Zenith Energy Ltd Reactivation of Sant'Andrea concession in Italy (3660S)
13 7월 2022 - 9:00PM
UK Regulatory
TIDMZEN
RNS Number : 3660S
Zenith Energy Ltd
13 July 2022
July 13, 2022
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Reactivation of Sant'Andrea concession in Italy
Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the energy company
with proven revenue generating production, exploration and
development assets in Africa and Europe, is pleased to announce
that it is finalising plans to reactivate the Sant'Andrea natural
gas production concession ("Sant'Andrea" or the "Concession")
located in onshore Italy, with production expected to commence in
Q4 2022.
Overview of Sant'Andrea
The Concession covers 164.32 square kilometres and is located in
the Veneto region of North-Eastern Italy. It was first granted in
1992 and is due to expire in 2027. Two wells have been drilled
within the Concession, namely S. Antonio-1 and Anzano-1.
The Company plans to reactivate the S. Antonio-1 well, with an
expected initial production rate of 1,300 cubic metres of natural
gas per day.
Monthly fixed production costs are expected to be approximately
EUR 3,000 with estimated net revenues of approximately EUR 40,000
to EUR 50,000 per month.
Zenith, via its Italian subsidiary, holds a 40% interest in the
Concession. The Company's partners in Sant'Andrea have communicated
that they do not intend to fund the reactivation of the Concession.
Zenith will therefore receive full entitlement to the production
revenue to be received from Sant'Andrea, as well as bearing the
full costs associated with reactivation of the Concession
(approximately EUR 20,000).
Luca Benedetto, Chief Financial Officer, and Managing Director
of Italian operations, commented:
"We have embarked on a gradual strategy of optimising our
Italian portfolio, parts of which have remained dormant for some
time, in the context of the increasing necessity for European
domestic energy security and a highly encouraging pricing
climate.
It is our intention to continue to assess other, potentially
much larger, opportunities for development within our Italian
portfolio in the foreseeable future."
-ENDS-
Further Information:
Zenith Energy Ltd
Tel: +1 (587) 315 9031
Andrea Cattaneo, Chief Executive E: info@zenithenergy.ca
Officer
BlytheRay - Financial PR/IR Tel: +44 207 138 3204
Tim Blythe, Alice McLaren, Madeleine E: zenith@blytheray.com
Gordon-Foxwell
Alternative Resource Capital -
Broker Tel: +44 (0) 207 186 9004
Tel: + 44 (0) 207 186 9005
Alex Wood
Keith Dowsing
Notes to Editors :
Zenith Energy Ltd. is a revenue generating, independent energy
company with production, exploration and development assets in
Tunisia, Italy and the Republic of the Congo, including electricity
generation in Italy. The Company is listed on the London Stock
Exchange Main Market (LSE: ZEN) and the Euronext Growth of the Oslo
Stock Exchange (OSE: ZENA).
Zenith's strategic focus is on pursuing transformational
opportunities in Africa and Europe through the development of
proven revenue generating oil, gas and electricity production
assets, as well as low-risk exploration activities in assets with
existing production.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ("MAR"). Upon the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain.
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END
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