Zenith Energy Ltd Operational Update (2495G)
24 November 2020 - 6:00PM
UK Regulatory
TIDMZEN
RNS Number : 2495G
Zenith Energy Ltd
24 November 2020
November 24, 2020
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")
Operational Update
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA-ME), the listed international oil & gas production company
focused on pursuing African development opportunities, is pleased
to provide the following update on its operational equipment.
1,200hp drilling rig
The Company can confirm that its 1,200hp drilling rig
("ZEN-260"), as well as ancillary drilling equipment, has been
successfully transported outside of Azerbaijan, where it had
previously been deployed for drilling activities. It is currently
being held at a port storage facility, ready for immediate
transportation, whilst the Company awaits clarity on its respective
future oil and gas production and exploration activities in the
Republic of the Congo and the Republic of Tunisia.
A-100 Workover Rig
The Company's A-100 375hp workover rig ("A-100") is operational
and has undergone certain modifications to render it more suited to
its intended operational activities. It is currently located in
Azerbaijan. The Company is evaluating, in consideration of its
recent acquisitions, where and how it can be best deployed and will
advise the market accordingly in due course.
A-80 Workover Rig
The A-80 workover rig ("A-80") was inherited by the Company from
SOCAR at no cost following the commencement of operational
activities in Azerbaijan. In accordance with the terms of the
REDPSA, the A-80 was returned to SOCAR upon completion of the
handover of the Contract Rehabilitation Area, announced to the
market on June 25, 2020.
Update on Half-year Review
The Company had announced on September 30, 2020 that it had
engaged its auditors, PKF Littlejohn, to perform an additional ISRE
2410 review of the interim financial statements for the six months
ended September 30, 2020 (the "Half-year Review").
In light of the heavy concentration of senior management time
and attention towards the completion of Zenith's business
development objectives in Africa, the Company has decided not to
proceed with the additional Half-year Review, which is not required
in accordance with the listing rules. The Company's financial
reporting will therefore remain unchanged as in past years.
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315
Officer 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Allenby Capital Limited - Financial
Adviser & Broker
-----------------------------
Nick Harriss Tel: + 44 (0) 203
Nick Athanas 328 5656
-----------------------------
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange (LSE:ZEN) and the
Merkur Market of the Oslo Stock Exchange (ZENA:ME).
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the onshore
oil & gas sector, specifically in Africa. The Company's board
of directors and senior management team have the experience and
technical expertise to develop the Company successfully.
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END
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