Zenith Energy Ltd Drilling activities in Robbana, onshore Tunisia (4080B)
10 6월 2021 - 3:00PM
UK Regulatory
TIDMZEN
RNS Number : 4080B
Zenith Energy Ltd
10 June 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
June 10, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Drilling activities in Robbana, onshore Tunisia
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), the listed international oil & gas production company
focused on pursuing African development opportunities, is pleased
to announce that it is in the process of finalising plans to
commence drilling activities in the recently acquired Robbana
concession ("Robbana") in onshore Tunisia.
Drilling of Robbana-3 well ("ROB-3")
The Company intends to drill ROB-3, an infill vertical well, in
the proximity of the producing Robbana-1 well ("ROB-1"), to a total
depth of approximately 2,400 metres.
ROB-3 will target two proven hydrocarbon-bearing reservoirs in
the Cretaceous Upper Meloussi sandstone formation, from which
successful production has been achieved from ROB-1 for many
years.
A production of approximately 100-150 barrels of oil per day is
expected in the event of a successful drilling operation.
Robbana currently produces approximately 25 barrels of oil per
day from ROB-1.
The Company's newly appointed technical team in Tunisia is
currently reviewing a drilling programme inherited from the
previous operator with a view to shortly finalising this with
certain adjustments being made.
Zenith is pleased to report that it believes the long-lead items
required for the drilling of ROB-3 have previously been acquired
and are already on location. This equipment is currently being
inspected and evaluations are being made to ensure that all of the
necessary equipment is available and meets the required quality and
safety standards.
In the event that confirmation is obtained that the required
long-lead items are all on location and meet the required
standards, the Company is in advanced negotiations with a number of
local drilling contractors for the identification of a suitable
drilling rig.
Drilling operations are expected to take approximately 60 days
from beginning to end, with a total budget of approximately US$1.5
million being allocated.
The Company will provide a further update once the long-lead
items have been fully examined and the drilling programme has been
finalised.
Andrea Cattaneo, Chief Executive Officer of Zenith,
commented:
"We are delighted to commence our operational journey in Tunisia
with the drilling of a new well in our newly acquired assets, in
which we progressively expect to make increasing investments as we
seek to increase production against a very favourable backdrop of
strong oil prices.
The fact that the required long-lead items for drilling ROB-3
might already be on location greatly assists us in terms of
timeline as this will put us in a very good position towards
beginning operations as early as July or August 2021.
I am pleased to confirm that we are fully funded for ROB-3 and
we expect the increased production revenue to be obtained in the
event of a successful result will further strengthen our cash
position and fund additional development activities.
Our newly appointed team is also closely evaluating the El
Bibane concession, where we also hold a 100 per cent working
interest, and the potentially transformational well intervention to
be performed in EBB-3.
I look forward to updating the market in due course on our
progress in Tunisia, as well as other geographies in our portfolio
where we expect to achieve material progress in due course."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Tel: +1 (587) 315
Officer 9031
-----------------------------
E-mail: info@zenithenergy.ca
-----------------------------
Allenby Capital Limited - Financial
Adviser & Broker
-----------------------------
Nick Harriss Tel: + 44 (0) 203
Nick Athanas 328 5656
-----------------------------
Notes to Editors :
Zenith Energy Ltd. is an international oil and gas production
company, listed on the London Stock Exchange (LSE:ZEN) and the
Euronext Growth Market of the Oslo Stock Exchange (OSE:ZENA).
Zenith's development strategy is to identify and rapidly seize
value-accretive hydrocarbon production opportunities in the oil
& gas sector, specifically in Africa.
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END
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