ZENITH 2023 p2
Seeing as the zenith 2023 thread has reached a limit and I couldn’t post I have created a continuation thread.
Nice summary on the USA update the other day, I pretty much agree with most things written.
https://investornytt.no/zenith-energy-med-nytt-oppkjop-posisjonert-for-vekst-i-usa/
Det lille børsnoterte olje og gass selskapet Zenith Energy har siste ukene kommet med en rekke mindre oppkjøp og børsmeldinger. Skal vi tro en kilde til Investornytt er dette starten på en ny satsning for det lille olje og gasseselskapet.
Det var klokken tolv i dag at selskapet som er notert på Oslo børs meddelte at de hadde kjøpt opp CYAP, som et et mindre selskap som er notert på OTC markedet i USA.
Transaksjonsummen er nær 400,000 dollar og skal være et strategisk grep Zenith gjør for å ha et datterselskap med investeringer direkte i USA
Oppkjøpsraid
Zenith har siste månedene gjort en rekke oppkjøp av eksisterende produksjon av olje og gass i USA.
Først ut var transaksjonen i juni der selskapet tilegnet seg med Stateside Energy LLC der selskapet inngår samarbeid og tilegner seg eierandeler med økt produksjon.
I juli meldte selskapet om det andre oppkjøpet av totalt 155 olje og gassbrønner, slik Inevstornytt forstår dette er det flere brønner aktive og gir produksjon inn. 47 brønner er aktive og transaksjon summen rundt 600,000 dollar. Lokasjonen skal være i Texas og fører til innteksstrøm for selskapet.
Klar taktikk
Ved å tilegne seg eksisterende produksjon som større olje selskaper ønsker å bli kvitt, kan Zenith Energy tilegne seg svært billige eierandeler for å øke kontantstrømmen inn i selskapet. Kilden vi har pratet med mener dette er som å kjøpe en dollar for 10 cent og kan være en svært lukrativ strategi av selskapet fremover.
Særlig Texas har mange oljefelt der operatører og større selskaper selger unna eiendeler til gi bort pris for å satse på nye og større felt. Om Zenith lykkes med dette vil de skape store aksjonærverdier.
Utskjelt – turnaround kandidat?
Selskapet har hatt en turbulent reise på Oslo Børs og børsverdien omtales som svært lav skal vi tro våre kilder. Bare olje og gass delen i Italia skal kunne forsvare dagens prising ifølge vår kilde som har fulgt selskapet tett i mange år. Tilliten er lav nå – men det virker som om ledelsen tar grep.
Mange bekker små
Selskapet har nå gjort tre oppkjøp i USA og virker å rette blikket mot USA etter en feilslått satsning i Tunisia. Investornytt skal lage en analyse av selskapet og finne ut mer i tiden som kommer.
Kilden sier også har Zenith har som mål å gjøre mange gode og billige oppkjøp for å nå en solid produksjon i USA. Om så er tilfellet er Zenith en aksje å følge med på fremover.
I korte trekk skal siste oppkjøpet være for å sikre seg kontrollen over et notert selskap i USA for å kunne lettere gjøre flere oppkjøpog ha tilgang på kapital, samt at det styrker posisjonen i US markedet.
Nice summary on the USA update the other day, I pretty much agree with most things written.
https://investornytt.no/zenith-energy-med-nytt-oppkjop-posisjonert-for-vekst-i-usa/
Det lille børsnoterte olje og gass selskapet Zenith Energy har siste ukene kommet med en rekke mindre oppkjøp og børsmeldinger. Skal vi tro en kilde til Investornytt er dette starten på en ny satsning for det lille olje og gasseselskapet.
Det var klokken tolv i dag at selskapet som er notert på Oslo børs meddelte at de hadde kjøpt opp CYAP, som et et mindre selskap som er notert på OTC markedet i USA.
