Zenith Energy

Med over 600 indlæg i tidligere tråd, er der plads til en ny frisk tråd, denne gang med lidt begrænsninger.

Yderligere RNS er på vej, og vi er mange der ser frem til hvilke aftaler AC har lukket, jeg er stadig overbevist om at Talipia andelen er forhandlet bedre for firmaet, i bytte for $ naturligvis, mon ikke der også snart kommer lidt melding om fordelingen af aktier fra Canada ?

Aqualight 🇩🇰🇳🇴

Andrea Cattaneo is a proud Genoese, inspired by those energetic Renaissance explorers and navigators who once traversed the world in pursuit of commerce and adventure, and now heads up the oil company he founded 13 years ago after cutting his teeth as a trader and financier.

Born in the 1960s, Cattaneo stayed in his hometown to study economics, moving to Bologna for his master's before landing a job in London with ITAB, the Italian merchant bank specialised in lending to socialist regimes across the Eastern Bloc, imposed by the Soviet Union after World War 2.

“A lot of work came through as Italy had the biggest Communist Party in Western Europe and I gained useful experience in my second job with the London Forfaiting Company, trading in the USSR and mostly lending to state-owned banks,” he says.

He visited Vietnam, then the world’s third poorest country, putting together its first ever loan in convertible currencies, an achievement which got him noticed.

“They said why not do some of our oil trading, so I became an oil trader,” he says.

When the big oil traders moved to dominate the market, leaving the smaller firms unable to lend to originating countries, Cattaneo switched to trading soft commodities in Africa and Asia but yearned to return to natural resources, setting up Canoel International Energy, later Zenith Energy, in 2007.

His first foray into Tunisia with a similarly inexperienced partner proved disappointing.

“Two half-men do not make a whole man,” he muses.

“Two weak juniors with little cash and confused corporate arrangements do not make a strong consortium, but we nonetheless managed to sell out and get our money back.”

Casting the net
Cattaneo learned the hard way go it alone or else partner with a strong counter-party.

He cast the net wider, snaring a huge licence from Shunklai Energy in Mongolia, sandwiched between two producing fields across the border in China, before targeting Argentina's Chubut province where he acquired the Don Alberto and Don Ernesto fields.

“We produced in Patagonia for three years and made a lot of nice profit before the 2008 oil price crash and state-owned YPF collapsed — they even halted the electricity, so we couldn’t produce — but the experience encouraged us to go after even bigger fish,” he says.

Negotiations already under way bore fruit in Azerbaijan, where Zenith enjoyed good production from the Muradkhanli, Jafarli and Zardab oilfields from 2016, only ceasing operations in May this year.

“We tried to realise the upside but didn’t succeed geologically, although we learned as a company how to work with government and it was a happy period, so it’s all positive,” Cataneo says.

He recounts a narrow escape in Indonesia after chasing down an onshore production opportunity which turned out to have hidden liabilities — “saved by the due diligence conducted by RSM Global, a London-registered network which did an excellent job, enabling us to halt the deal and protect our shareholders”.

Africa beckoned — Zenith’s staff are mostly francophone and had several countries in central Africa under review.

Cattaneo saw Anglo African Oil & Gas (AAOG) was having problems and needed to unload the under-performing Tilapia field on the Congo-Brazzaville coast.

“We pushed a deal last Christmas to acquire 80% of AAOG Congo for a couple of million dollars — and then the Covid 19 crisis broke, enabling us to pick up 100% for $200,000” he says.

“It's so sad to see the effect of the coronavirus, but we must face the disasters in life. The price collapse has discouraged many players, but we see a great future in African oil and gas — our overheads are low and we’ve managed over the years to avoid corruption in our ranks and supply chains.”

Understanding the culture
Zenith’s strategy lies primarily in francophone Africa, where his team understands the culture and bureaucracy, but Cattaneo says he also aims to participate in the second stage of Nigeria’s Marginal Field Licensing Round, partnering one or more indigenous players.

