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FACT: They have been drilling/testing MJ#1 for over 1 year.
FACT: It's dry.
FACT: SEC investigation ongoing.
FACT: New CEO because the old one likely violated insider trading rules...a crook
FACT: History of screwing shareholders with overpriced capital raises (i.e. 81.8% dilutive Rights Issue)
FACT: No revenues, no reserves, big losses every year.
FACT: Companies that don't make a profit, die eventually.
FACT: With no fresh capital, the end comes real soon. ZN $0.
Honestly, who is stupid enough to underwrite another one of these capital raises? It's just baffling. They literally have NOTHING...no assets, no reserves, no proven history of discovering anything. I have more gas in my car than they have found in 18 years.
You "took your 2% profit" - especially on those $5 rights? Makes about as much logical and mathematical sense as everything else ZN does.
ZN $0. It's happening.
"I've really gotten a great education the past 3 months."
Coincides with a 46% drop in the share price. Expensive lesson to learn buddy.
You can learn more from reading books, and listening to the right ppl.
Here is my cautious word. Get out. It's going to 0.
Some reading material for you:
https://drive.google.com/file/d/1X4dV8As3RCtcG_Rq_pwf-hQ_TP7J7CEC/view
4 in 2017 alone. Each time the same "sorry, we unexpectedly ran out of money, but this well is really promising, pls invest"
What sort of CFO can't project manage 1 well from a financial perspective. It's a joke.
Facts:
Nothing great has happened to ZN in years.
SEC investigation ongoing
ZN and management are subject to a Class Action
$0 revenues
HUGE losses
0 reserves
Bad management that is probably going to go to jail
No proven ability to even find a single barrel of oil that can be produced commercially
18 years of disappointment, lol
What's more, ZN management are the function equivalent of short sellers.
They are selling shares they don't own to raise money. That's what short sellers do. John Brown is functioning like a short seller. And it shows in the stock price. DOWN DOWN DOWN.
See you on the Pink Sheets. $0
The PRs aren't 100% factual. They're assertions from deceitful management.
As soon as ZN impair the dud MJ#1 that's $30m up in smoke on the Balance Sheet.
They only had $39m of assets on the balance sheet at June 30. So basically a 75% impairment right there.
Shareholder equity was only $28m as at June 30 - so that too will be negative.
And now the company wants more money, for a well that is clearly non-commercial.
Does it make sense to send money to a losing money enterprise with negative shareholder equity?
Does it make sense to invest in a company with no revenues, no reserves, no profits, a bad balance sheet, and unproven management who have a history of distorting the objective truth to support their own excessive executive pay and option package?
I report the facts. You decide.
Yes, it's a fraud, and you will lose everything.
You were warned @ $5. Too bad.
Oh great. Your squiggly lines directed downward meet his negative numbers on a spreadsheet.
Because that all ZN is, a money losing scheme concocted by John Brown, enriching himself, at shareholders' expense.
These things always end the same way: $0.
Do you know how the banks and lending works?
Collateral consists either of the following:
- the promise of future income
- physical assets
ZN has neither.
They don't even have revenues, let alone income!
They don't even have reserves, let alone physical assets!
Worst company listed on the NYSE, ever!!!
Total fraud. They attempt to mislead with every PR.
It's so bad, that it has become entertainment for the sensible, and will be acted upon by the SEC
ZN $0.
Oh yes, that's valuable PRs from management will keep up happy.
Do we get a bible quote thrown in as well?
I'd be happy to participate in a capital raise if they give us 3 references to the bible, and mention the word God 5 times.
Oh, I am getting so excited. Can't wait for the next PR.
What's the market price for saltwater in Israel? If ZN produced and sold 1,000,000 barrels would that fetch $1?
$1 of revenues is better than any other reporting year.
Mind you, if they show their financials in 1000s, $1 would be rounded down to 0 again. Oh damn...that isn't going to work either!
Go Zion!!!!!!!!!!!!!
But I thought that John Brown was a good operator, and a good steward of shareholder funds?
you're telling me, as an industry expert, that this isn't the case?
Now I don't know what to think...
LOL
No bank will lend to this company. It's easier to trick retail investors.
They will try another rights issue, probably at $1.
Farming out to a major oil company won't happen in a million years. It's a dud well. Lots of water, low permeability formation. Not a good combination to make a $30m well work.
It's easier to trick retail investors. It's been working for 10+ years...they'll hit you up soon
Remember the prospectus that spoke about dilution of 81.8%?
The 81.8% loss on your investment is fast approaching.
But will you have the sense to sell at 80% loss, or are you shooting for 100%
GO ZION!
Be blessed today.
Come tomorrow morning, the shares will likely trade for much less than $1.
It's a terrible announcement. They have nothing.