Transaksjonsummen er nær 400,000 dollar og skal være et strategisk grep Zenith gjør for å ha et datterselskap med investeringer direkte i USA
Oppkjøpsraid
Zenith har siste månedene gjort en rekke oppkjøp av eksisterende produksjon av olje og gass i USA.
Først ut var transaksjonen i juni der selskapet tilegnet seg med Stateside Energy LLC der selskapet inngår samarbeid og tilegner seg eierandeler med økt produksjon.
I juli meldte selskapet om det andre oppkjøpet av totalt 155 olje og gassbrønner, slik Inevstornytt forstår dette er det flere brønner aktive og gir produksjon inn. 47 brønner er aktive og transaksjon summen rundt 600,000 dollar. Lokasjonen skal være i Texas og fører til innteksstrøm for selskapet.
Klar taktikk
Ved å tilegne seg eksisterende produksjon som større olje selskaper ønsker å bli kvitt, kan Zenith Energy tilegne seg svært billige eierandeler for å øke kontantstrømmen inn i selskapet. Kilden vi har pratet med mener dette er som å kjøpe en dollar for 10 cent og kan være en svært lukrativ strategi av selskapet fremover.
Særlig Texas har mange oljefelt der operatører og større selskaper selger unna eiendeler til gi bort pris for å satse på nye og større felt. Om Zenith lykkes med dette vil de skape store aksjonærverdier.
Utskjelt – turnaround kandidat?
Selskapet har hatt en turbulent reise på Oslo Børs og børsverdien omtales som svært lav skal vi tro våre kilder. Bare olje og gass delen i Italia skal kunne forsvare dagens prising ifølge vår kilde som har fulgt selskapet tett i mange år. Tilliten er lav nå – men det virker som om ledelsen tar grep.
Mange bekker små
Selskapet har nå gjort tre oppkjøp i USA og virker å rette blikket mot USA etter en feilslått satsning i Tunisia. Investornytt skal lage en analyse av selskapet og finne ut mer i tiden som kommer.
Kilden sier også har Zenith har som mål å gjøre mange gode og billige oppkjøp for å nå en solid produksjon i USA. Om så er tilfellet er Zenith en aksje å følge med på fremover.
I korte trekk skal siste oppkjøpet være for å sikre seg kontrollen over et notert selskap i USA for å kunne lettere gjøre flere oppkjøpog ha tilgang på kapital, samt at det styrker posisjonen i US markedet.
Galv
06.12.2023 kl 20:06
5582
Zenith and xmas👍💵🛢👏
Sunday i look on tax rule - sell and Get 36% Off loss back next year from taxman. It looks like zenith will be back In the Locker.
So yes finally i was lucky with my zenith Stock from 200% pluss to 50% in negativ 🛢💵
Sunday i look on tax rule - sell and Get 36% Off loss back next year from taxman. It looks like zenith will be back In the Locker.
So yes finally i was lucky with my zenith Stock from 200% pluss to 50% in negativ 🛢💵
TheLondonOiler
06.12.2023 kl 18:43
5644
AC has more than delivered even if we get a quarter of the winnings of $140m which is a guarantee. $140m is the equivalent of pumping a decade of oil. Anyone who brought in today got at the bottom.
Gullit
06.12.2023 kl 17:04
5568
Har ikke AC levert eller har vi blitt svindlet av Tunisia? Er ikke uten grunn det vi ser i dag. Det var absolutt satsningsområdet nr 1 utenom Congo som dessverre falt igjennom.. Att vi har vurdert andre muligheter og vurdere andre muligheter skulle bare mangle, kanskje er det Kazakhstan som skal gi oss jevne inntekter fremover., vi kan uansett se en reprising fremover og dagens oppgang skulle bare mangle., blir liv her om vi får så lite som halvparten av hva vi fortjener fra Tunisia,…
Med en jamn nedgang siste 5år på -95% er det ikke lett å finne positivitet
RKW
06.12.2023 kl 16:25
5341
Slettet brukerskrev Nå er det vel ikke bare Tunisia AC har lovet underskrevet dokumenter fra
Neida, men unødvendig å bare fokusere på negativitet.
