TIDMZEN
RNS Number : 1625E
Zenith Energy Ltd
02 July 2019
July 2, 2019
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 the audited annual results and 2019 CPR
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V:
ZEE; OSE: ZENA-ME) the listed international oil & gas
production company operating the largest onshore oilfield in
Azerbaijan, is pleased to announce that, in accordance with
Canadian securities laws, the Company filed its annual audited
financial results for the financial year ended March 31, 2018 on
SEDAR (www.sedar.com) and that it has filed its year-end
independent evaluation of reserves for the year ending March 31,
2019 (the "2019 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.
Audited annual results for the financial year ended March 31,
2019
Filing of the aforementioned results on SEDAR took place on June
28, 2019. A copy of these documents will shortly be available for
review on the Company's website: www.zenithenergy.ca.
Filing of 2019 CPR
The 2019 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 30.6 million barrels of oil, decreasing from
approximately 31.7 million as at March 31, 2018.
Italian natural gas 2P reserves have been reassessed in the 2019
CPR, decreasing to 16.3 BCF from approximately 16.4 BCF as at March
31, 2018.
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, 2019, and dated April 1, 2019 (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, 2019
Company Reserves(1)
----------------------------------------------------------------------------------
Conventional
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) 465 465 0 0 0 0 0 0
Developed
Non-Producing(2)(7) 0 0 0 0 0 0 0 0
Undeveloped(2)(8) 3,483 3,483 0 0 0 0 0 0
TOTAL PROVED(2) 3,948 3,948 0 0 0 0 0 0
TOTAL PROBABLE(3) 26,617 26,617 0 0 0 0 0 0
----------- ---------- ------ ----- -------- -------- ----------- ---------
TOTAL PROVED +
PROBABLE(2)(3) 30,564 30,564 0 0 0 0 0 0
=========== ========== ====== ===== ======== ======== =========== =========
Company Reserves(1)
---------------------------------------------------------------------------------
Conventional
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 1,064 1,064 13 13
Developed
Non-Producing(2)(7) 0 0 0 0 230 230 0 0
Undeveloped(2)(8) 0 0 0 0 0 0 0 0
TOTAL PROVED(2) 0 0 0 0 1,294 1,294 13 13
TOTAL PROBABLE(3) 0 0 0 0 14,987 14,987 242 242
----------- --------- ------ ----- -------- -------- ----------- ---------
TOTAL PROVED +
PROBABLE(2)(3) 0 0 0 0 16,280 16,280 255 255
=========== ========= ====== ===== ======== ======== =========== =========
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 2019 CPR documents can be viewed online at www.sedar.com and
will shortly also be available for review on the Company website:
www.zenithenergy.ca.
Further information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Peterhouse Capital - Joint Broker Tel: + 44 (0) 207 469
0930
-----------------------------
Lucy Williams
-----------------------------
Charles Goodfellow
-----------------------------
Novum Securities Limited - Joint Tel: + 44 (0) 207 399
Broker 9400
-----------------------------
Charlie Brook-Partridge
-----------------------------
Hugh McAlister
-----------------------------
IFC Advisory Limited - Financial Tel: + 44 (0) 203 934
PR & IR 6630
-----------------------------
Graham Herring
-----------------------------
Miles Nolan
-----------------------------
Zach Cohen
-----------------------------
Notes to Editors:
Zenith Energy Ltd. is an international oil and gas production
company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London
Stock Exchange (LSE:ZEN). In addition, the Company's common share
capital was admitted to trading on the Merkur Market of the Oslo
Børs (ZENA:ME) on November 8, 2018. The Merkur Market is a
multilateral trading facility owned and operated by the Oslo
Børs.
The Company was assigned a medium to long-term issuer credit
rating of "B+ with Positive Outlook" on October 8, 2018 by Arc
Ratings, S.A.
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 Republic of Azerbaijan, 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
ACSSSWSIEFUSELW
(END) Dow Jones Newswires
July 02, 2019 02:00 ET (06:00 GMT)
Zenith Energy (LSE:ZEN)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Zenith Energy (LSE:ZEN)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024