Zenith Energy Ltd Beginning of Comprehensive Reservoir Study (1540G)
02 November 2018 - 6:00PM
UK Regulatory
TIDMZEN
RNS Number : 1540G
Zenith Energy Ltd
02 November 2018
November 2, 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")
Beginning of Comprehensive Reservoir Study
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 begun a comprehensive reservoir
engineering study to achieve the optimisation of production from
active and shut-in production wells across the Muradkhanli, Jafarli
and Zardab oilfields in Azerbaijan.
The findings of the reservoir study will complement the two
comprehensive geological studies previously completed by the
Company, announced on August 13, 2018, whose scope was focused on
the selection of infill drilling locations across its field area in
preparation for the beginning of drilling activities in
Azerbaijan.
The primary goal of the reservoir study will be the achievement
of a material improvement in Zenith's understanding of its
reservoir base in order to perform well interventions, including
sidetracks and perforations, that might unlock significant reserves
in historically highly productive wells. The study will also result
in the creation of a fully digitalised database that will
incorporate all existing printed reservoir data.
Update on Well C-37 Operations
Zenith can confirm that the preparatory work required prior to
the beginning of drilling activities, announced on October 15,
2018, is ongoing and that the electrical submersible pump has been
pulled out of the hole. The Company's operational team has begun
running in the hole with a scraper to the production casing shoe at
a depth of 3,904 metres. A series of well investigations by
wireline will follow the completion of this work, as well as the
performance of civil works including the construction of a drilling
pad.
The Company will provide an update once the aforementioned
preparatory work is concluded and a 180-ton rig, contracted from a
local service company, is mobilised to the well location to
commence drilling operations.
Andrea Cattaneo, Chief Executive Officer, commented:
"I am satisfied with the significant progress we are making in a
number of areas. Zenith's recent appointments reflect an intention
to maximise our geological, reservoir engineering and technical
understanding in order to achieve concrete operational success. I
look forward to reporting on our progress in due course as we enter
an exciting phase of highly prospective drilling activities."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Allenby Capital Limited - Financial Adviser
Nick Harriss
Nick Athanas
Tel: + 44 (0) 203 328 5656
Daniel Stewart & Company Plc - Joint Broker
Robert Emmet - Corporate Broking
Tel: + 44 (0) 207 776 6550
Optiva Securities - Joint Broker
Christian Dennis
Tel: + 44 (0) 203 137 1903
Vigo Communications - PR Adviser
Patrick d'Ancona
Chris McMahon
Tel: +44 (0) 20 7930 0230
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, dual listed on the TSX Venture Exchange and London Stock
Exchange. 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 Azerbaijan Republic, 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.
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
MSCEAKFAEDFPFEF
(END) Dow Jones Newswires
November 02, 2018 03:00 ET (07:00 GMT)
Zenith Energy (LSE:ZEN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Zenith Energy (LSE:ZEN)
Historical Stock Chart
From Jul 2023 to Jul 2024