Nå er det vel ikke bare Tunisia AC har lovet underskrevet dokumenter fra
RKW
06.12.2023 kl 15:57
5157
noen av grunnene til ikke å ha levert, er vel nettopp blitt svært synlige. burde stige på forventninger nå.
Gullit skrev Kjøpe deg inn no?
Følger med men AC har ikke levert, uansett god tid om det skulle skje noe. Syns det er altfor mange røde flagg
TheLondonOiler
06.12.2023 kl 15:44
5072
$140 000 000 in damages, would equate to 20 times the current market cap. Just on that alone this stock is worth a punt.
MarketGunsling
06.12.2023 kl 15:42
3267
It looks like Zenith have gotten really serious really quickly with this arbitration process, this latest arbitration is bigger than the other two combined and takes the total amount that Zenith are suing for to US$140,300,000. This is serious money.
I liked the details in the latest RNS of exactly what they are claiming for, and I really really like the fact that the amount of $US85.8 million is a figure that has been assessed by a third-party independent expert. This is big money Zenith are after from Tunisia – more than 10 times the company’s current market cap in this arbitration alone, and almost 20 times the market cap when all three are put together. It will obviously take time to go through the system, but ultimately if they are successful then Tunisia will have no choice but to pay.
It wouldn’t be the first time that a small oil company have been successful in an arbitration against a nation state either. In August 2022 the International Centre for Settlement of Investment Disputes ruled in favour of Rockhopper against the Italian state when Italy unilaterally rejected Rockhoppers legal license to drill. In this case the International Centre for Settlement of Investment Disputes awarded Rockhopper €190 million plus interest https://rockhopperexploration.co.uk/2023/04/update-on-arbitration/ , and this was for damages on a well that was never even drilled. Obviously, Italy have appealed and the process is still continuing, but it is looking very likely that Rockhopper will see their money in 2024.
If Zenith can start acquiring US and Kazakhstani production assets as the company has planned and these deliver regular cashflow over the next few years then the company’s share price will increase significantly anyway. With the arbitration process grinding on in the background while this happens then at some stage there is going to be a huge share price increase if/when the final award comes in.
I’ve got to hand it to AC. He acquired the Tunisian assets for $250k and is now suing for $140m in damages because of the acquisition. If he is successful then that will be a hell of a return on his investment.
I liked the details in the latest RNS of exactly what they are claiming for, and I really really like the fact that the amount of $US85.8 million is a figure that has been assessed by a third-party independent expert. This is big money Zenith are after from Tunisia – more than 10 times the company’s current market cap in this arbitration alone, and almost 20 times the market cap when all three are put together. It will obviously take time to go through the system, but ultimately if they are successful then Tunisia will have no choice but to pay.
It wouldn’t be the first time that a small oil company have been successful in an arbitration against a nation state either. In August 2022 the International Centre for Settlement of Investment Disputes ruled in favour of Rockhopper against the Italian state when Italy unilaterally rejected Rockhoppers legal license to drill. In this case the International Centre for Settlement of Investment Disputes awarded Rockhopper €190 million plus interest https://rockhopperexploration.co.uk/2023/04/update-on-arbitration/ , and this was for damages on a well that was never even drilled. Obviously, Italy have appealed and the process is still continuing, but it is looking very likely that Rockhopper will see their money in 2024.
If Zenith can start acquiring US and Kazakhstani production assets as the company has planned and these deliver regular cashflow over the next few years then the company’s share price will increase significantly anyway. With the arbitration process grinding on in the background while this happens then at some stage there is going to be a huge share price increase if/when the final award comes in.
I’ve got to hand it to AC. He acquired the Tunisian assets for $250k and is now suing for $140m in damages because of the acquisition. If he is successful then that will be a hell of a return on his investment.
Gullit
06.12.2023 kl 15:28
3112
Slettet brukerskrev Nei ETAP og myndighetene er kun kjent for å lure til seg penger og ikke gi penger
Kjøpe deg inn no?