“We’re expanding our footprint in Congo-Brazzaville and may imminently announce another licence award not too far from Tilapia," he says. "We’re also interested in the Cuvette basin, but that may be some way down the track.”

Another acquisition is currently being worked up in a nearby West African country and that too will be announced shortly, he says.

He regrets devoting too much corporate energy to the nitty-gritty of operations.

“In retrospect, I feel we should have done more travelling. We got too bogged down in day-to-day management when we could have delegated,” he says.

He is convinced that finance can be found for the right projects.

“An old proverb says that wherever there is heavy rain, there will be one place where it not raining, so that is where we shall look,” he says.

Cattaneo aims to take full advantage of merger and acquisition opportunities as they arise.

“We’re now running fast, talking to everyone, that’s the lesson we have learned," he says.

"In the past, we spent too much time monitoring, not paying enough attention to company development.”

Zenith is now fully focused on getting results in Africa. “There comes a point when one has to accept risk and place trust in local management, and that’s what we’re working to achieve in Congo," he says.

Formand AC har bedt om taletid, det skal han hermed få, mange gode budskaber og en indsigt i de udfordringer COVID-19 har bragt med sig, men derudover også en lille flig af det mod, mange mistede og tabte på, herunder Tilapia overtagelsen. God fornøjelse med at se samt selv bedømme om han er på dybt vand eller solid jord😊 https://youtu.be/9f19mzALR0U

Aqualight 🇩🇰🇳🇴
Redigert 07.08.2020 kl 18:14 Du må logge inn for å svare
07.08.2020 kl 13:15 465

Hvad siger AQ, er du klar med et regnestykke på 1600 fat.

Bliver sprøde tal eller en stor næse 😂😂😂

Svaret har vi meget snart, bliver spændende og se om de negative får ret eller om vi bliver meget rige 😃😃😃

Ja da er vi der snart at ac skal fortelle om sine visjoner.. Noen som har mulighet å delta på slikt viss det blir live i Oslo?
04.08.2020 kl 11:39 889

Ja bliver spændende og se om vi får en bid af kagen her ..

Produktion pt.

Tunesien 125
Italien. 60
Kongo. 30

Samt mulige store nyheder i vente, og folk sælger på 0,07 kr, man kan bedre forstå at folk taber penge på aktiemarkedet 🙈🙈🙈

What You Must Know About Oil Production Licenses in Nigeria

The Federal Government of Nigeria recently announced the commencement of its 2020 marginal fields bid rounds.

The regulatory agency – Department of Petroleum Resources, DPR within whose purview the coordination of the exercise falls, disclosed that a total of 57 fields are on offer.

According to the DPR, the bid round exercise is open to indigenous companies and investors interested in participating in exploration and production (E&P) business in Nigeria.

The regulatory agency said that the fields are located on land, swamp and shallow offshore terrains.

“The Department of Petroleum Resources, DPR on behalf of the Federal Government of Nigeria is pleased to announce the commencement of 2020 Marginal Field Bid Round exercise.

“The Bid Round exercise is open to indigenous companies and investors interested in participating in Exploration and Production (E&P) business in Nigeria, DPR stated.

Inviting interested investors to participate in the ongoing bid round, the DPR Director, Engr Sarki Auwalu said: “Interested parties are invited to visit the DPR dedicated portal for the exercise; marginal.dpr.gov.ng to access the Guidelines for the Award and Operations of Marginal Fields in Nigeria, 2020, and the requirements for participation,” DPR stated.

Types of Oil Production Licenses
There are two types of licenses issued to oil producers in Nigeria which are Oil Prospecting License (OPL) and Oil Mining License (OML). The validity periods for the licenses ranges from 5 to 20 years respectively.

The Federal Government of Nigeria is vested with the sole responsibility to control petroleum (crude oil) resources and only permits their exploitation under the licenses as earlier stated. This it does in accordance with the Petroleum Act of 1969.

