TIDMZEN
RNS Number : 5941W
Zenith Energy Ltd
12 December 2019
December 12, 2019
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon
publication of this announcement via a regulatory information
service ("RIS"), the inside information contained in this document
is now considered to be in the public domain.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Azerbaijan Operational Update
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas
production company, is pleased to provide an update regarding well
C-37 operations.
The Company can confirm that, in order to optimise future
production from well C-37, it will install a custom-built bridge
plug to isolate the Upper Cretaceous formation and enhance the
long-term productivity to be obtained from the Middle Eocene
formation.
Zenith expects that, following the installation, and when the
well is placed in full operation, stabilised oil production from
well C-37 will be approximately 250-300 barrels of oil per day
without stimulation.
As announced on October 9, 2019, the Company plans to perform a
series of stimulation activities to progressively further increase
productivity from the Middle Eocene formation.
The Company will provide further information on these
developments in due course.
Deepening of Well C-30
The Company can confirm that civil works at well C-30 have now
been fully completed.
Zenith is currently in discussions with its REDPSA partner,
SOCAR, to obtain final approvals to commence drilling
operations.
Drilling of Exploratory Well in 2020
Zenith can confirm that it has initiated geological and
technical investigations, with the approval and in consultation
with SOCAR, for the identification of the most prospective location
to drill an exploratory well within the Exploration Area of the
REDPSA contract area.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"The Company looks forward to achieving stabilised production
from well C-37 following the completion of downhole operations.
We are extremely motivated to achieve further success in C-30
well deepening operations with the benefit of the important
experiences gained during C-37 operations."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315
Officer 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Peterhouse Capital - Joint Tel: + 44 (0) 207
Broker 469 0930
-----------------------------
Lucy Williams
-----------------------------
Charles Goodfellow
-----------------------------
Novum Securities Limited - Tel: + 44 (0) 207
Joint Broker 399 9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
IFC Advisory Limited - Financial Tel: + 44 (0) 203
PR & IR 934 6630
-----------------------------
Graham Herring
-----------------------------
Zach Cohen
-----------------------------
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London
Stock Exchange (LSE:ZEN). In addition, the Company's common share
capital was admitted to trading on the Merkur Market of the Oslo
Børs (ZENA:ME) on November 8, 2018. The Merkur Market is a
multilateral trading facility owned and operated by the Oslo
Børs.
The Company was assigned a medium to long-term issuer credit
rating of "B+ with Positive Outlook" on October 9, 2019 by Arc
Ratings, S.A. On November 18, 2019, the Company was assigned a "B+"
with Stable Outlook debt issuer credit rating by Rating-Agentur
Expert RA.
The Company operates the largest onshore oilfield in Azerbaijan
by cumulative acreage following the signing of a 25-year REDPSA,
(Rehabilitation, Exploration, Development and Production Sharing
Agreement), with SOCAR, State Oil Company of the Republic of
Azerbaijan, in 2016.
The Company's primary focus is the development of its Azerbaijan
operations by leveraging its technical expertise and financial
resources to maximise low-cost oil production via a systematic
field rehabilitation programme intended to achieve significantly
increased revenue. Zenith also operates, or has working interests
in, a number of natural gas production concessions in Italy. The
Company's Italian operations produce natural gas, condensate and
electricity.
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the onshore
oil & gas sector. The Company's Board of Directors and senior
management team have the experience and technical expertise to
develop the Company successfully.
Forward-looking statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. More particularly and without
limitation, this press release contains forward-looking statements
about the potential oil production to be achieved from certain of
the Company's wells. The forward-looking statements and information
are based on certain key expectations and assumptions made by
Zenith, including the ability to execute its strategy and realise
its growth opportunities including its ability to finance and
execute its plans. Although Zenith believes that the expectations
and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information because
the Company can give no assurance that they will prove to be
correct. All timing given in this announcement, unless stated
otherwise is indicative and while the Company endeavours to provide
accurate timing to the market, it cautions that due to the nature
of its operations and reliance on third parties this is subject to
change often at little or no notice. By its nature, such
forward-looking information is subject to certain risks and
uncertainties (both general and specific) that could cause actual
events or outcomes to differ materially from those anticipated or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, Zenith being unable
to finance or realise growth opportunities. Readers are cautioned
not to place undue reliance on this forward-looking information,
which is given as of the date hereof, and to not use such
forward-looking information for anything other than its intended
purpose. Zenith undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.
The forward-looking information contained herein is expressly
qualified by this cautionary statement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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