Zenith Energy Ltd Mobilisation of Drilling Rig to well C-37 (1010U)
27 March 2019 - 6:01PM
UK Regulatory
TIDMZEN
RNS Number : 1010U
Zenith Energy Ltd
27 March 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.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Mobilisation of Drilling Rig to well C-37
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 that its oilfield service
company subsidiary, Zena Drilling Limited, ("Zena"), will begin
mobilisation of the BD-260 drilling rig to well C-37 in the Jafarli
Field during the next 48 hours.
The Company will provide updates regarding the progress of its
activities via the Company's corporate website and social media
channels. The market will be updated as soon as rigging up of the
BD-260 drilling rig is fully completed.
Andrea Cattaneo, Chief Executive Officer, commented:
"The beginning of our potentially transformational well
deepening programme in the Jafarli Field in Azerbaijan is now
imminent. We are extremely excited by current progress and look
forward to seeing the rig fully rigged up and ready for drilling.
Success in this operation will enable us to definitively put past
disappointments behind us and look with renewed confidence to a
bright future for Zenith Energy and our supportive
shareholders."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Optiva Securities - Broker
Christian Dennis
Jonathan Brown
Tel: + 44 (0) 203 981 4179
Allenby Capital Limited - Financial Adviser
Nick Harriss
Nick Athanas
Tel: + 44 (0) 203 328 5656
IFC Advisory Limited - Financial PR & IR
Graham Herring
Miles Nolan
Zach Cohen
Tel: +44 (0) 203 934 6630
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
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