Nei ETAP og myndighetene er kun kjent for å lure til seg penger og ikke gi penger
Lord Wincheste
06.12.2023 kl 15:09
3095
futureistoday skrev 1,5 milliarder faktisk. Dette kravet var i tillegg til kravet på 48mill$
De er ikke kjent for å betale for seg ETAP og myndighetene. Landet er jo selv flau over energidepartementet og avviklet det for en del år tilbake .Må vel være staten som blir "skyldneren" hvis dette ikke løser seg eller fjerning av ETAP og gi Zentih full tilgang til utvinning av flere felter som deloppgjør
futureistoday
06.12.2023 kl 15:05
3054
1,5 milliarder faktisk. Dette kravet var i tillegg til kravet på 48mill$
Lord Wincheste
06.12.2023 kl 14:17
3074
futureistoday skrev Opp over 20 % i London nå
Skal ikke glemme tilleggskrav på 6,5 mnok og kravet mot SMP. Vi kan bikke millarden i cash hvis alt lykkes. Men ingen grunn til å ta av;)
Billyjojimbob
06.12.2023 kl 14:15
3016
TheLondonOiler skrev London actually up +25.79%
Satser på forventningsrally om litt 🇧🇻😁👍
TheLondonOiler
06.12.2023 kl 14:09
2989
TheLondonOiler skrev London actually up +25.79%
As it shows on Google nearly 26% rise very nice looking
TheLondonOiler
06.12.2023 kl 14:08
2964
futureistoday skrev Opp over 20 % i London nå
London actually up +25.79%
Enig der, en ting er å vinne saken - men å få pengene på konto kan ha noen vanskelige twister å få tryllet opp av hatten.
Slettet brukerskrev Hva tenker du om saken, Kalle?
Det er veldig mye penger til Z om dette går igjennom, men igjen, nå er jo kravet enda høyere blitt og truleg enda vanskeligere å få inn fra disse korrupte folka. Men gledelig om hele kravet kommer på konto og dette vil da statuere et eksempel for at korrupte regjeringer ikke vinner frem.
JobPeterson
06.12.2023 kl 13:27
2758
Slettet brukerskrev Hva tenker du om saken, Kalle?
Kalles mester som betaler ham for å poste på forumene vil bli rasende over dagens nyheter.
JobPeterson
06.12.2023 kl 13:20
2754
for perspective current market cap is around $7 million. If we win $85.8 million that's 10 times the current market cap without any production from Kazakhstan, USA or South Sudan.
JobPeterson
06.12.2023 kl 12:44
2766
It is guaranteed that they will be paying at least half that amount and you are correct this will send a clear signal to all the other corrupt countries to not take advantage of smaller oilers trying to do business without being taken advantage of. I am very pleased with AC and his determination and I am very surprised the share price has not moved up significantly since the news.
Gullit
06.12.2023 kl 12:36
2727
Ja men her bør det utbetales mer enn halvparten, man kan ikke holde på sånn !! Dette bør ende i 100% utbetaling og en tydelig beskjed til Tunisia og andre land!!
JobPeterson
06.12.2023 kl 12:33
2710
even if we get half of the money owed by the courts that's 5-6 times the current share price. Anyone investing at these levels is a no brainer. Master stroke by Andrea Cattaneo.
Kniko
06.12.2023 kl 12:29
2722
Ja 30 november var ett antiklimaks med tanke på forventet nyheter men skla innrømme at med den siste arbitration saken som AC har hintet om tidligere så er det svært vanskelig å selge seg ut nå. Tunisia har jo prøvd tidligere og trenere ut til selskapet går konk, men med 5x saker totalt på 1.5 milliarder så vil jeg si sannsynligheten for konkurs er minimal.
Short term: mindre erstatningssaker og skalere de oljeproduksjon.
Long term: mye cash og antageligvis ett heftig utbytte hvis det går gjennom.
