TIDMZEN
RNS Number : 7426P
Zenith Energy Ltd
14 October 2019
October 14, 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")
Drilling Programme and Well Perforation Activities
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas
production company operating the largest onshore oilfield in
Azerbaijan, is pleased to provide an update on its drilling
programme and well perforation activities.
Drilling Programme
The Company has evaluated a number of drilling locations to
follow planned drilling operations in well C-30. As previously
announced, mobilisation of Zenith's 1,200hp drilling rig to the
C-30 well location is expected to take place before the end of
October 2019.
As part of its planned future drilling programme, Zenith has
identified well M-247, located in the south-western part of the
Muradkhanli oilfield, as a highly prospective geological target for
well deepening or sidetrack operations targeting the Middle Eocene
and Upper Cretaceous formations.
Well M-247 is currently not in production and last produced at a
rate of approximately 200 barrels of oil per day in 1990.
The well is located in the proximity of Lake Sarisu and it is
expected that a series of civil works will be required to render
the location fully accessible during the winter season.
Well Perforation Activities
The Company's geological team in Azerbaijan has identified a
number of wells in the Muradkhanli oilfield in which perforations
of selected untapped intervals are expected to generate additional
oil production.
Zenith expects to begin performing the first perforation
activities during the next ten days and will provide updates as the
activities progress.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We are taking all the necessary steps to materially increase
our daily production of oil and formulate a clear plan to optimise
the execution of our potentially transformational drilling
activities. I look forward to providing further information
regarding these operations in due course."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315
Officer 9031
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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.
The Company operates the largest onshore oilfield in Azerbaijan
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 increases to be achieved as a
result of drilling or well perforation activities in 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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