Zenith Energy Ltd - Calgary, Canada-based oil & gas company - Confirms that the ROB-1 well at the Robbana concession in onshore Tunisia has returned to production following the installation of a new packer. The well is currently producing at a rate of 30 barrels of oil per day. Company says a production rate between 40 and 50 barrels of oil per day may be achieved once the well is given time to stabilise.
At the ROB-3 well, civil works are expected to begin in September. A commercial tender for the selection of a drilling services contractor is to begin in the coming months, alongside the completion of Necessary local approvals. Drilling is anticipated in November.
Chief Executive Andrea Cattaneo says: "We are pleased to have now successfully completed all work at ROB-1, acquiring top-level equipment within strict budgetary parameters. In the current high oil price environment, approximately 30bodp from ROB-1 represents a relatively significant source of revenue generation, with the potential to increase as the well is given more time to stabilise."
Current stock price: 0.83 pence, down 5.5% on Friday
12-month change: down 6.0%
By Heather Rydings; heatherrydings@alliancenews.com
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Zenith Energy (ZEN)