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ZEN Zenith Energy Ltd.

2.30
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Zenith Energy Ltd. LSE:ZEN London Ordinary Share CA98936C8584 COM SHS NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 2.30 2.20 2.40 2.30 2.30 2.30 0.00 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Zenith Energy Share Discussion Threads

Showing 7076 to 7100 of 17800 messages
Chat Pages: Latest  292  291  290  289  288  287  286  285  284  283  282  281  Older
DateSubjectAuthorDiscuss
30/1/2017
11:05
The additional new money should lead to the production target being met earlier.
At the same time also increase the amount of production to the previous target and give stronger cash flow than originally envisaged.

Ultimately it could also bring the company closer to new well drilling and where they believe they could have 69.7 mmbls of reserves (1 field) compared to the current 36.5mmbo P2.

Well cashed up now and still only £10.9m m/cap (9.875p) with over 300 bopd.

zengas
30/1/2017
11:03
Looking to add at about 9 pence.
barnetpeter
30/1/2017
10:40
Solves finance for the next few months whilst the results from the work over come in. Maybe a further overhang with additional converts. Overall good news.
hearts1
30/1/2017
08:00
ZENITH ISSUES EQUITY TO ACCELERATE WORKOVER PROGRAMME







Calgary, Alberta-January 30, 2017- Zenith Energy Ltd. ("Zenith" or the "Company") is pleased to announce that, as a result of market demand, the Company has entered into an agreement to proceed with a brokered private placement (the "Private Placement") to raise gross proceeds of £855,000 (approximately CDN$ 1,408,000) through the issue of nine million (9,000,000) new common shares of the Company ("New Common Shares") at a price of £0.095 (approximately CDN$ 0.1565) per share.

In addition to the New Common Shares, under the Private Placement, each subscriber will receive one warrant ('the Warrant") for every New Common Share purchased. Each Warrant shall entitle the Warrant holder to subscribe for New Common Shares in the Company at a price of £0.15 per common share (approximately CDN$ 0.247), exercisable at any time until 1 February 2019.



The Private Placement follows the successful dual listing of the Company on the Main Market of the London Stock Exchange on 11 January 2017 when Zenith raised £2,332,550 before expenses via the issue of 33,322,143 common shares. The proceeds of the Private Placement will be used to accelerate the Company's field rehabilitation activities in Azerbaijan and increase the number of well workovers scheduled for completion by 31 March 2018.



The New Common Shares will comprise approximately 8.088% (eight point zero eighty-eight per cent) of the Company's enlarged issued share capital, and are anticipated to be issued as depository interests in CREST in the United Kingdom. Application will be made for the New Common Shares to be admitted to the standard segment of the Official List of the Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange (the "Admission"). It is expected that Admission will become effective and unconditional dealings in the New Common Shares will commence on or around 8.00am 2 February 2017.



Following Admission, the Company's issued share capital will comprise 111,264,867 common shares with one voting right per share. No shares are held in Treasury. The total number of voting rights in the Company will therefore be 111,264,867.



This figure of 111,264,867 common shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.

The transaction is subject to the Approval of the TSXV in Canada and of the Main Market of the London Stock Exchange in the United Kingdom.



Andrea Cattaneo, CEO of Zenith, commented:



"The Board of Directors is pleased with the Company's share price performance and liquidity in the period following Zenith's successful dual listing on the Main Market of the London Stock Exchange on 11 January 2017. This has validated our confidence in the strengths and advantages of dual listing. I am pleased that there has been such demand from the market to support the Company's growth and I am of the view that there remains considerable scope for further Zenith market appreciation. This capital raising will provide additional funding for the Company's growth strategy, specifically with regards to the well workover programme in Azerbaijan. I look forward to updating the market on Zenith's progress in the months ahead."





About Zenith Energy Ltd.



Zenith Energy Ltd. is an international oil & gas production company, incorporated in Canada, listed on the London Stock Exchange (ZEN) and the TSX Venture Exchange (ZEE).

The main focus of the Company is the acquisition of large onshore oil & gas fields in countries that offer strong asset protection and a business atmosphere conducive to stable and profitable production activities.