Only $6m of cash left on the balance sheet, and that was June 30. It's likely $4 now.
The company is still being valued at $60m @ $1/share.
There is >90% downside left.
Fair value is by my estimates $0.05.
I will be proven right, once again. Time is my friend.
14 months and counting. Now just pay us some more, and we can keep our wages going for a little longer. Yes please. We will send you a few bible verses every 2 months for your kindness.
Sounds like a great deal to me.
ZN $0. When will the SEC step in and save you from yourselves?
MJ#1 will never produce any oil, ever. Do you know what non-commercial even means?
It means the $30m in drilling costs capitalised on the balance sheet will be impaired and the company will likely run out of money. Especially since they are continuing with testing...at $2.2m/month. Cash only left until end of September. That's soon boys and girls. Bankruptcy looms, unless of course you want to pony up some more cash to keep the show going. Do it. I think it's funny.
Definitely a few bible quotes too. Let them drill some more and find those valuable quotes. Drill baby, drill! One good bible quote has to be worth at least $10m, right?
You must be jumping up for joy now. Well played, Sir.
Soon you can get 1000s of shares for $1. It's called the Pink Sheets.
Exactly. Total scam that has cost individuals 300m already.
California, we have a problem.
"The flow, etc"
The most consistent flow has been the flow of bible verses in their fraudulent PRs, and the flow of money from your pocket, to theirs. Don't stop now, keep it up.
I hear ZN are offering great terms on their DSPP.
Soon you'll be able to purchase shares for less than $1. Basically giving them away. Don't miss out, lol
When you get to buy ZN shares for $1, do you know what that means?
Your Rights Offering is down 80%. That took 2 months...GO ZION!
It's over. It's not commercial. They produced a few 100 barrels as far as we can tell, and that's it.
Need to get a few more barrels than that, after spending $60m, lol
And now they are asking for more money to evaluate and learn from a non-commercial well.
The fun doesn't stop, lol
Well done geopressure. You were one of the few on here that had some true insights, and helped me a lot.
For what's worth, I made some serious coin. I don't care to share how much, given the losses experienced by others on here, but a lot. I owe you a beer.
The stock is still at $1.5 - market cap of ~80m. But that was AH price action. Could go, and should go sub $1 in first trade tomorrow. How do you see the next months unfolding?
Any way you slice it, it's a tough moment to experience.
I genuinely hope you're OK financially. But I, along with plenty of others, have been warning you for a long time that you were playing with fire.
Put it down as a learning experience.
You were played by a bunch of frauds masquerading as religiously inclined.
Stealing from shareholders for so long, in an enterprise that was never going to find oil.
$1.1 now. This company won't be around for much longer.
Is it any surprise that they are asking for more money to further test a non-commercial well?
You were 100% on the money with many of your comments, especially this one.
Congrats.
Thanks.
I wonder how many on this board will sign up.
I know a lot of money has been lost.
ZN management deserve jail time.
Are you able to post a link to the document? Thanks
Remember everyone, let's all stick to the known facts about ZN:
0 revenues
0 reserves
0 profits
Bad management drilling in a region where no oil is present
14 months, and counting, to drill and test 1 well
SEC investigation
Many PRs that are fraudulent
Capitalized cost of MJ#1 is >30m. That will be impaired once the results are released. Then you have nothing left of any meaning on the balance sheet.
To date, the estimate cost is probably closer to 60m. For what? A few pics, and a few bible quotes.
It's dry boys and girls. There is a video. How much evidence do you need? Management has acted in a way that is totally consistent with a dry well.
ZN's survival is 100% predicated not on drilling results, but on finding gullible investors to send them money. That has been the company's secret mission from Day 1.
They have been successful, for 18 years and counting. I personally don't think it can continue, even the SEC is circling.
See you on the pink sheets.
Look at the share price. -10%
Something is going on.
JB might be in jail by tomorrow. He's sure going to be a busy man, but for all the wrong reasons.
Defrauding investors for 10 years. Shame on him for invoking God's name to fleece investors.
I would be excited too, if I was an IR person, receiving money from gullible investors.
ZN management is your real enemy. They are the ones you're paying, but deliver nothing in return.
yeh, it will double for sure. Guaranteed.
But not if it's dry. And it's dry as a bone.
Might take a few months for the truth to hit you, but it will.
Na, barely have any financial interest in this. Just smallish short position, but watching with a lot of interest and a lot of popcorn. The result is inevitable, IMO.
Nothing to like about the story at all, except the entertainment.
Remember the facts:
0 revenues
0 reserves
0 profits
ZN's survival is 100% predicated not on drilling results, but on finding gullible investors to send them money. That has been the company's secret mission from Day 1.
They have been successful, for 18 years and counting. I personally don't think it can continue, even the SEC is circling.