Zenith Energy Ltd - independent oil & gas company with production, exploration and development assets in Africa and Italy - Pretax loss in first half widens to CAD4.5 million, about USD3.5 million, from CAD2.0 million the year before. Revenue in six months to September 30 slips to CAD145,000 from CAD344,000. Production costs fall to CAD656,000 from CAD1.2 million. Administrative expenses grow to CAD3.5 million from CAD2.0 million.
"In view of the recent decline in oil prices, as well as macroeconomic developments caused by the Covid-19 pandemic, opportunities have arisen for companies such as Zenith to acquire, at commercially advantageous terms, oil and gas production and exploration assets being divested by many oil majors and leading oil and gas companies. As a leadership team, we are seeking to maximise this opportunity in order to ensure Zenith emerges from the current low oil price environment a stronger and more attractive entity with significant future development potential," President & Chief Executive Andrea Cattaneo says.
He adds: "The results for the six months ended September 30, reflect the significant changes the group has undergone during the course of this period, specifically in result of the impairment resulting from the handover of the CRA in Azerbaijan and its associated reserves."
Current stock price: 0.31 pence
Year-to-date change: down sharply from 1.75 pence
By Paul McGowan; paulmcgowan@alliancenews.com
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Zenith Energy (ZEN)