TheLondonOiler
05.08.2024 kl 12:43
3330
The share price will be messed around with by traders and the market makers until the arbitration comes in. That’s when the price will miraculously go up multiple times and then the naysayers will turn positive as they sell into the volume. Right now is the time to purchase stock while the sentiment is at a low and the weak are selling at the worst possible price.
MarketGunsling
04.08.2024 kl 21:43
3530
I understand the pessimism here at the moment, and if you look at where we are in this with the current set of accounts then it is entirely understandable. However, as usual, where we are at this exact moment does not really reflect where the company is overall. There are a lot of administrative costs in the current set of accounts but a lot of are relating to the arbitration and this is clearly where the future success of the company lies.
The actions taken by the Tunisian authorities have seriously damaged this company and our investment. We acquired a collection of Tunisian assets that consistently produced between 400-500 bopd for almost nothing and these should have been producing between $10-15 million USD per annum for the company which would equate to $30-45 million by today and instead all Zenith have received is about $6 million.
As I have said repeatedly on these forums if you imagine that Zenith had received the additional $24-39 million USD that the company was entitled too then the entire situation we find ourselves in would have been very different – not just from an accounts point of view but also from an acquisitions point of view. Instead of having to raise money and use bonds for arbitration and administrative expenses the debt raised could have been used for new acquisitions and the revenue from Tunisia would have easily serviced the debt. It also would have shown investors that Zenith was a company worth investing in. The fact that the Tunisians behaved in the way that they have has put the company back in its development by 3-4 years – so it is unsurprising that the accounts currently make for pretty grim reading.
On a positive note, the arbitrations are coming up quickly now and the large amount of revenue that the Tunisian behaviour has cost us shows that the amounts that Zenith are claiming in lost earnings and damages are pretty reasonable and, in my opinion, highly likely to be won. When the results of the arbitration come in Zenith and us as investors will thoroughly deserve the $100+ million that we are likely to receive even after all legal fees and financing are taken into account.
The idea that has been suggested over the last couple of days that Andrea will somehow take all of this money by issuing himself so many shares that he dilutes all the rest of us is utterly ludicrous. Those who are suggesting it are either genuinely stupid or deliberately advancing a negative agenda for reasons of their own. As anyone with any market knowledge would know, doing something like that is simply not allowed and of all the things to be worried about with Zenith Energy, the CEO diluting shareholders out of existence for his own benefit once the arbitration money comes in is definitely not one of them.
Is Zenith in a good position today? No it isn’t. But in 6 months time with the first two arbitrations successfully completed then the company will be in a very good position and the share price will be at least 6-8 times it’s current value based on cash balance alone.
If you believe in the arbitration success, then now is the time to buy more shares. Even if you do not want to do that and are significantly down on your investment all you need to do is hold on. If the arbitrations are successful then everything changes for the better and in the highly unlikely event that they are not successful you will certainly be no worse off that you are today. I am very curious why anyone would wish us all to believe otherwise.
The actions taken by the Tunisian authorities have seriously damaged this company and our investment. We acquired a collection of Tunisian assets that consistently produced between 400-500 bopd for almost nothing and these should have been producing between $10-15 million USD per annum for the company which would equate to $30-45 million by today and instead all Zenith have received is about $6 million.
As I have said repeatedly on these forums if you imagine that Zenith had received the additional $24-39 million USD that the company was entitled too then the entire situation we find ourselves in would have been very different – not just from an accounts point of view but also from an acquisitions point of view. Instead of having to raise money and use bonds for arbitration and administrative expenses the debt raised could have been used for new acquisitions and the revenue from Tunisia would have easily serviced the debt. It also would have shown investors that Zenith was a company worth investing in. The fact that the Tunisians behaved in the way that they have has put the company back in its development by 3-4 years – so it is unsurprising that the accounts currently make for pretty grim reading.
On a positive note, the arbitrations are coming up quickly now and the large amount of revenue that the Tunisian behaviour has cost us shows that the amounts that Zenith are claiming in lost earnings and damages are pretty reasonable and, in my opinion, highly likely to be won. When the results of the arbitration come in Zenith and us as investors will thoroughly deserve the $100+ million that we are likely to receive even after all legal fees and financing are taken into account.
