TIDMZEN
RNS Number : 6869E
Zenith Energy Ltd
22 October 2018
October 22, 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")
New Geological Structure Identified in Well C-37, Jafarli
Field
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE), the dual listed international oil & gas production
company operating the largest onshore oilfield in Azerbaijan, is
pleased to announce that additional, ongoing geological and
reservoir investigations have enabled the Company to identify a new
structure in the Middle Eocene and Upper Cretaceous formations of
the Jafarli Field.
Key Conclusions:
-- The Jafarli field is a dip-closed anticline, located in the
south-east tail of the Muradkhanli anticline in the Yevlakh -
Aghjabady depression.
-- Historically, the primary productive formation in the field
has been the Middle Eocene, consisting of volcanogenic clastic
layers and fractured marly limestones draping and lapping the
Mesozoic underlying structure which is identifiable in the 3D
seismic surveys performed in 2008 and 2011.
-- The identified structure measures approximately 3 square
kilometres with a significant degree of closure indicated by a
thickness of approximately 100 metres.
-- The study recommends that well C-37's total depth, 3,987
metres, be deepened by approximately 200-250 metres with the
following two objectives:
1.) Penetrate sandstone layers found in the adjacent well C-22
where historical well data indicates that initial production was
approximately 700 barrels per day from the Middle Eocene formation
upon drilling in 1986.
2.) Penetrate the Mesozoic (Upper Cretaceous) formation, which
has not been previously tested in this structure to verify its
fluid content. The new Cretaceous play could potentially unlock
valuable new prospective exploration activity to be performed in
the Muradkhanli and Zardab fields.
-- In order to better evaluate the potential benefits of
successful drilling activities the Company has calculated the
reserves potential of this structure by hypothesizing certain
petrophysical parameters expressed in similar Cretaceous reservoirs
located in the north-western part of the Kura basin. The
aforementioned reserves calculation has confirmed the Company's
intention to proceed with the performance of drilling
operations.
Appointment of Senior Reservoir Engineer
The Company is pleased to announce that it has appointed Narmina
Garayeva as Senior Reservoir Engineer of Zenith Aran, its
fully-owned Azerbaijan subsidiary.
Narmina is a senior reservoir engineer with a PhD degree in
Reservoir Engineering and 30 years' experience acquired with oil
companies including Addax Petroleum and BP. She has previously
worked in geographies including Azerbaijan, West Africa, North Sea,
Middle East, Russia, Kazakhstan.
Andrea Cattaneo, Chief Executive Officer, commented:
"I am delighted to welcome Narmina to the team, and I am
confident that her comprehensive skillset and vast experience will
be of great assistance to us during the crucial period ahead.
As can be seen from the application of our geological
re-evaluation of our assets in Azerbaijan which has resulted in the
identification of a new geological structure in the Jafarli field,
we are maximising our level of preparation and geological
understanding. This is extremely important in order to achieve the
highly material upside we believe our Azerbaijan asset can deliver
through successful drilling activities at a time of very favourable
oil prices."
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
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
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, 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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