Zenith Energy Ltd - Oil and gas company focused on assets in Africa and Italy - Acquires an additional 10% interest in the Sant'Andrea onshore concession from Petrorep Italiana SRL. The concession covers around 164 square kilometres and is located in north-eastern Italy. After completion, Zenith's interest in Sant'Andrea will increase to 50%. The company intends to reactivate production at Sant'Andrea's S. Antonio-1 well, and expects initial production to reach 1,500 cubic metres of natural gas per day. Under the terms of the deal, Petrorep has paid Zenith's Italian subsidiary EUR248,000 to cover its share of future abandonment and plugging costs.
Zenith expects production from Sant'Andrea to commence in October.
Current stock price: 2.50 pence per share, closed down 7.4% in London on Tuesday
12-month change: down 47%
By Hugh Cameron, Alliance News reporter
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Zenith Energy (ZEN)