TIDMZEN
RNS Number : 6521O
Zenith Energy Ltd
21 May 2018
May 21, 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.
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Filing of 2018 CPR and Release of New Investor Presentation
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE), the international oil & gas production company
operating the largest onshore oilfield in Azerbaijan, is pleased to
announce that it has filed its year-end independent evaluation of
reserves for the year ending March 31, 2018 (the "2018 CPR"),
prepared in accordance with National Instrument 51-101: Standards
of Disclosure for Oil and Gas Activities ("NI 51-101"), on SEDAR.
Additional information regarding the Company will be included in
Zenith's Annual Information Form and annual financial statements
which will be filed on SEDAR on or before June 30, 2018. The 2018
CPR documents were filed on SEDAR on May 18, 2018 in accordance
with TSX Venture rules and applicable Canadian securities laws.
The 2018 CPR has assessed Zenith's proved plus probable ("2P")
reserves in Azerbaijan, for the duration of the 25-year
Rehabilitation, Exploration, Development and Production Sharing
Agreement ("REDPSA") effective from August 11, 2016, as
approximately 31.7 million barrels of oil, decreasing from
approximately 32.1 million as at March 31, 2017.
Italian natural gas 2P reserves have been reassessed in the 2018
CPR, increasing to 16.4 BCF from approximately 15.36 BCF as at
March 31, 2017.
All assumptions and qualifications relating to costs and other
matters are included in the Chapman Report (as defined below). The
recovery and reserves estimates on the Company's assets described
herein are estimates only. The actual reserves in the Company's
assets may be greater or smaller than those calculated.
The following is a summary of the oil and natural gas reserves
and the value of future net revenue of the Company, as evaluated by
Chapman Petroleum Engineering Ltd., Calgary, Alberta, as at March
31, 2018, and dated April 1, 2018 (the "Chapman Report"). Chapman
Petroleum Engineering Ltd. is an independent qualified reserves
evaluator and auditor. The Chapman Report has been prepared in
accordance with the standards contained in the Canadian Oil and Gas
Evaluation Handbook ("COGEH") reserves definitions that are
consistent with NI 51-101.
sUMMARY OF oil and gas reserves
BASED ON forecast prices and costs
AS AT MArch 31, 2018
Company Reserves(1)
---------------------------------------------------------------------------------
AZERBAIJAN Light and Medium Oil Heavy Oil Natural Gas(9) Natural Gas Liquids
----------------------- ------------- ----------------- ----------------------
Gross Net Gross Net Gross Net Gross Net
Reserves Category MSTB MSTB MSTB MSTB MMscf MMscf Mbbl Mbbl
----------------------- ----------- ---------- ------ ----- -------- ------- ----------- ---------
PROVED
Developed
Producing(2)(6) 377 377 0 0 0 0 0 0
Developed
Non-Producing(2)(7) 0 0 0 0 0 0 0 0
Undeveloped(2)(8) 3,511 3,511 0 0 0 0 0 0
TOTAL PROVED(2) 3,887 3,887 0 0 0 0 0 0
TOTAL PROBABLE(3) 27,847 27,847 0 0 0 0 0 0
----------- ---------- ------ ----- -------- ------- ----------- ---------
TOTAL PROVED +
PROBABLE(2)(3) 31,735 31,735 0 0 0 0 0 0
=========== ========== ====== ===== ======== ======= =========== =========
Company Reserves(1)
--------------------------------------------------------------------------------
ITALY Light and Medium Oil Heavy Oil Natural Gas(9) Natural Gas Liquids
--------------------- ------------- ------------------- ---------------------
Gross Net Gross Net Gross Net Gross Net
Reserves Category MSTB MSTB MSTB MSTB MMscf MMscf Mbbl Mbbl
----------------------- ---------- --------- ------ ----- --------- ------- ---------- ---------
PROVED
Developed
Producing(2)(6) 0 0 0 0 1,196 1,196 15 15
Developed
Non-Producing(2)(7) 0 0 0 0 220 220 0 0
Undeveloped(2)(8) 0 0 0 0 0 0 0 0
TOTAL PROVED(2) 0 0 0 0 1,416 1,416 15 15
TOTAL PROBABLE(3) 0 0 0 0 14,984 14,984 242 242
---------- --------- ------ ----- --------- -------- ---------- ---------
TOTAL PROVED +
PROBABLE(2)(3) 0 0 0 0 16,400 16,400 257 257
========== ========= ====== ===== ========= ======== ========== =========
The tables above are summaries of the reserves of Zenith as
evaluated in the Chapman Report. As the tables summarise the data
contained in the Chapman Report, they may contain slightly
different numbers due to rounding. As such, the numbers in each
column may not exactly add up. Please also review all of the
advisories and definitions below in tandem with the above
tables.
Oil and Natural Gas Reserves
The disclosure in this news release summarises certain
information contained in the Chapman Report but represents only a
portion of the disclosure required under NI 51-101. Full disclosure
with respect to the Company's reserves as at March 31, 2018 have
been filed on SEDAR (www.sedar.com) on May 18, 2018. The reserves
definitions used in this evaluation are the standards defined by
COGEH reserve definitions and consistent with NI 51-101 and used by
Chapman Petroleum Engineering Ltd. The oil reserves are presented
in thousands of barrels, at stock tank conditions.
