Last checked at 18 May 2017 07:00
ZENITH ENERGY LTD.
("Zenith" or the "Company")
Zenith Appoints Chief Operating Officer ("COO") in Azerbaijan and
Grants Stock Options
Calgary, Alberta, May 18, 2017, Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; TSX.V: ZEE), the dual listed international oil & gas production company, is pleased to announce the appointment of Mr. Michael Palmer to the position of Chief Operating Officer of Zenith's operations in Azerbaijan. Zenith is also pleased to announce the granting of stock options to certain officers of the Company.
Appointment of Azerbaijan COO
Mr. Michael Palmer, an American national, holds a Bachelor of Science degree in Chemical Engineering from the University of Washington and is also a graduate of Columbia University's Senior Executive Management Program.
Mr. Palmer has 37 years of experience in the oil industry as head of production operations, exploration and field development in Azerbaijan, Kazakhstan, Russia, Ukraine, Syria, Indonesia, Gabon, Guinea, and the US.
One of Mr. Palmer's most important achievements has been the successful management of operations at an onshore oilfield in Azerbaijan operated by an international oil production company. Under Mr. Palmer's management of this field, operations were economically successful and production increased from approximately 1,500 barrels of oil per day to 7,500 barrels of oil per day. Following this success the asset was sold and Mr. Palmer left his position.
Mr. Palmer's appointment is in line with the Company's intention, declared in its prospectus published in January 2017, to appoint a Chief Operating Officer to oversee the successful management of its operations in Azerbaijan.
Granting of Stock Options
The Board of Directors has decided to grant Mr. Palmer 1,000,000 (one million) stock options as part of the Company's Stock Option Plan priced at the TSX closing price of yesterday, May 17, 2017, CAD$ 0.15 (approximately £0.091) per Common Share.
The Board has also decided to grant Mr. Luca Benedetto, Chief Financial Officer of the Company, 750,000 (seven hundred fifty thousand) stock options priced at the TSX closing price of yesterday, May 17, 2017, CAD$ 0.15 (approximately £0.091) per Common Share.
Mr. Andrea Cattaneo, Chief Executive Officer and President of the Company, has been granted 1,000,000 (one million) stock options priced at the TSX closing price of yesterday, May 17, 2017, CAD$ 0.15 (approximately £0.091) per Common Share.
The granting date of May 17, 2017 is in accordance with the timing of the Board of Directors meeting during which this stock options allocation was approved. The stock options are fully vested and have the duration of five years from the date of granting. The Stock Options Plan was approved by shareholders of the Company at the AGM held on January 20, 2017.
Zenith CEO, Andrea Cattaneo, commented:
" I am very pleased to announce the appointment of Michael Palmer as COO for Azerbaijan. Michael has an impressive track record and his considerable technical experience in oil & gas operations, specifically in Azerbaijan, will be greatly beneficial to Zenith. I am confident that this appointment will add significant impetus to our endeavours and will further enhance the strength of our management team.
I am also pleased to note that Mr. Palmer has accepted stock options as an important part of his remuneration package. This shows his confidence in the future success of our operations and displays his commitment to Zenith."
Zenith Aran COO, Michael Palmer, commented:
"I am extremely excited to join Zenith's team. I see significant potential for the Company's assets in Azerbaijan and I look forward to contributing to the achievement of our operational goals."
For further information, please contact:
José Ramón López-Portillo
Chairman
Andrea Cattaneo
CEO & President
Email: info@zenithenergy.ca
Telephone: +1 (587) 315 9031
Telefax: +1 (403) 775-4474
Allenby Capital Limited - (Joint Broker)
Nick Harriss
Nick Athanas
Richard Short
Telephone: + 44 (0) 203 328 5656
Optiva Securities - (Joint Broker)
Christian Dennis
Telephone: + 44 (0) 203 137 1903