Short term: mindre erstatningssaker og skalere de oljeproduksjon.
Long term: mye cash og antageligvis ett heftig utbytte hvis det går gjennom.
JobPeterson
06.12.2023 kl 12:27
2733
$85.8 million compensation for us shareholders sounds very reasonable seeing as the current market cap is only £6m. That's nearly 10 times the market cap!
JobPeterson
06.12.2023 kl 12:24
2735
Claim
The Company's is pleased to confirm that it has formalised a claim for damages in the amount of US$85.8 million (the "Claimed Amount") in connection with the CNAOG ICC Arbitration.
The Claimed Amount has been assessed by a third-party expert consultant in consideration of the following:
· CNAOG's lost production revenue and associated profitability, during a period of high energy prices, from the SLK Concession until its initial expiry in December 2022
· The volume of crude oil produced from the Concession and allocated to and received by CNAOG upon the completion of the Acquisition
· Unpaid invoices for oil production by ETAP, the national oil company of Tunisia.
· The value of the 45% interest in the renewal of the SLK Concession, representing a breach of CNAOG's right to renew its previously existing 22.5% interest in SLK, as well as the 22.5% interest held by Kuwait Foreign Petroleum Exploration Company K.S.C.C, which relinquished its interest in the Concession before its initial expiry.
The Company wishes to clarify that the CNAOG ICC Arbitration is being performed in parallel to the ICC Arbitration against ETAP, announced to the market on November 1, 2023, for a total amount of US$6.5 million, and to the arbitration pending before the International Centre for Settlement of Investment Disputes in Washington DC ("ICSID Arbitration") , for a total cumulative claimed amount of at least US$48 million, announced to the market on June 7, 2023, following various breaches of bilateral trade agreements committed by the Republic of Tunisia.
Andrea Cattaneo, Chief Executive Officer, commented:
"It is again regrettable that we have been compelled to seek legal redress by way of our third arbitration in connection with our Tunisian assets for the very material commercial harm we have suffered because of the arbitrary conduct of the Tunisian authorities.
Zenith Energy is one of the few energy companies that invested in Tunisia in recent years during a period when most energy companies, irrespective of size, were actively seeking to leave the country.
The Board is fully confident in the merits of the CNAOG ICC Arbitration and will take all necessary action to ensure shareholders are fully compensated for the damage they have sustained."
The Company's is pleased to confirm that it has formalised a claim for damages in the amount of US$85.8 million (the "Claimed Amount") in connection with the CNAOG ICC Arbitration.
The Claimed Amount has been assessed by a third-party expert consultant in consideration of the following:
· CNAOG's lost production revenue and associated profitability, during a period of high energy prices, from the SLK Concession until its initial expiry in December 2022
· The volume of crude oil produced from the Concession and allocated to and received by CNAOG upon the completion of the Acquisition
· Unpaid invoices for oil production by ETAP, the national oil company of Tunisia.
· The value of the 45% interest in the renewal of the SLK Concession, representing a breach of CNAOG's right to renew its previously existing 22.5% interest in SLK, as well as the 22.5% interest held by Kuwait Foreign Petroleum Exploration Company K.S.C.C, which relinquished its interest in the Concession before its initial expiry.
The Company wishes to clarify that the CNAOG ICC Arbitration is being performed in parallel to the ICC Arbitration against ETAP, announced to the market on November 1, 2023, for a total amount of US$6.5 million, and to the arbitration pending before the International Centre for Settlement of Investment Disputes in Washington DC ("ICSID Arbitration") , for a total cumulative claimed amount of at least US$48 million, announced to the market on June 7, 2023, following various breaches of bilateral trade agreements committed by the Republic of Tunisia.
Andrea Cattaneo, Chief Executive Officer, commented:
"It is again regrettable that we have been compelled to seek legal redress by way of our third arbitration in connection with our Tunisian assets for the very material commercial harm we have suffered because of the arbitrary conduct of the Tunisian authorities.
