husk denne myggen er knapt verdt mere enn 10 eneboliger på Slemmestad. Litt lykke og hell nå så er det milliardbutikk
Gullit
05.07.2023 kl 15:30 3811

Her kommmer det garantert mer ,!! Elsker att det satses i USA nå, dette kan virkelig bli hovedmålet og hovedinntekten og det relativt fort. Avtalene her kommer jo som perler på en snor, når kommer nr3?

Ja nå kommer nyheter med positivt innhold på rekke og rad, nøyaktig som jeg nevnte for noen få dager siden, jeg har ståltro på at h2 2023 vil bli en skikkelig opptur for zenith, der de både får en solid grunnbase i inntekter fra Italia og usa, og muligens Tunisia hvis forholdet der ordner seg før en eventuell rettslig prosess. Men også at en av de større gamechangerene slår inn, Benin/jemen/sør-Sudan. Med alt hell så vil vi kunne være fullfinansiert på ett større felt ved ett godt utfall med rettsaken i paris og/eller kongo utbetaling. Jeg ser med glede frem til resten av 2023😃
Viking_I
05.07.2023 kl 15:46 3770

Syndicate trying to use small news to lower the course but remember big news on the way now.........................

Ser ut til at det kommer en liten sluttspurt i dag og oppbygging på kjøpssiden. Runder vi 0,6 igjen og kjenner et snev optimisme komme snikende?
Gullit
05.07.2023 kl 16:28 3689

Morgendagen blir nok knall grønn. Nå må det snart pirre interessen for større aktører, da flyr vi høyt

Hvorfor selges det olje og gassbrønner i Texas? Dette har jeg spurt om tidligere, dersom det er så "lukrativt" hvorfor selger de som har hatt disse brønnene? Det er betenkelig synes jeg...og i kjent stil, så "løftet" nyheten om disse kjøpene kursen minus 0,37%, altså ingen oppgang å spore, og Z er noen millioner fattigere(les;aksjonærene).

Får Zenith ansvaret for å plugge og rydde opp i alle disse gamle oljebrønnene?
BMU
05.07.2023 kl 19:26 3421

And remember I always sad ,, Its important with the first completion to fall in to place for Zenith and rest will com easily one after the other``.Successful completion is more important then haw much BOPD is producing .
Bigg scores are yet to com.