Upon fulfillment of the stipulated guidelines and criteria, the FG allocates acreages (Licenses) to operators in such areas deemed to have potential for petroleum accumulation and at the discretion of the Minister of Petroleum Resources.

In other words, the allocation of licences for exploration of oil to investors is based on the fulfillment of a set of criteria usually made known to interested investors at the time such blocks are open for bidding. It must be noted that the FG reserves the right to participate in the operations of any block and to determine the type of contractual arrangements between the Allotee(s) and the Government.

Difference between OPL and OML
Oil Prospecting License (OPL)
An OPL confers exclusive rights of surface and subsurface exploration for the production of petroleum in an area not more than 2590 km2. (1000 m2) in size. Oil Prospecting License is granted in inland basins for an initial period of 3 years with the option of renewal for a maximum period of 2 years.

However, the exploration period for deep water blocks and frontier basins is 10 years. It is broken into two 5-year periods which automatically roll over unless otherwise withdrawn due to non-performance.

Note that an OML is granted upon confirmation of potential for commercial production of petroleum from the License.

Oil Mining Lease (OML)
This category of licenses is given to organization(s) that fulfilled the work commitment according to Petroleum (Drilling and Production) Regulations of 1969. It is granted upon confirmation of potential for commercial production of petroleum from the License.

The OML grants exclusive rights to explore, win, produce and carry away petroleum from the relevant area.

The regulation size is 1295 km2. (500 m2) and the specified duration is 20 years. Only the holder of an OPL is entitled to apply for conversion of Oil Prospecting License to an Oil Mining lease, through the Department of Petroleum Resources (DPR) for approval.

The production of 25,000 barrels per day is required as the minimum production level (commercial quantity) for conversion of a deep offshore OPL to an OML. However, for other areas, a production level of 10,000 barrels per day is required.

It is also important to note that an OML is granted upon confirmation of potential for commercial production of petroleum from the License. Only the holder of an OPL is entitled to apply for conversion of Oil Prospecting License to an Oil Mining lease, through the Department of Petroleum Resources (DPR) for approval.

Aqualight 🇩🇰🇳🇴

Her skulle dagens tal have været... men der er ikke leveret nogle tal, måske er det Covid-19, måske er det ferie, måske er det noget andet ? Hvem ved.

Jeg ser på flere Forum at der nu er tvivl om, forlængelsen går til Zenith, det er ikke uden grund for det er et attraktivt område for mange, hvorvidt buddet starter ved 5 mill $ ved jeg ikke, men det virker ikke urealistisk, selv med dagens lave oliepris er der mange penge at hente allerede ved 30$ pr. Boe. Det som alle har øjnene rettet mod er selvfølgelig Djeno, nedenstående taler sit tydelige sprog :
Litchendjili ‐ producing from the Djeno Sands (1bn/boe in place)
Masala Marine ‐ 5,000/bopd with 1bn/bbl reserves in the Djeno Sands
Kitina, Djambala - Chevron operated, producing 50,000/bopd from the Djeno Sands
Eni recently discovered – 1.2bn/boe in place (in the Djeno Sands, same structure as Tilapia and only 20 km away)

Two recent discoveries in the Djeno Sands by Oryx Petroleum Haute Mer A ‐ best estimate (gross) ‐ 168m/bbl
Haute Mer B ‐ best estimate (gross) ‐ 535m/bbl

Hvis forlængelsen kommer på plads, er det efter min opfattelse ikke et spørgsmål om vi kan skaffe pengene til den videre drift, men udelukkende et spørgsmål om, hvem vi vil arbejde sammen med fremadrettet, that simple😊

(Mere end 140 personer har bedt om afgang til at kommenter på denne tråd, lige pt. har en god håndfuld fået adgang til dette)

Når tallene fra Tunesien bliver frigivet, kommer der en opdatering.

