Zenith Energy Share Discussion Threads

[sleveen] 21/6/2018 08:51

and that's the point bg, investors have been misled by over optimistic operational updates. IMV.

[brasso3] 21/6/2018 08:50

They are in trouble this side of 500 BOPD that is for sure.

Thinking back to the Twitter videos of 'the gusher'. That was a nice con job from the CEO to lure in more PIs.

[bad gateway] 21/6/2018 08:49

Had an email from andrea confirming they were averaging the 300bpd before I took a punt on the Z's earlier in the year. Feeling a bit misled actually not sure i would have punted if he'd told me the truth.

[sleveen] 21/6/2018 08:45

ZENGAS

You're right I made an assumption.

But agree ZEN in a terrible position. Most PIs have sussed this and that's why the PB offer flopped.

One to avoid until operational success and financials are published, and even then go and lie down in a dark room.

[zengas] 21/6/2018 08:26

sleveen - the loans aren't being paid off as far as I can see.

They also published the production figures and on top of that they still have production to give to the government which is deferred.

Page 55 shows detailed average monthly production published and never got over 283 bopd per month at any time in 2017 or to end March 2018.

17 months of operations and haven't increased even a small few bls extra. They also sold their Argentinian ops to concentrate on Azerbaijan but never increased the oil production at all so if it wasn't for the oil price increase this would be in an even worse position. On top of that they have more than doubled their shares in issue while doing it at 4p compared to the 7p UK listing so absolutely poor of them to say what they have achieved.

Page 20 "The 2015 average daily production was approximately 310 STB/d and accordingly the new target will be at least 465 STB/d." - Note they gave the 2015 number as 2017/Q1-2018 was sub 285 bopd.

$2.16m cdn debt.

The bulk of all the money (£1.5m) is going on the rig deposit. Burning question is what happens if they don't generate sufficient oil to both satisfy the Government portion and also cover the 'unique lease agreement'. The rig is through a JV with Olieum. If it doesn't work out, then surely with the rig being leased then it could legally be taken back by the company supplying it ? No risk to the rig company and imo all in THEIR favour and a last throw of the dice imo for ZEN and if they are successful, will need a lot more money.

[bad gateway] 21/6/2018 07:53

Given they didn't get much from the city if primary was a flop then maybe it will focus them.
They must know they won't be able to raise again at over a penny and can't see the ceo wanting that having taken his salary in shares.
Interesting times ahead after some (more) pain today.

[spangle93] 21/6/2018 07:40

Maybe rather than committing to Primary Bid, individuals are waiting to see whether it drops below 4p and then considering buying on the open market

[sleveen] 21/6/2018 07:37

The Company is pleased to announce that it has raised gross proceeds totaling, in aggregate, GBP2,166,898 through the successful Placing, Subscription and PrimaryBid Offer.

We know that the "Placing and Subscription to raise GBP2.02 million" was raised, so about £150k was raised by the PB offer.


Looks like the Primary Bid offer was a flop; and rightly so.

[sleveen] 21/6/2018 07:34

I mentioned a few months ago that there were several loans to be paid off by end July.

Now we know how they are being repaid.

[brasso3] 20/6/2018 21:20

I cannot see how this will recover to 12p+ with the current management. Changes are required IMO.

[bad gateway] 20/6/2018 21:14

Management are hurting too with this raise shap. CEO gets paid in 9.5p shares..

Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN; TSX.V: ZEE), the international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce that Mr Andrea Cattaneo, Chief Executive Officer & President of the Company, in accordance with TSX Venture Exchange ("TSXV") rules, has now fully swapped his salary for the 2018 financial year in exchange for common shares in Zenith ("Salary Sacrifice Shares").



As a result, on May 1, 2018, the Company issued Mr Andrea Cattaneo 1,123,068 common shares ("Salary Sacrifice Shares") in the capital of the Company at an average price of CAD$0.165 (approximately £0.094) for the period from April 1, 2017 until March 31, 2018. The amount of the Salary Sacrifice Shares was calculated based on Mr Cattaneo's salary as at April 1, 2017.

[brasso3] 20/6/2018 21:13

There were two small placings earlier in the year combined with various warrant conversations and a loan. The production is obviously far from making the company sustainable at present. I notice they have avoided providing production figures in recent updates but rather talk in revenues which have improved only due to WTI pricing.

[shapido] 20/6/2018 21:08

U just know working capital means their fat pay cheque. With the history of failures and delays here, the senior management should get a massive salary cut

[barnetpeter] 20/6/2018 20:50

I don’t think they can raise more...once a year as not on aim???

[andy] 20/6/2018 20:47

The PrimaryBid Offer, via the www.PrimaryBid.com platform, will be open to individual and institutional investors from 4.30 p.m. (London time) on 20 June 2018 to 9.00 p.m. (London time) on 20 June 2018.


The PrimaryBid Offer may close early if it is oversubscribed.

Potential Investors should note that this offer will only remain open at the latest until 9.00 p.m. (London time) tonight.

--------

What?

4.5 hours only?

This is ridiculous!

[shapido] 20/6/2018 18:55

I thought grannyboy was crazy. Well I have been proved otherwise today

[grannyboy] 20/6/2018 18:34

I'm biding my time till it hits my 'worth risk' target price of 2.5-3.0p...

[sleveen] 20/6/2018 18:22

MIght have been useful to provide Q4 production figures to evidence their alleged operational performance, they must have em by now.

[sleveen] 20/6/2018 18:06

PREM drops from 0.3p via PB to about 0.25p and rallied to 3.5p when I sold fortunately.

PREM and ZEN both have poor operational performance, so ZEN 3.5p tomorrow?

[tyranosaurus] 20/6/2018 18:03

How come the shares crashed around 3pm when the RNS was timed at 4.30pm ?

These will drop to 4p this week.