The idea that has been suggested over the last couple of days that Andrea will somehow take all of this money by issuing himself so many shares that he dilutes all the rest of us is utterly ludicrous. Those who are suggesting it are either genuinely stupid or deliberately advancing a negative agenda for reasons of their own. As anyone with any market knowledge would know, doing something like that is simply not allowed and of all the things to be worried about with Zenith Energy, the CEO diluting shareholders out of existence for his own benefit once the arbitration money comes in is definitely not one of them.
Is Zenith in a good position today? No it isn’t. But in 6 months time with the first two arbitrations successfully completed then the company will be in a very good position and the share price will be at least 6-8 times it’s current value based on cash balance alone.
If you believe in the arbitration success, then now is the time to buy more shares. Even if you do not want to do that and are significantly down on your investment all you need to do is hold on. If the arbitrations are successful then everything changes for the better and in the highly unlikely event that they are not successful you will certainly be no worse off that you are today. I am very curious why anyone would wish us all to believe otherwise.
TheLondonOiler
04.08.2024 kl 14:50
3676
The whole point is we won’t need money from anyone once we win the arbitration and inject that money into a big producing asset.
Gullhaugen
04.08.2024 kl 12:09
3747
Når leste skryte punktene nedover på Invesment case så satt jeg frokosten i halsen av latter. Kart og terreng stemmer ikke.🤣🤣🤣🤣
https://www.zenithenergy.ca/investors/investment-case/
https://www.zenithenergy.ca/investors/investment-case/
Redigert 04.08.2024 kl 14:44
Du må logge inn for å svare
Allroad18
04.08.2024 kl 11:22
3782
AC har malt seg og selskapet inn i et hjørne som det er vanskelig å komme seg ut av. Det er vel strengt tatt ingen som kjenner selskapet som er villig å skyte inn penger i dette sirkuset. Kanskje sirkusdirektøren selv, han har jo godt betalt, så han kan jo bruke litt av lønnen sin for å styrke egenkapitalen en liten stund til. Da gir han med den ene hånden og så tar han med den andre.
tsu for all
03.08.2024 kl 16:35
3967
det er helt feil, adm og renter spiser opp egenkapitalen , såg vi på di 2 siste kvartal regnskap. Det må tilføres mye mer kapital gjennom oljeproduksjon + mer aksjeutvidelser.
TheLondonOiler
02.08.2024 kl 18:15
4184
BMU I agree, as I said before the whole oil small cap market is down. Every single one of my investments are down at least 20-30%, the appetite for small cap oilers is very low and the MMs take stocks down on the short on just about every share. Now I am not saying zenith are perfect but we had a great asset in Tunisia in which not at the fault of AC - ruined our long term game plan. I don’t think AC could have anticipated the amount of corruption rife in Tunisia. Now looking on the bright side we have a huge compensation payout which will come to us if we are patient and hold out stock. Until then moaning and complaining will get us nowhere, and I am sure AC is looking at other avenues in the meantime until we get our payout.
TheLondonOiler
02.08.2024 kl 16:38
4222
Let’s see what happens to the company once the arbitration money is in our accounts. It’s obvious he wants the share price up as he holds so much stock. When that arbitration money comes in then we can reassess whether to sell or hold.
futureistoday
02.08.2024 kl 11:53
4309
Tja, man kan vel si at han taper penger på aksjene sine, men de får han jo igjen hvis de vinner frem i noen av sakene, for det blir helt sikkert en enorm utvanning der han tilegner seg masse nye aksjer så og si gratis for så og dele ut utbytte til seg selv. Så skal man ikke glemme den fete lønnen han hever og sist men ikke minst bonusen han ble tildelt for den fremragende jobben han har gjort for og skape verdier for oss aksjonærer 🤓
Allroad18
02.08.2024 kl 11:01
4370
I dag er det mange som vil ut, og kursen er nok en gang ATL. AC taper penger, men er likevel den som tjener mest på dette spillet med høy lønn og gode ordninger som gjør at han kan drive høy sigarføring en stund til. Jeg tror flere og flere har innsett at dette er bare et svindelselskap som aldri kommer til å lykkes- og om det skulle komme snarlig behov for en kapitalinnhenting, hvordan skal det løses? Med denne historikken kan det gå bare en vei, og det er nedover, slik som det har gjort i 5 år. Det er på tide å la noen hoder rulle!
