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Good post Bruce
Its amazing how you can step away from this board for a year, check back in, and see the same people posting the same stuff (Viking Pakistani, blah, blah, blah). Nevertheless, good things are coming to and from Zion. God's timing is always perfect. Merry Christmas All!
Was there a shareholders letter in July that was released then deleted from their website? I can't find it.
Hello KY. I found the terminology odd when they were discussing reservoir damage. When the term "lubricant" was used, do you suppose they may have meant mud, but used a non-oil patch term for laymen's benefit?
I think I remember that they had some serious borehole stability issues and had to mud up to an unusual level. A non-compatibility of a heavy mud and the target reservoir rock could have caused near borehole damage, no?
I thought the Apple case was dismissed some time back.
but why?
Seems like a good time for a:
FRAUD!
Thank you, Meta, for bringing that up. I do believe its the first time in investorhub history that anyone has said that on this board. Good job.
Thanks for that thoughtful and well-supported message.
When the success of MJ2 becomes an international news story I am going to print out a copy of your post and and hang it in my office.
Have a great day my friend.
I did not go through 16 years of Zion-induced brain damage to accept a 20% share price premium from selling out to a Major. I hope you all feel the same!
Yes, that is exactly the same.
I'm surprised a board like this one can't find a watcher who lives near the drill site to keep an eye on activity like the movement of trucks and equipment. How much would it be worth to this group to have that kind of intel?
are you thinking of my post 50315?
Whatever
Here's to hoping!
Let me propose a different angle on this communication issue. Logically, ZNOG mgt must have evaluated the risks and the rewards of sharing information more freely with the common share holders. For whatever reason they have decided to stay the course and not do more-frequent updates. Fair enough.
Is the case that the whales who have engaged in significant placements via the DSPP program are receiving only the meager crumbs that we, regular shareholders, are receiving?
I'll assume everything that is being done in the area of communication is being vetted by legal counsel and is above-board. Mgt's track record suggests to me that they are above reproach in this manner. But - what would it mean if the whales are staying invested if they know much more than we do?
This may be a case of "the dog that didn't bark" (or sell!)
In my experience, a DST (drill stem test) is done in open hole (no casing). That would have been done months ago. Perforating a well involves shooting shaped charges through the casing wall, the cement behind pipe, and into the reservoir rock. This would be one of the first steps in a production test.
Totally agree. I believe there are significant and unusual constraints on ZOG management's ability to communicate. I also believe they are not doing all they can to keep shareholders informed. Certainly they could throw a bone now and then to let us know nothing catastrophic is going on. That would go a long way.
I shared this opinion with a ZNOG board member after the ASM and told him I feel it's the board's responsibility to hold management accountable for good communication. Obviously that feedback hasn't had an impact - though I do know it was forwarded to others within the organization (I don't know who).
Look up the meaning of the term Ponzi Scheme. It doesn't mean what you think it means.
FRAUD!!!!
LOL
thanks for the helpful and thoughful content in these two posts. This is the kind of information that makes me keep coming back to ihub
I was pumping nitrogren foam fracs in OK in the early 90's. We preferred to use foam to avoid putting lots of water in tight gas formations.
Hi guys. I've been out of the country and haven't been able to follow this minute-to-minute this week. Maybe that was a mercy.
After trying to separate the emotion and disappointment from the logic of the situation I have concluded that the investment thesis that I had last week remains intact based on the presentation that was given at the ASM. If you paid attention, the update was not bad. The messaging, however, was bad.
What doesn't remain intact is investor optimism based on some assumptions and hopes, etc. That sudden change is what drove the 41% drop in share price yesterday. I lay the blame for that at the feet of the board of directors who are not holding ZNOG management and JB accountable for proper, professional investor communication. KyOil, your comments on this board regarding the right way to have structured the meeting and information sharing in the months leading up to the meeting were spot-on.
OK what should we do now? I plan to continue to hold to see the results of the MJ2. I expect the share price to recover over the next 8 weeks as anticipation grows regarding test results. I still believe in this project so I will persevere.
In addition to being long-suffering, I have written privately to the one ZNOG board member that I know to express my disappointment and to ask him as a board member to hold mgt and JB accountable for better investor communications.
I encourage you all to call or write investor relations to express your opinions.
Hopefully someone will listen.
It didn't have to be this way.
Many BAD IDEAs in your post Bruce
Anybody noticing the daily share price pattern? Early there's a big push up then a mid-morning dip and a late push to close back on the high for the day.
Try the Hard Eight in Coppell just east of DFW Airport. You won't regret it.
Sadly I will be unable to attend in person.
There's the volume increase I was looking for. Good day,
As the kids say, that would be lit!
Nice pic of a tall flare stack is circulating on FB (I heard) and Stocktwits. Check it out.
I like the steady upward pressure on share price. I just wish volume were picking up as well. This feels like the faithful finalizing their positions more than an increase in the number of shareholders. Still, I'm glad to ride this gift horse.
Sounds as if a talented board like this one needs to find someone to fly a drone and take a peek.
May I suggest Upwork as great place to find a contractor to carry out said assignment?
I also thought of that whale situation in relation to the reminders to vote. That makes me a bit uneasy. I wonder if the whale is trying to pressure the board by withholding his/her votes.
Also, I love the photo sleuthing you guys have been doing this weekend. That's the kind of research that has huge value to the board. Now if we could only get someone to go and take fresh pictures and to watch for flaring....
Is it legal to fly small photo-drones in Israel???
KY - I agree with your logic. That would seem to be a frac BOP and the timing of the post suggests it as well.
I used to design foam frac jobs for tight gas back in the early 90's with good success and I know the techniques are dramatically better now.
What are your thoughts regarding the need for a frac job? Does it excite you or disappoint you that the formation is needing stimulation?
Do you know if the target reservoirs are limestones, shales, or sandstones?
That's simply not true.
Hi Porgie.
It doesn't work that way ("breaching the bottom of the caprock" isn't a thing that initiates production). You are proving my point. This industry has techniques and norms that aren't obvious to people that just read some wikipedia material. I think I'll continue to listen to the analysis of the industry experts.
Shalom!
So Bruce, on one hand we have you saying past disappointments guarantee future disappointments as if hard work, incorporating more/better data, and drilling experience. etc. don't matter.
On the other hand we have KyOil and other knowledgeable and thoughtful posters doing analysis and interpreting events to say based on their industry experience that this time is not the same as MJ1.
I wonder who has the better approach...
Good because you think that implies it is part of a structured deal?
Good question!
1. I really don't know
2. It means we have some dilution going on
3. It means about $400K of stock has been issued
4. It might mean someone cares about this company
I'm choosing to take this as a positive.
When I was a newbie petroleum engineer starting my career with Exxon, two of the old hands pulled me aside and explained that no one really knows where oil and gas comes from or how it is made. They said the dinosaur theory is accepted by the masses but serious petroleum people know and will admit privately that there seems to be much more to the story. They said they believed oil is continuously generated deep in the earth by unknown processes. When they said this I felt as if they were letting me in on a big secret. It made an impression on me.
Is there any hope for this thing?
What would the goal for the company be now?