Details on - NW OML141 RSC (Barracuda etc)

MarketGunsling
ZENA 17.11.2021 kl 11:40 30360

NW OML141 RSC is the NW section of license OML141 (Oil Mining License) which is a mining oil license in Nigeria that coversn1,295 km2 in the swamp/shallow waters (depth of less than 25 meters) of the Niger Delta in Nigeria.

ONL141 has an interesting history. It started life as OPL229 (Oil Prospecting License) and 38% of this was originally “bought” by the Chinese state China Export and Credit Insurance Corporation (SINOSURE) in January 2005 who put is into a SPV called Aerd Projects Nigeria Ltd. Less than 16 months later in April 2006 they sold this to the China National Offshore Oil Corporation (CNOOC) for $60 million. They also put an $80 million loan into the projects, spent about $16 million on seismic and drilled two wells (Barracuda in April 2007 and Dila later the same year). Both wells were described by CNOOC as “significant finds” but they did not give any reserve figures.

In August 2008 CNOOC surprised the O&G industry by returning its stake in OML141 to the operator Emerald Energy Resources. When asked why they did this they would only say “There are many blocks we are working on. We move in and out -- it’s very normal. But I can’t comment on any specific block,” however subsequent events have made it clear that this was to do with fears about corruption rather than worries about the block itself. Chinese media reported in April 2008 that SINOSURE’s chief, Tang Ruoxin, was under government investigation on charges of unspecified illegal activities and in 2010 he was sentenced to 14 years in prison for taking bribes. Given that Sinosure paid $30 million for their 38% in 2005 and sold it for $60 million in 2006 you can see why CNOOC may have wanted to get rid of this asset before anyone in the Chinese govt looked too much into why they paid double for this asset and what happened to the money…

Emerald Energy Resources then got involved in a $60 million court case with Sinosure in 2018 https://www.oeclaw.co.uk/images/uploads/documents/China_Export_Judgment.pdf and then had to give back the ONL141 license to the Nigerian government in 2019 due to non-payment of fees https://africaoilgasreport.com/2019/04/farm-in-farm-out/nigerian-government-revokes-licences-of-seven-oil-blocks/ however, over this time NW ONL141 appears to have becaome a license in its own right.

NW ONM141 Zenith is the North West 105 square kilometers of OML141. This area is completely onshore in the marshland as opposed to the actual offshore area and according to their website Noble Hill Network Limited have a risk-service contract executed that means that they will be the exclusive service provider and will provide funding and develop the Northwest 105 square kilometres of OML 141.

We know from Zenith’s RNS of August 31st that NW OML141 contains two discovered fields (Elepa South and Barracuda) which are “drill-ready” and that there is one prospective field that has an estimated 232.7 million barrels of oil. The also say that this has the potential to grow to more than 500 million barrels of Contingent and Prospective Resources with several TCF of prospective natural gas and condensate.

We also know that ADM said in their 18th April 2021 RNS that the first drill target (that they were aiming at when they still had the rights to the asset) was targeting production of 4,000bopd. They claimed that drilling six wells would target production of 23,000bopd and they also gave the details that the opex figure per barrel of oil in this region was $20 per barrel but this could be reduced down to $12 per barrel if the company develops a 12mk pipeline to the Brass Export Terminal. All of this can be seen at: https://www.lse.co.uk/rns/ADME/completion-of-barracuda-field-transaction-whzmetdfm0mtiqe.html

So clearly the license has great potential. Back in 2006 CNOOC bought Total’s OML-130 block which had recoverable reserves of 600 million barrels for $2.69 billion, and while the NW OML141 is not likely to yield anywhere as much as this, proving up recoverable reserves of 100 million barrels would still be worth hundreds of millions and be life-changing for Zenith and it’s investors.

We have an idea of what it will cost to get hold of a share in the RSC as ADM paid $1.3 million for what they thought was a 35% stake.

We know that there are two well-sites that are ready to go and if the funds and rig were in place then it would be possible to drill before the end of the year (but more realistically this will be in Q1 or Q2 next year).