Aqualight 🇩🇰🇳🇴
Redigert 29.07.2020 kl 17:44 Du må logge inn for å svare

Så blev det endnu en gang tid til lidt tal fra Tunesien og SLK, sidste uge bød på en smule mindre gennemsnitstal men der bliver stadig leveret 123 Boepd til afbetalingen, i alt 862,65 Boe for hele ugen- til afbetalingen og 3834 Boe for hele feltet på de 7 dage -


Aqualight 🇩🇰🇳🇴

RNS Number : 4270T
Zenith Energy Ltd
20 July 2020

July 20, 2020

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this announcement via a regulatory information service ("RIS"), the inside information contained in this document is now considered to be in the public domain.


("Zenith" or the "Company")

Update on Tilapia in the Republic of the Congo

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA-ME), the listed international oil & gas production company focused on pursuing African development opportunities, is pleased to provide an update on the Tilapia licence in the Republic of the Congo which expired on July 18, 2020.

The Company can confirm that the Company's subsidiary in the Republic of the Congo, Anglo African Oil & Gas Congo S.A.U ("AAOG Congo"), continues to operate the Tilapia oilfield on an interim basis following the implementation of a "Plan for the Continuation of Activities" ("PCA") agreed with the national oil authorities.

New 25-year licence for Tilapia ("Tilapia II")

The Company is pleased to announce that, in accordance with local procedures, it has submitted a comprehensive commercial and technical offer (the "Offer") to the Ministry of Hydrocarbons of the Republic of the Congo for the award of a new 25-year licence for the Tilapia oilfield to be named "Tilapia II".

In consideration of the impact of the ongoing COVID-19 pandemic, as well as the expected evaluation period for the Company's aforementioned Offer, the Company expects to receive a preliminary indication regarding the possible acceptance of the Offer within the next 30 days.

Andrea Cattaneo, Chief Executive Officer of Zenith, commented:

"We are very excited about the good progress we have achieved in recent weeks in the Republic of the Congo, specifically in respect of the submission of the Offer for Tilapia II. As is to be expected, the unprecedented world crisis presented by COVID-19 has delayed all activities, including the arranging of meetings to conduct the necessary negotiations prior to submitting the Offer.

The Tilapia asset has transformational production potential and the award of a new 25-year licence will represent the first important successful milestone in our journey in the Congo. It is our hope and expectation that we shall achieve this goal in due course.

I am also pleased to confirm that negotiations are nearing a conclusion with regards to defining a payment plan for the repayment of the US$5.3 million debt owed by Société Nationale des Pétroles du Congo to AAOG Congo."


Aqualight 🇩🇰🇳🇴

Et af de mere fantastiske indlæg fra UK, som meget vel kan have en del sandhed indbygget i sig, men vurder selv.:
Speculation re CongoToday 14:26
Contrary to what appears to be the majority opinion here, it is possible that ZEN may not be awarded an extension to the Tilapia licence and it may be that the JVA for acquisition of a 'second asset' announced in the 07.07.2020 RNS is a compensatory deal agreed at the ZEN/Ministry of Hydrocarbons meeting held on 23.06.2020.

My reasoning is based in large part on recent advances in understanding of Congo offshore hydrocarbon plays and an assessment of possible rival interests in the Tilapia acreage, although the conclusion is admittedly highly speculative.

Those who are familiar with the Congo offshore license areas will know that Tilapia intrudes into the extensive Marine III Block which occupies almost all of the shallow water Congo coastal area.. Marine III is operated by New Age (African Global Energy) Ltd with a 75% interest, the remaining 25% being held by SNPC. Since 2010 New Age has been highly successful in locating and developing new offshore oil and gas fields, including Nene and Litchendjili, in deeper water adjacent to Marine III and in consequence will probably wield considerable influence in the further development of Congo offshore and near-shore hydrocarbon resources.

Since acquiring the Marine III licence, New Age has initiated a gravity survey to supplement the 3D seismic data and has identified several substantial structural targets adjacent to and directly adjoining Tilapia. Given the proximity of these potentially significant targets to the Tilapia acreage it is possible that New Age would consider it strategically important to have operational control over Tilapia also, and would have made that interest known to SNPC and the Ministry at least as early as last year.