Aqualight
02.08.2024 kl 10:27
4394
192.000.000 Nok kr. i administrative udgifter(24,4 mill Cad $) wow, der er nogle der malker løs.
Det skal være noget af et eventyr han skal fortælle næste gang, og hvis der kommer nogle penge på kontoen, så husk dette indlæg, og tænk så på om det er aktionærerne der står først for, når der skal uddeles penge……..
Bare læs på side 35 i det udsendte materiale.
Aqualight 🇩🇰🇳🇴
Det skal være noget af et eventyr han skal fortælle næste gang, og hvis der kommer nogle penge på kontoen, så husk dette indlæg, og tænk så på om det er aktionærerne der står først for, når der skal uddeles penge……..
Bare læs på side 35 i det udsendte materiale.
Aqualight 🇩🇰🇳🇴
BMU
01.08.2024 kl 10:48
4738
The situation we are right now in nobody has predict, not even AC. Despite all deefecolt I think he deserves sum credit for trying and working for the best outcome for good of all. nobody is successful all the time.I strongly believe that persistent s will pay off in time.
TheLondonOiler
01.08.2024 kl 10:05
4787
Like I said if you believe AC will do that wait until the arbitration result and then reassess your investment. Taking out emotion it is wise for investors to hold or add at these levels until the result time. Then you can see what’s on the table and sell if need be and no good assets are going to be signed with the money.
Mdg1
01.08.2024 kl 09:15
4685
Om de klarer å få 100 mill ut av de to første små rettsakene så brenner de jo gjennom de pengene rasende fort. Tror nok AC har vært naiv og blitt lurt flere steder i Afrika av folk som bare ville skvise ut litt penger av selskapet.
Hektor
01.08.2024 kl 08:59
4667
Legger til litt info - During the year ended March 31, 2024, the General and Administrative costs amounted to CAD$24,401k,
(2023 - CAD$8,596k). The increase was primarily due to the foreign exchange related to the retranslation
of the assets, a non-cash expense, and the non-recurring expenses related to the Arbitration process.
Furthermore, during the same period the Group incurred CAD$10,833k (2023 - CAD$3,124k) of nonrecurring
expenses which relate to the impairment of the assets in Congo and Tunisia, the expenses
incurred in the arbitration process against the Republic of Tunisia and negotiation costs for the potential
acquisition of producing assets.
Year ended
M
(2023 - CAD$8,596k). The increase was primarily due to the foreign exchange related to the retranslation
of the assets, a non-cash expense, and the non-recurring expenses related to the Arbitration process.
Furthermore, during the same period the Group incurred CAD$10,833k (2023 - CAD$3,124k) of nonrecurring
expenses which relate to the impairment of the assets in Congo and Tunisia, the expenses
incurred in the arbitration process against the Republic of Tunisia and negotiation costs for the potential
acquisition of producing assets.
Year ended
M
Hektor
01.08.2024 kl 06:48
4766
Kommer info i følge rapport - We shall shortly provide further information on our growth strategy, including the conditional acquisition of Devonian Petroleum Limited announced to the market in December of 2023, as well as the future activities of Leopard Energy, Inc, a US listed company purchased by Zenith to build an oil and gas production portfolio in the USA."
jantt
01.08.2024 kl 05:55
4793
Heller er de helt ude af Kazakstan ? We have also taken decisive steps by discontinuing the Group’s involvement in potential acquisitions that were
no longer attractive, specifically in the Republic of Kazakhstan,
no longer attractive, specifically in the Republic of Kazakhstan,
jantt
01.08.2024 kl 05:13
4763
Ikke et ord om Kazakstan. Er den død ? Hvis de ved at det ikke bliver til noget hvorfor meddeler de så ikke ? Kom nu ud af busken AC
TheLondonOiler
31.07.2024 kl 23:57
4818
Each to their own if you feel you need to vent at AC whilst not selling your stock then that’s your call. I see this as an opportunity (keeping emotions out of it) to either average down or just patiently wait for the arbitration result to get the share price back up to at least 0.6 kr before making my next decision what to do. On the positive side as MG mentioned at least we will get 3 million euros, some money from Italy and not stuck in a third world country who can steal our asset at any given time!