We also know from AC’s comments in the conference call that we should expect news on this in early December

What we don’t know is:

1) How much of a share the RSC itself gives of the asset as Emerald resources are still marked down as the operator. What exactly doe the RSC give us?
2) How much money we are likely to have to put in to complete the drill.
3) Any details about the previous discovery that was made in Barracuda.
4) Any information about the CPR that ADM have supposedly been working on for the last 6 months.

Hopefully, this will be cleared up when we get the announcement that we have come to a deal with NHNL over the license. This definitely looks like it could be the “big one” that AC promised us a few conference calls ago.

jantt
28.11.2021 kl 14:19 4973

Have read some of your posts and you allways say that news will come in a few days. They never do.
What`s your agenda ?
Galv
28.11.2021 kl 16:55 4833

Jantt

Det er selskapet ved AC som informere.
Men de har ikke holdt det de har sagt tidligere.
Trolig blir Desember en bra måned.
Herman*
28.11.2021 kl 17:11 4890

AC har ikke sagt at det kommer en positiv melding ang Nigeria neste uke. Ser derimot ikke bort fra at det kan komme en MOU, vil bli overrasket om de er klar til å signere en bindende avtale så kjapt.
Viking_I
28.11.2021 kl 18:30 4824

All timeline inform by company not by me please go through company RNS and IC.
jantt
28.11.2021 kl 20:02 4906

ok sorry then
it`s info from the company you can`t trust then
hmmm not good
Herman*
28.11.2021 kl 20:19 5188

So has the company said there will be confirmation of a new Nigeria license this coming week? It may happen or it may not, but you just keep making things up and refering to the company.
Oilinvestor
28.11.2021 kl 20:45 5189

AC uttalte under IC vedr. Nigeria, oppdatering i Desember.
Han sa ikke noe mer spesifikt enn det.

Vilking_I må bare roe seg litt!
Herbius
28.11.2021 kl 21:17 5187

Lad da være med at svar de utaknemmelige kryb 👍👍

De kan sku selv læse sig op 😡

Eller sælg for fanden, det er jo mere YNK her ind i en strikke klub for gravide 🙈

Nyheder kommer når de kommer..
Galv
28.11.2021 kl 21:43 5271

Dette er tull.
Oppdatering kan vel kalles news.
Desember 2020 vart utrolig- kanskje likt i 2021 desember.
Vent og se - det er mange triggere som kan komme nå.
Herman*
28.11.2021 kl 21:55 5288

Det er ingen som påstår at det ikke kommer nyheter i Desember, og med nyheter mener jeg i all hovedsak positive nyheter. Det mange reagerer på et påstander om spesifikke datoer som om det var fakta og ikke spekulasjon.
Herman*
29.11.2021 kl 08:08 5075

Da kom det en gladmelding ang Nigeria. Som nevnt tidligere tar det tid å formalisere alt, men midten av jan er imponerende. Av 180 mill kroner, tipper jeg de bare trenger å hente ca 40-50 mill i EK, men det kan hende de ikke kjører en emisjon før Tilapia er i boks.
Herbius
29.11.2021 kl 08:22 5016

Super super spændende, det er godt nok noget af en udskrivning, men mon ikke AC har styr på det 🙏

Men nøj hvor bliver det da et vildt 2022, med både boring i Tunesien, Congo samt Nigeria 💰💰
Slettet bruker
29.11.2021 kl 08:30 4975

De som selger i dag må være totalt blåst i hode!!!

We are confident in our ability to finance the Option by using multiple sources
of funding, specifically funding from pan-African financial institutions.

