TIDMZEN
RNS Number : 4833J
Zenith Energy Ltd
28 June 2017
ZENITH ENERGY LTD.
("Zenith" or the "Company")
ZENITH ANNOUNCES 2017 ANNUAL CONSOLIDATED RESULTS
Calgary, Alberta, June 28, 2017, Zenith Energy Ltd. ("Zenith" or
the "Company") (LSE: ZEN; TSX.V: ZEE) the dual listed international
energy production company with production interests in Italy and
the operator of the largest onshore oilfield in Azerbaijan, is
pleased to announce its annual consolidated audited financial
results for the year ending March 31, 2017. These results can be
viewed online at: www.sedar.com and will also shortly be available
for review at www.zenithenergy.ca
These results were filed on SEDAR on June 27, 2017 in accordance
with TSX rules. This is the first annual consolidated audited
financial report to be published since the Company was admitted to
trading on the London Stock Exchange on January 11, 2017.
During the year Zenith achieved the following important
milestones:
- On August 11, 2016 the handover of the Azerbaijan assets was
formally completed and Zenith commenced crude oil production of
approximately 275 BOPD in Azerbaijan. The acquisition of the assets
in Azerbaijan was reflected in an immediate accretion of the oil
gross revenues of CAD$2,560,000 (GBP 1,542,310) for the period from
August 11 to March 31, 2017.
- On January 11, 2017 Zenith's entire Common Share capital was
admitted to the standard listing segment of the London Stock
Exchange Main Market.
- On February 20, 2017 the Company announced the divestment of
its operations in Argentina. This was a strategic decision which
has strengthened the Company's balance sheet and enabled Zenith's
management to focus on the consolidation of its energy production
portfolio in Italy and the Company's transformational oil
production opportunity in Azerbaijan.
Consolidated Annual Financial Results
- During the year, Zenith reported revenues of CAD$ 4,424,000
(GBP 2,655,310) (2016 - CAD$ 791,000), an increase of 459.3%
year-on-year.
- During the year, Zenith reported a gain of CAD$ 567,378,000
(GBP 341,826,000) (2016 - loss of CAD$ 7,675,000- GBP 4,623,930)
which primarily reflects the value of the Azerbaijan asset
acquisition under IFRS standards.
- Net profit for fiscal year ending March 31, 2017 equates to
CAD$ 4.54 (GBP 2.74) per share, on a fully diluted basis.
- As of March 31, 2017 Zenith held CAD$ 3,924,000 (GBP
2,364,080) in cash (March 31, 2016 CAD$ 138,000 - GBP 83,140).
- Cash used in investing activities totalled CAD$ 402,000 (GBP
242,191) (March 31, 2016 CAD$ 576,000 - GBP 347,020). The cash from
financing activities in 2017 totalled CAD$ 5,710,000 (GBP
3,440,080), these were mostly the proceeds of the Company's
admission to the London Stock Exchange, less net repayment of
loans.
Highlights for the year ended March 31, 2017 include the
following:
- During the year ended March 31, 2017 Zenith sold 65,432 Bbls
of oil from its producing assets in Azerbaijan. This data is not
comparable to that of the previous year. It is important to note
that the data regarding the 2017 year includes the oil production
from August 11, 2016 to March 31, 2017.
- During the year ended March 31, 2017, Zenith sold 25,124 Mcf
of natural gas from its Italian assets versus 92,345 Mcf of natural
gas in the 2016 comparative period. The reason for this decrease in
the sales of natural gas from Torrente Cigno is the fact that
natural gas production at this concession is now wholly used to
produce electricity. This re-configuration reflects the greater
profitability of electricity production.
- During the year ended March 31, 2017, Zenith sold 807 Bbls of
condensate from its Italian assets compared to 906 Bbls of
condensate in the 2016 comparative period, a decrease of 11%.
- During the year ended March 31, 2017, Zenith sold 9,636 MWh of
electricity from its Italian assets.
- The EPS basic for 2017 stands at CAD$ 8.15 (GBP 4.91), and
diluted is CAD$ 4.54 (GBP 2.74) - loss of (CAD$0.23) (GBP 0.14) in
2016. Details of the potentially dilutive effects of options and
warrants outstanding are set out in Note 13 of the Financial
Statements.
Corporate Activities
- Gross fundraising of CAD$ 5,288,240 (GBP 3,187,000) completed in January 2017.
- Comprehensive Azerbaijan workover programme started in February 2017.
- Loan re-payment of US$ 700,000 (CAD$ 932,684 - GBP 562,001)
made on January 20, 2017 to significantly reduce corporate
debt.
- CAD$ 407,000 (GBP 245,204) of convertible loan debt was
converted on January 30, 2017 resulting in the issuance of
3,700,000 new shares.
Andrea Cattaneo, Zenith CEO, commented:
"I am pleased to present our annual audited consolidated
financial results; the first set of financial results since the
Company's listing on the London Stock Exchange in January 2017. Our
annual results for the year ended March 31, 2017 clearly
demonstrate the transformational impact of Zenith's recent
acquisition in Azerbaijan. Some of these numbers have already been
provided to the market in the form of our Q2 and Q3 2017 reports
and are now presented in full in our annual results.
The Company has a very prosperous journey ahead with an
opportunity to significantly increase our oil production revenues
and thereby enhance our market capitalisation as we progress with
the field rehabilitation, development and exploration of the
largest onshore oilfield in Azerbaijan.
This is in addition to our diversified energy production
portfolio in Italy which also presents opportunities to
substantially increase revenues through our production of
electricity, natural gas and condensate.
The Company's primary objective is to achieve incremental oil
production increases in Azerbaijan. Our oil production target of
1000 BOPD by March 31, 2018 should project Zenith towards a
mid-tier market capitalisation. I have full confidence that our
systematic programme of field rehabilitation, begun in February
2017, will achieve this target and I am very excited about our
journey ahead."
For further information, please contact:
Zenith Energy Ltd.
José Ramón López-Portillo
Chairman
Andrea Cattaneo
CEO & President
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775-4474
Allenby Capital Limited - (Joint Broker)
Nick Harriss
Nick Athanas
Richard Short
Telephone: + 44 (0) 203 328 5656
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903
This information is provided by RNS
The company news service from the London Stock Exchange
END
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