Zenith Energy Ltd (LON:ZEN), the listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, has today announced that, in accordance with Canadian securities laws, the Company filed its annual audited financial results for the financial year ended March 31, 2018 on SEDAR and that it has filed its year-end independent evaluation of reserves for the year ending March 31, 2019, prepared in accordance with National Instrument 51-101: Standards of Disclosure for Oil and Gas Activities, on SEDAR. Additional information regarding the Company will be included in Zenith’s Annual Information Form and annual financial statements.
Audited annual results for the financial year ended March 31, 2019
Filing of the aforementioned results on SEDAR took place on June 28, 2019. A copy of these documents will shortly be available for review on the Company’s website: www.zenithenergy.ca.
Filing of 2019 CPR
The 2019 CPR has assessed Zenith’s proved plus probable reserves in Azerbaijan, for the duration of the 25-year Rehabilitation, Exploration, Development and Production Sharing Agreement effective from August 11, 2016, as approximately 30.6 million barrels of oil, decreasing from approximately 31.7 million as at March 31, 2018.
Italian natural gas 2P reserves have been reassessed in the 2019 CPR, decreasing to 16.3 BCF from approximately 16.4 BCF as at March 31, 2018.
All assumptions and qualifications relating to costs and other matters are included in the Chapman Report. The recovery and reserves estimates on the Company’s assets described herein are estimates only. The actual reserves in the Company’s assets may be greater or smaller than those calculated.
The following is a summary of the oil and natural gas reserves and the value of future net revenue of the Company, as evaluated by Chapman Petroleum Engineering Ltd., Calgary, Alberta, as at March 31, 2019, and dated April 1, 2019. Chapman Petroleum Engineering Ltd. is an independent qualified reserves evaluator and auditor. The Chapman Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook reserves definitions that are consistent with NI 51-101.