Vi startet på ca 0,05 i slutten av september, så kom den planlagte spleisen og 1000.000 million aksjer ble delt på 10 og man fikk redusert antall aksjer til 100.000. ITil gjengjeld økte kursen til 0,50. Nå er vi nede på 0.3 tallet og vi kursen kryper stadig nedover. Jeg er litt opptatt av å ta med kursen før spleisen, så idag hadde den vært 0,035 til 0,038. Det er svært lave tall og veien opp igjen til 0,050(eller 0,50) synes nesten litt umulig. For hver nye dag som går, så mister stadig en aksjonær troen og selger. Dette er følgene av feilslåtte satsingsområder, dårlig kommunikasjon, og lovnader som stadig ikke blir overholdt. Grunnen til det er at selskapet holder på både i korrupte land, fremmed politikk og ulike måter å tolke løsninger på. AC må finne løsninger som alle kan leve med, både for selskapet, landene han operer i, og ikke minst aksjonærene. Denne balansen har AC ikke klart å finne ennå mener jeg, da hadde vi trolig fått god avkastning, sluppet rettsaker, sluppet nye land og nye forhandlinger. Selskapet har ikke penger til å surre sånn, og vi har bare tre uker igjen av 2023!

Leste artikkelen fra Tunis under. Og det er helt rett som du påpeker at AC roter seg bort i land han skulle holdt seg langt unna. Tunisia er er kjent korrupt land og har drevet med systematisk korrupsjon i en årrekke og dette har drevet ut større oljeselskaper fra landet. AC skulle gjort en bedre DD og ikke kastet seg inn i dette vepsebolet. Det er uansvarlig utført av AC med aksjonærene sine penger. Hadde AC gjort en bedre jobb hadde det ikke vært noe sak mot dette korrupte landet som er korrupt langt inn i regjeringen. Kommer det noen gang noen penger fra disse korrupte apekattene så er det bare å ta penga og forsvinne fort som f… fra landet

Med seier i rettsaken.Så er alle siste 200 innlegg klare for peisen. Skilpadden er klar for bevegelse. Igjen.

The problem with some investors is that they only invest based on expectations in a certain time period and market analysis. Personally, I take an overall assessment mostly based on the people behind that company. Everyone wants success, but you can't cross the river without getting wet. Yes, we thought they were a bridge (Bloody tilapia) it turned out to be a Mirage in the desert. Now we who are still here in Zenith have decided to cross the river to the other side as we all believe and hope that we will succeed. We have experienced a lot of water currents ,ups and downs one the way ( well downs mostly), but I believe that the worst is over and that success is near.

Dette er skremmende lesning. Zenith og flere selskaper har blir lurt i stry og Zenith har fått oljen sin regelrett stjålet av Tunisiske myndigheter. Selvsagt vil nok Tuniserne forsøke å trenere, men saken fremstår jo i denne artikkelen som helt soleklar. Store oljeselskaper har dratt fra landet og Tunisiske myndigheter benytter seg av små selskaper med mindre "muskler" for å utnytte dem maksimalt. Sånn sett har Zenith gode fordeler med AC som er en dyktig jurist. Tipper utfallet i voldgift er soleklar fordel Zenith, men så er det det må å få pengene ut av dem. Frosne midler vil de nok få raskt. 480 millioner kan ta mere tid. Men at de kommer, uten tvil.

BMU great post, it's not always plain sailing we've had some hiccups no fault of the company but purely down to governmental corruption which the arbitration will deal with accordingly. I agree that success is around the corner.

The money will definitely be won It comes down to when, the ICC is not taking a backstep and is setting big fines every time they prolong a document or legal commitment. On the arbitration win alone we are well undervalued in regards to the market cap. This is discounting any oil profits from Kazakhstan, South Sudan or the USA. Its a big shame the price is where it is now but I am certain it will not remain here for long, and remember AC took a lot of payment in shares and he will not want to sell until he is at a significant profit.

The problem for the investors is to have this kind of information. We dont know the facts around Tunisian government and how they operate againts small companies. This is pretty heavy reading. Offcourse AC "can be blamed" for operating in small corrup countries, but at the same time, no risk - no gain. Lets hope for a good result in court, lets hope for 400 barrels in Kaz and lets prey for some start production in US before eastern bunny is out running in april. Then I will feel that ive been to a struggle as investor a deserve the reward.

so you are invested back in?

https://www.afrik.com/la-tunisie-la-corruption-et-ses-compagnies-petrolieres

Etter å translatet artikkelen ser det veldig lyst ut for Zenith!
Virker som Zenith har god oversikt over korrupsjonen som er utført mot dem fra Tunisia og ETAP.
Her kommer det frem kjeppene i hjulene for fremgangen Zenith har måttet gått glipp av i Tunisia.

Jeg har sagt det hele tiden. Det er rettsakene som kan gi aksjonærene i Zenith den storo gevinsten. Her ligger det totalt 500- 750 mill i potten. Men, selv om de skulle vinne er det sikkert særdeles vanskelig å få ut pengene. Oljeleting er de ganske dårlige til

nøyaktig. Når vi vinner rettssaken vil prisen mangedobles over natten. ICC støtter oss også.

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?

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

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

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.”

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😁

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 !!

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."

$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!

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.

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.

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!!

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.

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.

Hva tenker du om saken, Kalle?

Kalles mester som betaler ham for å poste på forumene vil bli rasende over dagens nyheter.

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.

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.

Opp over 20 % i London nå

London actually up +25.79%

As it shows on Google nearly 26% rise very nice looking

Satser på forventningsrally om litt 🇧🇻😁👍

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;)

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

Nei ETAP og myndighetene er kun kjent for å lure til seg penger og ikke gi penger

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.