TIDMZEN
RNS Number : 9483F
Zenith Energy Ltd
18 July 2019
July 18, 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")
Commencement of Well Deepening Operations in Well C-37
Zenith Energy Ltd., ("Zenith" or the "Company"), (LSE: ZEN;
TSX.V: ZEE; OSE: ZENA-ME), the international oil & gas
production company operating the largest onshore oilfield in
Azerbaijan, is pleased to announce that the commencement of well
deepening operations in well C-37 is scheduled to begin on July 26,
2019.
Well C-37 Deepening Operations
The Company's drilling activities have two objectives.
The first objective will be to deepen well C-37's total depth of
3,987 metres by approximately 30-40 metres and drill all the
clastic layers of the Middle Eocene formation.
The Company's geological and reservoir investigations have
indicated that the Middle Eocene formation in well C-37 may hold
significant oil reserves. This view has been supported by the fact
that an adjacent well, C-22, achieved a sustained rate of
production of approximately 700 barrels per day from the interval
between 3,902-4,014 metres.
The second objective will be to penetrate the previously
untested and recently identified Upper Cretaceous (Mesozoic)
formation structure by deepening well C-37 by an additional 250-300
metres. Upon completion of deepening activities, a series of
wireline acquisitions and production tests will be performed first
in the Upper Cretaceous carbonates and later in the Eocene clastic
sequences.
The Company's geological and reservoir teams believe that the
testing of the unexplored Cretaceous play has the potential to
provide valuable information regarding new prospective exploration
activity to be performed across its Azerbaijan asset.
Well deepening activities are expected to be completed during
approximately 30 days and the Company will provide updates as
appropriate in accordance with operational progress.
BD-260 Drilling Rig
As previously announced, the Company has recently taken delivery
of a Top Drive System which is expected to greatly enhance the
performance of drilling activities, specifically on account of the
increased safety and operational flexibility offered over the
traditional rotary system. The Company can confirm that the Top
Drive System has successfully been installed and is currently being
tested in preparation for the commencement of drilling
operations.
In addition, the BD-260 has undergone a full host of upgrades to
its mud system which have increased its capacity in preparation for
the requirements of future drilling activities.
Zena Drilling Limited, the Company's fully owned service company
subsidiary, has acquired approximately US$250,000 of spare parts to
mitigate against the risk of delays being incurred during drilling
activities as a result of equipment failures.
It is expected that the operational performance and the speed of
future drilling operations performed by the BD-260 drilling rig
shall progressively increase once the set-up and introductory
operational activities are completed.
Well C-30 Civil Works
The Company can confirm that the commencement of civil works in
well C-30 is expected during the first week of August 2019.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"I am pleased that we now have a confirmed date for the start of
well deepening activities. The activation of the BD-260 drilling
has taken longer than expected, however, this should be viewed in
the context of the fact that this is the rig's first operational
deployment in Azerbaijan, and that the extensive work done at this
initial phase will be extremely beneficial during the long-term
operational deployment of the rig across our Azerbaijan asset.
We look forward with excitement to the start of activities and
what a positive result could mean for the Company's successful
development going forward."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315 9031
Officer
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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
-----------------------------
Allenby Capital Limited - Financial Tel: + 44 (0) 203 328
Adviser 5656
-----------------------------
Nick Harriss
-----------------------------
Nick Athanas
-----------------------------
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.
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
about the potential of its drilling operations in certain of the
Company's wells. 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.
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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