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Zenith Energy

Zenith Energy Highlights from quarterly results

Zenith Energy (LON: ZEN; TSX.V: ZEE; OSE: ZENA-ME) the listed international oil & gas production company, has announced the filing of its consolidated quarterly results for the three and six month period ended September 30, 2019.

In accordance with Canadian securities laws, filing of the Company’s quarterly results was performed on November 14, 2019. A copy of these documents will shortly be available for review on the Company’s website: www.zenithenergy.ca.

Highlights for the three and six month period ended September 30, 2019, include the following:

·    During the period, the Company sold 18,707 and 39,122 bbls of oil from its assets in Azerbaijan.

·    During the period, the Company sold 2,647 and 5,499 mcf of natural gas from its Italian assets.

·    During the period, the Company sold 2,669 and 5,448 MWh of electricity from its Italian electricity production assets. 

·    During the period the Company incurred CAD$2,497k of Administrative Expenses compared to CAD$4,478k incurred in the six months ended September 30, 2018

·    On July 2, 2019, the totally owned Swiss based company Altasol SA repaid the CHF1,000k loan.

·    On July 5, 2019 the Italian based company Canoel Italia S.r.l., finished repaying the Euro 200,000 loan to Credito Valtellinese.

·    On August 2, 2019, the Company completed a placing in Canada issuing a total of 47,812,500 Common Shares, at a price of CAD$0.04 per unit, raising gross proceeds of CAD$1,912,500.

·    On October 1, 2019, the Company announced that, following negotiations with the lender, it had successfully agreed to reduce the value of the Loan Facility to a new total amount of US$1,000,000, representing a profit of US$1,080,523.

The full amount of the principal, and related accrued interest, of the Loan Facility was represented and accounted as a liability in the audited Annual Financial Report of the Company as of March 31, 2019, for a total amount of US$2,080,523. On October 24, 2019, the Company announced that it had repaid the first tranche of the settlement of this liability.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.