Herman*
31.07.2024 kl 22:59
4798
Over 180 mill i adm kostnader. Dette selskapet burde ikke få lov til å være notert. Selv tjente jeg gode penger på Zenith, men det var mer flaks enn noe annet. Hoppet av da jeg skjønte at dette bare er en melkeku for visse personer. Mest useriøse selskapet på Oslo børs, tror ikke mange vil bestride den påstanden.
Lord Wincheste
31.07.2024 kl 22:52
4786
Jeg er fly forbanna. Det handler mest om at AC ikke forteller oss småaksjonærer om vesentlig og kursdrivende informasjon. Les, Kaz og Devion. Hadde han spilt med åpne kort og sagt, sorry dette gikk ikke, på grunn av sånn og sånn, ingen problemer. Det hadde skapt tillit. Når han ikke gjør det og vi sannsynligvis er maktesløse, blir jeg fly forbanna. Det betyr ikke at jeg selger nå. Regnestykket er ta tapet og få igjen 37,4% eller vente på første voldgift og med stor sannsynlighet å få igjen mesteparten av det som er investert. Jeg er villig til å ta den ventetiden. Det betyr ikke at jeg kommer til å la AC får fred og jeg kommer til å gjøre alt i min makt til å få stilt han til ansvar. Å tildele seg en bonus i disse tider er et stort hån mot oss som sitter i mørket, og jeg håper alle som kan gir han ei real skrape, både rundt utbytte som han har lovet og at han istedet våger å tildele seg bonuser. Det er ut til at det er to italienere som sitter å koker på bakrommet. Det kan være mye makt i å samle aksjonærer på generalforsamlingen. Disse to småkjeltringene skal ut av styre og stell så fort det lar seg gjøre.
TheLondonOiler
31.07.2024 kl 21:59
4858
Because you shouldn't make financial decisions based on emotion, yes the share price is very poor at the minute, but it can change within a day of the arbitration results. Making a financial decision because you dislike a director is a sure way to make a loss. What I am saying is I will be waiting for the arbitration results and if we have no clear avenue what we are doing next (providing we win the arbitrations which I am 95% sure we will) then yes I too will sell my stock. If I like what I hear with the money we have won then I will keep my stock rolling for the next story.
Blientotre
31.07.2024 kl 21:55
2250
I følge investor presentation fra februar skulle feltet i US, Houston starte å levere 100bopd rundt juni og en øktning til 200bopd rundt slutten av 2024.
Lord Wincheste
31.07.2024 kl 21:35
2281
Han har tidligere også snakket om utbytteprogram for tålmodige aksjonærer. Har ikke sett et eneste ord om det her.
Lord Wincheste
31.07.2024 kl 21:27
2276
Hvorfor i helvete skal han ha tid til noe som helst. Han er udugelig som leder av selskapet og tar nå heller ikke de juridiske sakene. Trå til side og la noen andre drive. Han sitter kun for å skaffe seg en pensjon. Null interesse av oljevirksomhet
TheLondonOiler
31.07.2024 kl 21:24
2278
I think we should give AC some time preferably till the first 2 arbitration results, if we lose them I will be the first to call out AC, but I am very confident the tide will turn once we have capital to play with. The whole market for oilers has been terrible especially when institutional investment has been low with not many decent assets around. But once we have a good amount of money in our account to play with I am confident we will finally buy a decent asset to produce and sell for profit. Time will tell!
Lord Wincheste
31.07.2024 kl 21:19
2277
Hvis noen vurderer søksmål mot denne kjeltringen så vil jeg gjerne være med en slik vurdering. Hvor faen ble det av generalforsamlingen?