Finally, while this transaction would represent the largest single investment in
Zenith’s history, it will in no way divert attention away from our development
in Tunisia, and especially in the Republic of the Congo, where we expect to
finally achieve significant progress in due course.”
Mdg1
29.11.2021 kl 08:44 4921

Om de ikke har noen gode bankforbindelser kommer det til å bli noen enorme emisjoner. Her skal de hente nesten 200 mill i løpet av de neste 270 dagene
Herbius
29.11.2021 kl 08:57 4865

Tror ikke det bliver et problem at låne med de reserver 😃

Men puha det er spændende 💰
Gullit
29.11.2021 kl 09:05 4859

Dette må da nyhetsbilde få med seg.. no starter eventyret!!!
Viking_I
29.11.2021 kl 09:18 4798

here we discussing 7 billon worth reserve and people thinking of $20 million which is with zenith until next nine month by selling Tunisian oil and production will start in next 6 month then, 4000bopd production rate in 3 month company will earn $25 million.
Herbius
29.11.2021 kl 09:25 4754

Ja det er sindsygt, og plus vi kan borer så hurtigt, og evt sætte i produktion 💰
Det er vildt, nu vent til markedet først forstår og hører om meldingen, så smælder det 🙈🙈🛢🛢🛢
gravemaskinen
29.11.2021 kl 09:28 4799

forundrer meg ikke om Tilapia også kommer nå kjapt, så blir det enkelt å gå i banken....må visst inn igjenn
Aldara
29.11.2021 kl 09:38 4814

Burde vi ikke minst nå 0,13 på dette?
Herbius
29.11.2021 kl 09:40 5035

Meget mere, den kommer til at stige over et par dage på dette, nu skal markedet samt de store lige først regne lidt på tallene 👍
Aldara
29.11.2021 kl 09:45 5000

Håper du har rett urtemann, men som jeg har sagt før: Tror det ikke før jeg ser det...
Vi venter på neste rykk..
Redigert 29.11.2021 kl 09:46 Du må logge inn for å svare
Viking_I
29.11.2021 kl 09:52 4981

No one knows the number, as per my calculation and USD$3 rate 2P reserve on 120million barrels of oil (for Zenith including Nigeria, Tunisia and Congo ), 27 million debt and 1.8 billion shares is kr 1.83 15times more from todays course. USD$3 is very very conservative (it ranges from $3 to $18 ) price range is from ( kr 1.83 to kr10.98 max ).
For above calculations please refer page 57 from August 21 report by Allenby change is number of shares increase from 1.4 to 1.8 billion 2P reserve added from Nigeria.
Redigert 29.11.2021 kl 09:55 Du må logge inn for å svare
Viking_I
29.11.2021 kl 10:50 4851

Anyone having any doubts on time line now, Tomorrow company will publish half year report. Lets prepare for at least 3 news from Tunisia and 1 in Congo before December end.
From Todays RNS and Last IC
"Finally, while this transaction would represent the largest single investment in Zenith’s history, it will in no way divert attention away from our development in Tunisia, and especially in the Republic of the Congo, where we expect to finally achieve significant progress in due course.”
Redigert 29.11.2021 kl 10:59 Du må logge inn for å svare
Slettet bruker
02.12.2021 kl 20:50 4099

https://youtu.be/N5cTYcr6lj4
Herman*
02.12.2021 kl 21:40 4008

Har lyttet til intervjuet. Liker at AC har fått bakkekontakt og snakker nå om 4000 f/d i løpet av 12-18 mnd-slik jeg oppfattet han. Tidligere var det jo 20000 f/d i 2022. I realiteten kan det jo bli både mer og mindre avhengig av Tilapia og Nigeria. Registrerte at han snakket om Tilapia som om det var en done deal, men var mye mer forsiktig når det gjaldt Nigeria. Her sier han at de fortsatt holder på å gjennomfører en due dilligence og at det bare er en opsjon. En opsjon betyr jo at beslutningen ligger i deres hender, så hadde kanskje trodd han ville vært litt mer skråsikker. Har tidligere sendt epost til CFO med to spørsmål: Det ene knyttes til risikoen for juridiske komplikasjoner, og det andre knytter seg til det faktum at ADM Energy fikk det samme feltet for knapper og glansbilder, mens Zenith skal betale 20 mill usd. Selskapet har p.t valgt å ikke svare, men kanskje noen av dere som kjenner selskapet godt kan svare på det siste spørsmålet. For øvrig syntes jeg AC klarte seg bra, men han burde prioritere youtubere med litt større følgerskare/nedslagsfelt.
Redigert 02.12.2021 kl 22:15 Du må logge inn for å svare
olje
02.12.2021 kl 22:40 3898

