Zenith Energy Ltd Record electricity production revenue in Italy (9317L)
16 9월 2021 - 3:00PM
UK Regulatory
TIDMZEN
RNS Number : 9317L
Zenith Energy Ltd
16 September 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT)
REGULATIONS 2019/310.
September 16, 2021
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Record electricity production revenue in Italy
Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE:
ZENA), a listed international company producing oil, natural gas
and electricity, is pleased to announce that its electricity
production activities in Italy have been generating record
profitability.
The Company has been generating an average of approximately 900
MWh per month at the Torrente Cigno concession, where low-grade
natural gas production is used to generate electricity.
Electricity has been sold at an average sale price of
approximately EUR 110 per MWh resulting in net revenues of
approximately EUR 110,000 per month. The current net production
costs are approximately EUR 35,000 per month. The outlook for
electricity generation in Italy appears attractive for the
remainder of the year.
Luca Benedetto, Chief Financial Officer and Managing Director of
Italian operations, commented:
"We are delighted with the record profitability of our
electricity production at Torrente Cigno made possible by the
favourable price of electricity in Italy at this time.
By way of comparison, electricity prices in September 2020 were
in a range between approximately EUR 45 - 55 per MWh.
It is our intention to replicate our successful model of
electricity production at Torrente Cigno on a larger scale in
certain African jurisdictions, following the identification of a
suitable oil and gas production asset.
It is important to underline that gas-powered electricity
generation is significantly more environmentally friendly than
using coal because of the comparatively much lower carbon
content."
Further Information:
Zenith Energy Ltd
Andrea Cattaneo, Chief Executive Officer Tel: +1 (587) 315 9031
E-mail: info@zenithenergy.ca
Allenby Capital Limited - Financial
Adviser & Broker
Nick Harriss Tel: + 44 (0) 203 328
Nick Athanas 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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