Zenith Energy Ltd Successful perforation of well C-21 in Azerbaijan (8762S)
October 06 2017 - 1:00AM
UK Regulatory
TIDMZEN
RNS Number : 8762S
Zenith Energy Ltd
06 October 2017
October 6, 2017
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Successful perforation of well C-21 in Azerbaijan
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE), the dual listed international oil & gas production
company operating the largest onshore oilfield in Azerbaijan, is
pleased to announce the successful perforation of a new,
unexploited production zone in well C-21 in the Jafarli field.
Following the successful perforation, well C-21 is now flowing
at a rate of 15 BOPD. Prior to the perforation well C-21 was not
producing.
The perforation was undertaken after examining well data
obtained by utilising innovative quad neutron logging technology.
The use of this technology enabled the identification of a total of
7.1 metres of unexploited payzone between the depths of 3862 -
3863, 3865 - 3867, 3869.6 - 3871.2, and 3706 - 3708.5 metres in the
Middle Eocene geological structure. This is the first time that
such technology has been employed in Zenith's Azerbaijan
operations.
Zenith's petroleum engineers have identified additional pay
zones in well C-21 that present strong prospects for oil production
once perforated and tested.
Zenith's operational team intends to install an electric
submersible pump (ESP), after the perforations have been completed,
to further draw down the formation pressure and increase oil
production from well C-21.
The Company will release an Azerbaijan daily oil production
update once the high-impact workover of well Z-28 in the Zardab
field is completed in November 2017.
Mike Palmer, Chief Operating Officer, Zenith Aran, the Company's
Azerbaijan-based fully owned subsidiary, commented:
"This result is a positive development for several reasons. We
are now establishing a track-record of systematically restoring
production in complex wells that were previously not producing.
This is the primary goal of field rehabilitation activities.
Most importantly, however, the Company has now for the first
time employed quad neutron logging technology to obtain well data
and identify new, unexploited production zones in wells. The first
run of this technology in well C-21 has been successful. We have
restored production at a rate of 15 BOPD, and the well data
collected indicates that additional perforations may further
increase the flow rate. We also expect the installation of an ESP
to result in production upside.
We will now evaluate other wells where the benefits of this new
technology can be best applied."
For further information, please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer & 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
Abchurch (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 200 7398 7700
This information is provided by RNS
The company news service from the London Stock Exchange
END
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