Reserves Categories
Reserves are estimated remaining quantities of oil and natural
gas and related substances anticipated to be recoverable from known
accumulations, as of a given date, based on (i) analysis of
drilling, geological, geophysical and engineering data; (ii) the
use of established technology; and (iii) specified economic
conditions, which are generally accepted as being reasonable, and
shall be disclosed. Reserves are classified according to the degree
of certainty associated with the estimates.
Notes:
1. "Gross Reserves" are the Company's working interest
(operating or non-operating) share before deducting of royalties
and without including any royalty interests of the Company. "Net
Reserves" are the Company's working interest (operating or
non-operating) share after deduction of royalty obligations, plus
the Company's royalty interests in reserves.
2. "Proved reserves" are those reserves that can be estimated
with a high degree of certainty to be recoverable. It is likely
that the actual remaining quantities recovered will exceed the
estimated proved reserves. Proved reserves should have at least a
90 percent probability that the quantities actually recovered will
equal or exceed the estimated proved reserves
3. "Probable reserves" are those additional reserves that are
less certain to be recovered than proved reserves. It is equally
likely that the actual remaining quantities recovered will be
greater or less than the sum of the estimated proved plus probable
reserves. Probable reserves should have at least 50 per cent
probability that the quantities actually recovered will equal or
exceed the sum of the estimated proved plus probable reserves.
4. "Possible reserves" are those additional reserves that are
less certain to be recovered than probable reserves. It is unlikely
that the actual remaining quantities recovered will exceed the sum
of the estimated proved plus probable plus possible reserves.
Possible reserves should have at least a 10 percent probability
that the quantities actually recovered will equal or exceed the sum
of the estimated proved plus probable plus possible reserves.
5. "Developed reserves" are those reserves that are expected to
be recovered from existing wells and installed facilities or, if
facilities have not been installed, that would involve a low
expenditure (e.g. when compared to the cost of drilling a well) to
put the reserves on production.
6. "Developed producing reserves" are those reserves that are
expected to be recovered from completion intervals open at the time
of the estimate. These reserves may be currently producing or, if
shut-in, they must have previously been on production, and the date
of resumption of production must be known with reasonable
certainty.
7. "Developed non-producing reserves" are those reserves that
either have not been on production, or have previously been on
production, but are shut-in, and the date of resumption of
production is unknown.
8. "Undeveloped reserves" are those reserves expected to be
recovered from known accumulations where a significant expenditure
(for example, when compared to the cost of drilling a well) is
required to render them capable of production. They must fully meet
the requirements of the reserves classification (proved, probable,
possible) to which they are assigned.
9. Includes associated, non-associated and solution gas where applicable.
The 2018 CPR documents can be viewed online at www.sedar.com and
will shortly also be available on the Company website:
www.zenithenergy.ca.
New 2018 Investor Presentation
The Company confirms that during the course of today a new 2018
Investor Presentation will be made available on Zenith's website.
This will highlight the Company's development plans for its
operations in Azerbaijan and Italy during the course of 2018. The
presentation also includes the Board's expectation that approximate
all-in average oil production costs will fall from the current
US$19 per barrel to a cost of US$13 per barrel when the Company
achieves a production rate of 1,000 barrels per day in
Azerbaijan.
For further information please contact:
Zenith Energy Ltd.
Andrea Cattaneo
Chief Executive Officer
E-mail: info@zenithenergy.ca
Tel: +1 (587) 315 9031
Vigo Communications - PR Adviser
Patrick d'Ancona
Chris McMahon
Kate Rogucheva
Tel: +44 (0) 20 7830 9700
Daniel Stewart & Company Plc - (Joint Broker)
Robert Emmet- Corporate Broking
Nikhil Varghese- Corporate Finance
Tel: + 44 (0) 207 776 6550
Optiva Securities - (Joint Broker)
Christian Dennis
Tel: + 44 (0) 203 137 1903
Allenby Capital Limited - (Financial Adviser)
Nick Harriss
Nick Athanas
Tel: + 44 (0) 203 328 5656
Forward-looking statements
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "objective", "ongoing",
"may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking
information or statements. More particularly and without
limitation, this press release contains forward-looking statements
and information concerning the oil and gas reserves estimates of
the Company and the filing of certain continuous disclosure
documents on or before June 30, 2018. The forward-looking
statements and information are based on certain key expectations
and assumptions made by Zenith, including the ability to execute
its strategy and realise its growth opportunities including its
ability to finance and execute its plans. Although Zenith believes
that the expectations and assumptions on which such forward-looking
statements and information are based are reasonable, undue reliance
should not be placed on the forward-looking statements and
information because the Company can give no assurance that they
will prove to be correct. All timing given in this announcement,
unless stated otherwise is indicative and while the Company
endeavours to provide accurate timing to the market, it cautions
that due to the nature of its operations and reliance on third
parties this is subject to change often at little or no notice. By
its nature, such forward-looking information is subject to certain
risks and uncertainties (both general and specific) that could
cause actual events or outcomes to differ materially from those
anticipated or implied by such forward-looking statements. These
risks and uncertainties, include, but are not limited to, Zenith
being unable to finance or realise growth opportunities. Readers
are cautioned not to place undue reliance on this forward-looking
information, which is given as of the date hereof, and to not use
such forward-looking information for anything other than its
intended purpose. Zenith undertakes no obligation to update
publicly or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by law. The forward-looking information contained herein
is expressly qualified by this cautionary statement.
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, dual listed on the TSX Venture Exchange and London Stock
Exchange.
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, 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.
To find out more, visit www.zenithenergy.ca or follow Zenith on
Twitter @zenithenergyltd
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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