Zenith operates the largest onshore oilfield in Azerbaijan through its fully owned subsidiary, has oilfields in Argentina and significant gas producing assets in Italy. The Company's Italian operations also include the production of electricity and condensate.

cpap man
30/1/2017
07:47
Quite like the 2nd rns. Placing at 9.5p and warrants at 15p so they're cashed up for drilling and as a present holder I don't feel ripped off by the price. Quite unusual for aim imo.
bad gateway
30/1/2017
07:30
ZENITH FURTHER REDUCES DEBT



Calgary, Alberta - January 30, 2017 - Zenith Energy Ltd. ("Zenith" or the "Company"), LSE: ZEN, TSX.V: ZEE reports that, at the request of its bondholders, the Company has completed a further conversion of Convertible Notes (the "Convertible Notes") denominated in CHF (Swiss Franc), issuing an amount of 3,700, 000 ( three million seven hundred thousand) Common Shares (the "Common Shares") of Zenith with an aggregate value of CDN$ 407,000 (approximately £247,000).

The terms of this conversion were comprehensively outlined in the Prospectus issued by the Company on 11 January 2017, stating that the conversion mechanism requires a conversion price of CDN$ 0.11 (£0.0677).

The Convertible Notes were originally issued in December 2011 for an amount of CHF 1,080,000 with an interest rate of 9% per annum. The outstanding amount after this conversion is reduced to CHF 253,644.00, which is the equivalent of approximately CDN$ 332,500 (£201,832).

It should be noted, based on the most recent quarterly unaudited financial statements filed on SEDAR, that the Company's financial debt is approximately 2% of shareholders' equity.





Andrea Cattaneo, CEO of Zenith, commented:



"It is well known that the demise of many junior oil companies is chiefly the result of imprudent debt undertakings. The Board of Directors recognizes this risk and is therefore pleased by the decision of the bondholder to convert its convertible notes at this time. It also makes sense to issue these shares as soon as possible following the Company's IPO.



Further details on the conversion of these convertible notes will be available in the third quarter interim financial statements and management discussion and analysis for the period ending 31 December 2016. Being a Canadian issuer the Company publishes these documents quarterly, and in Zenith's case, publication is anticipated to take place a month from now."





About Zenith Energy Ltd.



Zenith Energy Ltd. is an international oil & gas production company, incorporated in Canada, listed on the London Stock Exchange (ZEN) and the Toronto Stock Exchange Venture (ZEE).

The main focus of the Company is the acquisition of large onshore oil & gas fields in countries that offer strong asset protection and a business atmosphere conducive to stable and profitable production activities.

Zenith operates the largest onshore oilfield of Azerbaijan through its fully owned subsidiary, has oil fields in Argentina and significant gas producing assets in Italy. The Company's Italian operations also include the production of electricity and condensate.

cpap man
30/1/2017
07:17
RNS out from ZEN
cpap man
29/1/2017
08:10
Marmar maybe he was looking at his level 2 and can see some brokers sitting on 14p to sell and there's not much stock inbetween.....
aggieuk
28/1/2017
14:00
LOL marmar80 to give that poster the benefit of the doubt....they were posting on the wrong thread about another stock!
cpap man
28/1/2017
13:43
Potential, how can you say resistance at 14p if there is no history, the share price never been there
marmar80
28/1/2017
12:35
Afternoon all ...I decided to take a position here last week ....after completing a hefty amount of due diligence ...I decided this will be my big multi bagger of the year ....😀 very cheap to me and I can see this rerating nicely into the 20s even before any major news ....steady production ...potential to increase exponentially ...large OIP ...could be a very tidy investment ...still under the radar as well as with lots of investors ...
shokty
27/1/2017
20:06
As the placing overhang runs out the amount of stock for sale will diminish rapidly and move the bid higher.Good news on first work over and over 20p.
hearts1
27/1/2017
10:15
Market is trying to find ZEN stock and in size for some very serious investors!

Watch this space....AIMHO / DYOR

cpap man
27/1/2017
10:10
Sell price increasing .... we're ready for the next leg up folks !!!!
potential
27/1/2017
10:01
#ZEN WOW 11p broken next stop 15p! Only on little volume! Chart is primed now to ?! Well undervalued! Broker note 42p! Plenty of news due!!!
potential
27/1/2017
09:11
I second that fella....
potential
27/1/2017
09:10
Big background buyer taking up all the stock..

Whats not to like at this market cap.. CEO taking salary at a premium of the share price says it all.

20p first stop imo on news.

effiert
27/1/2017
08:59
Looking promising - if it breaks 11p then next resistance is 14.5p
potential
26/1/2017
15:10
Someone on twitter just asked "what is the extraction Tax in Azerbaijan" anybody know...its not a silly % is it
calmtrader
26/1/2017
14:53
I would honestly agree very happy to be in this
honestcrook
26/1/2017
14:32
Would expect 15-20p next few weeks.
hearts1
26/1/2017
10:18
#ZEN Zenith Energy. Looks like seller just been cleared. 1.15m @ 9.50p just reported. Could move now.

