TIDMZEN
RNS Number : 4806F
Zenith Energy Ltd
18 May 2017
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Zenith Appoints Chief Operating Officer ("COO") in Azerbaijan
and
Grants Stock Options
Calgary, Alberta, May 18, 2017, Zenith Energy Ltd. ("Zenith" or
the "Company") (LSE: ZEN; TSX.V: ZEE), the dual listed
international oil & gas production company, is pleased to
announce the appointment of Mr. Michael Palmer to the position of
Chief Operating Officer of Zenith's operations in Azerbaijan.
Zenith is also pleased to announce the granting of stock options to
certain officers of the Company.
Appointment of Azerbaijan COO
Mr. Michael Palmer, an American national, holds a Bachelor of
Science degree in Chemical Engineering from the University of
Washington and is also a graduate of Columbia University's Senior
Executive Management Program.
Mr. Palmer has 37 years of experience in the oil industry as
head of production operations, exploration and field development in
Azerbaijan, Kazakhstan, Russia, Ukraine, Syria, Indonesia, Gabon,
Guinea, and the US.
One of Mr. Palmer's most important achievements has been the
successful management of operations at an onshore oilfield in
Azerbaijan operated by an international oil production company.
Under Mr. Palmer's management of this field, operations were
economically successful and production increased from approximately
1,500 barrels of oil per day to 7,500 barrels of oil per day.
Following this success the asset was sold and Mr. Palmer left his
position.
Mr. Palmer's appointment is in line with the Company's
intention, declared in its prospectus published in January 2017, to
appoint a Chief Operating Officer to oversee the successful
management of its operations in Azerbaijan.
Granting of Stock Options
The Board of Directors has decided to grant Mr. Palmer 1,000,000
(one million) stock options as part of the Company's Stock Option
Plan priced at the TSX closing price of yesterday, May 17, 2017,
CAD$ 0.15 (approximately GBP0.091) per Common Share.
The Board has also decided to grant Mr. Luca Benedetto, Chief
Financial Officer of the Company, 750,000 (seven hundred fifty
thousand) stock options priced at the TSX closing price of
yesterday, May 17, 2017, CAD$ 0.15 (approximately GBP0.091) per
Common Share.
Mr. Andrea Cattaneo, Chief Executive Officer and President of
the Company, has been granted 1,000,000 (one million) stock options
priced at the TSX closing price of yesterday, May 17, 2017, CAD$
0.15 (approximately GBP0.091) per Common Share.
The granting date of May 17, 2017 is in accordance with the
timing of the Board of Directors meeting during which this stock
options allocation was approved. The stock options are fully vested
and have the duration of five years from the date of granting. The
Stock Options Plan was approved by shareholders of the Company at
the AGM held on January 20, 2017.
Zenith CEO, Andrea Cattaneo, commented:
" I am very pleased to announce the appointment of Michael
Palmer as COO for Azerbaijan. Michael has an impressive track
record and his considerable technical experience in oil & gas
operations, specifically in Azerbaijan, will be greatly beneficial
to Zenith. I am confident that this appointment will add
significant impetus to our endeavours and will further enhance the
strength of our management team.
I am also pleased to note that Mr. Palmer has accepted stock
options as an important part of his remuneration package. This
shows his confidence in the future success of our operations and
displays his commitment to Zenith."
Zenith Aran COO, Michael Palmer, commented:
"I am extremely excited to join Zenith's team. I see significant
potential for the Company's assets in Azerbaijan and I look forward
to contributing to the achievement of our operational goals."
For further information, please contact:
José Ramón López-Portillo
Chairman
Andrea Cattaneo
CEO & President
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775-4474
Allenby Capital Limited - (Joint Broker)
Nick Harriss
Nick Athanas
Richard Short
Telephone: + 44 (0) 203 328 5656
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
This information is provided by RNS
The company news service from the London Stock Exchange
END
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