If this is so it would explain, at least in part, the apparent withdrawal of cooperation by SNPC in its relations with AAOG during 2019 and the so far extended negotiations between ZEN and the Congo authorities up to the limit of the current PSC and JOA Tilapia contracts which ends today, on 18.07.2020. It would also be consistent with both the timing and unexpected nature of the JVA 'second asset' announcement.

As I outlined on 10.07.2020, the stated criteria of this 'second asset' suggest a potentially significant onshore field, which with a Mengo-reservoir oil recovery rating of 80%+ compares very favourably with the Oct 2016 CPR estimated recovery rating of 5-20% for oil and 60-80% gas from the Tilapia Djeno reservoir. If the 'second asset' is a compensatory alternative to Tilapia, ZEN would, from my understanding of the reservoir characteristics, be acquiring a lower risk asset with at least equal if not greater production potential than that of Tilapia.

I re-emphasise, this scenario is an entirely speculative possibility only and should not be interpreted as a prediction. Hopefully we will acquire an interest in both assets. We await developments.

Endnu en uge med rullende indtægter ligger nu bag os, sidste uges tal er nu kommet og de viser stort set hvad de viste ugen før nemlig, 557,42 Boepd i snit og 125,42 Boepd til firmaet. Der har været endnu en emi, som har givet en del støj, hvis man sidder og tror at man får svar på noget ved mødet den 20 i denne mdr. er jeg overbevist om at man bliver skuffet, den tidligere kontrakt udløber den 18/7- så mon ikke det underskrevet papir ligger klar til fremvisning der?😊 jeg skrev tidligere et par datoer før den 18, jeg kunne ikke huske præcis hvornår den tidligere kontrakt udløber, der er pt. så mange ting som afventer melding, men jeg tror vi skal huske på hvor stort et aftryk alt det her COVID-19 har sat, så det er nok ikke de første forsinkelser vi kommer til at se, og marked for at ville kaste sig ud i at låne til olie industrien er noget tynd.

Link til produktionstal : http://www.etap.com.tn/index.php?id=1641

Hold hoved koldt i ventetiden

Aqualight 🇩🇰🇳🇴
Redigert 14.07.2020 kl 14:04 Du må logge inn for å svare

Så kom sidste uges tal for SLK, alså der hvor vi faktisk får lidt olie på bogen, gennemsnittet ligger lidt højere nemlig på 557,57 Boepd for de 7 dage, hvilket giver os, 125,5 Boepd, der er stadig et stykke op til de 700 Boepd, og vores 157,5 Boepd 😊 men mange bække små, betaler de næste 250000 $ så det er så fint 😊 dagens melding er ligeledes fin, men det har nok lange udsigter med at få noget produktion i gang, med hensyn til Tilapia er der nu ingen tvivl hos mig om at en ny kontrakt/aftale først kommer når den tidligere er udløbet, enten den 11 eller den 14 i denne måned, så inden da kan vi stadig nå at få en afklaring om afnoteringen fra Canada, et godkendt fra Italien, lidt info om at udstyret fra AZ, nu er i Congo😊

Vi må vente lidt endnu

Link til ETAP og SLK tallene : http://www.etap.com.tn/fileadmin/prod_jour/Brut-290620.pdf

Aqualight 🇩🇰🇳🇴
Redigert 07.07.2020 kl 18:30 Du må logge inn for å svare

Endnu en uge er gået i Tunesien og snittet på SLK feltet er på 550 boepd (gennemsnit på 7 dage) = 123 boepd til Zenith


Under the terms of the conditional sale and purchase agreement (SPA), first announced to the market on April 20, 2020, signed between Zenith Energy Netherlands B.V., a recently incorporated fully owned subsidiary of the Company, and KUFPEC (Tunisia) Limited, a 100% subsidiary of KUFPEC, KUFPEC’s entitlement of oil produced from SLK since the date of signing of the SPA will belong to Zenith Netherlands.