Lord Wincheste
31.07.2024 kl 21:17
2279
Jeg har nå skumlest. Førsteinntrykk - en setning om Kazakstan, informasjon senere. Samtidig, nå er det kun italia og Usa. Trykking av en haug av nye aksjer og utvanning av aksjonærene. Bonus(!) til AC og den andre italieneren. Tro det den som vil, han bevilger seg bonuser.
Er det noe denne mannen kan er det smooth-talk og late som han har stor respekt etc. Jobbe, skaffe felter og sørge for aksjonærverdier er han ikke i nærheten av. Denne mannen er en storsvindler, det er ikke mer å si. Vi kan enten håpe på å kunne få igjen litt hvis casene vinnes, men han er helt udugelig når det kommer til å drive et oljeselskap. Jeg har blitt lurt grundig, og håpet det lengste og ørlite på at det har vært sannheter i denne fyren. FY Faen!
Er det noe denne mannen kan er det smooth-talk og late som han har stor respekt etc. Jobbe, skaffe felter og sørge for aksjonærverdier er han ikke i nærheten av. Denne mannen er en storsvindler, det er ikke mer å si. Vi kan enten håpe på å kunne få igjen litt hvis casene vinnes, men han er helt udugelig når det kommer til å drive et oljeselskap. Jeg har blitt lurt grundig, og håpet det lengste og ørlite på at det har vært sannheter i denne fyren. FY Faen!
Blientotre
31.07.2024 kl 20:25
2349
Jeg har ingen respekt igjen for den mannen og det han har prøvd å bygd. Hele opplegget er katastrofe.
Men jeg lurte på hvorfor noen skal påstå at aksjen skal utvannes.
Men jeg lurte på hvorfor noen skal påstå at aksjen skal utvannes.
TheLondonOiler
31.07.2024 kl 20:24
2240
Because the share price has fallen you are blindly accusing AC of fraud? Pretty stupid if you ask me as it could land you in a lot of legal issues. I’ve said it before if you don’t believe in the fundamentals or the future of the company then sell your stock, take a look in the mirror and move on. I’ve invested in over 10 companies on the LSE and every single one is in loss because the market is just shitty, but you don’t see me accusing others.
Allroad18
31.07.2024 kl 20:08
2260
Hele selskapet er skakkjørt av ene og alene AC, slutt å dyrk denne storsvindleren! Det er ene og alene han som har fått oss i dette uføre. Hadde han gjort leksen sin så hadde han holdt seg langt unna dette U-landet og andre tvilsomme prosjekt! Og hvorfor skal vi vente nye måneder og år? Jeg vet det er sagt tidligere, men 2026?! WTF!? Det er jaggu meg så mannen skulle fått premie for å fremdeles holde hjulene igang. Det er sjelden man opplever så mye useriøsitet og uthaling av tid som i dette selskapet! Er det et styre som fungerer, eller har AC regien og fyller alle rollene selv i dette "skuespillet?" Det er synd at selskapet og ledelsen ikke er lydhør og tar sine eiere seriøst. Det sitter mange i Norge uten en eneste anledning å komme til ordet, eller få uttrykke misnøyen med driften av selskapet på noen som helst måte. AC hadde aldri fått inn en krone mer om han henvendte seg til sine norske aksjonærer, og det vet han.
Blientotre
31.07.2024 kl 19:41
2261
Hvorfor skulle aksjen vannes ut mer nå?
Hva skal de hente penger for?
Vi er noen måneder unna en sak på 80-100millioner i erstatning om den går inn.
Hva skal de hente penger for?
Vi er noen måneder unna en sak på 80-100millioner i erstatning om den går inn.
MarketGunsling
31.07.2024 kl 19:39
2252
Of course the accounts don’t make good reading, but this is all due to the fact that the company got screwed over by Tunisia.
There is a massive CAD$42 million loss (CAD$22 million of which comes directly from Tunisia)
o FX losses due to the impairment of assets $3 milliom
o Impairment costs $7 million
o Arbitration costs $1.7 million
o Impairment of subsidiary $10 million
o
Imagine how different these results would have been if there had been a US15-20 million income from Tunisia and there had not been the impairment charges. Nothing we can do about it now, but it would have been very different.
