Zenith Energy Ltd Zenith purchases workover rig in Azerbaijan (8619C)
January 25 2018 - 1:00AM
UK Regulatory
TIDMZEN
RNS Number : 8619C
Zenith Energy Ltd
25 January 2018
January 25, 2018
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")
Zenith purchases workover rig 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 that it has signed a purchase agreement
contract for the order of a new workover rig, (the "New Workover
Rig"), with a well-established manufacturer based in
Azerbaijan.
The New Workover Rig is designated as an A-100 truck-mounted
workover rig. The model of the New Workover Rig has an extensive
manufacturing history in Russian and Central Asian countries and is
among the most heavily utilised workover rig variants in the
region. The abundant availability of spare parts and mechanical
support in the proximity of the Company's operations has played an
important role in the selection of the New Workover Rig.
The use of the New Workover Rig will not be restricted to the
Company's Azerbaijan operations.
Delivery of the New Workover rig is expected to take place
ninety days from the signing of the purchase agreement
contract.
The total value of the purchase agreement contract for the New
Workover Rig is approximately CAD$440,218 (approximately
GBP250,933).
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"The Company is committed to strongly supporting the local
economy of our host country. Azerbaijan has a long and successful
history of manufacturing oil production equipment and machinery.
Upon delivery, the New Workover Rig will join the Company's
recently upgraded A-80 workover rig in performing field
rehabilitation operations across the field."
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Beaufort Securities Limited - (Joint Broker)
Jon Belliss
Telephone: +44 (0) 207 382 8300
Daniel Stewart & Company Plc - (Joint Broker)
Robert Emmet- Corporate Broking
Nikhil Varghese- Corporate Finance
Telephone: + 44 (0) 207 776 6550
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Telephone: + 44 (0) 203 328 5656
Yellow Jersey (Financial PR/IR)
Tim Thompson
Telephone: +44 (0) 203 735 8825
This information is provided by RNS
The company news service from the London Stock Exchange
END
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