Zenith Energy is one of the few energy companies that invested in Tunisia in recent years during a period when most energy companies, irrespective of size, were actively seeking to leave the country.
The Board is fully confident in the merits of the CNAOG ICC Arbitration and will take all necessary action to ensure shareholders are fully compensated for the damage they have sustained."
Gullit
06.12.2023 kl 12:19
2729
Der ser man litt hva Zenith og AC har å jobbe med. Makan te oppførsel fra Tunisia. Godt en tredjepart har satt en fornuftig sum!! Dette er helt i tråd med hva jeg har tenkt. Nok en gang ikke Zenith som roter her. Tunisia burde takket dem for å satse i ett land hvor flere store ønsket seg ut, de må nå betale for oppførselen !!
futureistoday
06.12.2023 kl 12:15
2737
Nå har de krav som ligger rundt 1,5 milliarder norske kroner. Hvor første ligger an til dom og utbetaling innen igang av mars 2024. Det er nesten skummelt og være på utsiden skulle det begynne å rulle inn krav her🤑 har sett gjennom flere saker som har vært ført mot Tunisia i icsid. De har enten blitt vunnet av den som har lagt frem krav eller kommet til enighet (settlement) Tunisia har ikke stilt sterkt i de sakene jeg har sett😁
Barneskirenn
06.12.2023 kl 12:03
2764
ICC Arbitration for SLK against Tunisia
December 6, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
ICC Arbitration for SLK against Tunisia
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international energy production and development company, announces that its fully owned subsidiary, Canadian North Africa Oil and Gas Limited (“CNAOG”) has initiated an ICC (International Chamber of Commerce) arbitration case seated in Paris against the Republic of Tunisia (the "CNAOG ICC Arbitration").
Background
As announced by the Company on November 22, 2021, Zenith Overseas Assets Holdings Ltd ("ZOA"), a fully owned subsidiary of Zenith, entered into a share purchase agreement to acquire a 100% interest in the issued, allotted, outstanding and fully paid-up share capital of CNAOG, previously named CNPC International (Tunisia) Ltd, a then subsidiary of China National Petroleum Corporation, one of the largest state-owned energy companies in the world (the “Acquisition”).
CNAOG held an undivided 22.5% interest in the North Kairouan permit and the Sidi El Kilani Concession in Tunisia ("SLK" or the "Concession"), as well as still owning 25% of the issued share capital of Compagnie Tuniso-Koweito-Chinoise de Pétrole ("CTKCP"), the operating company of SLK.
For reasons unknown to the Company and devoid of any legal grounding, the Tunisian State represented by the Ministry of Industry, Mines and Hydrocarbons arbitrarily refused to recognise the Acquisition of CNAOG, which was performed in accordance with all applicable laws and duly notified to the local authorities.
It is to be underlined that the Ministry’s position is in contravention of established precedent, including the acquisition of Ecumed Petroleum Tunisia Ltd, which holds a 100% interest in the Robbana and El Bibane concessions by Compagnie Du Desert Ltd ("CDD"), a fully owned subsidiary of Zenith, announced on April 30, 2021, as well as the acquisition of Ecumed Petroleum Zarzis Ltd ("EPZ"), which held a 45% interest in the Ezzaouia concession and still owns 50 percent ownership of MARETAP, the joint operating company for the Ezzaouia concession, first announced on March 15, 2021.
Claim
The Company’s is pleased to confirm that it has formalised a claim for damages in the amount of US$85.8 million (the “Claimed Amount”) in connection with the CNAOG ICC Arbitration.
The Claimed Amount has been assessed by a third-party expert consultant in consideration of the following:
• CNAOG’s lost production revenue and associated profitability, during a period of high energy prices, from the SLK Concession until its initial expiry in December 2022
• The volume of crude oil produced from the Concession and allocated to and received by CNAOG upon the completion of the Acquisition
• Unpaid invoices for oil production by ETAP, the national oil company of Tunisia.
