TIDMZEN
RNS Number : 3288H
Zenith Energy Ltd
31 July 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.
July 31, 2019
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Filing of Quarterly Results and Operational Update
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE; OSE: ZENA-ME) the listed international oil & gas
production company operating the largest onshore oilfield in
Azerbaijan, is pleased to announce the filing of its consolidated
quarterly results for the three months ended June 30, 2019 on SEDAR
(www.sedar.com).
In accordance with Canadian securities laws, filing of the
Company's quarterly results was performed on July 29, 2019. A copy
of these documents will shortly be available for review on the
Company's website: www.zenithenergy.ca.
Highlights for the three months ended June 30, 2019, include the
following:
- The Company sold 20,233 (2018 - 23,495) barrels of oil from
its assets in Azerbaijan, in the three months ended June 30,
2019.
- The Company sold 2,867 (2018 - 1,337) MCF of natural gas from
its Italian production assets, in the three months ended June 30,
2019.
- The Company sold 2,779 (2018 - 2,684) MWh of electricity from
its Italian assets, in the three months ended June 30, 2019.
- During the three months ended June 30, 2019, the Group
incurred CAD$936k of Administrative Expenses compared to CAD$3,160k
incurred in the 3 months ended June 30, 2018.
Well C-37 Operational Update
Zenith is pleased to confirm that C-37 well deepening operations
began on July 26, 2019, as per the Company's announcement of July
18, 2019.
The Company can confirm that it has successfully retrieved well
C-37's entire kill string amounting to approximately 1,000 meters
of tubing.
The Company has subsequently begun the process of installing a
new API standard 5,000 working pressure tubing spool complete with
tubing hanger seat and a new wellhead. The Company has taken this
decision in order to mitigate the risks of potential difficulties
arising as a result of wellhead failures which had been encountered
in previous operations.
A new BOP system, inclusive of an accumulator unit, choke
manifold and remote controls will be subsequently connected as soon
as the aforementioned installation is completed.
At the same time, the Company has initiated the preparation of
drilling fluids in anticipation for the imminent beginning of
drilling activities.
Zenith is pleased to report that no equipment failures have been
registered and that all equipment associated with the BD-260
drilling rig has functioned as planned.
In addition, the Company can confirm that it has received all
the necessary approvals from the local authorities for the
beginning of drilling activities following a full rig inspection
carried out on July 29, 2019.
Further updates will be provided to the market as
appropriate.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Peterhouse Capital - Joint Broker Tel: + 44 (0) 207 469
0930
-----------------------------
Lucy Williams
-----------------------------
Charles Goodfellow
-----------------------------
Novum Securities Limited - Joint Tel: + 44 (0) 207 399
Broker 9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
IFC Advisory Limited - Financial Tel: + 44 (0) 203 934
PR & IR 6630
-----------------------------
Graham Herring
-----------------------------
Miles Nolan
-----------------------------
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 8, 2018 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
and information concerning well deepening operations on 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
MSCMMGFNVMNGLZG
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