Zenith Energy Ltd Mobilisation of rig to Robbana concession, Tunisia (1527J)
August 19 2021 - 2:15AM
UK Regulatory
TIDMZEN
RNS Number : 1527J
Zenith Energy Ltd
19 August 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
August 19, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Mobilisation of rig to Robbana concession, Tunisia
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international oil & gas production company
focused on pursuing African development opportunities, is pleased
to announce that it has finalised all the necessary preparations
for the commencement of operational activities in the Robbana
concession ("Robbana") in onshore Tunisia.
Workover of Robbana-1 well ("ROB-1")
Having carried out an extensive technical review, the Company's
operational team in Tunisia has made the decision to perform a
workover of ROB-1, which is currently producing at a rate of
approximately 20 bopd.
The workover of ROB-1 is expected to more than double existing
production, resulting in a daily production rate of approximately
50-80 bopd.
The Company is pleased to confirm that it has contracted a
leading local Tunisian drilling contractor to perform the workover
of ROB-1 using a 750hp drilling and workover rig (the "Rig").
The cost of the ROB-1 workover has been estimated to be
approximately US$550,000.
Mobilisation of the Rig to the ROB-1 well location is expected
to take place within the next 10-14 days, and the commencement of
operations is expected on or before September 10, 2021. Workover
operations are expected to take between 20-30 days from start to
finish.
The Company will provide an update once the well intervention in
ROB-1 has commenced.
Plans to drill an infill well in Robbana ("ROB-3"), first
announced on June 10, 2021, remain unchanged and the Company is
pleased to confirm that, having carried out an inventory
inspection, the long-lead equipment required for the drilling of
ROB-3 are already on location and meet the prescribed technical and
safety standards.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We are very pleased to begin Zenith's operational journey in
Tunisia with our inaugural well intervention in Robbana. We are
confident that this first well intervention in ROB-1, which has
remained untouched since 2012, will result in a relatively
significant uplift in production and, at the same time, provide us
with valuable additional insights that we can apply towards the
planned drilling of ROB-3.
Our primary objective for Robbana is to achieve a daily
production rate of approximately 200-250 bopd, to be obtained via
the successful workover of ROB-1 and the drilling of ROB-3,
representing a tenfold increase in respect of current daily
production from the concession.
Further, it is our intention to update our independent Competent
Person's Report to also include the reserves of the El Bibane and
Robbana concessions, having been acquired at a time after the
effective date of the last reserves evaluation.
We shortly also look forward to delivering news regarding
planned drilling activities in the Ezzaouia concession, following
agreement with our local partners, which we hope to begin prior to
the close of 2021.
The team and I are confident regarding Zenith's current
progress, in Tunisia and beyond, and we are greatly excited by our
significant near-term development potential in a number of
areas."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Allenby Capital Limited - Financial
Adviser & Broker
-----------------------------
Nick Harriss Tel: + 44 (0) 203 328
Nick Athanas 5656
-----------------------------
Notes to Editors :
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange (LSE:ZEN) and the
Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the oil
& gas sector, specifically in Africa.
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