• The value of the 45% interest in the renewal of the SLK Concession, representing a breach of CNAOG’s right to renew its previously existing 22.5% interest in SLK, as well as the 22.5% interest held by Kuwait Foreign Petroleum Exploration Company K.S.C.C, which relinquished its interest in the Concession before its initial expiry.
The Company wishes to clarify that the CNAOG ICC Arbitration is being performed in parallel to the ICC Arbitration against ETAP, announced to the market on November 1, 2023, for a total amount of US$6.5 million, and to the arbitration pending before the International Centre for Settlement of Investment Disputes in Washington DC ("ICSID Arbitration") , for a total cumulative claimed amount of at least US$48 million, announced to the market on June 7, 2023, following various breaches of bilateral trade agreements committed by the Republic of Tunisia.
Andrea Cattaneo, Chief Executive Officer, commented:
“It is again regrettable that we have been compelled to seek legal redress by way of our third arbitration in connection with our Tunisian assets for the very material commercial harm we have suffered because of the arbitrary conduct of the Tunisian authorities.
Zenith Energy is one of the few energy companies that invested in Tunisia in recent years during a period when most energy companies, irrespective of size, were actively seeking to leave the country.
The Board is fully confident in the merits of the CNAOG ICC Arbitration and will take all necessary action to ensure shareholders are fully compensated for the damage they have sustained.”
December 6, 2023
ZENITH ENERGY LTD.
("Zenith" or the "Company")
ICC Arbitration for SLK against Tunisia
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA; OTCQB: ZENAF), the listed international energy production and development company, announces that its fully owned subsidiary, Canadian North Africa Oil and Gas Limited (“CNAOG”) has initiated an ICC (International Chamber of Commerce) arbitration case seated in Paris against the Republic of Tunisia (the "CNAOG ICC Arbitration").
Background
As announced by the Company on November 22, 2021, Zenith Overseas Assets Holdings Ltd ("ZOA"), a fully owned subsidiary of Zenith, entered into a share purchase agreement to acquire a 100% interest in the issued, allotted, outstanding and fully paid-up share capital of CNAOG, previously named CNPC International (Tunisia) Ltd, a then subsidiary of China National Petroleum Corporation, one of the largest state-owned energy companies in the world (the “Acquisition”).
CNAOG held an undivided 22.5% interest in the North Kairouan permit and the Sidi El Kilani Concession in Tunisia ("SLK" or the "Concession"), as well as still owning 25% of the issued share capital of Compagnie Tuniso-Koweito-Chinoise de Pétrole ("CTKCP"), the operating company of SLK.
For reasons unknown to the Company and devoid of any legal grounding, the Tunisian State represented by the Ministry of Industry, Mines and Hydrocarbons arbitrarily refused to recognise the Acquisition of CNAOG, which was performed in accordance with all applicable laws and duly notified to the local authorities.
It is to be underlined that the Ministry’s position is in contravention of established precedent, including the acquisition of Ecumed Petroleum Tunisia Ltd, which holds a 100% interest in the Robbana and El Bibane concessions by Compagnie Du Desert Ltd ("CDD"), a fully owned subsidiary of Zenith, announced on April 30, 2021, as well as the acquisition of Ecumed Petroleum Zarzis Ltd ("EPZ"), which held a 45% interest in the Ezzaouia concession and still owns 50 percent ownership of MARETAP, the joint operating company for the Ezzaouia concession, first announced on March 15, 2021.
Claim
The Company’s is pleased to confirm that it has formalised a claim for damages in the amount of US$85.8 million (the “Claimed Amount”) in connection with the CNAOG ICC Arbitration.
The Claimed Amount has been assessed by a third-party expert consultant in consideration of the following:
• CNAOG’s lost production revenue and associated profitability, during a period of high energy prices, from the SLK Concession until its initial expiry in December 2022
• The volume of crude oil produced from the Concession and allocated to and received by CNAOG upon the completion of the Acquisition
• Unpaid invoices for oil production by ETAP, the national oil company of Tunisia.