Looks like placing overhang gone. Could move pretty sharpish now

effiert
25/1/2017
22:36
The oil doesn't seem to be in doubt - more so the completion. If there's been progress in the last 18 years with the likes of Schlumberger and other major service companies in completion techniques it could be a game changer for a tiddler like ZEN at under £10m m/cap. A few hundred bls per well and additional reserves would be all it takes at this low start point in valuation.


This is only 1 field and there's potential up their sleeve in Argentina that could be worth 1-2 times current m/cap in due course if expanded/successful.

This gives a decent insight (and bear in mind oil at approx $24/b then as well as them having a raft of projects in 5-6 countries competing for their cash) -

" Muradkhanli is potentially the largest onshore field in Azerbaijan, with estimated oil in place of approximately 5 billion bbl. It lies about 70 miles west of Baku near the rail oil export line to Tblisi and Sepsa, Georgia and is strategically located near the planned Baku-Ceyhan main export pipeline route.

Under terms of the PSA signed in 1998, Ramco holds a 50% interest in the field with an affiliate of Socar holding the remaining 50%. The contract area covers three proven oil accumulations: Muradkhanli, Jafarly, and Zardab, where Socar originally found some 3-5 billion bbl of oil in the field, and has produced over 22 million bbl to date, mostly from the Upper Cretaceous reservoir horizons. But production has fallen to less than 10% of the original dayrate, despite the state oil company's efforts to keep the field in operation for so long with so little resources. (See "Ramco Discovers Oil at Muradkhanli, Onshore Azerbaijan".)

Ramco's Muradkhanli Operating Company (MOC) operates the project as a rehabilitation, exploration, development, and production sharing agreement. Phil E. Maxwell, MOC president, says that Socar was not able to exploit Muradkhanli's Middle Eocene reservoir because of completion problems—it is a reservoir prone to produce solids and is an high pressure play. Traditionally what happens is the chemical problems in the hole causes collapse.

"Our mandate is to drill the well quickly and complete it in such a way to prevent or inhibit the solids production and to sustain the production volume as well. Our strategy is to drill the well where previous Socar wells showed high productivity on test but difficulties in producing the well. So it's a risk project, but not in the sense that the oil or source rock or the trap needs to be proven. The risk here is the difficulty in completing the well to sustain the production—an engineering risk."

MOC's new well (MOC-01) is only 75 meters from the previous well (Muradkhanli-208), which was drilled in 1980 and produced on DST up to 2,100 b/d, but soon became clogged due to mechanical difficulties. MOC-01 was spudded in January, drilled down to 4,567 meters, and logged, whereupon a significant oil column was identified in the fractured Middle Eocene limestones, sandstones, and volcanics, as was expected, and an unexpected additional play in the Upper Eocene fractured clastics. A number of attractive fractures were also found in the rock, but when it came to running the seven-inch line to complete the well, problems thwarted further completion. There was an attempt to complete the well through the drillpipe, but a tool was dropped and it was abandoned. (See "Ramco Sets Casing on First Azeri Onshore Well".)

MOC then decided to sidetrack this well, which commenced in mid-June, with drilling through mid-July. Considerable flow is anticipated on tests, but sustained commercial levels of production have to be verified. Seismic is scheduled for the field, then a few appraisal wells so that, by the end of 2001, there should be a clear picture of the extent of recoverable reserves. Known already, however, is that it will require considerable fracturing throughout the field, and extensive horizontal drilling. By 2002, if appraisals are successful, a comprehensive field development program will be put in place covering both the Rehabilitation Area and the new Exploration Area, with potential oil production in excess of 100,000 b/d of oil. "

zengas
25/1/2017
22:25
They sound as if they were as useful with the drill bit as rxp.

"Whilst drilling the MOC-01 sidetrack, Middle Eocene fractured reservoirs
briefly flowed oil at rates equivalent to 5,000 bopd prior to being shut-in as
a result of well control measures. Having studied all of the data from the
well, the Company believes that these fractures were blocked by drilling mud,
lost circulation material, and cement prior to perforating. Perforating guns
used to access these fractures may therefore have been insufficient to
penetrate beyond the damaged zone, resulting in inconclusive test rates."


for research..

bad gateway
25/1/2017
22:19
Zengas,Thanks for that. Puts it into context, pre-2003 low oil prices, well control issues and the eventual fall of ramco.Rates 'equivalent to 5000bopd' (few hundred?) is not bad if it can be sustained.Cash
cashandcard
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