Dette blir supert, vil på ingen måte si at han har avskrevet Nigeria...Tilapia er i boks etter hva jeg tolker så får andre mene akkurat det de vil om den saken. Jeg tror det blir en hyggelig slutt på 2021.
Herman*
02.12.2021 kl 23:03 3854

Absolutt ikke avskrevet Nigeria, bare uttalte seg mer forsiktig enn jeg hadde forventet. Og det kan kanskje være lurt.
Billyjojimbob
02.12.2021 kl 23:09 3847

Hva du forventer spiller ingen rolle,mer viktig hva aksjonærene forventer og det er ikke lite👍
Svartsyn
02.12.2021 kl 23:23 3911

En ting er sikkert , dette "caset" har aldri sett bedre ut.
La oss få de "berømte" 1000 fat/dag i egen produksjon.
Så blir veien videre utrolig mye lettere.
Hvis Zenith lykkes med å øke produksjonen til 4000 fat i løpet av12 til 18 mnd.er.
Ja ,da blir mange millionærer, og mye smilefjes å se .
Dette var forøvrig det mest realistiske intervjuet eg har sett av Cattaneo.
En oljemygg det går bra for kan bli mer og mer realistisk/sannferdig, og punktere flere av de urealistiske luftslottene/drømmene som tidligere er uttalt/solgt.
Slik har det alltid vært og vil alltid være.
Det begynner virkelig å lukte gu....
Redigert 02.12.2021 kl 23:26 Du må logge inn for å svare
Viking_I
03.12.2021 kl 08:41 3718

From yesterdays interview AC confirm presence in Nigeria so will get all answer within 15th Jan, not so long time. Also from RNS "A suitable and fully inspected drilling rig has been identified and a site visit is planned in mid-December 2021". We will receive picture from site in next two week on Zenith social media account.
As expected SLK completion and Tilapia on verge of announcement. As per interview " AC is not buying share as he knows some imminent news and it will be breaking rules of market if he buys it now.
Redigert 03.12.2021 kl 08:43 Du må logge inn for å svare
gravemaskinen
03.12.2021 kl 11:14 3566

Trodde faktisk ikke det var mulig å kjøpe seg inn under 11 øre, men jammen..
Slik går det når roboten styrer og folk kaster kortene...
Siste handel i UK om enn laber aktivitet viser nesten 13 øre..
Redigert 03.12.2021 kl 11:16 Du må logge inn for å svare
Fakevenues
03.12.2021 kl 11:21 3618

Oppatering fra Noble Hill.
Nå har de også tatt kontakt med AIM regulators for å bevise at (ADM) K.O.H.N ikke har aksjer eller annet eierskap.
Se 2 siste sider.
http://www.noblehillnetwork.com/index.pdf
Herman*
03.12.2021 kl 11:35 4159

Dette er interessant. Det virker å være klart at ADM ikke formelt har noen eierinteresser i lisensen. Det de muligens kan kontre med er at de har en bindende avtale som sikrer eierskapet, men at aksjene ikke ble overført i henhold til avtale. Hvis det viser seg at de ikke har rimelig grunnlag for å hevde dette, ser jeg for meg en saftig børsbot og muligens andre reaksjoner. ADMs ledelse har ingen høy stjerne i markedet, så hvis de ikke har sitt på det tørre, er de nok ferdige.
Viking_I
03.12.2021 kl 12:15 4095

As per NHNL website info ADMEs claim is over confirmed by Nigerian corporate affairs commission attached letter.
Viking_I
03.12.2021 kl 12:19 4083

if want buy cheap easy to trick the bot, bought million at 0.1088 by tricking bot at 10.54am and 10.55am.
Many don't know worth of Nigerian license, Also as per yesterdays interview Zenith got asset from Tunisia and Congo worth USD$100million which is giving value of kr0.5.
Redigert 03.12.2021 kl 12:23 Du må logge inn for å svare
gravemaskinen
03.12.2021 kl 16:28 3852

Skal si den Nigeria nyheten gav rakettfart.. Rykke tilbake til start det, nok en gang. God helg