TIDMZEN
RNS Number : 4084H
Zenith Energy Ltd
15 November 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.
November 15, 2018
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Filing of Quarterly Results
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 six months ended September 30, 2018 on
SEDAR (www.sedar.com). A copy of the documents filed on SEDAR can
be accessed via the links below:
http://www.rns-pdf.londonstockexchange.com/rns/4084H_1-2018-11-14.pdf
http://www.rns-pdf.londonstockexchange.com/rns/4084H_2-2018-11-14.pdf
In accordance with Canadian securities laws, filing of the
Company's quarterly results was performed on November 14, 2018. A
copy of these documents will shortly be available for review on the
Company's website: www.zenithenergy.ca.
Highlights for the six months ended September 30, 2018 include
the following:
a) The Group generated revenues from oil and natural gas
production of CAD$3,803 (2017 - CAD$2,465) and from electricity
CAD$321k (2017 - CAD$317) in the six months ended September 30,
2018, representing an increase of 12.8% in revenues over the
corresponding period for 2017, and represents the highest quarterly
net revenue since the Company's incorporation;
b) During the three and six months ended September 30, 2018 the
Company produced 22,133 and 45,523 barrels of oil from its assets
in Azerbaijan;
c) During the three and six months ended September 30, 2018 the
Company sold 18,813 and 38,695 barrels of oil from its assets in
Azerbaijan;
d) During three and six months ended September 30, 2018, the
Company sold 2,641 and 3,978 Mcf of natural gas from its Italian
assets;
e) During the three and six months ended September 30, 2018, the
Company sold 182 and 610 barrels of condensate from its Italian
assets;
f) During the three and six months ended September 30, 2018, the
Company sold 1,883 and 4,566 MWh of electricity from its Italian
electricity production assets;
g) On September 5, 2018, the Company's fully owned subsidiary,
Zena Drilling Limited, signed a purchase agreement for the
acquisition of a BD-260 drilling rig assembled by B Robotics W
S.r.l., for a total consideration of EUR2,250,200. The agreement
supersedes the six-month rental agreement Zena had signed with
Robotics for the BD-260 drilling rig dated June 6, 2018. In
addition, Robotics confirmed it will provide its highly experienced
drilling personnel for a minimum of 6 months as part of the
aforementioned agreement. In addition, the Company has formalised a
tender process in Azerbaijan for the leasing of a 180-ton
truck-mounted workover and drilling rig for a period of four
months.
h) On September 5, 2018, the Company entered into a US$1,500,000
unsecured convertible loan facility with a term of 18 months
starting from August 30, 2018. Zenith shall pay interest on the
outstanding amount of the Facility at the rate of 0% per annum. The
Facility includes an initial immediate advance of US$1,300,000, and
a further advance of US$200,000 to be provided at a later time and
at the discretion of the Lenders.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer
Luca Benedetto, Chief Financial 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
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 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
IR DBBDBIUBBGIS
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