• The value of the 45% interest in the renewal of the SLK Concession, representing a breach of CNAOG’s right to renew its previously existing 22.5% interest in SLK, as well as the 22.5% interest held by Kuwait Foreign Petroleum Exploration Company K.S.C.C, which relinquished its interest in the Concession before its initial expiry.
The Company wishes to clarify that the CNAOG ICC Arbitration is being performed in parallel to the ICC Arbitration against ETAP, announced to the market on November 1, 2023, for a total amount of US$6.5 million, and to the arbitration pending before the International Centre for Settlement of Investment Disputes in Washington DC ("ICSID Arbitration") , for a total cumulative claimed amount of at least US$48 million, announced to the market on June 7, 2023, following various breaches of bilateral trade agreements committed by the Republic of Tunisia.
Andrea Cattaneo, Chief Executive Officer, commented:
“It is again regrettable that we have been compelled to seek legal redress by way of our third arbitration in connection with our Tunisian assets for the very material commercial harm we have suffered because of the arbitrary conduct of the Tunisian authorities.
Zenith Energy is one of the few energy companies that invested in Tunisia in recent years during a period when most energy companies, irrespective of size, were actively seeking to leave the country.
The Board is fully confident in the merits of the CNAOG ICC Arbitration and will take all necessary action to ensure shareholders are fully compensated for the damage they have sustained.”
Mdg1
06.12.2023 kl 11:40
2803
Og om man følger ølitt med på forum og kilder rundt selskapet blir det nok tid til å kjøpe før prisen mangedobler seg. Tenker man kan vente og hoppe inn om det skjer. Om de bare får de 6,5m$ vil kursen gå 50-100%, Den er allikevel godt ned siste tre år, da AC stort sett ikke har klart å gjennomføre noe som helst i høyrisikolandene han har vært inne i
Redigert 06.12.2023 kl 11:41
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Jeg ser hva du skriver og skjønner caset. Men pengene er ikke på konto enda, så inntil pengene er konto er det kanskje greit å ha et edruelig forhold til Voldgiftssaken. Jeg personlig tror at å hente slike summer over natta med et korrupt land som Tunisa, der korrupsjon er forankret langt inn i regjeringen ikke er en lett sak. Så pengene er ikke på konto enda
MarketGunsling
06.12.2023 kl 10:47
2902
All oil companies have to go into risky places to achieve value and sometimes they are screwed over by the state - look at what happened to BP with TNK-BP and they are a supermajor. Smaller companies also have to take bigger risks that large ones in order to unlock value.
I do not think that Tunisia was a bad move on any level. AC acquired the assets for about $250,000 if I remember correctly and Zenith received $4.5 million in cash from the first shipment in oil, so even if everything ended there that is still an 18 times return on investment.
Of course, everything has not ended there has it? Zenith have seized $6.5 million of ETAP money to cover the costs of the second shipment that they have not paid for and they are also taking ETAP to tribunal for another $48 million in further losses.
How can a 18 times return on investment in cash with the potential for a further 26 times return on the $6.5 million and a 192 times return on the $48 million be an irresponsible use of shareholders money?
I do not think that Tunisia was a bad move on any level. AC acquired the assets for about $250,000 if I remember correctly and Zenith received $4.5 million in cash from the first shipment in oil, so even if everything ended there that is still an 18 times return on investment.
Of course, everything has not ended there has it? Zenith have seized $6.5 million of ETAP money to cover the costs of the second shipment that they have not paid for and they are also taking ETAP to tribunal for another $48 million in further losses.
How can a 18 times return on investment in cash with the potential for a further 26 times return on the $6.5 million and a 192 times return on the $48 million be an irresponsible use of shareholders money?
JobPeterson
06.12.2023 kl 10:07
2929
nøyaktig. Når vi vinner rettssaken vil prisen mangedobles over natten. ICC støtter oss også.