Zenith Energy Ltd Team A Operational Update, Azerbaijan (9967B)
10 4월 2017 - 3:40PM
UK Regulatory
TIDMZEN
RNS Number : 9967B
Zenith Energy Ltd
10 April 2017
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Operational Update
Team A Completes Submersible Pump Replacement Activities
Calgary, Alberta, April 10, 2017, Zenith Energy Ltd. ("Zenith"
or the "Company") (LSE: ZEN; TSX.V: ZEE), the dual listed
international oil & gas production company, is pleased to
announce that field workover Team A, comprised of the Company's
field personnel and operating Zenith's fully owned workover rig,
has completed pump replacements at a number of different wells.
On March 16, 2017 the Company announced that three wells, M-70
and M-48 in the Muradkhanli field and well C-34 in the Jafarli
field, had been scheduled for submersible pump replacements and
that these operations were to be carried out by the recently
mobilised Team A.
A total of four wells have undergone pump replacements and one
well has undergone pump repair work. Team A has now successfully
completed pump replacements at M-67 and M-70 in the Muradkhanli
field as well as C-31 and C-34 in the Jafarli field. In addition to
these activities, well C-39 in the Jafarli field has undergone pump
repair work.
The previously announced planned pump replacement of well M-48
has upon further technical investigation been deemed unnecessary at
this point in time and has not taken place.
The Company is pleased to report that the pump replacement
activities executed by Team A have yielded an increase in
production at these four wells. The total increase in production
from these initial activities is 14bopd.
It should be noted that a pump replacement should not be
compared to a well workover with regards to its production upside
potential. These pump replacements are not included in the workover
programme and the main focus has been the trialing of Zenith's
newly refurbished workover rig.
As announced by the Company on March 16, 2017 Team A is now in a
position to prepare and subsequently engage in the technically more
demanding workover of well M-45. The necessary technical skills and
familiarity in working as a team have now been established through
these introductory exercises and are expected to further develop as
Team A progresses with higher impact workovers as part of the field
rehabilitation programme.
Team A is currently awaiting delivery of all the ancillary tools
and piping necessary for the workover of M-45. These parts are
expected to arrive at the Muradkhanli field later this week.
The Company will provide an update when the workover of well
M-45 begins and also report on the progress of Team B in the
workover of well M-195 in the coming week.
Andrea Cattaneo, Zenith CEO, commented:
"It is very encouraging that Zenith's internal field
rehabilitation team operating the Company's fully owned workover
rig, named Team A, has succeeded in its introductory activities by
undertaking relatively simple submersible pump replacements that
have increased production from the wells. These activities also had
the objective of assessing the technical capabilities of the Team
and their modus operandi. The speed and efficiency of Team A has
been impressive.
The Board is increasingly of the view that the use of the
Company's own personnel and equipment for its field rehabilitation
operations is the preferred choice going forward as opposed to
sub-contracting fieldwork to more expensive third party
contractors. The recent success of Team A further reinforces the
merits of this position. Team A can now graduate to become a
fully-fledged workover team and begin the workover of well
M-45.
This reflects our guiding principle of being a low cost
operator. The use of the Company's resources is always evaluated in
consideration of this budgetary model. Zenith's 14bopd production
increase achieved from pump replacement activities, whilst a
relatively small number at first glance, is of greater importance
if one considers the increase in revenue resultant from production
relative to the extremely low operational expenditure incurred by
applying the Company's own resources to achieve this result. The
cost-benefit aspect of Zenith's in-house field rehabilitation
operations should therefore not be overlooked.
I am also pleased to report that the Company is making progress
in its negotiations for the acquisition and financing of a
high-specification Chinese drilling rig. The arrival of this
drilling rig will allow the Company to begin a systematic drilling
campaign that would be highly cost-effective and underpin the
Company's projected long-term production increases in
Azerbaijan.
In the interests of clarity it should also be underlined that
the workover programme will continue with growing momentum in the
period before the drilling rig arrives and will then run parallel
to the drilling programme to maximise oil production from the
field.
I can also confirm that an update regarding the workover of well
M-195 will be provided during the week."
For further information, please contact:
Zenith Energy Ltd.
José Ramón López-Portillo
Chairman of the Board
Andrea Cattaneo
CEO & President
E-mail: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775 4474
This information is provided by RNS
The company news service from the London Stock Exchange
END
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