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Zenith Energy

Zenith Energy Ltd Quarterly Results and Operational Update

Zenith Energy Ltd (LON:ZEN), the listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, has today announced the filing of its consolidated quarterly results for the three months ended June 30 2019 on SEDAR. 

In accordance with Canadian securities laws, filing of the Company’s quarterly results was performed on July 29, 2019. A copy of these documents will shortly be available for review on the Company’s website: www.zenithenergy.ca.

Highlights for the three months ended June 30, 2019, include the following:

– The Company sold 20,233 (2018 – 23,495) barrels of oil from its assets in Azerbaijan, in the three months ended June 30, 2019.

– The Company sold 2,867 (2018 – 1,337) MCF of natural gas from its Italian production assets, in the three months ended June 30, 2019.

– The Company sold 2,779 (2018 – 2,684) MWh of electricity from its Italian assets, in the three months ended June 30, 2019.

– During the three months ended June 30, 2019, the Group incurred CAD$936k of Administrative Expenses compared to CAD$3,160k incurred in the 3 months ended June 30, 2018.

Well C-37 Operational Update

Zenith is pleased to confirm that C-37 well deepening operations began on July 26, 2019, as per the Company’s announcement of July 18, 2019.

The Company can confirm that it has successfully retrieved well C-37’s entire kill string amounting to approximately 1,000 meters of tubing.

The Company has subsequently begun the process of installing a new API standard 5,000 working pressure tubing spool complete with tubing hanger seat and a new wellhead. The Company has taken this decision in order to mitigate the risks of potential difficulties arising as a result of wellhead failures which had been encountered in previous operations.

A new BOP system, inclusive of an accumulator unit, choke manifold and remote controls will be subsequently connected as soon as the aforementioned installation is completed.

At the same time, the Company has initiated the preparation of drilling fluids in anticipation for the imminent beginning of drilling activities. 

Zenith is pleased to report that no equipment failures have been registered and that all equipment associated with the BD-260 drilling rig has functioned as planned.

In addition, the Company can confirm that it has received all the necessary approvals from the local authorities for the beginning of drilling activities following a full rig inspection carried out on July 29, 2019.

Further updates will be provided to the market as appropriate.

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