Positives
At least Italy is still delivering a dribble of money and with the company looking to sell the rig for €3 million (page 78) there will soon be funds for US acquisitions
The main bit of positive news is what we already know though. The arbitrations are coming up pretty quickly. Only 4 months until we get the results of the first one and only 7 months until we get the results of the second one.
These will be defining moments for the company. If they are successful with both of these then the value of the share price will increase by 5-8 times after fees and debts have been paid off. If they are only successful with the first one, that is almost guaranteed (IMO) then we will still have in excess of $10 million to invest in US assets, if you add on the $3 million for the rig.
But all in all, the accounts are, as expected, depressing reading for Zenith shareholders and all because of the appalling behaviour of the Tunisian authorities. At least redress is coming soon.
There is a massive CAD$42 million loss (CAD$22 million of which comes directly from Tunisia)
o FX losses due to the impairment of assets $3 milliom
o Impairment costs $7 million
o Arbitration costs $1.7 million
o Impairment of subsidiary $10 million
o
Imagine how different these results would have been if there had been a US15-20 million income from Tunisia and there had not been the impairment charges. Nothing we can do about it now, but it would have been very different.
Positives
At least Italy is still delivering a dribble of money and with the company looking to sell the rig for €3 million (page 78) there will soon be funds for US acquisitions
The main bit of positive news is what we already know though. The arbitrations are coming up pretty quickly. Only 4 months until we get the results of the first one and only 7 months until we get the results of the second one.
These will be defining moments for the company. If they are successful with both of these then the value of the share price will increase by 5-8 times after fees and debts have been paid off. If they are only successful with the first one, that is almost guaranteed (IMO) then we will still have in excess of $10 million to invest in US assets, if you add on the $3 million for the rig.
But all in all, the accounts are, as expected, depressing reading for Zenith shareholders and all because of the appalling behaviour of the Tunisian authorities. At least redress is coming soon.
TheLondonOiler
31.07.2024 kl 19:29
2261
The stock is hardly diluted since the consolidation. There are only 232 million shares in issue.
The difference in dates are due to the different arbitrations. The first arbitration is to be decided at the end of 2024. The second arbitration is due in Q1 in 2025 and the third arbitration is due in 2027.
The total value of the arbitrations is almost $200 million and the first two on their own are nearly $100 million. If they come in then the company will be massively cash rich even after all lawyers and debts have been paid.
The accounts definitely make for depressing reading but what you have said is just not true.
The difference in dates are due to the different arbitrations. The first arbitration is to be decided at the end of 2024. The second arbitration is due in Q1 in 2025 and the third arbitration is due in 2027.
The total value of the arbitrations is almost $200 million and the first two on their own are nearly $100 million. If they come in then the company will be massively cash rich even after all lawyers and debts have been paid.
The accounts definitely make for depressing reading but what you have said is just not true.
futureistoday
31.07.2024 kl 19:00
2272
Og snart har han mer, må hente inn mer penger nå så da er det nok en utvanning av aksjen. Merkelig nok så klarer de ikke engang og bestemme seg når voldgiftskravene skal bære ferdig. I ene setningen er det 2026 i neste 2027… som tidligere nevnt så er aksjen så utvannet før noe penger kommer inn fra voldgiftskrav at etter alt er betalt av gjeld og advokater er det nok ikke noe igjen som vil dekke tapet vi alle sitter med her desverre
JobPeterson
31.07.2024 kl 17:25
2293
AC har en stor mengde aksjer. det er i hans interesse å ta aksjekursen så høyt han kan.
Lord Wincheste
31.07.2024 kl 16:32
2215
Er av samme tro, men samtidig så er det på grensa til ekstremsport det AC presterer mot aksjonærene sine.
JobPeterson
31.07.2024 kl 16:21
2161
vent på voldgiftsresultatene, så kan du revurdere investeringen din. alle burde kjøpe akkurat nå for å senke gjennomsnittet. voldgiftsresultater vil sende aksjekursen betydelig høyere. uansett om du liker eller misliker AC.