This the list of questions that I am going to raise by email before August's Investor Conference Call. Can I suggest that we all add any additional questions to this thread so that we can get a good idea of what we all want answered in a week's time.


Questions on Tilaipa

1. What is the state of play with Tilapia. I realise that we are at the mercy of the Congolese government as to when the license is granted but from Zenith’s point of view:
* What progress has been made since the last conference call in February 2022?
* Do you have any idea of when you expect the license to be granted?


2.) In the past it has been mentioned that once the T2 license is granted then it would be approx. 6 months until the well was ready to be drilled and that the cost of drilling the sidetrack to the existing AAOG well would be $5 million. Is this still the case?

3.) What is the current amount owed to Zenith by the SNPC? Last time it was announced it was $5.7 million but interest must have caused this to increase. How likely are we to receive this money or is much of it likely to go in the acquisition costs of the new license(s).

4.) What is the state of play with the French legal case that was taken out by Zenith against the SNP? When will this go to court and are Zenith still confident of a successful judgement?


Questions on Tunisia

1. Are we ever likely to acquire KUFPEC’s 22.5% share of Sidi El Kilani or is this now not going to happen?

2. When does the SLK license in Tunisia expire?

3. Why has the second lot of oil that was due for collection in June not been picked up?

4. The ROB-3 drill was originally meant to be in March but has now been put back until November. What is the reason for this delay?


5.) Are we still fully funded for both the ROB-3 drill and the two Ezzaouia workovers?

6.) Have we got any plans to acquire any more assets in Tunisia?



Questions on Italy

1. With the massive increase in gas prices what are the development opportunities for Italy? How much additional gas do you think we will be able to produce from the development of our Italian licenses and how long will this development take?


2. It is mentioned on the website that “Zenith’s Italian energy production interests hold significant potential for development and increased energy production. The development programme is primarily concentrated on the Torrente Cigno concession, where the Company is finalising a plan to drill a development well, to be named MV-2, to explore the updip structure of the Miocenic and Cretaceous carbonates formations”. Where are we in progress for drilling MV-2 and how much is this likely to cost?

Questions on New Acquisitions

1. In the last Investor Conference Call it was mentioned that the company was in negotiation with two significant assets that would have the potential to increase the market cap of the company by up to ten times. Can you give any further details on how these negotiations are going?

2. Are we currently looking at acquiring any new assets? If we are, can you share any details on where these assets are located an what their current production and future development potential might be?

3. Is OML141 completely dead now or is it an asset that we may return to in the future once the legal issues are sorted out between ADME and NHNL?

4. How much money could we spend on acquiring and developing a new asset without having to issue equity to pay for it? Are we now in a position where we can use the cash-flow from existing production to service debt and if so how much debt?


Questions on Financials?

1. How profitable is the company on current production?

2. Have we made any progress in discussion about loans from the African development bank?

3. In the previous Investor Conference Call you mentioned that the company might consider initiating a share buy-back program. Is there any progress on this that you can share?

4. How do you see the bond market working for Zenith as we increase production?